Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 35

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Chunk 35
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in making sales of Lumee Oxygen for research- use only clients, which include entities working with animal models. Furthermore, we also
performed research and development under government grants.

Since inception, we have incurred
recurring annual losses from operations. For the three months ended March 31, 2025 and 2024, we incurred a net loss of $2.7 million and
$2.4 million, respectively. During the three months ended March 31, 2025 and 2024, we have used $0.5 million and $0.7 million, respectively,
of cash in our operating activities. We have notes and loans payable and interest due of $50.2 million within twelve months of March 31,
2025.

We have been able to finance
our operations primarily with the proceeds from the issuance of equity and debt instruments and to a lesser extent, revenues from government
grants. For the three months ending March 31, 2025, we obtained net cash from financing activities of $0.4 million compared to $0.6 million
for the same period in 2024. We held cash of less than $0.1 million as of March 31, 2025, and $0.2 million as of December 31, 2024, respectively.

Additional funds may be necessary
to maintain current operations and will be required for successful product commercialization efforts. Our management plans to monitor
expenses and obtain additional funds through public or private equity offerings or debt financings, additional credit or loan facilities
or a combination of one or more of these funding sources, which is intended to mitigate the relevant conditions or events that raise substantial
doubt about our ability to continue as a going concern within one year from the date the unaudited condensed consolidated financial statements
are available to be issued. As the ability to refinance our current debt or raise additional equity financing is outside of our management’s
control, we cannot conclude that management’s plans will be effectively implemented within one year from the date the unaudited
condensed consolidated financial statements are available to be issued. These factors raise substantial doubt about our ability to continue
as a going concern within one year from the date the unaudited condensed consolidated financial statements are available to be issued.
The unaudited condensed consolidated financial statements do not contain any adjustments that might result from the outcome of this uncertainty.

It is our expectation to continue
to make substantial investments in building its European and United States commercial