Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 103

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 103
---
 of our common stock. See “— Our historical financial statements do not reflect our acquisition of bitcoin, the fact that our bitcoin holdings will be the substantial majority of our assets, or the potential variability in earnings that we may experience in the future relating to our bitcoin holdings” below.

Our bitcoin treasury strategy has not been tested over an extended period of time or under different market conditions.We will be using the proceeds from this
offering to facilitate the recent adoption our bitcoin treasury strategy and we will need to continually examine the risks and rewards
of this new strategy. This new strategy has not been tested over an extended period of time or under different market conditions. For
example, although we believe bitcoin, due to its limited supply, has the potential to serve as a hedge against inflation in the long term,
the short-term price of bitcoin declined in recent periods during which the inflation rate increased. Some investors and other market
participants may disagree with our bitcoin treasury strategy or actions we undertake to implement it. If bitcoin prices were to decrease
or our bitcoin treasury strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of
our common stock could be materially adversely affected.

We are subject to counterparty risks, including in particular risks relating to our custodians.Although we intend to implement various measures that are designed
to mitigate our counterparty risks, including by storing substantially all of the bitcoin we own in custody accounts at U.S.-based, institutional-grade
custodians and negotiating contractual arrangements intended to establish that our property interest in custodially-held bitcoin is not
subject to claims of our custodians’ creditors, applicable insolvency law is not fully developed with respect to the holding of
digital assets in custodial accounts. If our custodially-held bitcoin were nevertheless considered to be the property of our custodians’
estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated
as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such bitcoin and
this may ultimately result in the loss of the value related to some or all of such bitcoin. Even if we are able to prevent our bitcoin
from being considered the property of a custodian’s bankruptcy estate as part of an insolvency proceeding, it is possible that we
would still be delayed or may otherwise experience difficulty in accessing our bitcoin held by the affected custodian during the pendency
of the