Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 274

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 274
---
 change in the fair value of related party convertible loan of $0.2 million, net with $7.6 million
in non-cash issuance of shares through the private placement and issuance of shares associated with transaction costs, 1.0 million in
non-cash issuance of ELOC Warrants, stock-based compensation of $0.7 million, and offset by a gain on fair value of warrant liabilities
of $0.9 million. The main driver of the cash inflows from the changes in operating assets and liabilities was primarily related to an
increase in accounts payable of $3.2 million and in accrued liabilities of $2.3 million and a decrease in prepaid expenses and other current
assets of less than $0.1 million.

Cash used in operating activities for the nine months ended September
30, 2024 of $1.8 million was primarily driven by our net loss of $7.0 million, adjusted for non-cash charges of $3.6 million and net cash
inflows of $1.5 million provided by changes in our operating assets and liabilities. Non-cash charges primarily consisted of non-cash
interest expense of $3.2 million, partially offset by change in the fair value of related party convertible loan of $0.3 million. The
main driver of the cash inflows from the changes in operating assets and liabilities was primarily related to an increase in accounts
payable of $0.7 million and in accrued liabilities of $1.1 million and a decrease in prepaid expenses and other current assets of $0.3
million.

Financing Activities

Cash provided by financing activities was $14.9 million the nine months
ended September 30, 2025, which consisted primarily of net proceeds from the issuance of senior notes, PIPE proceeds, ELOC proceeds, and
the close of the business combination (as discussed above).

Cash provided by financing activities was $1.8 million for the nine
months ended September 30, 2024, which consisted primarily of net proceeds from the issuance of senior notes of $2.1 million, offset by
payment of deferred offering costs of $0.1 million and repayment of related party promissory notes of $0.2 million.

46

Contractual Obligations

The following table summarizes our contractual obligations as of September
30, 2025, and the years in which these obligations are due (in thousands):

    Total  
    2025  
    202