Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 4

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Item: Item 2.03
Chunk 4
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 product only, thereby maximizing flexibility for the consumer.
By aiming for coverage under a user’s pharmacy benefit, we believe we can diversify our user base, while accounting for any risk
related to unlikely delay of attainment of a category I CPT code for sensor insertion. We feel a difference between other insertable or
implantable CGMs and Lumee Glucose, is that the latter can be simply inserted with a hypodermic needle and does not require a surgical
implantation, similar to how pharmacists use these needles to administer flu shots and other vaccines. At the same time, physicians can
still leverage existing CPT codes related to interpretation of CGM data and we have, in parallel, initiated steps for CPT codes related
to our sensor insertion. We will target both public and private payors for coverage.

Since our launch, we have
significantly devoted all of our resources to research and development, as well as all clinical study activities related but not limited
to Lumee Oxygen, Lumee Glucose and prototypes for sensors of at least eight other analytes. We have also invested, on a smaller scale,
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