Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 176

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 176
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 the Tasly Convertible Loan was $0.1 million
during the six months ended June 30, 2025. The loss during the six months ended June 30, 2025 was driven by the remeasurement
of the Tasly Convertible Loans.

Interest Expense— Interest
expense increased by $0.4 million, or 17%, to $2.5 million during the six months ended June 30, 2025 from $2.1 million
during the six months ended June 30, 2024. The increase was primarily due to the $3.5 million in additional senior notes
that have been issued.

Other Income— Other
income decreased by less than $0.1 million during the six months ended June 30, 2025.

Liquidity and Capital Resources

Sources of Liquidity

We incurred net losses and
negative operating cash flows from operations since inception, and we expect to continue to incur losses and negative operating cash flows
for the foreseeable future until we successfully commence sustainable commercial operations. To date, we have funded our operations primarily
with proceeds from the issuance of convertible preferred stock, junior and senior convertible notes, PPP Loans available to us under the
Paycheck Protection Program and promissory notes. From inception through June 30, 2025, we raised gross proceeds of $98.0 million
from the issuances of convertible preferred stock and convertible notes and loans, received $2.5 million from PPP Loans and received
$0.9 million from issuance of promissory notes. As of June 30, 2025, we had cash and cash equivalents of $0.1 million.

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Our junior convertible notes
bear interest at 12% per annum and, as of June 30, 2025, their then outstanding principal and accrued but unpaid interest automatically
converted into common shares of New Profusa at $7.00 per share upon consummation of the Merger transaction. In addition, upon consummation
of the Merger, all junior noteholders have a right to receive additional shares upon achievement by New Profusa of certain share price
and sales milestones (the earnout shares). We refer you to Footnote 14, Subsequent Events, 14 for the conversion of these notes as of
the closing of the Merger on July 11, 2025.

We commenced issuance of our
senior convertible notes in April 2021