Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 267

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 267
---
311 thousand or 76% during the three months ended September 30, 2025 due to an increase in personnel and regulatory fees.

General and Administrative – General and administrative
expenses increased by $20,220 thousand, or 2636%, to $20,987 thousand during the three months ended September 30, 2025 from $767 thousand
during the three months ended September 30, 2024. The increase was driven primarily by the increase in transaction costs of $15,219 thousand
related to the closing of the Business Combination, an increase related to stock based compensation relating to the non-recourse note
settlement of $428 thousand, an increase in insurance and legal fees of $294 thousand, an increase in accounting costs of $457 thousand
as a result of increased audit fees, $700 thousand increase in general other expenses such as professional consulting services and travel
costs, along with $3,395 thousand increase in personnel costs due to additional headcount and transaction completion bonus accruals.

Gain on Change in the Fair Value of Related Party Convertible Debt
– Gain on change in the fair value of the related party convertible loan was $258 thousand during the three months ended September
30, 2025. The gain during the three months ended September 30, 2025 was driven by the remeasurement of the Tasly Convertible Loan, the
Ascent PIPE loan, and the Sponsor Working Capital loan.

Interest Expense – Interest expense decreased by $904
thousand to $(169) thousand during the three months ended September 30, 2025 from $(1,073) thousand during the three months ended September
30, 2024. The decrease was primarily due to the repayment of convertible notes upon conversion of the loans on July 11, 2025 when the
Company successfully completed the business combination.

Financing Costs – Increased by $1,443 thousand in relation
to the issuance of shares on the ELOC agreement.

Other Income (expense) – Other income (expense) increased
by an immaterial $16 thousand during the three months ended September 30, 2025 relating to income on our operating account.

42

Comparison of the Nine Months Ended September 30, 2025 to the
Nine Months Ended September 30, 2024

The following table sets forth our unaudited condensed consolidated
statements of operations and comprehensive loss for the interim periods indicated (in thousands):

    Nine Months Ended September 30,  
    Change