Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 81

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 set forth below, there have been no material changes from
the risk factors previously disclosed under the heading “Risk Factors” in the section “Risk Factors” in the Company’s
Registration Statement on Form S-4 (File No. 333-269417) initially filed with the SEC on January 1, 2023, as amended.

Risks Related to our Bitcoin Treasury Strategy and Holdings

Our bitcoin treasury strategy exposes us to various risks associated
with Bitcoin.

Our bitcoin treasury strategy exposes us to various risks associated
with bitcoin, including the following:

Bitcoin is a highly volatile asset. Bitcoin is a highly
volatile asset that has traded below $53,000 per Bitcoin and above $123,000 per bitcoin on the Coinbase exchange in the 12 months
preceding the date of this Report. The trading price of bitcoin significantly decreased during prior periods, and such declines may occur
again in the future. We intend to engage in hedging strategies from time to time as part of our treasury management operations if deemed
appropriate. As of September 30, 2025, the Company had purchased $1.0 million of Bitcoin as part of the Company’s ongoing treasury
strategy, representing 8.53 Bitcoins.  The Company purchased another 7.98 Bitcoins for $1.0 million in October 2025.

Bitcoin does not pay interest or dividends. Bitcoin does
not pay interest or other returns and we can only generate cash from our bitcoin holdings if we sell our bitcoin or implement strategies
to create income streams or otherwise generate cash by using our bitcoin holdings. Even if we pursue any such strategies, we may be unable
to create income streams or otherwise generate cash from our bitcoin holdings, and any such strategies may subject us to additional risks.

Our bitcoin holdings may significantly impact our financial results
and the market price of our common stock. Our bitcoin holdings may significantly affect our financial results and if we continue
to increase our overall holdings of bitcoin in the future, they will have an even greater impact on our financial results and the market
price of our common stock. See “— Our historical financial statements do not reflect our acquisition of bitcoin, the
fact that our bitcoin holdings will be the substantial majority of our assets, or the potential variability in earnings that we may experience
in the future relating to our bitcoin holdings” below.

Our bitcoin treasury strategy has not been tested over an extended
period of time or under different market conditions. We will be using the proceeds from the ELOC