Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 390

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 4
Chunk 390
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 legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional
risks in the future that are not possible to predict.

Bitcoin is a highly volatile asset, and fluctuations in the price
of bitcoin are likely to influence our financial results and the market price of our common stock.

Bitcoin is a highly volatile asset, and fluctuations in the price of
bitcoin are likely to influence our financial results and the market price of our common stock. Our financial results and the market price
of our common stock would be adversely affected, and our business and financial condition would be negatively impacted, if the price of
bitcoin decreased substantially (as it has in the past, such as during 2022), including as a result of:

●decreased user and investor confidence in bitcoin, including
due to the various factors described herein;

●investment and trading activities, such as (i) trading activities
of highly active retail and institutional users, speculators, miners and investors, (ii) actual or expected significant dispositions
of bitcoin by large holders, and (iii) actual or perceived manipulation of the spot or derivative markets for bitcoin or spot bitcoin
exchange-traded products;

●negative publicity, media or social media coverage, or sentiment
due to events in or relating to, or perception of, bitcoin or the broader digital assets industry, for example, (i) public perception
that bitcoin can be used as a vehicle to circumvent sanctions, including sanctions imposed on Russia or certain regions related to the
ongoing conflict between Russia and Ukraine, or to fund criminal or terrorist activities, such as the purported use of digital assets
by Hamas to fund its terrorist attack against Israel in October 2023; (ii) expected or pending civil, criminal, regulatory enforcement
or other high profile actions against major participants in the bitcoin ecosystem, including the SEC’s enforcement actions against
Coinbase, Inc. and Binance Holdings Ltd.; (iii) additional filings for bankruptcy protection or bankruptcy proceedings of major digital
asset industry participants, such as the bankruptcy proceeding of FTX Trading and its affiliates; and (iv) the actual or perceived environmental
impact of bitcoin and related activities, including environmental concerns raised by private individuals, governmental and non-governmental
organizations, and other actors related to the energy resources consumed in the bitcoin mining process;

●changes in consumer preferences and the perceived value or prospects
of bitcoin;

●competition from other digital assets that exhibit better speed,
security, scalability, or energy efficiency, that feature