Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 161

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 161
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 operations primarily with the proceeds from the issuance of equity and debt instruments and to a lesser extent, revenues from government
grants. For the six months ending June 30, 2025, we obtained net cash from financing activities of $1.0 million compared
to $0.9 million for the same period in 2024. We held cash of less than $0.1 million as of June 30, 2025, and $0.2 million
as of December 31, 2024, respectively.

The Company’s condensed
consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has reviewed the relevant conditions and events surrounding its ability to
continue as a going concern including among others: historical losses, projected future results, including the effects of COVID-19, cash
requirements for the upcoming year, funding capacity, net working capital, total stockholders’ deficit and future access to capital.

On July 11, 2025 Profusa,
Inc., a Delaware corporation formerly known as NorthView Acquisition Corporation, consummated its previously announced business combination
with Profusa, Inc., a California corporation, pursuant to that certain Merger Agreement and Plan of Reorganization. At the Closing and
pursuant to the PIPE Subscription Agreement, New 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 has not alleviated 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.

As part of the closing, the
Company had cash inflows of $1.3 million from the NorthView trust account, net of redemptions, and the $9 million net PIPE convertible
note. Cash outflows included marketing fees and vendor payments which totaled $3.4 million due at closing. Subsequent to the closing
of the Merger, there continue to be factors which 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. The condensed consolidated financial statements
do not contain any adjustments that might result from the outcome of this uncertainty.

It is our