Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 44

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Chunk 44
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 raise substantial doubt about our ability to continue as a going concern
within one year from the date the unaudited condensed consolidated financial statements as of and for the three months ended March 31,
2025 are issued. As the ability to refinance our current debt or raise additional equity financing is outside of 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 as of and for the three months ended March 31, 2025 are issued and as such, raises substantial doubt about our ability
to continue as a going concern.

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 expect to receive 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. 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 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
would have rights, preferences, and privileges senior to those of preferred and 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 costs. Near-term capital requirements
through March 31, 2025 leading to and supporting initial commercialization are estimated to total approximately $6.0 million and include
further research and development to enable us to obtain the required regulatory approvals, manufacturing, commercialization and wide-scale
marketing for our Lumee Oxygen and Lumee