Company: PFSA
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079829
Chunk: 307

Company: Profusa, Inc.
Filing Date: 2025-08-22
Form: S-1/A
Chunk 307
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 | 19,533 |   |     | $           | 2,543 |   |     | $      | 27,895 |   |

These notes were converted into New Profusa common stock upon the successful closing of the merger on July 11, 2025; see subsequent events (Note 14).

Promissory Notes

In a series of transactions during 2010 and 2011 two of the Company’s founders provided $ million to the Company to fund general corporate purposes in exchange for promissory notes. The notes accrue interest annually at a simple interest rate of % with no set maturity date.

During the year ended December 31, 2022, the Company borrowed $ million from two of its founders at zero interest rate to finance its short-term operations, from which $ million was repaid in the same period.

During the year ended December 31, 2023, the Company borrowed short-term promissory notes of $ million from an existing investor and additional $ million from an unrelated party repayable on demand at any time after December 31, 2023, with annual interest rate of %.

During the three and six months ended June 30, 2025 and 2024, the Company did not make any repayments from the outstanding balance of the promissory notes.

As of June 30, 2025 and December 31, 2024, accrued and unpaid interest on the promissory notes was $ million and $ million, respectively. Interest expense on the promissory notes was less than $ million for each of the three and six months ended June 30, 2025 and 2024. The carrying value of the promissory notes as of June 30, 2025 and December 31, 2024 was $ million and $ million, respectively.

Paycheck Protection Program

On May 25, 2021, the Company borrowed $ million (the “PPP Loan 2”) as a Paycheck Protection Program loan. The Paycheck Protection Program, established as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, provides for loans to qualifying businesses and is administered by the U.S. Small Business Administration (the “SBA”). The annual interest rate of the PPP Loan 2 is %.

Under the terms of PPP Loan2, if the Company does not submit forgiveness application within weeks the initial disbursement of the loan (the “Covered Period”), the Company must begin to make equal