Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 184

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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 anytime during this compliance
period the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide
the Company written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance with
the Rule prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting.

In October 2025, The Benchmark Company LLC exercised all 250,000 of their common stock warrants.

On October 29 and October 30, 2025 the Company executed three additional
tranches of ELOC puts with aggregate gross proceeds of $3.8 million for the issuance of 11,478,624 shares of Common Stock. These tranches
were issued between $0.23 and $0.40 per share based on the daily VWAP.  As part of these puts, and in line with the purchase agreement,
the Company used the proceeds to repay $0.7 million of the principal balance outstanding on the Ascent PIPE convertible note and additionally
incurred expenses of $0.1 million, resulting in net proceeds to the Company of $3.0 million. During the months of October and November,
Ascent also converted $2.8 million of the principal balance into common stock, resulting in total loan repayments as of the date
of this filing of $4.1 million, $3.5 million of which occurred subsequent to September 30, 2025. The $2.8 million principal balance converted into 12,220,837 shares of common stock.

36

Item 2.  Management’s Discussion
and Analysis of Financial Condition and Results of Operations.

This Report includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of
activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such
as “may,” “should,” “could,” “would,” “expect