Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 20

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 20
---
 a time and at a price that we might otherwise wish to effect such sales.

We will use the net proceeds from this offering exclusively to purchase additional Bitcoin, the price of which has been, and will likely continue to be, highly volatile.

The proceeds from the sale
of the Purchase Shares are to be used exclusively for the purchase of Bitcoin (which may be used for repayment of indebtedness), provided
the Company’s cash balance on any Closing Date exceeds $5,000,000. If the cash balance is less than $5,000,000, proceeds must first
be used to bring the cash balance to that amount, with the remainder used to purchase Bitcoin. The Company is prohibited from using proceeds
for executive compensation, distributions, or repayment of indebtedness to security holders. Bitcoin is a highly volatile asset that has
traded below $53,000 per bitcoin and above $123,000 per bitcoin on Coinbase in the 12 months preceding the date of this prospectus
supplement. In addition, Bitcoin does not pay interest or other returns and so the ability to generate a return on investment from the
net proceeds from this offering will depend on whether there is appreciation in the value of Bitcoin following our purchases of Bitcoin
with the net proceeds from this offering. Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased
with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering.

Risks Related to Profusa

Unless the context otherwise requires, references in this subsection to “we,” “us,” “our” and the “Company” refer to Profusa, Inc.

Risks Related to Our Business and Operations

We have substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain further financing.

Our recurring losses from operations
raise substantial doubt about our ability to continue as a going concern. As a result, management has included disclosures in Note 1 of
the financial statements and our independent registered public accounting firm included an explanatory paragraph in its report on our
financial statements for the year ended December 31, 2024 with respect to this uncertainty. Additionally, management has disclosed in
Note 1 of the unaudited financial statements for the three and six months ended June 30, 2025 that there continues to be factors which
raise substantial doubt about our ability to continue as a going concern. Our audited 2024 financial statements and unaudited June 30,
2025 interim financial statements do not include