Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 180

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 180
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 to reconsider
our production investments, the pace of our production ramp-up, expansion plans or limit our research and development activities, which
could have a material adverse impact on our business prospects and results of operations.

Cash Flow Summary

The following table summarizes
our cash flows for the periods presented (in thousands):

| Net cash provided by (used in): |     | Six Months Ended 
 June 30,         
 2025             |        |   |     | 2024 |        |   |
|:--------------------------------|:----|:-----------------|-------:|:--|:----|:-----|-------:|:--|
| Operating activities            |     | $                | (1,126 | ) |     | $    | (1,008 | ) |
| Investing activities            |     | $                |      — |   |     | $    |      — |   |
| Financing activities            |     | $                |    974 |   |     | $    |    904 |   |

Operating Activities

Cash used in operating activities
for the six months ended June 30, 2025 of $1.1 million was primarily driven by our net loss of $5.1 million, adjusted
for non-cash charges of $2.7 million and net cash inflows of $1.2 million provided by changes in our operating assets and liabilities.
Non-cash charges primarily consisted of non-cash interest expense of $2.5 million, and the change in the fair value of related party
convertible loan of $0.1 million. The main driver of the cash inflows from the changes in operating assets and liabilities was primarily
related to an increase in accounts payable of $1.0 million and in accrued liabilities of $0.3 million and a decrease in prepaid
expenses and other current assets of less than $0.1 million.

Cash used in operating
activities for the six months ended June 30, 2024 of $1.0 million was primarily driven by our net loss of
$4.5 million, adjusted for non-cash charges of $2.2 million and net cash inflows of $1.3 million provided by changes
in our operating assets and liabilities. Non-cash charges primarily consisted of non-cash interest expense of $2.2 million,
partially offset by change in the fair value of related party convertible loan of less than $0.1 million. The main driver of
the cash infl