Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 456

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 456
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 and comparisons of the CEO’s compensation to median employee compensation. These
exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an
“emerging growth company,” whichever is earlier.

Item 7A.
Quantitative and Qualitative Disclosures about Market Risk

We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise
required under this item.

Item 8.
Consolidated Financial Statements and Supplementary Data

This
information appears following Item 15 of this Report and is included herein by reference.

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

49

ITEM 9A.
CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the
SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated
and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely
decisions regarding required disclosure. Our management evaluated, with the participation of our principal executive officer and principal
financial and accounting officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures
as of December 31, 2024, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers
concluded that, as of December 31, 2024, our disclosure controls and procedures were not effective.

We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly