Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 468

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 468
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 costs plus fringe at the DCAA approved billing rate of 24.69% and G&A at the DCAA approved billing rate of 45.66%. This increase in revenue was the result of the Company beginning work on the subcontract to evaluate a continuous wireless biosensing technology, the Lumee Oxygen product, and to provide clinical data in a sepsis clinical study. Research and Development— Research and development expenses decreased by $0.4 million, or 21%, to $1.6 million during the year ended December31, 2024 from $2.0 million during the year ended December31, 2023. The decrease was driven primarily by the decrease in personnel costs of $0.3million as a result of reduction of personnel, the decrease in CRO costs of $0.2 million as a result of completion of several clinical studies, offset by an increase in regulatory fees of $0.1million.

263 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.