Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 77

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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.9 million the nine months
ended September 30, 2025, which consisted primarily of net proceeds from the issuance of senior notes, PIPE proceeds, ELOC proceeds, and
the close of the business combination (as discussed above).

Cash provided by financing activities was $1.8 million for the nine
months ended September 30, 2024, which consisted primarily of net proceeds from the issuance of senior notes of $2.1 million, offset by
payment of deferred offering costs of $0.1 million and repayment of related party promissory notes of $0.2 million.

46

Contractual Obligations

The following table summarizes our contractual obligations as of September
30, 2025, and the years in which these obligations are due (in thousands):

    Total  
    2025  
    2026 
  
    Tasly Convertible Debt - Related Party 
    $2,207  
    $2,207  
    $— 
  
    Convertible promissory note - related party 
     1,920  
     1,920  

    Loans payable - related party 
     14,359  
     —  
     14,359 
  
    Senior notes 
     154  
     154  
     — 
  
    Promissory notes 
     1,045  
     1,045  
     — 
  
    PPP loan 
     1,386  
     1,386  
     — 
  
    Total contractual obligations 
    $21,071  
    $6,712  
    $14,359 

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition and
results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with
U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions
for the reported amounts of assets, liabilities, revenue, expenses and related disclosures. Our estimates are based on our historical
experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions and any such differences may be material.

We consider an accounting estimate to be critical if: