Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 292

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 292
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issory notes of $0.9 million and $0.8 million,
respectively. The Company recognized that the promissory notes from December 31, 2023 are in default as of the date of this filing. The
note holders will be repaid upon closing the business transaction, and the full balance of these notes are held in current liabilities
on the Consolidated Balance Sheets.

Paycheck Protection Program

On May 25, 2021, the
Company borrowed $1.3 million (the “PPP Loan 2”) as a Paycheck Protection Program loan. The Paycheck Protection Program,
established as part of 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 Loan 2 is 1%.

Under the terms of PPP Loan
2, if the Company does not submit forgiveness application within 24 weeks the initial disbursement of the loan (the “Covered
Period”), the Company must begin to make equal monthly payments of principal and interest starting 10 months from the end of
the Covered Period until May 25, 2026. Interest on the loan continues to accumulate during any deferment period. As of December 31,
2024, and as of the date of this filing, the Company has not applied for forgiveness under PPP Loan 2.

As of December 31, 2024
and December 31, 2023, the Company was in default on PPP Loan 2 due to non-payment of minimal repayment amounts required by the terms
of PPP Loan 2. Accordingly, the Company classified the entire amount outstanding under PPP Loan 2 as current and accrued respective late
penalties for the total amount of less than $0.1 million as of December 31, 2024 and December 31, 2023, respectively. The total
past due amount of PPP Loan 2 repayments as of December 31, 2024 and December 31, 2023 was $0.8 million and $0.4 million,
respectively.

As of December 31, 2024,
the contractual future minimum payments for the PPP Loan 2 were as follows (in thousands):

| Year Ending December 31, 
 2025                     |     | Amount | 1,231 |
|:-------------------------|:----|:-------|------