Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 68

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 performance and deciding how to allocate resources. Public entities
will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a
single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment
disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods
within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07, which was applied
retrospectively to all prior periods presented. See Note 9 for further details regarding this adoption.

Standards not yet Adopted

In December 2023, the FASB issued ASU No. 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose
specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that
meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal,
state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective
for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.

Our management does not believe that any other
recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed
consolidated financial statements.

JOBS Act

The JOBS Act contains provisions that,
among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company”
under the JOBS Act and are allowed to comply with new or revised accounting pronouncements based on the effective date for
private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result,
we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our condensed consolidated financial statements may not be comparable to companies that
comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating
the benefits