Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 629

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 629
---
993 |   |     | $         | 0.47 |     |        4.86 |
| Vested and exercisable on December 31, 2023 |     |                     |   |     | 2,982,055 |   |     | $         | 0.40 |     |        3.70 |

The weighted -averagegrant -datefair value of options granted during the year ended December 31, 2023 was $0.19. The aggregate intrinsic value of options exercised in the year ended December 31, 2023 was less than $0.1 million. 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 years ended December 31, 2023 and 2022 was less than $0.1 million. As of December 31, 2023, 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 1.4 years. 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, 2023 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, 2023 and 2022 (in thousands):

|                          |     | Years ended  
 December 31, | 2023 |     |   | 2022