Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 313

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 313
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1 — Organization, Description of Business, Going Concern and Significant Risks and Uncertainties
(cont.)

Going Concern

The Company has incurred significant
net operating losses from operations. As of June 30, 2025, the Company has a working capital deficit of approximately $63.2 million.
For the six months-ended June 30, 2025, the Company incurred a net loss of approximately $5.1 million and used approximately
$1.1 million of cash in operating activities. Management expects to continue to incur additional substantial losses in the foreseeable
future as a result of research and development activities. The Company has been able to finance its operations primarily with the proceeds
from the issuance of equity and debt instruments and to a lesser extent, revenues from government grants. Additional funds may be necessary
to maintain current operations and will be required for successful product commercialization efforts.

The Company’s condensed
consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has reviewed the relevant conditions and events surrounding its ability to
continue as a going concern including among others: historical losses, projected future results, increased tariffs, cash requirements
for the upcoming year, funding capacity, net working capital, and future access to capital.

On July 11, 2025 Profusa,
Inc., a Delaware corporation formerly known as NorthView Acquisition Corporation, consummated its previously announced business combination
with Profusa, Inc., a California corporation, pursuant to that certain Merger Agreement and Plan of Reorganization. At the Closing and
pursuant to the PIPE Subscription Agreement, New Profusa issued a PIPE Convertible Note in the principal amount of $10,000,000 (the “Initial
Note”) for a purchase price of $9,000,000, reflecting a 10% Original Issuance Discount (“OID”). Management believes
this liquidity is not sufficient to alleviate the relevant conditions or events that raise substantial doubt about the Company’s
ability to continue as a going concern within one year from the date the condensed consolidated financial statements are issued in August 2026.

As part of the closing, the
Company had cash inflows of $1.3 million from the NorthView trust account, net of redemptions, and the $9 million net PIPE convertible
note. Cash outflows included marketing fees and vendor payments which totaled $3.4 million due at closing. Subsequent to the