Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 158

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 158
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SA”. Prior to the consummation of the Business Combination, our Common Stock was listed
on the OTC under the symbol “NVAC”. As of August 28, 2025, there were 194 holders of record of our Common Stock and the closing
sale price of our Common Stock was $0.72 per share. The actual number of stockholders of our Common Stock is greater than the number of
record holders and includes holders of our Common Stock whose shares of Common Stock are held in street name by brokers and other nominees.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS</div>

References to “Profusa,”
the “Company,” “we,” “us,” and “our,” refer to Profusa, Inc. and its subsidiaries. The
following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with
the unaudited condensed consolidated financial statements and the notes thereto contained elsewhere in this prospectus (this “Report”).
Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and
uncertainties.

Profusa, Inc., our wholly owned
California subsidiary (“Old Profusa”), became our accounting predecessor upon the closing of the Business Combination on July
11, 2025. The results of operations discussed below are those of Old Profusa and its consolidated subsidiaries.

Cautionary Note Regarding Forward-Looking Statements

This Prospectus includes forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements
on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,”
“would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy
include, but