Company: PFSA
Filing Date: 2025-08-21
Form Type: S-1/A
Source: 0001213900-25-079401
Chunk: 161

Company: Profusa, Inc.
Filing Date: 2025-08-21
Form: S-1/A
Chunk 161
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Tasly Convertible Debt”), under which none of the embedded conversion or redemption features were bifurcated and separately accounted for. Rather, the Tasly Convertible Debt in its entirety was recorded at fair value at inception and is subject to remeasurement to fair value at each balance sheet date, with the change in fair value reflected in the statements of operations and comprehensive loss. 101

Gain on PPP Loan Forgiveness On April 16, 2020 and May 25, 2021, we borrowed $1.2 million (the “PPP Loan 1”) and $1.3 million (the “PPP Loan 2”), respectively, as a Paycheck Protection Program loan (together the “PPP Loans”). The Paycheck Protection Program, established as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, provides for loans to qualifying businesses and is administered by the U.S. Small Business Administration (the “SBA”). The annual interest rate of the PPP Loans is 1%. The PPP Loans are eligible for forgiveness, provided the borrower has met the respective forgiveness requirements, has timely submitted an application for forgiveness and the forgiveness has been granted by the SBA. PPP Loan 1 has been approved for loan forgiveness, and management intends to apply for PPP Loan 2 forgiveness in 2025. PPP Loan 2 is currently in default due to non -payment, and is classified as a current liability on the balance sheet. Interest Expense Interest expense consists primarily of the interest on our convertible notes, senior notes, Tasly convertible debt, and PPP Loans. Other Income Other income consists primarily of income earned from sale of equipment and a short -termsublease of a portion of our facilities. Results of Operations Comparison of the Three months ended June 30, 2025 to the Three months ended June 30, 2024 The following table sets forth our unaudited condensed consolidated statements of operations and comprehensive loss for the interim periods indicated (in thousands):

|                                                                          |     | Three Months Ended 
           June 30, |        |   |     |      |        |   |     | Change |      |   |     |      |    |
|:-------------------------------------------------------------------------|:----|-------------------:|-------:|:--|:----|-----:|-------:|:--|:----|:-------|-----:|:--|:----|-----:|:---|
|                                                                          |     |               2025 |        |   |