Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 265

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 265
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604,651 |     | $      | — |     | $          | 5,753 |     | $           | (124,958 | ) |     | $             | (119,205 | ) |

<div align='center'>The accompanying notes are an integral
part of these consolidated financial statements.

F-5

PROFUSA, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)</div>

|                                                                             |     | Year Ended   
 December 31, 
 2024         |        |   |     | 2023 |         |   |
|:----------------------------------------------------------------------------|:----|:-------------|-------:|:--|:----|:-----|--------:|:--|
| Cash flows from operating activities                                        |     |              |        |   |     |      |         |   |
| Net loss                                                                    |     | $            | (9,230 | ) |     | $    | (10,281 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |     |              |        |   |     |      |         |   |
| Non-cash interest expense                                                   |     |              |  4,424 |   |     |      |   4,283 |   |
| Gain on change in fair value of related party convertible debt              |     |              |    311 |   |     |      |      22 |   |
| Loss on disposition of property and equipment, net                          |     |              |      2 |   |     |      |       — |   |
| Stock-based compensation expenses                                           |     |              |     21 |   |     |      |      33 |   |
| Changes in assets and liabilities:                                          |     |              |        |   |     |      |         |   |
| Other receivables                                                           |     |              |     45 |   |     |      |     (45 | ) |
| Prepaid expenses and other current assets                                   |     |              |     77 |   |     |      |     (64 | ) |
| Other non-current assets                                                    |     |              |    (25 | ) |     |      |      (1 | ) |
| Accounts payable                                                            |     |              |    645 |   |     |      |     533 |   |
| Accrued liabilities                                                         |     |