Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 237

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 237
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 the date of this filing,
Profusa has entered into the binding Term Sheet with Tasly, and the associated definitive agreements are in final agreed form.

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Tasly Convertible Debt

In June 2023, Profusa
entered into a short-term loan agreement with Tasly (International) Healthcare Investment & Development Company Limited,
a shareholder of Profusa, which it may borrow up to $1.6 million, of which $1.0 million was borrowed on June 26, 2023,
and the remainder was available to be borrowed by August 31, 2023 (the “Tasly Convertible Debt”). The loan bears interest
at a rate of 12% per annum and matured on December 31, 2023, subject to the parties’ decision to extend. Upon occurrence of
certain events of default by Profusa, including failure to repay in full the amounts owed at maturity, the lender will have an option
to convert the entire outstanding balance and accrued but unpaid interest under the Tasly Convertible Debt into senior unsecured promissory
notes on substantially the same terms as the outstanding Senior Notes as of June 30, 2025. In the event Profusa fails to repay the Tasly
Convertible Debt, the lender will have an option to convert the entire outstanding balance and accrued but unpaid interest under the Tasly
Convertible Debt into either (i) senior unsecured promissory notes on substantially the same terms as the outstanding Senior Notes
as of June 30, 2025, or (ii) the Company’s common stock at a conversion price of $1.92 per share.

Profusa elected to apply the
fair value option to account for the Tasly Convertible Debt. Accordingly, no features of the Tasly Convertible Debt are bifurcated and
separately accounted for. The fair value of the Tasly Convertible Debt was $1.003 million at issuance and $2.5 million as of
June 30, 2025, respectively. Accrued stated interest on the Tasly Convertible Debt was $0.2 million for the six months ended June
30, 2025.

Equity Grants to Executive Officers and Directors

Profusa has granted stock options
to its executive officers and certain directors, as more fully described in the section titled “Management of Profusa — Executive and Director Compensation.”

Director and Executive Officer Compensation

Please see the section titled
“