Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 471

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 471
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 to executive management, finance, legal, human resource functions, and business development, contractor and professional services fees, audit and compliance expenses, insurance costs and general corporate expenses, including allocated facility -relatedexpenses and information technology costs. Loss on Change in the Fair Value of Tasly Convertible Debt We elected to apply fair value option to account for the convertible loans issued between June 2023 and February 2024 (the “Tasly Convertible Debt”), under which none of the embedded conversion or redemption features were bifurcated and separately accounted for. Rather, the Tasly Convertible Debt in its entirety was recorded at fair value at inception and is subject to remeasurement to fair value at each balance sheet date, with the change in fair value reflected in the statements of operations. Gain on PPP Loan Forgiveness On April 16, 2020 and May 25, 2021, we borrowed $1.2 million (the “PPP Loan 1”) and $1.3 million (the “PPP Loan 2”), respectively, as a Paycheck Protection Program loan (together the “PPP Loans”). 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 Loans is 1%. The 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 after Closing. PPP Loan 2 is currently in default due to non -payment, and is classified as a current liability on the balance sheet. 267

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 -termsublease of a portion of our facilities. Results of Operations Comparison of the Years Ended December 31, 2024 and 2023. The following table sets forth our operating results for the periods indicated (in thousands):

| 2024                                                                     |     | Year Ended   
 December 31, |        | 2023 |     |   |         |   |     | Change |        | % |     |      |