Tue, Nov 19, 10:24 PM (90 days ago)
Cero Therapeutics Holdings, Inc. (CERO) reported significant financial developments for Q3 2024, concluding with a net loss of $4.2 million, up from $1.3 million in Q3 2023. Total operating expenses surged to $4.4 million, primarily driven by a $2.4 million increase in general and administrative costs due to public company compliance and management hiring. Research and development expenses rose to $1.8 million, reflecting intensified efforts related to the IND submission for CER-1236, which faced a clinical hold from the FDA. Cash and equivalents totaled $3.4 million at the end of Q3 2024, insufficient to sustain operations for the next year, prompting the need for additional funding. The company is exploring equity financing options, including two equity lines of credit totaling $45 million. CERO's stock faced delisting risks from NASDAQ due to falling below minimum bid and market value requirements, prompting a planned reverse stock split to regain compliance. Future operations hinge on resolving the clinical hold and securing necessary funding to advance product development.