Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 262

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 262
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audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control
over financial reporting. Accordingly, we express no such opinion.

Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor
since 2021.

San Francisco, CA
April 3, 2025

<div align='center'>F-2

PROFUSA, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)</div>

|                                                                                                                                                                                                                                                                                                          |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Assets                                                                                                                                                                                                                                                                                                   |     |   |              |   |     |   |              |   |
| Current assets:                                                                                                                                                                                                                                                                                          |     |   |              |   |     |   |              |   |
| Cash                                                                                                                                                                                                                                                                                                     |     | $ |          191 |   |     | $ |          142 |   |
| Other receivables                                                                                                                                                                                                                                                                                        |     |   |            — |   |     |   |           45 |   |
| Prepaid expenses and other current assets                                                                                                                                                                                                                                                                |     |   |           69 |   |     |   |          146 |   |
| Total current assets                                                                                                                                                                                                                                                                                     |     |   |          260 |   |     |   |          333 |   |
| Property and equipment, net                                                                                                                                                                                                                                                                              |     |   |            — |   |     |   |            2 |   |
| Deferred offering costs