Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 260

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 260
---
ee 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 September 30, 2025 and 2024, we incurred a net loss of $22.2 million and $2.5 million, respectively. For the
nine months ended September 30, 2025 and 2024, we incurred a net loss of $27.3 million and $7.0 million, respectively. During the nine
months ended September 30, 2025 and 2024, we have used $11.1 million and $1.8 million, respectively, of cash in our operating activities.
We have notes and loans payable and interest due of $6.7 million within twelve months of September 30, 2025. Additionally, we have notes
and loans payable and interest due of $14.4 million which are considered non-current and are due after September 30, 2026.

We have been able to finance our operations primarily with the proceeds
from the issuance of equity and debt instruments. For the nine months ending September 30, 2025, we obtained net cash from financing activities
of $14.9 million compared to $1.8 million for the same period in 2024. We held cash of $3.0 million and $0.2 million as of September
30, 2025 and December 31, 2024, respectively.

The Company’s condensed consolidated financial statements have been
prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course
of business. The Company has reviewed the relevant conditions and events surrounding its ability to continue as a going concern including
among others: historical losses, projected future results, including the effects of COVID-19, cash requirements for the upcoming year,
funding capacity, net working capital, total stockholders’ deficit and future access to capital.

It is our expectation to continue to make substantial investments in
building its European and United States commercial infrastructure and enhancing existing products and developing new ones. Furthermore,
we aim to continue discussions with potential partners in Asia.

We expect to incur additional expenses due to operating as