Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 477

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 477
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 as a result of completion of several clinical studies, offset by an increase in regulatory fees of $0.1million.

268 General and Administrative— General and administrative expenses decreased by $1.1 million, or 27%, to $3.0 million during the year ended December31, 2024 from $4.1 million during the year ended December31, 2023. The decrease was driven primarily by the decrease in rent, office, and insurance expense of $0.1million as a result of terminating a month -to-monthlease during the year, the decrease in accounting and legal costs of $1.0 million as a result of the Company’s focus on the business combination transaction which results in accounting and legal costs associated with the transaction being deferred in other assets and capitalized versus expensed immediately. Loss on change in the fair value of related party Tasly convertible debt —Loss on change in the fair value of related party convertible loan increased by $0.3million or 1,314% during the year ended December31, 2024 from $22 thousand in the year ended December31, 2023. The Company elected to apply a fair value option to account for the Tasly Convertible Debt, under which none of the embedded conversion or redemption features were bifurcated and separately accounted for. The Tasly Convertible Debt fair value was determined using the discounted cash flow methodology based on probability weighted scenarios of the convertible notes conversion. The Tasly Convertible Debt was recorded at fair value at inception and is subject to remeasurement to fair value at each balance sheet date, with the change in fair value reflected in the statements of operations. Interest Expense— Interest expense increased by $0.1 million, or 3%, to $4.4 million during the year ended December31, 2024 from $4.3 million during the year ended December31, 2023. The increase was primarily due to additional notes issued throughout 2024 at 12% interest per annum. Other Income— Other income decreased by $0.1 million, or 95%, to $0 during the year ended December31, 2024 from $100 during the year ended December31, 2023. Liquidity and Capital Resources Sources of Liquidity We incurred net losses and negative operating cash flows from operations since inception, and we expect to continue to incur losses and negative operating cash flows for the foreseeable future until we successfully commence sustainable commercial operations. To date, we have funded our operations primarily with proceeds from