Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 46

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 submit a forgiveness
application within 24 weeks of 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 September 30, 2025, the Company has not applied for forgiveness under
PPP Loan 2, but does intend to apply for loan forgiveness prior to December 31, 2025. This forgiveness is not guaranteed, based on the
delayed timeline, but the Company has begun to make contact with the loan administrators.

As of December 31, 2024 and September 30, 2025, 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 September 30, 2025 and December 31, 2024, respectively. The total past due amount of PPP Loan 2 repayments as of September
30, 2025 and December 31, 2024 was $1.0 million and $0.8 million, respectively.

As of September 30, 2025, the contractual future minimum payments for
the PPP Loan 2 were as follows (in thousands):

    Year Ending December 31, 
    Amount 

    2025 
    $1,241 
  
    2026 
     145 
  
    Total 
    $1,386 

26

Convertible Promissory Note – Related Party at Fair value

The Company now holds the convertible working capital promissory note
which was previously held by Northview Acquisition Corporation with the Sponsor for up to $2.5 million. The Note is non-interest bearing
and became convertible on the Closing Date, July 11, 2025. The Sponsor may elect to convert all or any portion of the unpaid principal
balance of this Note into warrants, at a price of $1.00 per warrant. The note also allows for the conversion of the outstanding principal
balance to be repaid in shares of Company Common Stock at a price of $2.22 per share at the election of the sponsor. As of September 30,
2025