Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 585

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 585
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There were no new options granted or exercised during the year ended December 31, 2024. Intrinsic values are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise. The total fair value of options vested for the year -endedDecember 31, 2024 was less than $0.1 million. As of December 31, 2024, the total unrecognized stock -basedcompensation expense for stock options was less than $0.1 million which is expected to be recognized over a weighted -averageperiod of 0.4 years. On the grant date, the Company estimates the fair value of stock options using the Black Scholes option -pricingmodel. The fair value of stock options is being recognized on a straight -linebasis over the requisite service period of the awards. Nonrecourse Promissory Notes to Early Exercise Stock Options In 2018, one of the Company’s executives early exercised 1,380,015 of his stock options by issuing a promissory note to the Company. As the promissory note is nonrecourse this exercise of stock options with a promissory note is not considered a substantive exercise for accounting purposes. Therefore, no receivable for the promissory note was recorded on the Company’s balance sheet. This arrangement was accounted for as modifications to the original stock options which were exercised by issuing a promissory note. Such modification did not result in additional stock -basedcompensation expense. As of December 31, 2024 these options were fully vested. Stock-Based Compensation Expense by Function The following table is a summary of stock compensation expense by function recognized for the years ended December 31, 2024 and 2023 (in thousands):

|                          |     | Years ended  
 December 31, | 2024 |     |   | 2023 |
|:-------------------------|:----|:-------------|-----:|:----|:--|-----:|
| General Administrative   |     | $            |    7 |     | $ |   10 |
| Research and development |     |              |   14 |     |   |   23 |
|                          |     | $            |   21 |     | $ |   33 |

F-51

PROFUSA, INC. AND SUBSIDIARY