Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 80

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 its financial statements
in accordance with U.S. GAAP including complex debt and equity instruments. We have considered our prior period material weaknesses and
have included these unremediated weaknesses in internal controls in our considerations above, nothing that certain internal controls related
to prior period activities such as proper recording of common stock subject to possible redemption, and the proper safeguarding of trust
assets with the monitoring process of the use of trust funds are no longer applicable. The Company plans to remediate such weaknesses.
In connection with the Business Combination, the Company hired a new CFO with significant experience, including financial reporting and
internal controls. The CFO has established reporting controls consistent with a public company of this size, including segregation of
duties and controls related to Sarbanes-Oxley, to the extent applicable. However, we can give no assurance that the measures we have taken,
or will take, will prevent any future material weaknesses or deficiencies in internal control over financial reporting.

We do not expect that our disclosure controls and procedures will prevent
all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only
reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure
controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their
costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures
can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure
controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting
(as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.

49

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

To the knowledge of our management team, there is no litigation currently
pending or contemplated against us, any of our officers or directors in their capacity as such, or against any of our property.

Item 1A. Risk Factors.

Except as