Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 257

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 257
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 financial projections would, as a consequence and in Northview’s view, be far less indicative of future operating results and Profusa’s current value than the financial projections of any mature operating company. The following were the key criteria evaluated and considered by NorthView’s management: •Profusa has been in existence for nearly ten years and raised a combination of equity and grant funding totaling nearly $100 million in aggregate. 124 •Several of Profusa’s investors were and are sophisticated venture investors who had invested in 2019 at a post -moneyvaluation of $145 million. •Subsequent to the investment made by sophisticated venture investors in 2019, Profusa had obtained the European regulatory approval of the Lumee Oxygen product and made significant progress toward obtaining FDA approval in the U.S. •With the advice of NorthView’s advisors, NorthView’s board determined that a valuation of $155 million was reasonable at the time 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