Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 15

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Item: Item 2.03
Chunk 15
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 for the periods presented
(in thousands):

                                       Three Months Ended                                
                                       March 31,                                         
                                       2025                              2024            
 ─────────────────────────────────────────────────────────────────────────────────────────
  Net cash provided by (used in):                                                        
  Operating activities                 $                       (537      $         (742  
  Investing activities                 $                       —         $         —     
  Financing activities                 $                       365       $         610   

Operating Activities

Cash used in operating activities for
the three months ended March 31, 2025 of $0.5 million was primarily driven by our net loss of $2.7 million, adjusted for non-cash charges
of $1.3 million and net cash inflows of $0.9 million provided by changes in our operating assets and liabilities. Non-cash charges primarily
consisted of non-cash interest expense of $1.2 million, and the change in the fair value of related party convertible loan of $0.1 million.
The main driver of the cash inflows from the changes in operating assets and liabilities was primarily related to an increase in accounts
payable of $0.8 million and in accrued liabilities of $0.1 million and a decrease in prepaid expenses and other current assets of less
than $0.1 million.

Cash used in operating activities for
the three months ended March 31, 2024 of $0.7 million was primarily driven by our net loss of $2.2 million, adjusted for non-cash charges
of $1.1 million and net cash inflows of $0.4 million provided by changes in our operating assets and liabilities. Non-cash charges primarily
consisted of non-cash interest expense of $1.1 million, partially offset by change in the fair value of related party convertible loan
of less than $0.1 million. The main driver of the cash inflows from the changes in operating assets and liabilities was primarily related
to an increase in accounts payable of $0.1 million and in accrued liabilities of $0.3 million and a decrease in prepaid expenses and other
current assets of $0.1 million.

Financing Activities

Cash provided by financing activities
was $0.4 million for the three months ended March 31, 2025, which consisted primarily of net proceeds from the issuance of senior notes
of $0.8 million, offset by payment of deferred offering costs of $0.4 million.

Cash