Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 281

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 281
---
 the Company’s deferred
tax assets as of December 31, 2024 and 2023 were as follows (in thousands):

|                                 |     | Year Ended   
 December 31, |    2024 |   |     |   |    2023 |   |
|:--------------------------------|:----|:-------------|--------:|:--|:----|:--|--------:|:--|
| Deferred tax assets:            |     |              |         |   |     |   |         |   |
| Accrued expenses & other        |     | $            |      70 |   |     | $ |      38 |   |
| Depreciation and amortization   |     |              |       7 |   |     |   |       2 |   |
| Stock based compensation        |     |              |      52 |   |     |   |      38 |   |
| Convertible debt                |     |              |      93 |   |     |   |       5 |   |
| Capitalized R&D                 |     |              |   1,549 |   |     |   |   1,542 |   |
| Net operating loss carryforward |     |              |  32,173 |   |     |   |  29,033 |   |
| R&D credit carryforward         |     |              |   3,511 |   |     |   |   3,485 |   |
| Other                           |     |              |       — |   |     |   |       — |   |
|                                 |     |              |  37,455 |   |     |   |  34,143 |   |
| Less: valuation allowance       |     |              | (37,455 | ) |     |   | (34,143 | ) |

No income tax expense was recorded during the year
ended December 31, 2024 and 2023.

F-27 PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 13 — Income Taxes(cont.) As of December 31, 2024, Profusa, Inc. had Federal and state net operating loss carryforwards of $ 114.8M and $ 116.3M, respectively. The Federal and state net operating loss carryforwards begin to expire in 2029. Federal net operating