Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 70

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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30, 2024. The decrease was primarily due to the repayment of convertible notes upon conversion of the loans on July 11, 2025 when the
Company successfully completed the business combination.

Financing Costs – Increased by $1,443 thousand in relation
to the issuance of shares on the ELOC agreement.

Other Income (expense) – Other income (expense) increased
by an immaterial $16 thousand during the three months ended September 30, 2025 relating to income on our operating account.

42

Comparison of the Nine Months Ended September 30, 2025 to the
Nine Months Ended September 30, 2024

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

    Nine Months Ended September 30,  
    Change 

    2025  
    2024  
    $  
    % 
  
    Revenue 
    $—  
    $100  
    $(100) 
     (100)%
  
    Operating expenses: 

    Research and development 
    $1,549  
    $1,349  
    $200  
     0 
  
    General and administrative 
     22,587  
     2,169  
     20,418  
     941%
  
    Total operating expenses 
     24,136  
     3,518  
     20,618  
     586%
  
    Loss from operations 
     (24,136) 
     (3,418) 
     (20,718) 
     606%

    Other income (expense) 

    Loss on change in the fair value of related party convertible debt 
     (52) 
     (427) 
     375  
     -88%
  
    Interest expense 
     (2,496) 
     (3,138) 
     642  
     -20%
  
    Gain on change in fair value of warrant liabilities 
     884  
     —  
     884  
     100%
  
    Loss on change in fair value of digital assets 
     (28) 
     —  
     (28) 
     100%
  
    Financing costs 
     (1,443) 
     —  
     (1