Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 154

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 Less: related party notes 
     (41)
  
    Less: related party notes - working capital loan 
     (2,162)
  
    Less: related party notes - PIPE Subscription Agreement 
     (3,898)
  
    Less: excise tax payable 
     (1,953)
  
    Less: accounts payable and accrued expenses 
     (3,102)
  
    Reverse recapitalization, net 
    $(12,346)

The number of shares of Common Stock to be issued following the
consummation of the Business Combination were:

    Class A
 Common
 Stock 
  
    NVAC Public Shares, outstanding prior to the Business Combination 
     101,777 
  
    Less: Redemption of NVAC Class A common stock 
     (400)
  
    Public shares of NVAC 
     101,377 
  
    NVAC Founder Shares, outstanding prior the Business Combination 
     4,033,520 
  
    NVAC Representative Shares converted to Class A Common shares 
     450,000 
  
    NVAC Shares from Rights converted to Class A common shares 
     1,897,500 
  
    Business Combination shares 

    Profusa Shares 
     8,593,991 
  
    Issuance of shares in connection with PIPE 
     2,901,833 
  
    Conversion of notes into shares 
     14,782,446 
  
    Common Stock immediately after the Business Combination 
     32,760,667 

The number of Profusa Shares was determined as follows:

    Legacy
 Profusa
 Shares  
    Profusa
 Shares
 after
 conversion
 ratio 
  
    Preferred Stock 
     17,863,934  
     6,178,315 
  
    Class A Common Stock 
     5,604,651  
     2,415,676 
  
    Total 
     23,468,585  
     8,593,991 

Transaction costs

During the three and nine months ended September 30, 2025, based on
the proceeds received, the Company expensed $15.1 million for transaction costs incurred in connection with the Business Combination.
The transaction costs primarily represented fees incurred for financial advisory, legal and other professional services that were directly
related to the Business Combination.

Public and private placement warrants

The 9,487,500 warrants (the “Public Warrants”) issued in
North