Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 305

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 305
---
 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. 150

•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 |        |     | 2026E |        |     | 2027E |        |     | 2028E |        |     | 2029E |          |     | 2030E |          |     | 2031E |          |     | 2032E |          |
|:--------------------------|:----|:------|-----:|:----|:------|-----:|:----|:------|------:|:----|:------|-------:|:----|:------|-------:|:----|:------|-------:|:----|:------|-------:|:----|:------|---------:|:----|:------|---------:|:----|:------|---------:|:----|:------|---------:|
| Initial Projections       |     | $     | 3.48 |