Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 174

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 174
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 million
during the three months ended June 30, 2024. The increase was primarily due to interest accrued on $3.5 million in additional
senior notes that have been issued.

<div align='center'>98</div>

Comparison of the Six months ended June 30, 2025 to the Six months ended June 30, 2024

The following table sets forth
our unaudited condensed consolidated statements of operations and comprehensive loss for the interim periods indicated (in thousands):

|                                                                          |     |     Six Months 
 Ended June 30, |        |   |     |      |        |   |     | Change |      |   |     |   |      |    |
|:-------------------------------------------------------------------------|:----|---------------:|-------:|:--|:----|-----:|-------:|:--|:----|:-------|-----:|:--|:----|:--|-----:|:---|
|                                                                          |     |           2025 |        |   |     | 2024 |        |   |     | $      |      |   |     | % |      |    |
| Revenue                                                                  |     |              $ |      — |   |     |    $ |     25 |   |     | $      |  (25 | ) |     |   | (100 | )% |
| Operating expenses:                                                      |     |                |        |   |     |      |        |   |     |        |      |   |     |   |      |    |
| Research and development                                                 |     |              $ |    827 |   |     |    $ |    938 |   |     | $      | (111 | ) |     |   |  (12 | )% |
| General and administrative                                               |     |                |  1,600 |   |     |      |  1,402 |   |     |        |  198 |   |     |   |   14 | %  |
| Total operating expenses                                                 |     |                |  2,427 |   |     |      |  2,340 |   |     |        |   87 |   |     |   |    4 | %  |
| Loss from operations                                                     |     |                | (2,427 | ) |     |      | (2,315 | ) |     |        | (112 | ) |