Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 268

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 268
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APAC Joint
Venture”) setting forth the relative and other terms under which the development and business activities of the entity will be conducted.

Going Concern

The Company has incurred significant
net operating losses from operations. As of December 31, 2024, the Company has a working capital deficit of approximately $56.9 million.
For the year ended December 31, 2024, the Company incurred a net loss of approximately $9.2 million and used approximately $2.1 million
of cash in operating activities.

<div align='center'>F-7

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Organization, Description of Business, Going Concern and Significant Risks and Uncertainties (cont.)

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 management plans to obtain additional funds through the merger with a special purpose acquisition company
(“SPAC”), issuance of additional equity or refinancing of current debt, which is intended to mitigate 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 consolidated financial statements are issued. As the ability to refinance its current debt or raise additional equity financing
is outside of management’s control, the Company cannot conclude that management’s plans will be effectively implemented within
one year from the date the consolidated financial statements are issued. These factors raise substantial doubt about the Company’s
ability to continue as a going concern within one year from the date the consolidated financial statements are issued. The consolidated
financial statements do not contain any adjustments that might result from the outcome of this uncertainty.

Significant Risks and Uncertainties

The Company operates in a dynamic
and highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s
future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies
and industry standards; results of clinical trials; regulatory approval and market acceptance of the Company’s products; development
of sales channels; certain strategic relationships; litigation or claims against the Company based on intellectual property, patent, product,
regulatory, or other