v3.25.2
Business Combination (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Business Combination [Abstract]    
Schedule of Purchase Price

The following is a summary of the purchase price calculation:

 

Number of shares of Common Stock   2,500 
Multiplied by PBAX’s share price, as of the Closing  $11,700.00 
Total  $29,250,000 
Fair value of PBAX founder’s shares converted to shares of Common Stock and transferred to Predecessor stockholders  $5,118,750 
Fair value of contingent Common Stock consideration  $12,870,000 
Total Common Stock consideration  $47,238,750 
Assumed liabilities   3,311,153 
Total purchase price  $50,549,903 

 

The allocation of the purchase price was as follows:

 

Cash  $963,855 
Net working capital deficit (excluding cash and cash equivalents)   (1,819,514)
Fixed assets   929,346 
Acquired in-process research and development   45,640,000 
Net assets acquired   45,713,687 
Loss on consolidation of VIE   4,836,216 
Total purchase price  $50,549,903 

The following is a summary of the purchase price calculation:

 

Number of shares of Common Stock   2,500 
Multiplied by PBAX’s share price, as of the Closing  $11,700.00 
Total  $29,250,000 
Fair value of PBAX founder’s shares converted to shares of Common Stock and transferred to Predecessor stockholders  $5,118,750 
Fair value of contingent Common Stock consideration  $12,870,000 
Total Common Stock consideration  $47,238,750 
Assumed liabilities   3,311,153 
Total purchase price  $50,549,903 

 

The allocation of the purchase price was as follows:

 

Cash  $963,855 
Net working capital deficit (excluding cash and cash equivalents)   (1,819,514)
Fixed assets   929,346 
Acquired in-process research and development   45,640,000 
Net assets acquired   45,713,687 
Loss on consolidation of VIE   4,836,216 
Total purchase price  $50,549,903 
Schedule of Opening Consolidated Balance Sheet The number of shares of Common Stock issued and amounts recorded on the line within stockholders’ deficit are reflected below to arrive at the opening consolidated balance sheet of the Company.
    Convertible                                      
    Preferred Stock     Series A     Additional     Stock              
    Series A     Common Stock     Paid-in     Subscription     Accumulated        
    Shares     Amount     Shares     Amount     Capital     Receivable     Deficit     Total  
PBAX Closing Equity as of February 13, 2024     -     $ -       2,741     $ -     $ 547     $ -     $ (12,709,426 )   $ (12,708,879 )
Forfeiture of founders shares     -       -       (438 )     -       -       -       -       -  
Adjusted shares outstanding     -       -       2,303       -       547       -       (12,709,426 )     (12,708,879 )
Shares issued as consideration in the Merger     -       -       4,038       1       47,238,749       -       -       47,238,750  
Loss on VIE consolidation     -       -       -       -       -       -       (4,836,216 )     (4,836,216 )
Expense IPR&D     -       -       -       -       -       -       (45,640,000 )     (45,640,000 )
Reclassification of public shares     -       -       41       -       911,358       -       -       911,358  
Issuance of common stock as payment to vendors     -       -       825       -       3,182,550       -       -       3,182,550  
Elimination of deferred underwriting fees     -       -       -       -       5,690,000       -       -       5,690,000  
Reclassification of earnout liability     -       -       -       -       (4,900,000 )     -       -       (4,900,000 )
Conversion of CERo bridge notes and accrued interest into Series A preferred stock     630       627,154       -       -       -       -       -       627,154  
Conversion of working capital loan into Series A preferred stock     1,605       1,555,000       -       -       -       -       -       1,555,000  
Issuance of Series A shares sold to investors, net     7,854       6,755,698       -       -       (856,663 )     -       -       5,899,035  
Issuance of Series A Preferred Warrants     -       -       -       -       2,000,000       (2,000,000 )     -       -  
Issuance of common shares to Keystone Capital LLC for equity line of credit     -       -       59       -       633,345       -       -       633,345  
Opening Equity at February 14, 2024 (Successor)     10,089     $ 8,937,852       7,266     $ 1     $ 53,899,885     $ (2,000,000 )   $ (63,185,641 )   $ (2,347,903 )
 The number of shares of Common Stock issued and amounts recorded on the line within stockholders’ deficit are reflected below to arrive at the opening consolidated balance sheet of the Company.
   Convertible                         
   Preferred Stock   Series A   Additional   Stock         
   Series A   Common Stock   Paid-in   Subscription   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Receivable   Deficit   Total 
PBAX Closing Equity as of February 13, 2024   
-
   $
-
    2,741   $
-
   $547   $
-
   $(12,709,426)  $(12,708,879)
Forfeiture of founders shares   
-
    
-
    (438)   
-
    
-
    
-
    
-
    
-
 
Adjusted shares outstanding   
-
    
-
    2,303    
-
    547    
-
    (12,709,426)   (12,708,879)
Shares issued as consideration in the Merger   
-
    
-
    4,038    1    47,238,749    
-
    
-
    47,238,750 
Loss on VIE consolidation   -    
-
    -    
-
    
-
    
-
    (4,836,216)   (4,836,216)
Expense IPR&D   -    
-
    -    
-
    
-
    
-
    (45,640,000)   (45,640,000)
Reclassification of public shares   
-
    
-
    41    
-
    911,358    
-
    
-
    911,358 
Issuance of common stock as payment to vendors   
-
    
-
    825    
-
    3,182,550    
-
    
-
    3,182,550 
Elimination of deferred underwriting fees   -    
-
    -    
-
    5,690,000    
-
    
-
    5,690,000 
Reclassification of earnout liability   -    
-
    -    
-
    (4,900,000)   
-
    
-
    (4,900,000)
Conversion of CERo bridge notes and accrued interest into Series A preferred stock   630    627,154    
-
    
-
    
-
    
-
    
-
    627,154 
Conversion of working capital loan into Series A preferred stock   1,605    1,555,000    
-
    
-
    
-
    
-
    
-
    1,555,000 
Issuance of Series A shares sold to investors, net   7,854    6,755,698    
-
    
-
    (856,663)   
-
    
-
    5,899,035 
Issuance of Series A Preferred Warrants   -    
-
    -    
-
    2,000,000    (2,000,000)   
-
    
-
 
Issuance of common shares to Keystone Capital LLC for equity line of credit   
-
    
-
    59    
-
    633,345    
-
    
-
    633,345 
Opening Equity at February 14, 2024 (Successor)   10,089   $8,937,852    7,266   $1   $53,899,885   $(2,000,000)  $(63,185,641)  $(2,347,903)