Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 56

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 56
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 our
internal control over financial reporting in the future or fail to maintain an effective system of internal control over financial reporting,
which may result in material misstatements of our consolidated financial statements or cause us to fail to meet periodic reporting obligations.

As a public company, we are required to comply
with SEC rules that implement Section 404 of the Sarbanes-Oxley Act and make an ongoing, formal assessment of the effectiveness of our
internal controls over financial reporting.

We cannot assure you that the measures we have
taken to date, and actions we may take in the future, will prevent or avoid control deficiencies that could lead to material weaknesses
in our internal control over financial reporting in the future. Our current controls, and any new controls that we develop, may become
inadequate because of changes in conditions in our business. Further, deficiencies in our disclosure controls and internal control over
financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered
in their implementation or improvement could harm our operating results or cause us to fail to meet our reporting obligations and may
result in a restatement of our financial statements for prior periods.

26

We have performed a formal evaluation of our internal
control over financial reporting under the supervision and with the participation of management, including our principal executive officer
and principal financial officer, as required by Section 404 of the Sarbanes-Oxley Act. Based upon their evaluation, our principal executive
officer and principal financial and accounting officer, concluded that our internal control over financial reporting (as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act) were not effective as of December 31, 2024 due to the existence of material weaknesses.
We have not engaged an independent registered public accounting firm to perform an audit of our internal control over financial reporting
as of any balance sheet date or for any period reported in our financial statements. We are required to evaluate and disclose changes
made in our internal controls and procedures on a quarterly basis. Failure to comply with the Sarbanes-Oxley Act could potentially subject
us to sanctions or investigations by the SEC, the applicable stock exchange or other regulatory authorities, which would require additional
financial and management resources.

If we fail to maintain an effective system
of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements
or comply with applicable regulations could be impaired, which may adversely affect investor confidence in our Company