Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 303

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 303
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2024, subject to the parties’ decision to extend thereafter. Upon occurrence of certain events
of default by the Company, 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 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 the Company fails to complete the formation of the
APAC Joint Venture or fail to repay the amounts under the Tasly Convertible Debt when they become due, the lender will have an option
to convert the entire outstanding balance and accrued but unpaid interest under the 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 $ per share.

The Company elected to apply
the fair value option to account for the Tasly Convertible debt. Accordingly, no features of the Convertible debt are bifurcated and separately
accounted for. The fair value of the Convertible debt was $ million as of June 30, 2025. Accrued stated interest on the Tasly
Convertible debt was $ million and $ million for the three and six months ended June 30, 2025, respectively.
Accrued stated interest on the Tasly Convertible debt was $ million and $ million
for the three and six months ended June 30, 2024, respectively. Accrued interest since note origination is $ million
in total. The total loss on fair value remeasurement from origination through June 30, 2025 was $ million, and the loss
on fair value remeasurement was recognized of $ million through June 30, 2025.

F-42 PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) Note 5 — Debt(cont.)

Senior Notes

January – March 2024 Senior Notes — During the months January through March 2024, the Company issued additional Senior Notes
to investors with the principal amount of $ million on substantially the same terms as the Senior Notes issued in 2022 (as amended
in November 2022).

April – June 2024 Senior Notes — During the months