Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 181

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 181
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ows from the changes in operating assets and liabilities was primarily related to an increase in accounts payable of
$0.5 million and in accrued liabilities of $0.8 million and a decrease in prepaid expenses and other current assets of
$0.1 million.

<div align='center'>101</div>

Financing Activities

Cash provided by financing
activities was $1.0 million the six months ended June 30, 2025, which consisted primarily of net proceeds from the issuance
of senior notes of $1.4 million, offset by payment of deferred offering costs of $0.4 million.

Cash provided by financing
activities was $0.9 million for the six months ended June 30, 2024, which consisted primarily of net proceeds from the
issuance of senior notes of $1.1 million, offset by payment of deferred offering costs of $0.1 million and repayment of related
party promissory notes of $0.1 million.

Contractual Obligations

The following table summarizes
our contractual obligations as of June 30, 2025, and the years in which these obligations are due (in thousands):

|                               |     | Total |        |     | 2025 |        |     | Thereafter |   |
|:------------------------------|:----|:------|-------:|:----|:-----|-------:|:----|:-----------|:--|
| Convertible notes             |     | $     | 19,533 |     | $    | 19,533 |     | $          | — |
| Tasly convertible loan        |     |       |  2,543 |     |      |  2,543 |     |            | — |
| Senior notes                  |     |       | 27,895 |     |      | 27,895 |     |            | — |
| Promissory notes              |     |       |    940 |     |      |    940 |     |            | — |
| PPP loan                      |     |       |  1,383 |     |      |  1,383 |     |            | — |
| Total contractual obligations |     | $     | 52,294 |     | $    | 52,294 |     | $          | — |

Critical Accounting Estimates

Management’s discussion
and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements,
which have