Company: PFSA
Filing Date: 2025-04-03
Form Type: CORRESP
Source: 0001213900-25-028546
Chunk: 13

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: CORRESP
Chunk 13
---
 accounted for as a transaction expense, payable in cash.

Gain on PPP Loan Forgiveness, page 259

| 21. | We note your disclosure that management intends to apply for PPP Loan 2 forgiveness in 2024. Please                
 revise to clarify whether NorthView management applied and received forgiveness for its PPP Loan 2, as applicable. |

: The Co-Registrants
acknowledge the Staff’s comment and note that neither NorthView management nor Profusa management has applied for the Profusa PPP
Loan 2 in 2024 or through the date of this filing. Profusa management intends to apply for forgiveness for Profusa’s PPP loan subsequent
to the closing of this transaction. We have revised the disclosure on page 260 of the Amendment.

Notes to the Unaudited Condensed Consolidated Financial Statements Note 5 - Convertible Promissory Note - Related Party, page F-20

| 22. | We note that on May 31, 2024, the Company entered into a second amendment of its Convertible Working                                          
 Capital Promissory Note with the sponsor to increase the principal amount of the Note that could be drawn on to $ 2.5 million. The second     
 amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company   
 common stock at a price of $2.22 per share at the election of the sponsor. With reference the original terms and amended terms of the         
 Note, as well as the authoritative literature you relied on, please tell us how you accounted for this amendment. In addition, in light       
 of (i) the $2.22 per share conversion option, (ii) the current trading price of the Northview shares and (iii) the $10 per share deemed       
 fair value of the Profusa common stock, please explain how the Company determined that the $1.9 million principal outstanding as of September 
 30, 2024 had a $1,591,380 fair value as of that date.                                                                                         |

: The Co-Registrants
acknowledge the Staff’s comment and note that the financial instrument is accounted for using the fair value option under ASC 825
for the original terms and the amended terms of the Note. To arrive at the conclusion of the fair value, NorthView utilized a Monte Carlo
model that values the compound option within the convertible debt; utilized a Black Scholes Model that values the conversion feature
upon the debt modification terms;