Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 290

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 290
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, are expected to cost in terms of traveling expenses for marketing personnel, the commission of marketing related instruments such as pharmacoeconomic white papers or studies, and advertising. •Capital expenditures will decrease heavily in 2024 after Profusa prioritizes operating expenses such clinical trials and initial sales and marketing. Any required overhaul of production machinery of instruments, as well as lab space may take place in 2023, so as not to conflict with intensified clinical activity in the United States 2024. The bulk of such overhaul will already have taken place in 2022 with new large -scaleproduction equipment already having been purchased then, and in previous years. A second overhaul with potential acquisition of a new European production or business site will take place in 2025, commensurate with the launch of Lumee Glucose. Generally, the nature of the production process of components of Profusa products does not require capital expenses of a consistent or comparable level on an annualized basis. A further factor affecting EBITDA (due to increased CAPEX) has to do with Profusa ongoing need to enter contract manufacturing with vendors for the production of certain components of both Lumee Oxygen and Lumee Glucose. The projections assume certain costs as part of these agreements, which may materially shift for multiple reasons including but not limited to the competitive landscape of the vendor’s business, the cost of raw materials for the vendor, legal changes in contract manufacturing practices worldwide or also changes in regulatory requirements for the finished product. The projections reflect the assumption that a significant increase in net cash flow will occur in 2028, as there is a major turning point in revenue, with a significant decrease in COGS as a % of revenue, due to an envisioned second optimization in production processes. 145

Updated Projections In the fourth quarter of 2024, Profusa management determined that, due to delays in consummating the Business Combination and raising additional capital that would be needed to support growth initiatives, the Initial Projections no longer reflected Profusa management’s view on the future performance of Profusa for the initial years of the forecasted period. In connection with this determination, Profusa management presented NorthView with the Updated Projections for the years 2025 to 2034, which Profusa believed to reflect a sufficient amount of time for Profusa’s and NorthView’s revised expectations for when the Business Combination would be consummated.

| $ in millions               |     |  2025E |   |     | 2026E |   |