XML 43 R21.htm IDEA: XBRL DOCUMENT 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.