Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 344

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 344
---
 Northview’s convertible loan upon Merger. (S)Reflects the elimination of gain from change in FV of Tasly convertible debt upon SPAC and reduction of loan balance. (T)Represents the closing of the APAC Joint Venture and receipt of the remaining $4.1 million of transaction proceeds. As presented in the unaudited pro forma condensed combined financial information, in exchange for the license, the JV would pay Profusa an upfront fee of $6 million, of which $1.6 million has been received as a loan in advance of the contract execution. As such, the remaining $4.1 is being reflected as a pro forma adjustment on the balance sheet as of September30, 2024. Although the accounting treatment has not yet been determined, Profusa preliminarily expects this JV to be treated as an equity method investment. A total of $6 million will be paid to Profusa for a 60% ownership in the JV, assuming a fair value of $10 million for the license transferred, and the Company will retain a 40% interest in the JV. All accounting conclusions will be finalized after the closing of the transaction and the finalization of the JV valuation. For the purpose of the preliminary pro forma information, the Company has accounted for the transaction as if it paid $4 million in noncash consideration (representing the FV of its retained 40% of the Licensed Products contributed to the JV) as its Investment in the JV and Equity Interest in the JV. In addition, the Company recorded the sale of 60% of the JV and recognized a gain (representing the difference between the $6 million consideration received and the $0 net book value of the Licensed Products prior to the sale). (U)Reflects the conversion of the Profusa Senior Secured Convertible Notes into shares of NorthView common stock. Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations The adjustments included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 and for the nine months ended September 30, 2024 are as follows: (AA)Represents the elimination of investment income related to the investments held in the NorthView Trust Account. (BB)Represents elimination of interest expense related to Profusa’s Junior Notes, and the interest expense related to Profusa’s Senior Notes and Bridge Notes which was incurred following the modification of the Senior Notes on September 27, 2022 which was accounted for