Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 600

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 600
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.
The Company did not have any cash equivalents as of December 31, 2024 and 2023.

Cash
and Marketable Securities Held in Trust Account

At
December 31, 2024, substantially all of the assets held in the Trust Account were held in an interest-bearing demand deposit account
at a bank and at December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills. All of
the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the
consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value
of investments held in the Trust Account are shown in the accompanying statements of operations. The estimated fair values of investments
held in the Trust Account are determined using available market information.

During the year ended December 31, 2024, pursuant
to the trust agreement dated as of December 20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $204,459 of interest income from the Trust Account was withdrawn by the Company for the payment of franchise
and income taxes.

During the year ended December 31, 2023, pursuant
to the trust agreement dated as of December 20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $1,192,438 of interest income from the Trust Account was withdrawn by the Company for the payment of
franchise and income taxes.

    Fair Value as of December 31, 2024  
    Fair Value as of December 31, 2023 
  
    Cash 
    $8,330,835  
    $1,406 
  
    U.S. Treasury Bills 
     —  
     10,872,000 

    $8,330,835  
    $10,873,406 

F-12

On December 21, 2023, the Company held a special
meeting of stockholders to vote on extending the Combination Period. As a result, the Company extended the Combination Period from December
22, 2023 to March 22, 2024, which was later extended to March 22, 2025. In connection with the extension voted on December 21, 2023, 140