Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 335

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 335
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. As of June 30, 2025 and December 31, 2024, the Company’s convertible preferred stock was convertible
into the Company’s shares of common stock on a one-for-one basis.

<div align='center'>F-46

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

Note 7 — Convertible Preferred Stock (cont.)

Each share of convertible preferred
stock is convertible into common stock automatically upon the earlier of (i) immediately upon the closing of a firmly underwritten
public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer
and sale of any class or security of the Company in which (a) the gross offering price per share reflects a pre-offering valuation
of the Company of not less than $200 million, calculated on a fully-diluted and as-converted basis before giving effect to the issuance
of the securities to be sold in such public offering, and (b) the cash proceeds to the Company (net of underwriting discounts and
commissions) are at least $50 million (a “Qualified IPO”); or (ii) the Company’s receipt of a written request
for such conversion from at least a majority of holders of the then outstanding shares of convertible preferred stock, voting as a single
class on an as-if-converted basis.

Redemption and Balance Sheet Classification

Convertible preferred stock
is recorded in mezzanine equity because while it is not mandatorily redeemable, it will become redeemable at the option of the stockholders
upon the occurrence of certain deemed liquidation events that are considered not solely within the Company’s control.

Upon the closing of the merger,
all Profusa Convertible Preferred stock was converted into New Profusa common shares, as further described in the Subsequent Events disclosure
below (See Note 14).

Note 8 — Common Stock

As of June 30, 2025 and
December 31, 2024, the Company’s certificate of incorporation authorized issuance of 40,000,000 shares of common stock. Each
share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally
available and when declared by the Board of Directors, subject to prior rights of the preferred stockholders. As of June 30, 2025,
no dividends have