Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 315

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 315
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 | $                        | 102,395,042 |   | $          | 236,100,687 |   |
| $                        | 264,100,000 |   |            |             |   |     | $                        | 338,500,000 |   |            |             |   |

The overall range of enterprise value for the transaction approach was $264,100,000 to $338,500,000. The indication of enterprise value for Profusa using the guideline transaction method was estimated to be between approximately $264,100,000 to $338,500,000. Reconciled Conclusion of Value Marshall & Stevens considered the discounted cash flow method, the guideline public company method and the guideline transaction method. A 50.0% weighting was placed on the discounted cash flow method given the detailed forecast provided by Profusa management. A 25.0% weighting was placed on the guideline public company method due to the discrepancies in financial size, growth potential, service offerings between the guideline companies and Profusa. A 25.0% weighting was placed on the guideline transaction method given the lack of available data on the transactions cited. Marshall & Stevens concluded to a final enterprise value range of approximately $259,950,000 to $330,550,000. Estimated Fair Value of the Earnout and Total Consideration Because the transaction consideration includes a contingent earnout, Marshall & Stevens performed an analysis of such earnout to compute its fair value as of the valuation date for purposes of determining total consideration paid. Such analysis uses a probability -basedMonte Carlo simulation approach to determine the expected fair value of the Milestone Event I through IV shares (each, a “Milestone Event”), each of which have the potential of 968,750shares for a total maximum of 3,875,000 earnout shares. The earnout shares will be granted based upon certain trigger points and as stated in the Merger Agreement. Based on 10,000 simulation trials, Milestone Event I shares were achieved in 25.0% of the trials, Milestone Event II shares were achieved in 29.7% of the trials, Milestone Event III shares were achieved in 4.4% of the trials and Milestone Event IV shares were achieved in 13.6% of the trials. The values assigned to the shares were estimated based upon the simulated share price simulation and using the prices when achieved. Based upon this method, Marshall & Stevens estimated the fair value of the earnout to be approximately