Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 593

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 593
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 |     |              |      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-53 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 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 $91.6 million. As of December 31, 2024, Profusa, Inc. had Federal and California research credit carryforwards of $2.1M and $1.8M, respectively. The Federal tax credit carryforwards begin to expire in 2032. 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 382 limits the use of net operating loss and tax credit carry