Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 135

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 and pursuant to the PIPE Subscription Agreement,
Profusa issued a PIPE Convertible Note in the principal amount of $10,000,000 (the “Initial Note”) for a purchase price
of $9,000,000, reflecting a 10% Original Issuance Discount (“OID”). Management believes this liquidity is not sufficient to
alleviate 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 condensed consolidated financial statements are issued.

On July 28, 2025, the Company entered into the PIPE Subscription
Agreement and the Equity Line of Credit (“ELOC”) Registration Rights Agreement (the “ELOC Registration Rights Agreement”)
with Ascent (the “Committed Equity Facility”). Upon the terms and subject to the satisfaction of the conditions contained
in the PIPE Subscription Agreement, from and after the effective date, the Company will have the right, in its sole discretion, to
sell to Ascent up to $100,000,000 of shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”),
subject to certain limitations set forth in the Purchase Agreement, from time to time during the term of the Purchase Agreement. Sales
of Common Stock by the Company to Ascent under the Purchase Agreement, and the timing of any such sales, are solely at the Company’s
option, and the Company is under no obligation to sell any securities to Ascent under the Purchase Agreement. As of September 30, 2025,
approximately $3.5 million in shares of its Common Stock was sold pursuant to the Purchase Agreement. The Company has entered into
this strategic Committed Equity Facility in order to continue to fund operating cash flows.

On September 30, 2025, the Company met the requirements for the second
tranche of the PIPE Subscription Agreement and Ascent purchased Convertible Notes in the aggregate principal amount of $2,222,222 for
a purchase price of $2,000,000 (reflecting a 10% OID) (“Second Purchase”).

In accordance with the Company’s Bitcoin treasury strategy, the
Company purchased 8.53 coins as of September 30, 2025, for a value of $1.0 million. The Company has a buy-and hold investment strategy;
however, this investment additionally may act as a source of liquidity for the Company’s operating cash flow requirements as needed.

The Company is currently working towards meeting