Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 148

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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 an annual basis, a tabular rate reconciliation using both percentages and currency amounts,
broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those
items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated
by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received.
This pronouncement is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, the
Company will be required to disclose additional specified categories in the rate reconciliation in both percentage and dollar amounts.
The standard, which is effective for the Company’s fiscal year ended December 31, 2025 is expected to be applied prospectively and
will improve disclosures to include a more granular presentation of income taxes. The Company does not expect the adoption of ASU 2023-09
to have a material effect on our consolidated financial statements taken as a whole

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”),
Disaggregation of Income Statement Expenses (“DISE”). ASU 2024-03 requires disaggregated disclosure of income statement expenses
for public business entities. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement;
rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial
statements. As revised by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures,
the provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years
beginning after December 15, 2027, with early adoption permitted. With the exception of expanding disclosures to include more granular
income statement expense categories, the Company does not expect the adoption of ASU 2024-03 to have a material effect on our consolidated
financial statements taken as a whole.

13

Note 3 — Recapitalization

On July 11, 2025, the Company consummated the Business
Combination. The consummation of the Business Combination involved the merger (the “Merger”) of Merger Sub with and into
Legacy Profusa, pursuant to