Company: PFSA
Filing Date: 2025-08-11
Form Type: S-1
Source: 0001213900-25-073872
Chunk: 275

Company: Profusa, Inc.
Filing Date: 2025-08-11
Form: S-1
Chunk 275
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PA. These grants are provided either in the form of expense reimbursement (expense reimbursement grants) or on a fixed fee basis (fixed fee grants). Under the expense reimbursement grants the government agencies reimburse us for a portion of our expenses (allowable expenses) that have been incurred in a given period on the basis of reports that the Company provides to these agencies. Fixed fee grants are awarded for specific research and development programs undertaken by us. Under these grants the Company receives milestone payments from the government agencies upon our submission and approval by the government of agreed upon deliverables, consisting primarily of the documented results of the specific research and development programs.

F-26

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 13 — Income Taxes

Income taxes in the Company’s combined financial statements have been calculated on a separate tax return basis.

|                                            |     | Year Ended December 31 
                   2024 |    |     |        |   |     |   2023 |    |     |        |   |
|:-------------------------------------------|:----|-----------------------:|:---|:----|-------:|:--|:----|-------:|:---|:----|-------:|:--|
| Tax benefit at U.S. federal statutory rate |     |                  21.00 | %  |     | (1,941 | ) |     |  21.00 | %  |     | (2,159 | ) |
| State Tax, net of federal benefit          |     |                  14.58 | %  |     | (1,347 | ) |     |   0.14 | %  |     |    (14 | ) |
| Permanent difference                       |     |                  (0.06 | )% |     |      6 |   |     |  (0.06 | )% |     |      6 |   |
| Prior-Year deferred taxes adjustment       |     |                   0.32 | %  |     |    (30 | ) |     |  (0.57 | )% |     |     58 |   |
| Change of valuation allowance              |     |                 (35.84 | )% |     |  3,312 |   |     | (20.51 | )% |     |  2,109 |   |
| Effective income tax rate                  |     |                   0.