Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 62

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 user base, while accounting for any risk related to unlikely delay of attainment of
a category I CPT code for sensor insertion. We feel a difference between other insertable or implantable CGMs and Lumee Glucose, is that
the latter can be simply inserted with a hypodermic needle and does not require a surgical implantation, similar to how pharmacists use
these needles to administer flu shots and other vaccines. At the same time, physicians can still leverage existing CPT codes related to
interpretation of CGM data and we have, in parallel, initiated steps for CPT codes related to our sensor insertion. We will target both
public and private payors for coverage.

37

Since our launch, we have significantly devoted all of our resources
to research and development, as well as all clinical study activities related but not limited to Lumee Oxygen, Lumee Glucose and prototypes
for sensors of at least eight other analytes. We have also invested, on a smaller scale, in making sales of Lumee Oxygen for research-
use only clients, which include entities working with animal models. Furthermore, we also performed research and development under government
grants.

Since inception, we have incurred recurring annual losses from operations.
For the three months ended September 30, 2025 and 2024, we incurred a net loss of $22.2 million and $2.5 million, respectively. For the
nine months ended September 30, 2025 and 2024, we incurred a net loss of $27.3 million and $7.0 million, respectively. During the nine
months ended September 30, 2025 and 2024, we have used $11.1 million and $1.8 million, respectively, of cash in our operating activities.
We have notes and loans payable and interest due of $6.7 million within twelve months of September 30, 2025. Additionally, we have notes
and loans payable and interest due of $14.4 million which are considered non-current and are due after September 30, 2026.

We have been able to finance our operations primarily with the proceeds
from the issuance of equity and debt instruments. For the nine months ending September 30, 2025, we obtained net cash from financing activities
of $14.9 million compared to $1.8 million for the same period in 2024. We held cash of $3.0 million and $0.2 million