Company: PFSA
Filing Date: 2025-08-29
Form Type: S-1
Source: 0001213900-25-082672
Chunk: 131

Company: Profusa, Inc.
Filing Date: 2025-08-29
Form: S-1
Chunk 131
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 the Business Combination. Upon Closing of the Business Combination, it is likely that the Combined Company will record a full valuation allowance against the total U.S. and state deferred tax assets given the net operating losses and valuation allowance of Profusa as the recoverability of the tax assets is uncertain. The Company used the separate return method in calculating the pro forma tax provision and tax effects of our pro forma adjustments. The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the Combined Company’s shares outstanding, assuming the Business Combination occurred on January 1, 2024. Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet The Transaction Accounting Adjustments included in the unaudited pro forma condensed combined balance sheet as of June30, 2025 are as follows: A.Reflects the reclassification of the remaining shares of NorthView Common Stock to permanent equity immediately prior to the Merger. B.Reflects the liquidation and reclassification of the balance of investments held in the trust account to cash and cash equivalents that becomes available to fund the Transaction. This is the full trust account balance as of June30, 2025, which is further adjusted for redemptions reflected in adjustment (P) below to reflect the remaining trust account balance following such redemptions which were distributed at closing. C. Reflects the gross proceeds from the issuance and sale of PIPE Convertible Notes of NorthView that are convertible into shares of NorthView common stock at $10.00 per share pursuant to the PIPE Subscription Agreement entered into with the PIPE Investors, assuming no redemptions. The PIPE Subscription Agreement provides for a total facility up to $22.22 million which is split into tranches. The Initial Note 81 was funded upon closing the merger for $10 million which was subject to a 10% OID ($9.0 million net). A subsequent $2.22million subject to a 10% OID ($2.0million net) is considered probable based on the terms of the convertible note. The notes did not convert as of the closing date. As such, the notes will remain in the pro forma balance sheet for pro forma purposes, as the notes convert at the election of the note holder until the shares are registered. D.Reflects the recapitalization and elimination of Northview’s pre -mergeraccumulated deficit balance. E.Represents direct and incremental transaction costs incurred by New Profusa related to the