CERO
CERO THERAPEUTICS HOLDINGS, INC.
Next earnings ≈ Aug 14, 2026 · est. from filing cadence
$0.01
▲ +5.41%$0.01▼ -99.88%
over 1Y
L $0.01H $9.63
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+5.4%
1W+17.0%
1M-10.0%
3M-65.6%
YTD-82.5%
1Y-99.9%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 7 analysts
Sell
Sub-penny, pre-revenue cell-therapy shell with going-concern doubt, negative equity and toxic convertible dilution — uninvestable.
Net income -$19.9M · FY2025
CERo is a clinical-stage cancer cell-therapy developer that reverse-merged into a SPAC (PBAX) in February 2024 and now trades on OTCQB at $0.01. It has never generated revenue and the Predecessor 'did not begin clinical development or product commercialization,' so there is no commercial base — only a cash-burning R&D program. FY2025 net loss widened to -$19.9M (from -$7.29M in FY2023), operating cash flow was -$16.1M, and the accumulated deficit sits at -$90.8M. This is a business consuming cash with nothing coming in.
The balance sheet is past stressed into insolvent. Total assets are $3.64M against $9.09M of liabilities, leaving stockholders' equity of -$5.45M (liabilities/equity of -1.67x is a red flag, not a ratio to lean on). Cash is just $1.66M — a fraction of a single quarter's burn — and the MD&A states outright a working-capital deficit of ~$6.4M and 'substantial doubt about the Company's ability to continue as a going concern within one year.' Management concedes that without new funding, 'significant reductions in spending and the delay or cancellation of planned activities may be necessary.'
Is CERO a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~90d expiry
- Long put 0 @ ~0.00 est
- Short put 0 @ ~0.00 est
debit $0max +$0max $0
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY25 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Operating income | -$2.91M | -$7.68M | — |
| Net income | -$668K | -$7.29M | -$19.9M |
| Diluted EPS | — | -$1,248.64 | — |
| Net margin | — | — | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value-$1.12M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-3679.8%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$1.66M
Piotroski F-Score1/6
Capital returns
Buyback yield6184.9%
Dividend yield (est.)23.5%
Shareholder yield6208.3%
Shares Δ YoY+583.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Material agreement2026-06-26
Another convertible-note financing: new debt plus dilutive share issuance
- 8-K Material agreement2026-05-29
Further convertible note draw — more 10% debt and stock convertible below market
- 10-Q Quarterly report2026-05-15
Q1'26: losses continue, going-concern doubt persists, cash near depleted
- 8-K Material agreement2026-05-01
Repeat convertible-note funding to stay afloat; adds debt and dilution
- 10-K/A Restated periodic report2026-04-30
Amended FY25 annual report; restated/added disclosure, no new operating news
- 10-K Annual report2026-04-15
FY25 net loss $19.9M, negative equity, going-concern doubt; no revenue
- 8-K Material agreement2026-04-14
Yet another convertible note; recurring toxic financing signals cash strain
- NT 10-K Late filing notice2026-04-01
Late-filing notice for annual report — signals reporting/resource strain
- 8-K Material agreement2026-03-11
$937.5K March convertible note issued to lender; more debt and dilution
Recent filings
all on EDGAR ↗424B3Filing2026-06-26open ↗8-KPeriod ending 2026-06-232026-06-26open ↗424B3Filing2026-05-29open ↗8-KPeriod ending 2026-05-282026-05-29open ↗424B3Filing2026-05-15open ↗10-QPeriod ending 2026-03-312026-05-15open ↗424B3Filing2026-05-01open ↗8-KPeriod ending 2026-04-272026-05-01open ↗424B3Filing2026-05-01open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗4Period ending 2026-03-042026-04-21open ↗3Period ending 2026-02-132026-04-21open ↗
Frequently asked
- Is CERO THERAPEUTICS HOLDINGS, INC. (CERO) a buy?
- CERO currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Sub-penny, pre-revenue cell-therapy shell with going-concern doubt, negative equity and toxic convertible dilution — uninvestable.
- What is CERO THERAPEUTICS HOLDINGS, INC.'s quality score?
- CERO scores 20.754854730281117/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001870404, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/4/2026, 10:46:45 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 6:46 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.