Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 273

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 273
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 us to obtain the required regulatory approvals, manufacturing, commercialization and wide-scale
marketing for our Lumee Oxygen and Lumee Glucose devices. Our future capital requirements will depend on many factors, including our revenue
growth rate, the timing and the amount of cash received from our customers, the expansion of sales and marketing activities, the timing
and extent of spending to support development efforts. In the future, we may enter into arrangements to acquire or invest in complementary
businesses, products, and technologies. For any periods after the twelve months subsequent to the filing of these financial statements
as of September 30, 2025, we may be required to seek additional equity or debt financing. In the event that we require additional financing
we may not be able to raise such financing on acceptable terms or at all. If we are unable to raise additional capital or generate cash
flows necessary to continue our research and development and invest in continued innovation, we may not be able to compete successfully,
which would harm our business, results of operations, and financial condition. If adequate funds are not available, we may need to reconsider
our production investments, the pace of our production ramp-up, expansion plans or limit our research and development activities, which
could have a material adverse impact on our business prospects and results of operations.

45

Cash Flow Summary

The following table summarizes our cash flows for the periods presented
(in thousands):

    For the nine months ended,  

    2025  
    2024  
    Change $  
    Change % 
  
    Net cash used in operating activities 
    $(11,119) 
    $(1,828) 
    $(9,291) 
     508%
  
    Net cash used in investing activities 
    $(1,000) 
    $—  
    $(1,000) 
     - 
  
    Net cash provided by financing activities 
    $14,937  
    $1,826  
    $13,111  
     718%

Operating Activities

Cash used in operating activities for the nine months ended September
30, 2025 of $11.1 million was primarily driven by our net loss of $27.3 million, adjusted for non-cash charges of $10.7 million and net
cash inflows of $5.4 million provided by changes in our operating assets and liabilities. Non-cash charges primarily consisted of non-cash
interest expense of $2.5 million, the