Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 317

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 317
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could be material to the Company’s financial position and results of operations.

Accounts Receivable and Allowance for Credit Losses

The Company does not have
any accounts receivable with customers in the six months ended June 30, 2025 and 2024. The Company has developed policies that
when accounts receivables are held with customers, they are recorded at the point in time in which management determines it is probable
that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services
transferred to the customer.

The Company will then perform
ongoing credit evaluations of its customers and, if necessary, recognize allowances for potential credit losses. The Company does not
require any allowance for credit losses as of June 30, 2025 and 2024.

Concentration of Credit Risk

Financial instruments that
potentially subject the Company to a concentration of credit risk consist of cash and other receivables. Substantially all of the Company’s
cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits. The Company has not experienced
any losses on its cash. The Company’s other receivables are represented by amounts owned by two government agencies under the government
grants.

Cash and Cash Equivalents

The Company considers all
highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of June 30,
2025 and 2024, cash consisted of cash on deposit with a bank denominated in U.S. dollars.

Deferred Offering Costs

Specific incremental costs,
consisting of legal, accounting and other fees and costs, directly attributable to a proposed or actual offering of securities are deferred
and charged against the gross proceeds of the offering. In the event of a significant delay or cancellation of a planned offering of
securities, all of the costs are expensed. Offering costs capitalized as of June 30, 2025 and December 31, 2024 were $4.1 million
and $2.8 million, respectively. The deferred offering costs as of June 30, 2025 and December 31, 2024 includes $1.3 million
and $0.8 million respectively, of advances to NorthView to fund costs associated with the business combination.

<div align='center'>F-37

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONDENSED CONSOLIDATED FINANC