Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 303

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 303
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 |   |     |             |    1.3x |   |     |             |   2.1x |    |     |              |     6.5x | * |     |             |     7.5x | * |     |               |      3.2x |   |     |                |  11.6x | *  |     |            |    2.5x |    |     |               |     5.8x | * |     |    2.5x |     |    2.5x |
| Calendar Year Ending December 31, 2024         |     |               |      3.4x |   |     |             |    1.2x |   |     |             |   1.4x |    |     |              |     5.7x | * |     |             |     6.7x | * |     |               |      3.2x |   |     |                |   8.8x | *  |     |            |    2.2x |    |     |               |     5.5x | * |     |    2.2x |     |    2.2x |

____________ *Excluded from the median indications as they were determined to be outliers as compared to the collective group

149

Marshall & Stevens reviewed, among other things, the Guideline Companies’ enterprise value as a multiple of revenue for the years ending December 31, 2022, December 31, 2023, and December 31, 2024 forecast for each Guideline Company. The size adjusted multiples (excluding the outliers) of enterprise value to revenue for the Guideline Companies ranged from 1.2x to 3.6x. The multiples were size adjusted based on a comparison to the respective deciles, and the respective equity risk premium, to which each Guideline Company was classified compared to the 10 thdecile utilized for Profusa. The median value multiples selected were based upon the median multiple, the low value was based on the 25 thpercentile multiple. Given the expected growth profile of Profusa, the years ending December 31, 2024 and December 31, 2025 forecasted value indications were weighted equally to arrive at the final range of value. The selected multiples were as follows:

| 25th