Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 168

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 168
---
of stockholder approval; and (iv) a fourth closing for Notes in an aggregate principal amount of $4,444,444 (the “Fourth Tranche”)
for a purchase price of $4,000,000, subject to the satisfaction of certain conditions including the full repayment of the First and Second
Tranches, at least fifty percent (50%) repayment or conversion of the Third Tranche, effectiveness of a registration statement, and no
Nasdaq listing deficiency. The Amendment supersedes and replaces all prior provisions relating to “Additional Closings” and
“Additional Notes,” and all references to such terms in the PIPE Subscription Agreement and related documents are to be construed
in accordance with the new tranche structure.

Concurrently, on August 25,
2025, the Company entered into Amendment No. 1 (the “Note Amendment”) to the Initial Note. The Note Amendment modifies
the terms of the Initial Note, specifically amending Section 4(b) to revise the conversion price provisions on any conversion date to
be the lower of (i) the Conversion Price on such date and (ii) ninety-five percent (95%) of the lowest daily volume weighted average price
(“VWAP”) for the Company’s common stock during the ten consecutive trading days immediately preceding the applicable
conversion date (the “Alternate Conversion Price”), provided that in no event shall the conversion price be less than
the Floor Price of twenty percent (20%) of the closing sale price of the common stock on the principal trading market on the trading day
immediately preceding the Note Amendment’s effective date, which was August 22, 2025.

The foregoing description of
SPA Amendment, Note Amendment, and the Form of Amended Senior Secured Convertible Promissory Note, is a summary only and does not purport
to be complete and is qualified in its entirety by reference to the full text of the SPA Amendment, Note Amendment, and Form of Amended
Senior Secured Convertible Promissory Note, copies of which are filed herewith as Exhibits 10.21, 10.22, and 10.23 and are incorporated
herein by reference.

<div align='center'>95</div>

PIPE Lock-Up Agreement

On July 11, 2025, the
PIPE Investors entered into a lock-up agreement (the “PIPE Lock-Up Agreement”), pursuant to which they agreed to, subject
to certain customary exceptions, not offer, sell, contract to sell, hypoth