Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 33

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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of the unpaid principal balance of this Note into warrants, at a price of $1.00 per warrant. On January 10, 2024, the Company’s
Board of Directors approved, and the Company amended the Note to increase the principal amount of the Note that could be drawn on to
$1.5 million. The amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be
repaid in shares of Company common stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s
Board of Directors approved and the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the
sponsor to increase the principal amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note
also allows for the conversion of the outstanding principal balance of the Note 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 June 30, 2025 and December 31, 2024, the Company had principal outstanding
of $1,919,796 and is presenting the Note at fair value on its balance sheet at June 30, 2025 and December 31, 2024 in the amount of $10,288,111
and $8,908,052, respectively. The Company has deferred the repayment of the Note to six months after the Closing.

Securities Purchase Agreement

On February 11, 2025, in a private transaction,
the Company entered into a securities purchase agreement (the “SPA”) with an institutional investor (the “Investor”).
Pursuant to the SPA, the Investor is expected, subject to the conditions relating to such purchase set forth in the SPA, to purchase
from the Company’s senior secured convertible promissory notes (“Ascent Note”) in an aggregate principal amount of
up to $22,222,222 for a purchase price of up to $20,000,000, after a 10% original issue discount (“OID”). As of June 30,
2025 and December 31, 2024, the Company is presenting the Ascent Note at fair value on its balance sheet at June 30, 2025 and December
31, 2024 in the amount of $193,878 and $0, respectively (