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v3.25.2

Segments | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Segments [Line Items] |  |
Segments | Note 13 — Segments The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, Ben Hwang, who reviews financial information presented on a consolidated net loss basis as reported on the consolidated condensed statement of operations and comprehensive loss in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves of key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s consolidated condensed statements of operations and comprehensive loss. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include interest income, interest expense and loss on change in fair value of related party loan. See the consolidated condensed financial statements for other financial information regarding the Company’s operating segment.
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Government grant revenue |  | $ | — |  |  | $ | 25 |
Operating expenses: |  |  |  |  |  |  |  |
Research personnel compensation costs, including stock-based compensation |  |  | 320 |  |  |  | 385 |
CRO and regulatory costs |  |  | — |  |  |  | — |
Administrative personnel compensation costs, including stock-based compensation |  |  | 401 |  |  |  | 350 |
Rent and office costs |  |  | 118 |  |  |  | 80 |
Legal and accounting costs |  |  | 110 |  |  |  | 179 |
Other expenses(1) |  |  | 54 |  |  |  | 7 |
Total segment expenses |  |  | 1,003 |  |  |  | 1,001 |
Loss from operations |  |  | (1,003 | ) |  |  | (976 | )
Other income (expense) |  |  |  |  |  |  |  |
Loss on change in the fair value of related party Tasly convertible debt |  |  | (57 | ) |  |  | (15 | )
Interest expense |  |  | (1,289 | ) |  |  | (1,081 | )
Other income |  |  | 1 |  |  |  | 1 |
Total other expense, net |  |  | (1,345 | ) |  |  | (1,095 | )
Net loss and comprehensive loss |  | $ | (2,348 | ) |  | $ | (2,071 | )
| (1) | Other expenses includes small balances of research materials and supplies along with insurance costs.
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Government grant revenuet |  | $ | — |  |  | $ | 25 |
Operating expenses: |  |  |  |  |  |  |  |
Research personnel compensation costs, including stock-based compensation |  |  | 658 |  |  |  | 818 |
CRO and regulatory costs |  |  | — |  |  |  | 15 |
Administrative personnel compensation costs, including stock-based compensation |  |  | 736 |  |  |  | 712 |
Rent and office costs |  |  | 318 |  |  |  | 162 |
Legal and accounting costs |  |  | 649 |  |  |  | 592 |
Other expenses(1) |  |  | 66 |  |  |  | 41 |
Total segment expenses |  |  | 2,427 |  |  |  | 2,340 |
Loss from operations |  |  | (2,427 | ) |  |  | (2,315 | )
Other income (expense) |  |  |  |  |  |  |  |
Loss on change in the fair value of related party Tasly convertible debt |  |  | (118 | ) |  |  | (11 | )
Interest expense |  |  | (2,519 | ) |  |  | (2,161 | )
Other income |  |  | — |  |  |  | 6 |
Total other expense, net |  |  | (2,637 | ) |  |  | (2,166 | )
Net loss and comprehensive loss |  | $ | (5,064 | ) |  | $ | (4,481 | )
| (1) | Other expenses includes small balances of research materials and supplies along with insurance costs.
The Company has no significant long-lived assets recognized on the Consolidated Balance Sheets. | Note 14 — Segments The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, Ben Hwang, who reviews financial information presented on a consolidated net loss basis as reported on the consolidated statement of operations in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves of key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s Consolidated Statements of Operations. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include interest income, interest expense and loss on change in fair value of related party loan. See the consolidated financial statements for other financial information regarding the Company’s operating segment.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Government grant revenue |  | $ | 100 |  |  | $ | 45 |
Operating expenses: |  |  |  |  |  |  |  |
Research personnel compensation costs, including stock-based compensation |  |  | 1,350 |  |  |  | 1,641 |
CRO and regulatory costs |  |  | 36 |  |  |  | 186 |
Administrative personnel compensation costs, including stock-based compensation |  |  | 1,592 |  |  |  | 1,434 |
Rent and office costs |  |  | 279 |  |  |  | 365 |
Legal and accounting costs |  |  | 1,223 |  |  |  | 2,287 |
Other expenses(1) |  |  | 120 |  |  |  | 202 |
Total segment expenses |  |  | 4,600 |  |  |  | 6,115 |
Loss from operations |  |  | (4,500 | ) |  |  | (6,070 | )
Other income (expenses) |  |  |  |  |  |  |  |
Loss on change in the fair value of related party Tasly convertible debt |  |  | (311 | ) |  |  | (22 | )
Interest expense (including related parties amounts of $2,400 and $2,530 for the year ended December 31, 2024 and 2023, respectively) |  |  | (4,424 | ) |  |  | (4,283 | )
Other income |  |  | 5 |  |  |  | 94 |
Total other expense, net |  |  | (4,730 | ) |  |  | (4,211 | )
Net loss and comprehensive loss |  | $ | (9,230 | ) |  | $ | (10,281 | )
(1) | Other expenses includes small balances of research materials and supplies along with insurance costs.
The Company has no significant long-lived assets recognized on the Consolidated Balance Sheets.
NorthView Acquisition Corp [Member] |  |
Segments [Line Items] |  |
Segments | Note 9 — 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 one reportable segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the statement of operations as net loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net loss and total assets, which include the following:
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Trust Account |  | $ | 1,935,561 |  |  | $ | 8,330,835 |
Cash |  | $ | — |  |  | $ | 16,204 |
Restricted Cash |  | $ | 1,751 |  |  | $ | — |
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Formation and operating costs |  |  | 967,084 |  |  |  | 253,130 |  |  |  | 1,550,665 |  |  |  | 723,971 |
Interest income earned on cash and marketable securities held in Trust Account |  |  | 15,159 |  |  |  | 108,520 |  |  |  | 95,084 |  |  |  | 225,184 |
The key measures of segment profit or loss reviewed by our CODM are interest earned on the Trust Account and general and administrative expenses. The CODM reviews interest earned on the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. | 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 one reportable segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the statement of operations as net loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net (loss) income and total assets, which include the following:
|  | For the Year Ended December 31, 2024 |  |  | For the Year Ended December 31, 2023 |
Trust Account |  | $ | 8,330,835 |  |  | $ | 10,873,406 |
Cash |  | $ | 16,204 |  |  | $ | 4,519 |
|  | For the Year Ended December 31, 2024 |  |  | For the Year Ended December 31, 2023 |
General and administrative expenses |  | $ | (1,351,038 | ) |  | $ | (1,508,683 | )
Interest earned on the Trust Account |  | $ | 425,416 |  |  | $ | 2,248,538 |
The key measures of segment profit or loss reviewed by our CODM are interest earned on the Trust Account and general and administrative expenses. The CODM reviews interest earned on the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

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