Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 592

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 592
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 the Company provides to these agencies. Fixed fee grants are awarded for specific research and development programs undertaken by us. Under these grants the Company receives milestone payments from the government agencies upon our submission and approval by the government of agreed upon deliverables, consisting primarily of the documented results of the specific research and development programs.

F-52

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 13 — Income Taxes Income taxes in the Company’s combined financial statements have been calculated on a separate tax return basis. The following table presents the principal reasons for the difference between the effective tax rate and the federal statutory income tax rate (in thousands):

|                                            |     | Year Ended December 31 
                   2024 |    |     |        |   |     |   2023 |    |     |        |   |
|:-------------------------------------------|:----|-----------------------:|:---|:----|-------:|:--|:----|-------:|:---|:----|-------:|:--|
| Tax benefit at U.S. federal statutory rate |     |                  21.00 | %  |     | (1,941 | ) |     |  21.00 | %  |     | (2,159 | ) |
| State Tax, net of federal benefit          |     |                  14.58 | %  |     | (1,347 | ) |     |   0.14 | %  |     |    (14 | ) |
| Permanent difference                       |     |                  (0.06 | )% |     |      6 |   |     |  (0.06 | )% |     |      6 |   |
| Prior-Year deferred taxes adjustment       |     |                   0.32 | %  |     |    (30 | ) |     |  (0.57 | )% |     |     58 |   |
| Change of valuation allowance              |     |                 (35.84 | )% |     |  3,312 |   |     | (20.51 | )% |     |  2,109 |   |
| Effective income tax rate                  |     |                   0.00 | %  |     |      — |   |     |   0.00 | %  |     |      — |   |

The components of the provision for income taxes are as