NorthView Acquisition Corp, a shell company incorporated on April 19, 2021, reported significant financial changes in its latest 10-Q filing for the quarter ending March 31, 2024. The company, which is targeting a business combination with Profusa, Inc., experienced a net loss of $820,277 for the quarter, a stark contrast to a net income of $440,895 during the same period in 2023. This decline in profitability was attributed to increased operating costs and a substantial decrease in interest income from cash and marketable securities held in the Trust Account, which fell to $116,664 from $1,845,005 year-over-year.

Total current assets as of March 31, 2024, were reported at $66,064, a significant drop from $1,576,347 as of December 31, 2023. The Trust Account, which is crucial for the company’s operations, held $8,433,168 in cash and marketable securities, down from $9,308,328 at the end of the previous fiscal year. The total assets also decreased to $8,499,232 from $10,884,675, while total current liabilities decreased to $3,964,494 from $4,921,477.

The company’s accumulated deficit increased to $(4,496,722) as of March 31, 2024, compared to $(3,459,829) at the end of 2023. This reflects ongoing challenges in achieving profitability and managing operational costs, which were $470,841 for the quarter, slightly up from $443,717 in the prior year.

Strategically, NorthView has been active in extending its business combination deadline, with the latest extension approved on September 19, 2024, pushing the deadline to March 22, 2025. This extension required a monthly contribution of $34,376, with a deposit made for September's contribution. The company also amended its Convertible Working Capital Promissory Note to increase the principal amount to $1.5 million, allowing for conversion to common stock at $2.22 per share.

In terms of stockholder activity, the company redeemed 140,663 shares at $11.13 per share in December 2023 and subsequently paid $1,565,078 from the Trust Account to redeeming stockholders in January 2024. As of March 31, 2024, there were 5,881,269 shares of common stock outstanding.

Overall, NorthView Acquisition Corp continues to navigate significant financial challenges while pursuing its merger with Profusa, with ongoing efforts to secure necessary funding and maintain compliance with Nasdaq listing requirements.