Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 338

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 338
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 Vested and expected to vest at June 30, 2024 |     |                     |           |     |           | 2,972,055 |   |     |                |  0.40 |     |             | 3.53 |

During the three and six months
ended June 30, 2025, stock option activity comprised of grants totaling 1,560,091 options, with no options exercised during the period.
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 three and six months ended June 30, 2025 and 2024 was less than $0.1 million.

As of June 30, 2025, the
total unrecognized stock-based compensation expense for stock options was $3.0 million which is expected to be recognized over a
weighted-average period of 1.3 years. The Company estimates the fair value of stock options using the Black Scholes option-pricing
model. The fair value of stock options is being recognized on a straight-line basis over the requisite service period of the awards.

As of June 30, 2024, the
total unrecognized stock-based compensation expense for stock options was less than $0.1 million which is expected to be recognized
over a weighted-average period of 1.1 years. The Company estimates the fair value of stock options using the Black Scholes option-pricing
model. The fair value of stock options is being recognized on a straight-line basis over the requisite service period of the awards.

<div align='center'>F-48

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

Note 9 — Stock Option Plan
(cont.)

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