Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 555

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 555
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 has therefore established a full valuation allowance. For the years ended December 31, 2024 and 2023, the change in the valuation allowance was $ and $.

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

|                                             |     | December 31, 
         2024 |    |     | December 31, 
         2023 |   |
|:--------------------------------------------|:----|-------------:|:---|:----|-------------:|:--|
| Statutory federal income tax rate           |     |         21.0 | %  |     |         21.0 | % |
| Prior Year Trueup                           |     |         0.00 |    |     |         0.00 |   |
| Change in fair value of warrant liabilities |     |        (18.7 | )  |     |        (11.4 | ) |
| Business combination expenses               |     |         0.00 |    |     |          5.8 |   |
| Penalties and interest                      |     |         0.00 |    |     |          0.2 |   |
| Change in valuation allowance               |     |         (3.0 | )  |     |         12.6 |   |
| Income tax provision                        |     |        (0.90 | )% |     |         28.2 | % |

The Company files income tax returns in the U.S. federal, New York and New York City jurisdictions and is subject to examination by the various taxing authorities since inception.

Note 10 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker (“CODM”) has been identified as its Chief Financial Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only reportable segment.

The CODM assesses performance for the single segment and decides how to allocate