Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 270

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 270
---
 future until we successfully
commence sustainable commercial operations. To date, we have funded our operations primarily with proceeds from the issuance of convertible
preferred stock, junior and senior convertible notes, related party loans payable, ELOC, PPP Loans available to us under the Paycheck
Protection Program and promissory notes. From inception through September 30, 2025, we raised gross proceeds of $98.0 million from the
issuances of convertible preferred stock and convertible notes and loans, $11 million from related party loans payable, $3.5 million from
ELOC, $2.5 million from PPP Loans and $0.9 million from issuance of promissory notes. As of September 30, 2025, we had cash and cash equivalents
of $3,009 thousand.

Our junior convertible notes bore interest at 12% per annum and their
outstanding principal and accrued but unpaid interest automatically converted into shares of Company Common Stock at $7.00 per share upon
consummation of the Business Combination. In addition, upon consummation of the Business Combination, all junior noteholders have a right
to receive additional shares upon achievement by the Company of certain share price and sales milestones (the earnout shares).

We commenced issuance of our senior convertible notes in April 2021
and continued issuing them until the Closing. Our senior convertible notes bore interest at 12% per annum and their outstanding principal
and accrued but unpaid interest automatically converted into shares of Company Common Stock between $0.50 and $4.00 per share upon consummation
of the Business Combination, based on the fixed conversion price defined in the notes. In addition, upon consummation of the Business
Combination, all senior noteholders obtained the right to receive additional shares upon achievement by the Company of certain share price
and sales milestones (the earnout shares).

On August 8, 2023, a new wholly owned subsidiary, Profusa Asia
Pacific Pte. Ltd (“APAC”), was created and incorporated by Legacy Profusa under the laws of Singapore. Upon creation,
the new entity was capitalized by Legacy Profusa by payment of $1,000 for 1,000 Ordinary Shares. As a result, at the time of
incorporation, the entity became a wholly owned subsidiary of Legacy Profusa. The entity was created with the expectation of jointly
conducting the business of developing, manufacturing and commercializing the Lumee Glucose and the Lumee Oxygen products