Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 348

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 348
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 31, 2024 and 2023, the related
consolidated statements of operations, changes in stockholders’ deficit and cash flows for each of the two years in the period ended
December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results
of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles
generally accepted in the United States of America.

Explanatory Paragraph — Going Concern

The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As described in Note 1 to the financial statements,
the Company is a Special Purpose Acquisition Corporation that was formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses on or before June 22, 2025.
The Company entered into a definitive business combination agreement with a business combination target on November 7, 2022; however,
the completion of this transaction is subject to the approval of the Company’s stockholders among other conditions. There is no
assurance that the Company will obtain the necessary approvals, satisfy the required closing conditions, raise the additional capital
it needs to fund its operations, and complete the transaction prior to June 22, 2025, if at all. The Company also has no approved plan
in place to extend the business combination deadline and fund operations for any period of time after June 22, 2025, in the event that
it is unable to complete a business combination by that date. These matters raise substantial doubt about the Company’s ability
to continue as a going concern. Management’s plans with regard to these matters are also described in Note 1. The financial statements
do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements
are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“PCAOB”) and are required to be independent with respect to the Company