Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 297

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 297
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, additional shares of common stock at a price lower than the original issuance price, except for certain exceptions
allowed, the conversion price of convertible preferred stock would be adjusted. As of December 31, 2024 and December 31, 2023, the
Company’s convertible preferred stock was convertible into the Company’s shares of common stock on a one-for-one basis.

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.

Note 8 — Common Stock

As of December 31, 2024
and December 31, 2023, 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 December 31,
2024, no dividends have been declared to date.

The Company had reserved shares
of common stock, on an as-converted basis, for future issuance as follows:

|                                            |     |     | December 31, 
         2024 |     |     | December 31, 
         2023 |
|:-------------------------------------------|: