| Schedule of Changes in Debt Instruments |
The
following table sets forth a summary of the debt instruments and their changes during the nine months ended September 30, 2025 and 2024
(in thousands):
| | | Convertible
Notes | | | Loan Payable -
Related Party | | | Tasly Convertible
Debt - Related
Party | | | Convertible
promissory
note - related
party | | | Senior
Notes | | | Promissory
Notes | | | PPP Loan | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at January 1, 2025 | | $ | 18,419 | | | $ | — | | | $ | 2,234 | | | | — | | | $ | 25,268 | | | | 910 | | | $ | 1,376 | | | Issuance of debt | | | — | | | | 11,000 | | | | — | | | | — | | | | 1,350 | | | | 100 | | | | — | | | Debt repayments | | | — | | | | (610 | ) | | | — | | | | — | | | | (443 | ) | | | — | | | | — | | | Change in fair value | | | — | | | | 71 | | | | (27 | ) | | | (242 | ) | | | — | | | | — | | | | — | | | Conversion of debt to equity | | | (19,612 | ) | | | — | | | | — | | | | — | | | | (27,279 | ) | | | — | | | | | | | Debt assumed in connection with reverse recapitalization | | | — | | | | 3,898 | | | | — | | | | 2,162 | | | | — | | | | — | | | | — | | | Stated interest | | | 1,193 | | | | — | | | | — | | | | — | | | | 1,258 | | | | 35 | | | | 10 | | | Balance at September 30, 2025 | | | (0 | ) | | | 14,359 | | | | 2,207 | | | | 1,920 | | | | 154 | | | | 1,045 | | | | 1,386 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less: Current portion | | | — | | | | — | | | | 2,207 | | | | 1,920 | | | | 154 | | | | 1,045 | | | | 1,386 | | | Long term debt | | $ | (0 | ) | | $ | 14,359 | | | $ | — | | | $ | — | | | $ | — | | | | — | | | | — | | | Accounting basis | | | Effective interest method | | | | Fair value option | | | | Fair value option | | | | Fair value option | | | | Effective interest method | | | | Simple interest method | | | | Compounding Interest | | | Interest rate | | | 12 | | | | 10 | | | | 24 | | | | — | | | | 0-12 | | | | 0-12 | | | | 1 | | | Conversion price(s) per share 1 | | $ | 525.00 | | | | various | | | $ | 37.50 | | | | — | | | $ | 37.50, 166.50, and 300.00 | | | | — | | | | — | | | Maturity | | | 7/11/2025 | | | | 1/11/2027 | | | | 7/11/2025 | | | | 1/11/2026 | | | | 7/11/2025 | | | | 7/11/2025 | | | | 5/25/2026 | |
| | |
Convertible
Notes | | |
Tasly
Convertible
Debt - Related
Party at
fair value | | |
Senior
Convertible
Notes | | |
Promissory
Notes | | |
PPP
Loan | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance
at January 1, 2024 | |
$ | 16,316 | | |
$ | 1,714 | | |
$ | 20,155 | | |
$ | 849 | | |
$ | 1,362 | |
| Issuance of debt | |
| — | | |
| 16 | | |
| 2,110 | | |
| — | | |
| — | |
| Debt
repayments | |
| — | | |
| — | | |
| (150 | ) | |
| — | | |
| — | |
| Change
in fair value | |
| — | | |
| 427 | | |
| — | | |
| — | | |
| — | |
| Stated
interest | |
| 993 | | |
| — | | |
| 1,521 | | |
| 46 | | |
| 10 | |
| Amortization
of debt discount and issuance costs | |
| 2 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Balance
at September 30, 2024 | |
| 17,311 | | |
| 2,157 | | |
| 23,636 | | |
| 895 | | |
| 1,372 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Less:
Current portion | |
| 17,311 | | |
| 2,157 | | |
| 23,636 | | |
