Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 100

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 100
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 reporting companies.

We are also a “smaller
reporting company” as defined in Rule 12b-2 of the Exchange Act, and have elected to take advantage of certain of the
scaled disclosure available for smaller reporting companies.

We identified material weaknesses in our internal control over financial reporting. These material weaknesses could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.

As a public company, we are
required to comply with SEC rules that implement Section 404 of the Sarbanes-Oxley Act and make an ongoing, formal assessment of the effectiveness
of our internal controls over financial reporting.

We cannot assure you that the
measures we have taken to date, and actions we may take in the future, will prevent or avoid control deficiencies that could lead to material
weaknesses in our internal control over financial reporting in the future. Our current controls, and any new controls that we develop,
may become inadequate because of changes in conditions in our business. Further, deficiencies in our disclosure controls and internal
control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties
encountered in their implementation or improvement could harm our operating results or cause us to fail to meet our reporting obligations
and may result in a restatement of our financial statements for prior periods.

We have performed a
formal evaluation of our internal control over financial reporting under the supervision and with the participation of management,
including our principal executive officer and principal financial officer, as required by Section 404 of the Sarbanes-Oxley Act.
Based upon their evaluation, our principal executive officer and principal financial and accounting officer, concluded that our
internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) were not effective
as of June 30, 2025 due to the existence of material weaknesses. Our internal controls were not adequately designed and appropriate
to address the following material weaknesses related to (i) segregation of duties in recording journal entries, (ii) segregation of
duties within the procurement business cycle, and (iii) in the procurement cycle our controls were insufficient for reviewing and
reconciling accounts payable and accrued liabilities. In addition, our internal controls did not detect an error in (i) the review
of the convertible promissory notes valuation and warrant valuation (ii) proper recording of accounts payable and accrued expenses,
exp