CERo Therapeutics Financials

CERO

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows CERo Therapeutics (CERO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CERO FY2025 2026-04-30

Cash burn and asset shrinkage are tightening short-term liquidity, leaving the business reliant on external funding rather than operations.

From FY2024 to FY2025, total assets fell from $6.2M to $3.6M, which by itself widened the equity deficit and shows the business was consuming its resource base, not just rearranging liabilities. Because operating cash outflow in FY2025 was -$16.1M against only $1.7M of cash, the company was still far from self-funding even before considering what it owed.

Near-term obligations are the main pressure point: the current ratio slipped from 0.5x to 0.3x. Cash also fell from $3.3M to $1.7M, and FY2025 liabilities were essentially all current, so there is little balance-sheet room to absorb operating strain through time alone.

The last year with reported revenue, FY2023, already looked subscale: $8.8M of sales came with a -$7.7M operating loss. The disclosed cost mix was heavy in R&D and overhead, which suggests the later liquidity squeeze reflects a business model not yet covering its own operating footprint.

Financial Health Signals

Financial health score pending refresh

We are recalculating CERo Therapeutics's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.7M

YoY-50.0%

CERo Therapeutics held $1.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$10.37

CERo Therapeutics paid $10.37 per share in dividends in fiscal year 2025.

Shares Outstanding

21M

CERo Therapeutics had 21M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CERO Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	N/A	N/A	$8.8M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$6.3M+19.4%	$5.3M	N/A
SG&A Expenses	N/A	$9.0M+276.5%	$2.4M-16.0%	$2.8M
Operating Income	N/A	-$15.3M-99.4%	-$7.7M-164.2%	-$2.9M
Interest Expense	N/A	-$22K+84.2%	-$138K	N/A
Income Tax	N/A	N/A	$95K-84.2%	$599K
Net Income	N/A	-$7.7M-6.1%	-$7.3M-991.7%	-$668K
EPS (Diluted)	N/A	$-18.15	$-1248.64	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.3M	N/A	$2.4M-13.4%	$2.8M-5.3%	$2.9M	N/A	$1.8M-34.6%	$2.7M
SG&A Expenses	$2.5M	N/A	$2.0M+0.3%	$2.0M-3.6%	$2.0M	N/A	$2.6M+8.0%	$2.4M
Operating Income	-$4.8M	N/A	-$4.4M+7.6%	-$4.7M+4.6%	-$5.0M	N/A	-$4.4M+14.5%	-$5.1M
Interest Expense	$166K	N/A	N/A	N/A	N/A	N/A	-$4K-126.0%	$17K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.9M	N/A	-$4.9M+10.4%	-$5.4M-6.1%	-$5.1M	N/A	-$4.2M-72.7%	-$2.4M
EPS (Diluted)	$-0.20	N/A	$-9.10+85.3%	$-61.71-93.9%	$-31.82	N/A	$-170.22+43.7%	$-302.32

CERO Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$3.6M-41.3%	$6.2M+21.1%	$5.1M-87.9%	$42.4M
Current Assets	$2.7M-26.4%	$3.7M+88.5%	$2.0M-95.4%	$42.4M
Cash & Equivalents	$1.7M-50.0%	$3.3M+3334.5%	$97K-79.6%	$476K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$9.1M+12.2%	$8.1M-82.8%	$47.2M-11.6%	$53.4M
Current Liabilities	$9.1M+22.8%	$7.4M+111.1%	$3.5M-88.6%	$30.7M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	-$5.4M-187.5%	-$1.9M+95.5%	-$42.1M-282.3%	-$11.0M
Retained Earnings	-$90.8M-28.1%	-$70.9M-64.6%	-$43.1M-291.7%	-$11.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.2M-39.4%	$3.6M-6.9%	$3.9M-36.9%	$6.2M-22.4%	$8.0M+28.7%	$6.2M-4.4%	$6.5M-11.9%	$7.4M
Current Assets	$1.6M-42.4%	$2.7M+7.1%	$2.6M-39.9%	$4.2M-26.4%	$5.8M+55.3%	$3.7M0.0%	$3.7M-12.5%	$4.2M
Cash & Equivalents	$857K-48.4%	$1.7M-12.5%	$1.9M-40.6%	$3.2M-37.3%	$5.1M+53.3%	$3.3M-1.6%	$3.4M-7.3%	$3.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.5M+26.1%	$9.1M+7.5%	$8.5M+7.9%	$7.8M-5.8%	$8.3M+2.7%	$8.1M-20.5%	$10.2M+3.5%	$9.9M
Current Liabilities	$11.3M+24.6%	$9.1M+7.5%	$8.5M+11.0%	$7.6M-3.1%	$7.9M+6.2%	$7.4M-21.4%	$9.4M+7.3%	$8.8M
Long-Term Debt	$137K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$9.3M-70.0%	-$5.4M-19.9%	-$4.5M-178.1%	-$1.6M-396.0%	-$329K+82.6%	-$1.9M+48.8%	-$3.7M-49.2%	-$2.5M
Retained Earnings	-$96.7M-6.5%	-$90.8M-5.3%	-$86.3M-6.0%	-$81.4M-7.1%	-$76.0M-7.2%	-$70.9M+0.9%	-$71.6M-6.3%	-$67.4M

CERO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$16.1M	N/A	-$1.5M-39.5%	-$1.1M
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$7.9M-104.4%	$180.8M
Financing Cash Flow	N/A	N/A	-$32.6M+76.5%	-$138.7M
Dividends Paid	$127K-94.9%	$2.5M	N/A	N/A
Share Buybacks	N/A	N/A	$33.5M-76.0%	$139.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$2.8M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$127K	$0	$0	$0-100.0%	$127K	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CERO Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-87.7%	N/A
Net Margin	N/A	N/A	-83.3%	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	-124.6%+17.6pp	-142.2%-140.6pp	-1.6%
Current Ratio	0.30-0.2	0.50-0.1	0.56-0.8	1.38
Debt-to-Equity	-1.67+2.6	-4.28-3.2	-1.12+3.7	-4.85
FCF Margin	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-266.9%	N/A	-124.2%-36.8pp	-87.3%-23.4pp	-63.9%	N/A	-65.1%-31.9pp	-33.2%
Current Ratio	0.14-0.2	0.300.0	0.30-0.3	0.56-0.2	0.73+0.2	0.50+0.1	0.39-0.1	0.48
Debt-to-Equity	-0.01+1.7	-1.67+0.2	-1.86+2.9	-4.80+20.5	-25.26-21.0	-4.28-1.5	-2.75+1.2	-3.97
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$5.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.30), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Does CERo Therapeutics pay dividends?

Yes, CERo Therapeutics (CERO) paid $10.37 per share in dividends during fiscal year 2025.

What is CERo Therapeutics's operating cash flow?

CERo Therapeutics (CERO) generated -$16.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CERo Therapeutics's total assets?

CERo Therapeutics (CERO) had $3.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does CERo Therapeutics have outstanding?

CERo Therapeutics (CERO) had 21M shares outstanding as of fiscal year 2025.

What is CERo Therapeutics's current ratio?

CERo Therapeutics (CERO) had a current ratio of 0.30 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is CERo Therapeutics's debt-to-equity ratio?

CERo Therapeutics (CERO) had a debt-to-equity ratio of -1.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CERo Therapeutics's cash runway?

Based on fiscal year 2025 data, CERo Therapeutics (CERO) had $1.7M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is CERo Therapeutics's debt-to-equity ratio negative or unusual?

CERo Therapeutics (CERO) has negative shareholder equity of -$5.4M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.