Company: PFSA
Filing Date: 2025-08-11
Form Type: S-1
Source: 0001213900-25-073872
Chunk: 286

Company: Profusa, Inc.
Filing Date: 2025-08-11
Form: S-1
Chunk 286
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 any losses on its cash. The Company’s other receivables are represented by amounts owned by two government agencies under the government grants. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of March 31, 2025 and 2024, cash consisted of cash on deposit with a bank denominated in U.S. dollars. Deferred Offering Costs Specific incremental costs, consisting of legal, accounting and other fees and costs, directly attributable to a proposed or actual offering of securities are deferred and charged against the gross proceeds of the offering. In the event of a significant delay or cancellation of a planned offering of securities, all of the costs are expensed. Offering costs capitalized as of March 31, 2025 and December 31, 2024 were $ 3.1million and $ 2.8million, respectively. The deferred offering costs as of March 31, 2025 and December 31, 2024 includes $ 1.2million and $ 0.8million respectively, of advances to NorthView to fund costs associated with the potential Business Combination. Government Grants The Company receives payments from government entities under non -refundablegrants in support of product development programs. The grants received fall within two categories: a.Expense Reimbursement Grants — grants in which the Company is entitled to claim from a government entity reimbursement of certain qualified expenses incurred to date. The nature and amount of such expenses are determined by each respective grant; and b.Fixed Fee Grants — grants in which the total amount of the grant is fixed and the disbursements are made based on submission to the grantor of specified deliverables. The Company has concluded that all government grants received are outside the scope of ASC 606 Revenue from Contracts with Customers, because such grants do not involve a reciprocal transfer in which each party receives and sacrifices approximately commensurate value. Therefore, the grants meet the definition of a contribution and are non -exchangetransactions. The Company has further concluded that Subtopic 958 -605, Not -for-Profit-Entities-RevenueRecognition does not apply to the government grants received, as the Company is a business entity, and the grants are with governmental agencies or units. In the absence of explicit U.S. GAAP guidance on contributions received by business entities, the Company made a policy decision to apply by analogy recognition and measurement guidance in International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance