Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 224

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 3
Chunk 224
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 its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control
over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal
quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting,
other than as described above.

32

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

As a result of closing of the Business Combination
on July 11, 2025, the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2024 no longer apply. For risk factors relating to our business following the Business Combination, please refer to the
section “Risk Factors” in the Company’s Registration Statement on Form S-4 (File No. 333-269417) initially filed with
the SEC on January 1, 2023, as amended. Any of these factors could result in a significant or material adverse effect on the Company’s
results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial
may also impair the Company’s business or results of operations. We may disclose changes to such factors or disclose additional
factors from time to time in the Company’s future filings with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

The consummation of the Business Combination,
and the financing transactions consummated in connection therewith, resulted in gross proceeds of $10.27 million.

The funds from the Business Combination and the
related financing transactions were used for: (i) redemptions to public stockholders, (ii) cash to balance sheet, and (iii) payment of
fees and expenses. The direct and indirect fees and expenses incurred were approximately $3.4 million.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the period covered by this Quarterly Report,
none of the Company’s directors or executive officers have adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule
10b5-1 trading arrangement (each as defined in Item 408 of Regulation