Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 123

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 123
---
 market for shares of Profusa Common Stock;                                                                                    |

| ● | a limited amount of analyst coverage; and |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future. |

<div align='center'>65</div>

The National Securities Markets
Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities,
which are referred to as “covered securities.” If Profusa’s securities were not listed on the Nasdaq, such securities
would not qualify as covered securities and we would be subject to regulation in each state in which we offer our securities because states
are not preempted from regulating the sale of securities that are not covered securities.

Future sales, or the perception of future sales, by Profusa shareholders in the public market could cause the market price for Profusa Common Stock to decline.

The sale of shares of Profusa
Common Stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of
Profusa Common Stock. These sales, or the possibility that these sales may occur, also might make it more difficult for Profusa to sell
equity securities in the future at a time and at a price that it deems appropriate.

The grant and future exercise of registration rights may adversely affect the market price of Profusa shares.

Pursuant to the Registration
Rights Agreement which is described elsewhere in this prospectus, the parties can each demand that Profusa register their registrable
securities under certain circumstances and will each also have piggyback registration rights for these securities in connection with certain
registrations of securities that Profusa undertakes. In addition, Profusa is required to file and maintain an effective registration statement
under the Securities Act covering such securities and certain other securities of Profusa.

The registration of these securities
will permit the public sale of such securities. The registration and availability of such a significant number of securities for trading
in the public market may have an adverse effect on the market price of Profusa shares.

In addition, the shares of Profusa Common Stock reserved for future issuance under the Equity Incentive Plan will become eligible for sale in the public market once those shares are issued.

A total of approximately 15%
of the fully diluted shares of Profusa Common Stock common stock has been reserved for future issuance under its equity incentive plan.
The compensation committee of Profusa’s board of directors may determine the exact number of shares to be reserved