Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 301

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 301
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) expense estimates are based on historical data, business and economic data, and management’s experience. G&A data was derived using actual expense, quotes from professional service firms and estimates for lab and lease expansion. Interest Expense Assumption •The Interest expense estimates in the forecast model only calculated the assumed carrying cost of inventory and accounts payable beyond 30 days at an annual rate of 8%. This estimate did not include cost of interest related to capital equipment or any other types of loans, as there were no plans to acquire such loans at the time the projections were prepared. Income Tax Assumptions •Income tax estimates are based on pre -taxnet income multiplied by an effective tax rate of 18%. Capital Expenditure Assumption •The assumption of no capital expenditure is based on Profusa’s plan to engage in contract manufacturing, which does not require more than a de minimis amount of capital investment. The projected revenue for the Updated Projections was based upon the same assumptions as the Initial Projections, with the following exceptions: •The Updated Projections assume that the Business Combination occurs late in the first quarter or early in the second quarter of 2025, with the resulting cash proceeds being received at that time. Because the Initial Projections assumed that the Business Combination would occur, and resulting cash proceeds would be received, in the first quarter of 2023, the Updated Projections generally assume that key milestones, such revenue growth from Lumee Oxygen and revenue from Lumee Glucose occur two to three quarters later than assumed in the Initial Projections. 151

•The Updated Projections extended the forecast through the year 2034 in order to reflect a ramp -downin the revenue growth, down to a growth rate of approximately 5.0% in 2034 and 2.5% in the terminal period. This ramp -downapproach is similar to the approach applied by Marshall & Stevens when analyzing the Initial Projections and preparing their fairness opinion. The expected long term growth rate of 2.5% in the terminal period is consistent with the Initial Projections. The table below presents a comparison of the projected revenue for the Initial Projections, the Projections as of 3 rdquarter of 2023 and Updated Projections as of this submission, which align with our prior submission:

| (Revenue in millions) (1) |     | 2022E |      |     | 2023E |      |     | 2024E |       |     | 2025E |        |