Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 293

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 293
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 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. 144

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 |   |     | 2027E |     |  2028E |     |  2029E |     |  2030E |     |    2031E |   |     |    2032E |   |     |    2033E |     |    2034E |
| Revenue                     |     |   0.00 |   |     | 11.86 |   |     | 99.70 |     | 271.18 |     | 485.19 |     | 785.00 |     | 1,063.72 |   |     | 1,258.48 |   |     | 1,373.98 |     | 1,442.68 |
| Cost of Goods Sold          |     |   0.00 |   |     |  5.