XML 49 R27.htm IDEA: XBRL DOCUMENT v3.25.2

Fair Value Measurement (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Measurement [Line Items]

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

As of June 30, 2025, the Company’s financial liabilities measured at fair value on a recurring basis, were as follows (in thousands)

		Fair value as of June 30, 2025
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible Notes at fair value		$	—			$	—			$	2,543			$	2,543
Total liabilities measured at fair value		$	—			$	—			$	2,543			$	2,543

		Fair value as of December 31, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible Notes at fair value		$	—			$	—			$	2,234			$	2,234
Total liabilities measured at fair value		$	—			$	—			$	2,234			$	2,234

As of December 31, 2024 and 2023, the Company’s financial liabilities measured at fair value on a recurring basis, were as follows (in thousands):

		Fair value as of December 31, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible Notes at fair value		$	—			$	—			$	2,235			$	2,235
Total liabilities measured at fair value		$	—			$	—			$	2,235			$	2,235

		Fair value as of December 31, 2023
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible Notes at fair value		$	—			$	—			$	1,714			$	1,714
Total assets measured at fair value		$	—			$	—			$	1,714			$	1,714

Schedule of Fair Value of the Company’s Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three and six months ended June 30, 2025 and 2024 (in thousands):

		Tasly convertible debt at fair value
Fair value as of January 1, 2024		$	1,714
Issuance of Convertible Notes			16
Accrued stated interest			48
Change in fair value included in other income and gain on change in the fair value of Tasly convertible debt			(4	)
Fair value as of March 31, 2024		$	1,774
Accrued stated interest			49
Change in fair value included in other income and loss on change in the fair value of Tasly convertible debt			15
Fair value as of June 30, 2024		$	1,838
Fair value as of January 1, 2025		$	2,234
Accrued stated interest			95
Change in fair value included in other income and loss on change in the fair value of Tasly convertible debt			61
Fair value as of March 31, 2025		$	2,390
Accrued stated interest			96
Change in fair value included in other income and loss on change in the fair value of Tasly convertible debt			57
Fair value as of June 30, 2025		$	2,543

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments for the years ended December 31, 2024 and 2023 (in thousands):

		Tasly convertible debt at fair value
Fair value as of January 1, 2023		$	—
Issuance of Convertible Notes			1,600
Accrued stated interest			92
Change in fair value included in other income and loss on change in the fair value of Tasly convertible debt			22
Fair value as of December 31, 2023		$	1,714
Fair value as of January 1, 2024		$	1,714
Issuance of Convertible Notes			16
Accrued stated interest			194
Change in fair value included in other income and loss on change in the fair value of Tasly convertible debt			311
Fair value as of December 31, 2024		$	2,235

NorthView Acquisition Corp [Member]

Fair Value Measurement [Line Items]

Schedule of Company’s Assets and Liabilities that are Measured at Fair Value

The following tables present information about the Company’s assets and liabilities that are measured at fair value on June 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		June 30, 2025				Quoted Prices In Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Cash held in trust		$	1,935,561			$	1,274,549			$	—			$	—
Liabilities:
Warrant liabilities – Public Warrants		$	3,795,000			$	—			$	3,795,000			$	—
Warrant liabilities – Private Placement Warrants			2,939,000				—				—				2,939,000
Warrant liabilities – Representative’s Warrants			227,700				—				—				227,700
Convertible Promissory Note – Related Party			10,288,111				—				—				10,288,111
Securities Purchase Agreement			193,878				—				—				193,878
Total		$	17,443,689			$	—			$	3,795,000			$	13,648,689

		December 31, 2024				Quoted Prices In Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Cash held in trust		$	8,330,835			$	8,330,835			$	—			$	—
Liabilities:
Warrant liabilities – Public Warrants		$	379,500			$	—			$	379,500			$	—
Warrant liabilities – Private Placement Warrants			293,900				—				—				293,900
Warrant liabilities – Representative’s Warrants			22,770				—				—				22,770
Convertible Promissory Note – Related Party			8,908,052				—				—				8,908,052
Total		$	9,604,222			$	—			$	379,500			$	9,224,722

The following tables present information about the Company’s assets and liabilities that are measured at fair value on December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		December 31, 2024				Quoted Prices In Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and marketable securities held in trust		$	8,330,835			$	8,330,835			$	—			$	—
Liabilities:
Warrant liabilities – Public Warrants		$	379,500			$	—			$	379,500			$	—
Warrant liabilities – Private Placement Warrants			293,900				—				—				293,900
Warrant liabilities – Representative’s Warrants			22,770				—				—				22,770
Convertible promissory note			8,908,052				—				—				8,908,052
Total		$	9,604,222			$	—			$	379,500			$	9,224,722

		December 31, 2023				Quoted Prices In Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and marketable securities held in trust		$	10,873,406			$	10,873,406			$	—			$	—
Liabilities:
Warrant liabilities – Public Warrants		$	85,388			$	85,388			$	—			$	—
Warrant liabilities – Private Placement Warrants			66,128				—				—				66,128
Warrant liabilities – Representative’s Warrants			5,123				—				—				5,123
Convertible promissory note			944,118				—				—				944,118
Total		$	1,100,757			$	85,388			$	—			$	1,015,369

Schedule of Inputs into the Monte Carlo Simulation for the Warrant Liabilities and Convertible Promissory Note

