CERo Therapeutics Financials

CEROW

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

This page shows CERo Therapeutics (CEROW) 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 CEROW FY2025 2026-04-22

Cash burn and weakening liquidity are dominating the business, with negative equity leaving operations dependent on outside capital.

The important shift is that operating cash burn widened from -$1.5M in FY2023 to -$16.1M in FY2025, which means cash use accelerated far faster than the company’s visible operating base. Set against only $1.7M of cash and a current ratio of 0.3x at FY2025, the issue is liquidity timing: near-term claims are arriving much sooner than internal cash generation.

The balance sheet is operating with negative book equity, moving from -$1.9M in FY2024 to -$5.4M in FY2025. That means liabilities are carrying more of the enterprise than shareholder capital, so even modest cash drains can change the financing position quickly.

In the last year with reported sales, FY2023 revenue was $8.8M while R&D spending alone was $5.3M, so the business still looked development-led rather than supported by a scaled commercial engine. The jump in SG&A to $9.0M in FY2024 points to a cost base that expanded before the statements show a self-funding operating model.

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

CEROW 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

CEROW 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

CEROW 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

CEROW 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.

Frequently Asked Questions

Does CERo Therapeutics pay dividends?

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

What is CERo Therapeutics's operating cash flow?

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

What is CERo Therapeutics's current ratio?

CERo Therapeutics (CEROW) 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 (CEROW) 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 (CEROW) 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 (CEROW) 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.