Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 24

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
5 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 which, at the Closing, the separate corporate existence of Merger Sub ceased, with Legacy Profusa as the
surviving corporation becoming a wholly-owned subsidiary of the Company. As a result of the Business Combination, the Company owns
100% of the outstanding common stock of Legacy Profusa. In connection with the closing of the Business Combination, the Company
changed its name from “NorthView Acquisition Corporation” to “Profusa, Inc.”

More specifically, and as described in greater detail below, at the
Effective Time of the Merger:

●each share of issued and outstanding Legacy Profusa Common Stock, including
shares converted from convertible debt and convertible Preferred Stock, was converted into a number of shares of Company Common Stock,
based on the Exchange Ratio (as defined in the Merger Agreement)