Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 143

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 143
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AP. All activity between Profusa and Northview has been eliminated between the companies on the pro forma statement under tickmark J. The pro forma combined statement of operations does not reflect a provision for income taxes or any amounts that would have resulted had the Combined Company filed consolidated income tax returns during the periods presented. The pro forma condensed combined balance sheet does not reflect the deferred taxes of the Combined Company as a result of the Business Combination. Upon Closing of the Business Combination, it is likely that the Combined Company will record a full valuation allowance against the total U.S. and state deferred tax assets given the net operating losses and valuation allowance of Profusa as the recoverability of the tax assets is uncertain. The Company used the separate return method in calculating the pro forma tax provision and tax effects of our pro forma adjustments. The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the Combined Company’s shares outstanding, assuming the Business Combination occurred on January 1, 2024. Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet The Transaction Accounting Adjustments included in the unaudited pro forma condensed combined balance sheet as of June 30, 2025 are as follows:

| A. | Reflects the reclassification of the remaining shares of NorthView Common Stock to permanent equity immediately 
 prior to the Merger.                                                                                            |

| C. | Reflects the gross proceeds from the issuance and sale of PIPE Convertible Notes of NorthView that                                 
 are convertible into shares of NorthView common stock at $10.00 per share pursuant to the PIPE Subscription Agreement entered into 
 with the PIPE Investors, assuming no redemptions. The PIPE Subscription Agreement provides for a total facility up to              
 $22.22 million which is split into tranches. The Initial Note was funded upon closing the merger for $10 million which was         
 subject to a 10% OID ($9.0 million net). A subsequent $2.22 million subject to a 10% OID ($2.0 million net) is considered          
 probable based on the terms of the convertible note. The notes did not convert as of the closing date. As such, the notes will     
 remain in the pro forma balance sheet for pro forma purposes, as the notes convert at the election of the note holder until the    
 shares are registered.                                                                                                             |

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| D. | Reflects the recapitalization and elimination of Northview’s pre-merger