Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 192

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 192
---
 the Coronavirus Aid, Relief, and Economic Security (“CARES”)
Act, provides for loans to qualifying businesses and is administered by the U.S. Small Business Administration (the “SBA”).
The annual interest rate of the PPP Loans is 1%. The PPP Loans are eligible for forgiveness, provided the borrower has met the respective
forgiveness requirements, has timely submitted an application for forgiveness and the forgiveness has been granted by the SBA. PPP Loan
1 has been approved for loan forgiveness, and management intends to apply for PPP Loan 2 forgiveness in 2025. PPP Loan 2 is currently
in default due to non-payment, and is classified as a current liability on the balance sheet.

Interest Expense

Interest expense consists primarily of the interest on our convertible
notes, senior notes, Tasly convertible debt, promissory notes, and PPP Loans.

Other Income

Other income consists primarily of income earned from sale of equipment
and a short-term sublease of a portion of our facilities.

41

Results of Operations

Comparison of the Three Months Ended September 30, 2025 to the
Three Months Ended September 30, 2024

The following table sets forth our unaudited condensed consolidated
statements of operations and comprehensive loss for the interim periods indicated (in thousands):

    For the three months ended September 30,  

    2025  
    2024  
    Change $  
    Change % 
  
    Government grant revenue 
     -  
     75  
     (75) 
     -100%
  
    Operating expenses: 
     -  
     -  
     -  
     0%
  
    Research and development 
     722  
     411  
     311  
     76%
  
    General and administrative 
     20,987  
     767  
     20,220  
     2636%
  
    Total operating expenses 
     21,709  
     1,178  
     20,531  
     1743%
  
    Loss from operations 
     (21,709) 
     (1,103) 
     (20,606) 
     1868%
  
    Other income (expenses) 

    Gain (loss) on change in the fair value of related party convertible debt 
     258  
     (320)