Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 54

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 back into the Trust Account or use the $13,162 (or a portion thereof) for tax obligations until a deposit is made
into the trust on a future date.

Results of Operations

As of March 31, 2025, we had not commenced any
operations. All activity for the period from April 19, 2021 (inception) through March 31, 2025 relates to our formation and the Initial
Public Offering, and, subsequent to the IPO, identifying a target company for a Business Combination. We have neither engaged in any
operations nor generated any operating revenues to date. We will not generate any operating revenues until after the completion of our
initial Business Combination, at the earliest. We will generate non-operating income in the form of interest income and unrealized gains
from the cash and marketable securities held in the Trust Account. We expect to incur expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended March 31, 2025, we
had net loss of $1,119,910, which consisted of operating costs of $583,581, change in fair value of our warrant liabilities of $348,085,
income tax provision of $19,352, change in fair value of convertible note of $225,330, and change in fair value of securities purchase
agreement of $23,487 offset by interest income on cash held in the Trust Account of $79,925.

For the three months ended March 31, 2024, we
had net loss of $820,277, which consisted of operating costs of $470,841, income tax provision of $21,454, and a loss of $504,723 for
the change in fair value of our warrant liabilities, offset by interest income on securities held in the Trust Account of $116,664 and
change in fair value of convertible note of $60,077.

Liquidity and Going Concern

As of March 31, 2025, we had $18,450 in restricted
cash and a working capital deficit of $13,191,353.

For the three months March 31, 2025, cash used
in operating activities was $362,441. Net loss of $1,119,910 was impacted primarily by trust interest income of $79,925, change in fair
value of our warrant liabilities of $348,085