Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 252

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 252
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 based on: •Profusa’s most recent valuation of $145 million; •recent progress and expectation of Profusa’s Oxygen and Glucose monitoring systems with respect to regulatory approval in Europe and the United States, including providing proof of concept and near -termgovernment grant revenue potential through positive results of the Lumee Glucose product feasibility study in 54 subjects, which in NorthView’s judgement substantially enhanced the value of Profusa subsequent to the last round of financing; and •discussions regarding the potential government grant revenue and profit expectations based on such regulatory approvals. •After finalizing the LOI and valuation of $155 million on June10, 2022, on June24, 2022, at the request of Profusa, a representative of HCW delivered Profusa’s projections to NorthView which were prepared by Profusa’s management. The financial projections were prepared solely by Profusa’s management. The financial projections were used by NorthView to evaluate an initial valuation and determine preliminary revenue earn -outtargets. Preliminary revenue earn -outtargets were based on Profusa’s fiscal 2023 and 2024 revenue projections of $16 million and $90 million, respectively, which were subsequently revised as described below. These projections were based on the same assumptions as the Initial Projections, as further described in the section titled “ The Business Combination Proposal — Opinion of Marshall & Stevens — Initial Financial Projections”, except for differences in the expected timing of the receipt of proceeds in connection the Business Combination that would be needed to support growth initiatives, as were subsequently reviewed as described below. As was the case with respect to the initial financial projections, the management and board of NorthView relied less on the financial projections than the qualitative criteria discussed above for the reasons set forth at the beginning of this discussion, in pursuing the Business Combination. •On July20, 2022, Profusa provided revised financial projections, as well as a summary of management’s plan to accomplish such projections. NorthView’s management and board determined that the assumptions underlying the projections and management’s plan to accomplish such projections were reasonable after detailed review. The financial projections were provided to Marshall & Stevens, who in a report dated July20, 2022 determined that the range of implied value of Profusa, as of June20, 2022 was between $274 million and $399 million based upon the assumptions inherent in the projections and plan. Preliminary revenue earn -outtargets were based on Profusa’s fiscal 2023 and 2024 revenue projections of $5 million and