Company: CERO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001213900-25-010230
Chunk: 388

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 388
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 | $ |   9,067,000 |   |     | $ |  5,600,000 |   |
| Section 174 research and development capitalization |     |   |   2,490,000 |   |     |   |  1,807,000 |   |
| Research credits                                    |     |   |   1,535,000 |   |     |   |  1,364,000 |   |
| Fixed assets and intangible assets                  |     |   |     401,000 |   |     |   |    321,000 |   |
| Right of use asset                                  |     |   |    (613,000 | ) |     |   |   (598,000 | ) |
| Lease liability, net                                |     |   |     657,000 |   |     |   |    634,000 |   |
| Accruals and others                                 |     |   |      66,000 |   |     |   |     42,000 |   |
|                                                     |     |   |  13,603,000 |   |     |   |  9,170,000 |   |
| Less: valuation allowance                           |     |   | (13,603,000 | ) |     |   | (9,170,000 | ) |
| Net deferred tax assets                             |     | $ |           - |   |     | $ |          - |   |

F-64 CERo Therapeutics, Inc. Notes to Financial Statements

The Company has incurred significant tax losses
since inception. Based on the available objective evidence, management cannot conclude it is more likely than not that the net deferred
tax assets will be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets.
For the years ended December 31, 2023 and 2022, the valuation allowance increased by approximately $ and $, respectively.

At December 31, 2023, the Company has federal
net operating loss carryforwards of approximately $ that begin to expire in 2036. The Company also has federal net operating losses
of $ that arose after the 2017 tax year that will carry forward indefinitely and the utilization of which is limited to %
of taxable income for tax years beginning after 2021. The Company has state net operating loss carryforwards of approximately $
that will begin to expire