Company: PFSA
Filing Date: 2025-08-29
Form Type: S-1
Source: 0001213900-25-082672
Chunk: 14

Company: Profusa, Inc.
Filing Date: 2025-08-29
Form: S-1
Chunk 14
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 stock. Risks Related to our Bitcoin Treasury Strategy and Holdings •Our bitcoin treasury strategy exposes us to various risks associated with bitcoin. •Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin are likely to influence our financial results and the market price of our common stock. •Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty. •Our historical financial statements do not reflect our acquisition of bitcoin, the fact that our bitcoin holdings could be a substantial part of our assets, or the potential variability in earnings that we may experience in the future relating to our bitcoin holdings. •The concentration of our bitcoin holdings will enhance the risks inherent in our bitcoin treasury strategy. •Our bitcoin holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. •Regulatory change reclassifying bitcoin as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of bitcoin and the market price of our common stock. •We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations. •Our custodially -heldbitcoin may become part of the custodian’s insolvency estate if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additional Risks Related to Ownership of Profusa Common Stock Following the Business Combination •There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq, a failure of which could result in a de -listingof our common stock. •Future sales, or the perception of future sales, by Profusa shareholders in the public market could cause the market price for Profusa Common Stock to decline. •The grant and future exercise of registration rights may adversely affect the market price of Profusa shares. 7 •In addition, the shares of Profusa Common Stock reserved for future issuance under the Equity Incentive Plan will become eligible for sale in the public market once those shares are issued. •Because there are no current plans to pay cash dividends on Profusa Common Stock for the foreseeable future, you may not receive any return on investment unless you sell Profusa Common Stock for a price greater than that which you paid for it. •We may issue additional