Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 134

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Northview
(“Merger Sub” and, collectively, the “Parties”). The consummation of the Business Combination involved the merger
(the “Merger”) of Merger Sub with and into Legacy Profusa, pursuant to which, at the closing of the transactions contemplated
by the Merger Agreement (the “Closing”), the separate corporate existence of Merger Sub ceased, with Legacy Profusa as the
surviving corporation becoming a wholly-owned subsidiary of Northview, pursuant to the terms of the Merger Agreement. As a result of the
Business Combination, Northview owns 100% of the outstanding common stock of Legacy Profusa. In connection with the closing of the Business
Combination, Northview changed its name from “NorthView Acquisition Corporation” to “Profusa, Inc.”

Going Concern

The Company has incurred significant net operating losses from operations.
As of September 30, 2025, the Company has a working capital deficit of approximately $(19.3) million. For the nine months ended September
30, 2025, the Company incurred a net loss of approximately $(27.3) million and used approximately $(11.1) million of cash in operating
activities. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of research and
development activities. The Company has been able to finance its operations primarily with the proceeds from the issuance of equity and
debt instruments and to a lesser extent, revenues from government grants. Additional funds may be necessary to maintain current operations
and will be required for successful product commercialization efforts.

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, increased tariffs, cash requirements for the upcoming year, funding
capacity, net working capital deficit, and future access to capital.

On February 11, 2025, NorthView executed a Securities Purchase
Agreement (the “PIPE Subscription Agreement”) with Ascent Partners Fund LLC (“Ascent” or together with any party
who may become party to the PIPE Subscription Agreement, the “PIPE Investors”).

6

On July 11, 2025, the Company consummated the Business Combination. At the Closing