The key inputs into the Monte Carlo simulation model for the warrant liabilities were as follows at June 30, 2025 and December 31, 2024:

		June 30, 2025				December 31, 2024
Input
Risk-free interest rate			4.22	%			4.18	%
Expected term (years)			0.61				0.89
Expected volatility			De minimis	%			De minimis	%
Exercise price		$	11.50			$	11.50
Fair value of Common stock		$	12.52			$	12.12

The key inputs into the Monte Carlo simulation model for the convertible promissory note were as follows at June 30, 2025 and December 31, 2024:

		June 30, 2025				December 31, 2024
Input
Risk-free interest rate			4.28	%			4.18	%
Expected term (years)			0.05				0.27
Expected volatility			De minimis	%			De minimis	%
Exercise price		$	11.50			$	11.50
Fair value of Common stock		$	12.52			$	12.12

The key inputs into the Monte Carlo simulation model for the securities purchase agreement were as follows at June 30, 2025 and December 31, 2024:

		June 30, 2025				December 31, 2024
Input
Risk-free interest rate			3.83	%			—
Expected term (years)			1.59				—
Expected volatility			4.84	%			—
Exercise price		$	11.50				—
Fair value of Common stock		$	12.52				—

The key inputs into the Monte Carlo simulation model for the warrant liabilities were as follows at December 31, 2024 and 2023:

		December 31, 2024				December 31, 2023
Input
Risk-free interest rate			4.18	%			5.06	%
Expected term (years)			0.89				0.71
Expected volatility			De minimis	%			De minimis	%
Exercise price		$	11.50			$	11.50
Fair value of Common stock		$	12.12			$	11.16

The key inputs into the Monte Carlo simulation model for the convertible promissory note were as follows at December 31, 2024 and 2023:

		December 31, 2024				December 31, 2023
Input
Risk-free interest rate			4.18	%			5.48	%
Expected term (years)			0.27				0.19
Expected volatility			De minimis	%			De minimis	%
Exercise price		$	11.50			$	11.50
Fair value of Common stock		$	12.12			$	11.16

Schedule of Level 3 Financial Instruments that are Measured at Fair Value on a Recurring Basis

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis for the three and six months ended June 30, 2025 and 2024:

		Private Placement Warrants				Representative’s Warrants				Warrant Liability
Fair value at December 31, 2024		$	293,900			$	22,770			$	316,670
Change in fair value of warrant liabilities			146,950				11,385				158,335
Fair value at March 31, 2025			440,850				34,155				475,005
Change in fair value of warrant liabilities			2,498,150				193,545				2,691,695
Fair value at June 30, 2025		$	2,939,000			$	227,700			$	3,166,700

		Private Placement Warrants				Representative’s Warrants				Warrant Liability
Fair value at December 31, 2023		$	66,128			$	5,123			$	71,251
Change in fair value of warrant liabilities			213,077				16,509				229,586
Fair value at March 31, 2024			279,205				21,632				300,837
Change in fair value of warrant liabilities			124,908				9,676				134,584
Fair value at June 30, 2024		$	404,113			$	31,308			$	435,421

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023:

		Private Placement Warrants				Representative’s Warrants				Warrant Liability
Fair value at December 31, 2023		$	66,128			$	5,123			$	71,251
Change in fair value of warrant liabilities			227,772				17,647				245,419
Fair value at December 31, 2024		$	293,900			$	22,770			$	316,670

		Private Placement Warrants				Representative’s Warrants				Warrant Liability
Fair value at December 31, 2022		$	377,857			$	29,274			$	407,131
Change in fair value of warrant liabilities			(311,729	)			(24,151	)			(335,880	)
Fair value at December 31, 2023		$	66,128			$	5,123			$	71,251

Schedule of Convertible Promissory Note

		Convertible Promissory Note – related party
Fair value at December 31, 2024		$	8,908,052
Change in fair value of convertible promissory note			225,330
Fair value at March 31, 2025			9,133,382
Change in fair value of convertible promissory note			1,154,729
Fair value at June 30, 2025		$	10,288,111

		Convertible Promissory Note
Fair value at December 31, 2023		$	944,118
Principal proceeds			378,185
Change in fair value of convertible promissory note			(60,077	)
Fair value at March 31, 2024			1,262,226
Proceeds received through convertible promissory note			330,796
Change in fair value of convertible promissory note			(66,021	)
Fair value at June 30, 2024		$	1,527,001

		Securities Purchase Agreement
Fair value at February 11, 2025		$	—
Change in fair value of securities purchase agreement			23,487
Fair value at March 31, 2025			23,487
Change in fair value of securities purchase agreement			170,391
Fair value at June 30, 2025		$	193,878

		Convertible Promissory Note
Fair value at December 31, 2023		$	944,118
Principal borrowing			797,981
Change in fair value of convertible promissory note			7,165,953
Fair value at December 31, 2024		$	8,908,052

		Convertible Promissory Note
Fair value at December 31, 2022		$	—
Principal borrowing			1,121,815
Change in fair value of convertible promissory note			(177,697	)
Fair value at December 31, 2023		$	944,118

X

- References

No definition available.

+ Details

Name:	ck0001859807_FairValueMeasurementLineItems
Namespace Prefix:	ck0001859807_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative liabilities at fair value.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	srt_ConsolidatedEntitiesAxis=ck0001859807_NorthViewAcquisitionCorpMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: