Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 281

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 281
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 | 25,268 |   |     |            |  910 |   |     |      | 1,376 |
| Long term debt                                   |     | $           |      — |     | $           |     — |     | $      |      — |   |     | $          |    — |   |     | $    |     — |

Convertible Debt

Convertible Notes

August 2020 Convertible Notes — In August, September, October and December 2020 the Company received $9.1 million in total gross
proceeds from the issuance of convertible promissory notes (the “2020 Convertible Notes”). Interest on the unpaid principal
balance of the August 2020 Convertible Notes accrues from the issuance date at a rate of 12% per year, compounded semi-annually,
and is payable at maturity. Unless converted or redeemed upon the occurrence of certain events, the August 2020 Convertible Notes
were to mature within 12 months of issuance.

Upon the consummation of an equity financing with
aggregate proceeds to the Company of no less than $20.0 million (the “Qualified Financing”), the notes’ outstanding
principal balance and accrued but unpaid interest are to convert into the shares of convertible preferred stock issued in such a Qualified
Financing at a conversion price equal to the lesser of (i) the per share price obtained by dividing $150.0 million by the Company’s
fully diluted capitalization, or (ii) the per share price paid by investors in the Qualified Financing, subject to 30% discount.
Upon the occurrence of a change of control, the August 2020 Convertible Notes are required to be repaid in the amount equal to 200%
of the notes’ outstanding principal balance plus accrued but unpaid interest.

<div align='center'>F-15

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 5 — Debt (cont.)

The August 2020 Convertible
Notes contain embedded features, including automatic conversion into equity securities upon completion of a Qualified Financing and mandatory
redemption upon change of control that is required to be bifurcated and accounted for separately as a combined single derivative instrument
initially and subsequently measured at fair value with the change in fair value recorded in the gain (loss) on change in the fair value
of derivative liabilities in the statements of operations. The aggregate issuance date estimated fair