Company: PFSA
Filing Date: 2025-08-11
Form Type: S-1
Source: 0001213900-25-073872
Chunk: 302

Company: Profusa, Inc.
Filing Date: 2025-08-11
Form: S-1
Chunk 302
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There were no new options granted or exercised during the three months ended March 31, 2025 or 2024. Intrinsic values are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise.

The total fair value of options vested for the three months ended March 31, 2025 and 2024 was less than $ million.

As of March 31, 2025 and 2024, the total unrecognized stock-based compensation expense for stock options was less than $ million which is expected to be recognized over a weighted-average period of years for the three months ended March 2025, and years for the 3 months ended March 31, 2024. The Company estimates the fair value of stock options using the Black Scholes option-pricing model. The fair value of stock options is being recognized on a straight-line basis over the requisite service period of the awards.

Nonrecourse Promissory Notes to Early Exercise Stock Options

In 2018, one of the Company’s executives early exercised of his stock options by issuing a promissory note to the Company. As the promissory note is nonrecourse this exercise of stock options with a promissory note is not considered a substantive exercise for accounting purposes. Therefore, no receivable for the promissory note was recorded on the Company’s balance sheet. This arrangement was accounted for as modifications to the original stock options which were exercised by issuing a promissory note. Such modification did not result in additional stock-based compensation expense. As of March 31, 2025, these options were fully vested.

Stock-Based Compensation Expense by Function

The following table is a summary of stock compensation expense by function recognized for the three months ended March 31, 2025 and 2024 (in thousands):

|                          |     | Three months ended 
 March 31,          | 2025 |     |   | 2024 |
|:-------------------------|:----|:-------------------|-----:|:----|:--|-----:|
| General Administrative   |     | $                  |    2 |     | $ |    2 |
| Research and development |     |                    |    3 |     |   |    3 |
|                          |     | $                  |    5 |     | $ |