Company: PFSA
Filing Date: 2025-08-29
Form Type: S-1
Source: 0001213900-25-082672
Chunk: 284

Company: Profusa, Inc.
Filing Date: 2025-08-29
Form: S-1
Chunk 284
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 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 monthly payments of principal and interest starting from the end of the Covered Period until May 25, 2026. Interest on the loan continues to accumulate during any deferment period. As of June 30, 2025, the Company has not applied for forgiveness under PPP Loan 2.

As of December 31, 2024 and June 30, 2025, the Company was in default on PPP Loan 2 due to non-payment of minimal repayment amounts required by the terms of PPP Loan 2. Accordingly, the Company classified the entire amount outstanding under PPP Loan 2 as current and accrued respective late penalties for the total amount of less than $ million as of June 30, 2025 and December 31, 2024, respectively. The total past due amount of PPP Loan 2 repayments as of June 30, 2025 and December 31, 2024 was $ million and $ million, respectively.

As of June 30, 2025, the contractual future minimum payments for the PPP Loan 2 were as follows (in thousands):

| Year Ending December 31, 
 2025 (remainder)         |     | Amount | 1,245 |