Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 200

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 200
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flows necessary to continue our research and development and invest in continued innovation, we may not be able to compete successfully,
which would harm our business, results of operations, and financial condition. If adequate funds are not available, we may need to reconsider
our production investments, the pace of our production ramp-up, expansion plans or limit our research and development activities, which
could have a material adverse impact on our business prospects and results of operations.

45

Cash Flow Summary

The following table summarizes our cash flows for the periods presented
(in thousands):

    For the nine months ended,  

    2025  
    2024  
    Change $  
    Change % 
  
    Net cash used in operating activities 
    $(11,119) 
    $(1,828) 
    $(9,291) 
     508%
  
    Net cash used in investing activities 
    $(1,000) 
    $—  
    $(1,000) 
     - 
  
    Net cash provided by financing activities 
    $14,937  
    $1,826  
    $13,111  
     718%

Operating Activities

Cash used in operating activities for the nine months ended September
30, 2025 of $11.1 million was primarily driven by our net loss of $27.3 million, adjusted for non-cash charges of $10.7 million and net
cash inflows of $5.4 million provided by changes in our operating assets and liabilities. Non-cash charges primarily consisted of non-cash
interest expense of $2.5 million, the change in the fair value of related party convertible loan of $0.2 million, net with $7.6 million
in non-cash issuance of shares through the private placement and issuance of shares associated with transaction costs, 1.0 million in
non-cash issuance of ELOC Warrants, stock-based compensation of $0.7 million, and offset by a gain on fair value of warrant liabilities
of $0.9 million. The main driver of the cash inflows from the changes in operating assets and liabilities was primarily related to an
increase in accounts payable of $3.2 million and in accrued liabilities of $2.3 million and a decrease in prepaid expenses and other current
assets of less than $0.1 million.

Cash used in operating activities for the nine months ended September
30, 2024 of $1.8 million