Profusa, Inc.

Profusa operates with a severely distressed capital structure, reporting negative total equity of $-28.2 million against total liabilities of $29.1 million and total assets of only $0.9 million. The current ratio stands at 0.02, indicating that current liabilities vastly exceed current assets, while the debt-to-equity ratio is -0.01 due to the negative equity base. Cash and equivalents are minimal at $0.4 million, insufficient to cover short-term debt of $0.2 million without immediate financing. The company generated negative operating cash flow of $-2.6 million and negative free cash flow of $-2.6 million in Q1 2026, reflecting a cash-burn model reliant on external capital.

Profitability metrics are deeply negative, with a net income loss of $-3.5 million and an operating income loss of $-4.0 million. Return on assets is -4.01, and return on equity is reported as 0.12, a figure that is mathematically distorted by the negative equity denominator and does not reflect sustainable profitability. The EV/EBITDA ratio is negligible at -0.004, driven by the tiny market cap of $0.2 million relative to the company's operational scale. These figures indicate a pre-revenue or early-stage development phase with no current earnings power.

The company’s business focus is on medical technology, specifically the Lumee™ Oxygen Platform for monitoring tissue oxygen levels and the Lumee™ Glucose Platform for continuous glucose monitoring. These segments represent the core of the company’s R&D efforts, targeting applications such as peripheral artery disease, chronic wounds, and diabetes management. There is no disclosed geographic revenue mix, as the company appears to be in the pre-commercial or early commercialization stage for these devices.

Growth trajectory is characterized by increasing losses, with net loss rising from $-2.7 million in Q1 2025 to $-3.5 million in Q1 2026. Operating cash flow usage also increased significantly, from $-0.5 million to $-2.6 million year-over-year. The company has not reported positive revenue growth in the provided data, and the historical periods table is absent, limiting trend analysis to the single quarter comparison. The burn rate suggests a rapid depletion of resources without corresponding revenue generation.

Risk factors are elevated, with high liquidity risk and medium dilution risk flagged. Key concerns include current liabilities exceeding current assets, filings referencing going-concern or substantial-doubt language, and source documents mentioning dilution or offering risk. The company’s reliance on convertible notes and equity issuances to fund operations creates significant pressure on existing shareholders. The negative equity position further exacerbates the risk of insolvency if financing is not secured.

Recent events include an 8-K filing with material items 3.03 and 5.03, indicating changes in securities or other material corporate actions. The filing also references the company’s going-concern status and significant risks. News observations highlight the medium severity of these filings, suggesting ongoing regulatory and financial scrutiny. The company’s disclosures emphasize the competitive landscape in CGM and oxygen monitoring, noting the presence of large companies and many other attempts to provide alternative solutions.

Profusa, Inc. (PFSA) has recorded a notable addition to its shareholder base, with a new investor acquiring 422,574 shares as of December 31, 2025. This transaction, detected on June 28, 2026, represents a significant shift in ownership structure for the company, marking the first material change identified in this analysis. The new holding carries a reported value of $0.044 million, reflecting the current market valuation of the stake. This acquisition underscores the evolving interest in Profusa, a company that currently maintains a lean corporate structure with no reported officers or analyst coverage. The absence of analyst ratings and index memberships suggests that PFSA remains a niche or emerging entity in the broader market, where institutional scrutiny is limited. Consequently, individual or specialized investor moves, such as this new position, carry disproportionate weight in signaling market sentiment. The significance of this holder change is amplified by the fact that Profusa has only five top holders, making each new entry a material event for the company's ownership landscape. With no prior basis for delta computation in this initial analysis, the addition of this investor serves as a baseline for future tracking of capital flows. The specific weight of the position, while numerically small in percentage terms, highlights the concentrated nature of the shareholder base. For investors monitoring PFSA, this development indicates active engagement from at least one new participant, potentially signaling confidence in the company's trajectory despite the lack of broader market coverage. The data, sourced from recent filings and company facts, provides a clear snapshot of the current ownership dynamics. As Profusa continues to operate without the visibility of index inclusion or analyst reports, such holder changes remain critical indicators of underlying interest and potential future liquidity.

The company maintains a negligible debt-to-equity ratio of -0.01, indicating minimal leverage risk.

Net income improved by 74.2% year-over-year in FY2025, showing a positive earnings trajectory.

Profusa faces high liquidity risk with a critically low current ratio of just 0.0046.

The company reported negative book value of -$28.2 million, indicating substantial accumulated losses.

Return on assets is deeply negative at -4.01%, reflecting poor asset utilization efficiency.

Operating income -$4.0M.

• ▍Operating income -$4.0M

Operating income -$24.1M.

• ▍Operating income -$24.1M

Operating income -$1.6M.

• ▍Operating income -$1.6M

Operating income -$27.7M.

• ▍Operating income -$27.7M

Revenue $100.0k; Operating income -$4.5M.

• ▍Revenue $100.0k
• ▍Operating income -$4.5M
• ▍Net margin -9230.0%

Operating income -$1.4M.

• ▍Operating income -$1.4M

Operating income -$1.5M.

• ▍Operating income -$1.5M

Operating income -$1.5M.

• ▍Operating income -$1.5M