Company: PFSA
Filing Date: 2025-08-11
Form Type: S-1
Source: 0001213900-25-073872
Chunk: 164

Company: Profusa, Inc.
Filing Date: 2025-08-11
Form: S-1
Chunk 164
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 ended June30, 2025 as the business combination had not yet closed, which raised substantial doubt about our ability to continue as a going concern. As such, our financial statements were prepared as though the Company had a risk of going concern. The PIPE convertible note which provided $9.0million net in cash along with future convertible notes available to us, mitigate our risk of going concern prospectively. Since March 31, 2025, $0.7 million of additional working capital was raised to fund Company operations through the transaction closing date, of which $0.4 million were converted in 2025 upon the closing of the Company’s Qualified Financing transaction and $0.3 million were repaid in cash. Long-Term Liquidity Requirements We expect our cash and cash equivalents on hand, and cash that we received from the Business Combination and PIPE Investment, together with the cash we expect to generate from future operations will provide sufficient funding to support initial commercial operations. The cash generated from the business combination includes an initial net $9million in PIPE proceeds from the first tranche of a convertible note, along with an expected $2million additional tranche from the PIPE convertible note to be received within the nine months ended September30, 2025. Until we generate sufficient operating cash flow to cover our operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, we expect to utilize a combination of equity and debt financing to fund any future capital needs. If we raise funds by issuing equity securities, dilution to 104

stockholders may result. Any equity securities issued may also provide for rights, preferences, or privileges senior to those of holders of common stock. If we raise funds by issuing debt securities, these debt securities may have rights, preferences, and privileges senior to those of common stockholders. The terms of debt securities or borrowings could impose significant restrictions on our operations. The capital markets are currently experiencing, and may continue to experience in the future, periods of upheaval that could impact the availability and cost of equity and debt financing. Our principal uses of cash in recent periods have been funding our research and development activities and other personnel cost. Near -termcapital requirements through March31, 2025 were estimated to total approximately $6.0million, while near -termcapital requirements through June30, 2025 leading to and supporting initial commercialization are estimated to total approximately $7.3million and include further research and development to enable us to obtain the required regulatory approvals, manufacturing,