Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 184

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 184
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 The risk-free interest rate is based on the implied yield currently available          
 on the U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term of a stock award. |

| ● | Dividend Yield. We have not paid and does not anticipate paying any dividends in the near future. 
 Accordingly, we have estimated the dividend yield to be zero.                                     |

Recent Accounting Pronouncements

See the section titled “Recent
Accounting Pronouncements” in Note 2 of the notes to our unaudited condensed consolidated financial statements included in
this Report for more information.

<div align='center'>103

BUSINESS</div>

Overview

Profusa is a digital health
technology company based in Berkeley, CA, that has invested over the last twelve years more than $100 million from sophisticated
venture investors as well as the most sophisticated research institutions in the U.S. (including approximately $30 million from
Defense Advance Research Projects Agency, or DARPA, and the National Institutes of Health, of NIH) to develop a unique biosensor platform
that is easily injected subcutaneously to provide, for the first time, real-time, individual biochemistry, that is cost effective while
functioning for more than six times longer than known best in class solutions on the market today. Profusa’s Lumee™ technology
does not consist of a single product, but is rather a platform that can potentially launch products for multiple applications.

Profusa’s overall strategy
has been to robustly invest and therefore develop and protect its technology as a private company, first in Europe where the barriers
to regulatory approval traditionally are not as great as they are in the U.S. Accordingly, Profusa has validated its technology and
gained approval of its first product, Lumee Oxygen, with CE approval in the EU and in the process of migrating to meet new MDR requirements
in Europe. In 2026 Profusa plans to launch this product, if approved by FDA, for sophisticated wound care management through a partner
with distribution, sales and in-servicing experience. The accessible markets for Profusa’s technology are not limited to U.S. and
EU. Sophisticated investors from Asia, such as 3E Bioventures, Tasly Pharma, and VMS Capital, who already see the far-reaching benefit
of Profusa’s platform have not only been interested for several years, but have invested in Profusa’s development to
date with the continuing interest of being partners in the near future. To date,