Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 178

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 178
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 part or in full) into senior unsecured
promissory notes on substantially the same terms as the outstanding Senior Notes as of June 30, 2025 (which terms include conversion
into common stock of New Profusa).

Notwithstanding the conversion
provisions above, any repayment obligations (in part or in full) of the outstanding principal balance and accrued but unpaid interest
under the Tasly Convertible Debt may, at the lender’s option, be made through conversion of part or all amounts payable into (i) senior
unsecured promissory notes on substantially the same terms as the outstanding Senior Notes as of June 30, 2025 (which terms include
conversion into common stock of New Profusa), or (ii) our common stock at a conversion price of $1.92 per share.

Our outstanding PPP Loan of
$1.4 million bears interest at 1% per annum. The repayment of the PPP Loan is expected to be made in equal monthly payments of principal
and interest from October 25, 2022 until May 25, 2026; however, we are currently in the process of applying for forgiveness
for this loan.

Our outstanding promissory
notes accrue interest at 5% and 12% per annum, most of which do not have a set maturity date. Any promissory notes that did have an initial
maturity date, which has passed, the Company has verbally agreed to pay off these loans subsequent to the consummation of the business
combination. The Company is currently in default; accordingly, the Company classified the entire outstanding amount as a current liability
on the condensed consolidated balance sheet.

Additional funds may be necessary
to maintain current operations and will be required for successful product commercialization efforts. Subsequent to the period ended June 30,
2025, management obtained additional funds as a result of the Business Combination and PIPE investment, which mitigates the relevant conditions
or events that raise substantial doubt about our ability to continue as a going concern within one year from the date the unaudited condensed
consolidated financial statements as of and for the six months ended June 30, 2025 are issued.

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Long-Term Liquidity Requirements

We expect our cash and cash
equivalents on hand, and cash that we received from the Business Combination and PIPE Investment, together with the cash we expect to
generate from future operations will provide sufficient funding to support initial commercial operations. The