Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 158

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 158
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 2025 
    $287  
    $23  
    $311 

Convertible notes payable, related party

The Tasly Convertible note and the Convertible Promissory Note
– Related Party (collectively “Related Party Convertible Debt Payable”) were valued using a Probability Weighted Expected
Return Model to fair value the convertible note. The intrinsic conversion value as of September 30, 2025 is zero and the note has matured
and is payable at the principal amounts plus accrued interest.  Therefore, the fair value of the note is the face amount of the debt.

18

The following table provides a summary of the changes in the fair value
of the Company’s Level 3 Related Party Convertible Debt Payable for the three and nine months ended September 30, 2025 and 2024
(in thousands):

    Related Party Convertible Debt Payable, at Fair Value 
  
    Fair value as of January 1, 2025 
    $2,234 
  
    Loss on change in the fair value of related party convertible debt 
     156 
  
    Fair value as of March 31, 2025 
     2,390 
  
    Loss on change in the fair value of related party convertible debt 
     153 
  
    Fair value as of June 30, 2025 
     2,543 
  
    Assumption of related party convertible note upon closing of the Business Combination 
     2,162 
  
    Gain on change in the fair value of related party convertible debt 
     (578)
  
    Fair value as of September 30, 2025 
    $4,127 

    Related Party Convertible Debt Payable, at Fair Value 
  
    Fair value as of January 1, 2024 
    $1,714 
  
    Issuance of Tasly Convertible Notes 
     16 
  
    Loss on change in the fair value of related party convertible debt 
     44 
  
    Fair value as of March 31, 2024 
     1,774 
  
    Loss on change in the fair value of related party convertible debt 
     64 
  
    Fair value as of June 30, 2024 
     1,838 
  
    Loss on change in the fair value of related party convertible debt 
     320 
  
    Fair value as of September 30, 2024