Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 9

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Item: Item 2.03
Chunk 9
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 PPP Loans are eligible for
forgiveness, provided the borrower has met the respective forgiveness requirements, has timely submitted an application for forgiveness
and the forgiveness has been granted by the SBA. PPP Loan 1 has been approved for loan forgiveness, and management intends to apply for
PPP Loan 2 forgiveness in 2025. PPP Loan 2 is currently in default due to non-payment, and is classified as a current liability on the
balance sheet.

Interest Expense

Interest expense consists
primarily of the interest on our convertible notes, senior notes, Tasly convertible debt, and PPP Loans.

Other Income

Other income consists primarily
of income earned from sale of equipment and a short-term sublease of a portion of our facilities.

Results of Operations

Results of Operations

Comparison of the Three Months Ended March 31, 2025 to
the Three Months Ended March 31, 2024

The following table sets forth
our unaudited condensed consolidated statements of operations and comprehensive loss for the interim periods indicated (in thousands):

                                                                                       Three Months Ended                                        Change                        
                                                                                       March 31,                                                                               
                                                                                       2025                                2024                  $                             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                                                                                           —      $             25      $            (25        (100  
  Operating expenses:                                                                                                                                                          
  Research and development                                                             $                          434      $            506      $            (72         (14  
  General and administrative                                                                                      990                   833                   157          19  
  Total operating expenses                                                                                      1,424                 1,339                    85           6  
  Loss from operations                                                                                         (1,424                (1,314                  (110           8  
  Other income (expense)                                                                                                                                                       
  Gain (loss) on change in the fair value of related party Tasly convertible debt                                 (61                     4                   (65      (1,625  
  Interest expense                                                                                             (1,230                (1,080                  (150          14  
  Other income (expense)                                                                                           (1                     5                    (6        (120  
  Total other expense, net                                                                                     (1,292                (1,071                  (221          21  
  Net loss                                                                             $                       (2,716      $         (2,385      $           (331          14  

Research and Development -