Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 622

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 622
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   |         |   |
| Accrued expenses & other        |     | $            |      38 |   |     | $ |      47 |   |
| Depreciation and amortization   |     |              |       2 |   |     |   |       8 |   |
| Stock based compensation        |     |              |      38 |   |     |   |      46 |   |
| Convertible debt                |     |              |       5 |   |     |   |       — |   |
| Capitalized R&D                 |     |              |   1,542 |   |     |   |   1,322 |   |
| Net operating loss carryforward |     |              |  29,043 |   |     |   |  27,100 |   |
| R&D credit carryforward         |     |              |   3,485 |   |     |   |   3,511 |   |
|                                 |     |              |  34,143 |   |     |   |  32,034 |   |
| Less: valuation allowance       |     |              | (34,143 | ) |     |   | (32,034 | ) |

No income tax expense was recorded during the years ended December 31, 2023 and 2022 due to the Company incurring operating losses. As of December 31, 2023, the Company has Federal and state net operating losses of approximately $106.0 million and $97.1 million, respectively. The Federal and state net operating loss carryforwards begin to expire in 2029. Federal net operating losses generated in tax years 2018 or thereafter have an indefinite carryforward period. The amount of Federal net operating loss that does not expire is $83.3 million. As of December 31, 2023, the Company has Federal and state tax credit carryforwards of approximately $2.1 million and $1.8 million, respectively. The Federal tax credit carryforwards begin to expire in 2034. The state tax credit carryforwards carryforward indefinitely. Management believes that, based upon a number of factors, which include the Company’s historical operating performance and accumulated deficit, it is more likely than not that the deferred tax assets will not be utilized. Therefore, the Company has recorded a full valuation allowance against its deferred tax assets. Internal Revenue Code (IRC) section