Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 11

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 and subject to the satisfaction of the conditions contained
in the PIPE Subscription Agreement, from and after the effective date, the Company will have the right, in its sole discretion, to
sell to Ascent up to $100,000,000 of shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”),
subject to certain limitations set forth in the Purchase Agreement, from time to time during the term of the Purchase Agreement. Sales
of Common Stock by the Company to Ascent under the Purchase Agreement, and the timing of any such sales, are solely at the Company’s
option, and the Company is under no obligation to sell any securities to Ascent under the Purchase Agreement. As of September 30, 2025,
approximately $3.5 million in shares of its Common Stock was sold pursuant to the Purchase Agreement. The Company has entered into
this strategic Committed Equity Facility in order to continue to fund operating cash flows.

On September 30, 2025, the Company met the requirements for the second
tranche of the PIPE Subscription Agreement and Ascent purchased Convertible Notes in the aggregate principal amount of $2,222,222 for
a purchase price of $2,000,000 (reflecting a 10% OID) (“Second Purchase”).

In accordance with the Company’s Bitcoin treasury strategy, the
Company purchased 8.53 coins as of September 30, 2025, for a value of $1.0 million. The Company has a buy-and hold investment strategy;
however, this investment additionally may act as a source of liquidity for the Company’s operating cash flow requirements as needed.

The Company is currently working towards meeting regulatory
requirements in Europe in order to commercialize the Lumee Oxygen reader in order to generate revenues in early 2026. In addition to
management’s focus on commercialization, additional financing is available through the sale of Common Stock and executing
tranches three and four of the PIPE Subscription Agreement which would provide an aggregate of up to an additional $10.0 million in
cash for operating expenses to further the product research and development.

Subsequent to the Closing, there continue to be factors which raise
substantial doubt about the Company’s ability to continue as a going concern within one year from the date the condensed consolidated
financial statements are issued. The condensed consolidated financial statements do not contain any adjustments that might result from
the outcome of this uncertainty.

On September 11, 2025,