$NVACW

Profusa, Inc.

CIK:0001859807|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 823	$ 393	$ 1,969	$ 827
General and administrative	1,722	610	4,582	1,600
Total operating expenses	2,545	1,003	6,551	2,427
Loss from operations	(2,545)	(1,003)	(6,551)	(2,427)
Other income (expenses)
Loss on change in the fair value of convertible notes	(4,251)	(153)	(5,048)	(309)
Gain on change in fair value of warrant liabilities	418		676
Loss on disposal of digital assets			(295)
Interest expense (including related parties amounts of $5 and $533 for the three months ended June 30, 2026 and 2025, and $10 and $1,142 for the six months ended June 30, 2026 and 2025, respectively)	(21)	(1,193)	(39)	(2,328)
Gain on extinguishment of PPP loan			1,391
Financing costs	(2,410)		(2,470)
Other income	54	1	125
Total other expense, net	(6,210)	(1,345)	(5,660)	(2,637)
Net loss	$ (8,755)	$ (2,348)	$ (12,211)	$ (5,064)
Net loss per share, basic (in Dollars per share)	$ (151.8)	$ (9,100.78)	$ (326.74)	$ (19,627.91)
Net loss per share, diluted (in Dollars per share)	$ (151.8)	$ (9,100.78)	$ (326.74)	$ (19,627.91)
Weighted average shares used to compute basic net loss per share (in Shares)	57,676	258	37,372	258
Weighted average shares used to compute diluted net loss per share (in Shares)	57,676	258	37,372	258

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (12,211)	$ (5,064)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash interest expense	33	2,328
Gain on extinguishment of PPP loan	(1,391)
Loss on change in fair value of convertible notes	5,048	309
Depreciation expense	2
Stock-based compensation expense	375	82
Gain on change in fair value of warrant liabilities	(676)
Non-cash warrant issuance expense	2,178
Loss on disposal of digital assets	295
Loss on settlement of forward share issuance contract	82
Changes in assets and liabilities:
Prepaid expenses and other current assets	419	(140)
Other non-current assets	(50)	1
Accounts payable	510	1,027
Accrued expenses and other current liabilities	178	331
Net cash used in operating activities	(5,208)	(1,126)
Cash flows from investing activities
Sale of digital assets	1,150
Purchase of property, plant and equipment	(78)
Net cash provided by investing activities	1,072
Cash flows from financing activities
Proceeds from issuance of PIPE notes	1,500
Proceeds from ELOC	2,858
Repayment on promissory notes and loans payable	(1,281)
Proceeds from issuance of senior notes		1,450
Payment of deferred offering costs		(476)
Net cash provided by financing activities	3,077	974
Net decrease in cash	(1,059)	(152)
Cash at the beginning of the period	1,778	191
Cash at the end of the period	719	39
Supplemental disclosures of non-cash investing and financing information:
Conversion of debt to equity	4,720
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	244
Reversal of excise tax payable attributable to redemption of common stock	1,909
Unpaid deferred offering costs		904
Reclassification of warrant liability to additional paid-in capital	$ 1,798

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 719	$ 1,778
Prepaid expenses and other current assets	122	541
Digital assets		1,445
Total current assets	841	3,764
Property and equipment, net	84	8
Other non-current assets	47	3
Right-of-use asset	70
Total assets	1,042	3,775
Current liabilities:
Accounts payable	7,855	7,345
Excise tax payable	44	1,953
Accrued expenses and other current liabilities	6,223	5,981
Convertible senior notes and loans payable at fair value	8,207	42
Promissory notes and other	644	946
Convertible and promissory notes payable to related parties	5,153	4,560
PPP loan		1,390
Total current liabilities	28,167	22,258
Warrant liabilities at fair value	2	298
Convertible loans payable at fair value		7,877
Total liabilities	28,169	30,433
Commitments and contingencies (Note 6)
Stockholders’ Deficit:
Undesignated preferred stock: $0.0001 par value – 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock: $0.0001 par value – 600,000,000 authorized shares at June 30, 2026 and December 31, 2025; 132,329 and 12,320 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital	145,865	134,123
Accumulated deficit	(172,992)	(160,781)
Total stockholders’ deficit	(27,127)	(26,658)
Total liabilities and stockholders’ deficit	1,042	3,775
Related Party
Current liabilities:
Due to related party	$ 41	$ 41