| 895 | | |
| 1,372 | |
| Long
term debt | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
|
The
following table sets forth a summary of the debt instruments (which are all classified as current liabilities in the accompanying consolidated
balance sheets and their changes during the years ended December 31, 2024 and 2023 (in thousands):
| | |
Convertible
Notes | | |
Tasly
Convertible
Debt | | |
Senior
Notes | | |
Promissory
Notes | | |
PPP
Loan | |
| Balance
at January 1, 2023 | |
$ | 13,981 | | |
$ | — | | |
$ | 15,149 | | |
$ | 576 | | |
$ | 1,326 | |
| Issuance of debt | |
| — | | |
| 1,600 | | |
| 3,235 | | |
| 375 | | |
| — | |
| Debt
repayments | |
| — | | |
| — | | |
| — | | |
| (151 | ) | |
| — | |
| Change
in fair value | |
| — | | |
| 22 | | |
| — | | |
| — | | |
| — | |
| Stated
interest | |
| 1,820 | | |
| 92 | | |
| 1,771 | | |
| 49 | | |
| 36 | |
| Amortization
of debt discount and issuance costs | |
| 515 | | |
| — | | |
| (0 | ) | |
| — | | |
| — | |
| Balance
at December 31, 2023 | |
| 16,316 | | |
| 1,714 | | |
| 20,155 | | |
| 849 | | |
| 1,362 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance
at January 1, 2024 | |
$ | 16,316 | | |
$ | 1,714 | | |
$ | 20,155 | | |
$ | 849 | | |
$ | 1,362 | |
| Issuance of debt | |
| — | | |
| 16 | | |
| 3,210 | | |
| — | | |
| — | |
| Debt
repayments | |
| — | | |
| — | | |
| (150 | ) | |
| — | | |
| — | |
| Change
in fair value | |
| — | | |
| 311 | | |
| — | | |
| — | | |
| — | |
| Stated
interest | |
| 2,057 | | |
| 193 | | |
| 2,053 | | |
| 61 | | |
| 14 | |
| Amortization
of debt discount and issuance costs | |
| 46 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Balance
at December 31, 2024 | |
$ | 18,419 | | |
$ | 2,234 | | |
$ | 25,268 | | |
$ | 910 | | |
$ | 1,376 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Less:
Current portion | |
| 18,419 | | |
| 2,234 | | |
| 25,268 | | |
| 910 | | |
| 1,376 | |
| Long
term debt | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
|
| Schedule of Future Minimum Payments for the Convertible Notes Payable |
|
As
of December 31, 2024, future minimum payments for the convertible notes payable were as follows (in thousands):
| | |
Convertible
Notes | | |
Tasly
Convertible
Debt | | |
Senior
Notes | |
| Total
future principal payments | |
$ | 19,533 | | |
$ | 1,998 | | |
$ | 24,396 | |
| Add:
fair value remeasurement | |
| — | | |
| 333 | | |
| — | |
| Add
(less): unamortized debt (premium) discount | |
| (2 | ) | |
| — | | |
| 2,055 | |
| Less:
interest | |
| (1,112 | ) | |
| (97 | ) | |
| (1,183 | ) |
| Total
convertible notes payable | |
$ | 18,419 | | |
$ | 2,234 | | |
$ | 25,268 | |
|
| Schedule of Contractual Future Minimum Payments for the PPP Loan |
As
of September 30, 2025, the contractual future minimum payments for the PPP Loan 2 were as follows (in thousands):
| Year
Ending December 31, | |
Amount | |
| | |
| |
| 2025 | |
$ | 1,241 | |
| 2026 | |
| 145 | |
| Total | |
$ | 1,386 | |
|
As
of December 31, 2024, the contractual future minimum payments for the PPP Loan 2 were as follows (in thousands):
| Year
Ending December 31, | |
Amount | |
| 2025 | |
| 1,231 | |
| 2026 | |
| 145 | |
| Total | |
$ | 1,376 | |
|