Detailed financial statements for Profusa, Inc. Common Stock (PFSA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Profusa, Inc., a digital health technology company, develops bioengineered sensors for body to detect and continuously transmit clinical-grade data for personal and medical use in the United States. It offers the Lumee Oxygen Platform to monitor compromised tissue for peripheral artery disease, chronic wounds, and reconstructive surgery. The company researches and develops the Lumee Glucose Platform which is designed to monitor glucose levels in interstitial fluid.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.78, PFSA has negative trailing earnings (P/E not meaningful) and an ROE of 134.38%. Market capitalisation stands at $2M.
Balance sheet quality for PFSA: current ratio of 0.2, net debt of $13.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $7.7M | $4.2M | $2.0M | $1.6M | $2.8M |
| Selling, General & Admin | $4.8M | $5.2M | $4.1M | $3.0M | $24.9M |
| Operating Expenses | $11.7M | $11.1M | $6.1M | $4.5M | $13.2M |
| Operating Income | -$11.7M | -$11.1M | -$6.1M | -$4.5M | -$13.2M |
| EBITDA | -$5.1M | -$13.2M | -$6.0M | -$4.8M | -$30.7M |
| Interest Expense | $4.1M | $6.3M | $4.3M | $4.4M | $5.1M |
| Pre-tax Income | -$10.3M | -$20.2M | -$10.3M | -$9.2M | -$35.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$10.3M | -$20.2M | -$10.3M | -$9.2M | -$35.8M |
| EPS | $-31.99 | $-62.74 | $-76.65 | $-357.13 | $-107.01 |
| EPS (Diluted) | $-31.99 | $-62.74 | $-76.65 | $-357.13 | $-107.01 |
| Shares Outstanding (Diluted) | $322249 | $322249 | $134134 | $25844 | $334770 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $856000 | $78000 | $142000 | $191000 | $1.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $38000 | 0 | $45000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $958000 | $160000 | $333000 | $260000 | $3.8M |
| Property, Plant & Equipment | $10.1M | 0 | $2000 | 0 | $8000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11.4M | $1.0M | $1.9M | $3.1M | $3.8M |
| Accounts Payable | $3.3M | $3.4M | $4.0M | $5.0M | $7.3M |
| Short-term Debt | $15.0M | $31.0M | $40.4M | $48.2M | $6.9M |
| Total Current Liabilities | $21.6M | $35.7M | $46.7M | $57.1M | $22.3M |
| Long-term Debt | $1.2M | 0 | 0 | 0 | $7.9M |
| Total Liabilities | $95.0M | $100.8M | $111.9M | $122.3M | $30.4M |
| Retained Earnings | -$85.2M | -$105.4M | -$115.7M | -$125.0M | -$160.8M |
| Total Equity | -$83.7M | -$99.8M | -$110.0M | -$119.2M | -$26.7M |
| Total Debt | $24.0M | $31.0M | $40.4M | $48.2M | $14.8M |
| Net Debt | $23.2M | $31.0M | $40.3M | $48.0M | $13.0M |
| Working Capital | -$20.7M | -$35.5M | -$46.4M | -$56.9M | -$18.5M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$10.3M | -$20.2M | -$10.3M | -$9.2M | -$35.8M |
| Depreciation & Amortization | $1.2M | $724000 | 0 | 0 | 0 |
| Stock-based Compensation | $72000 | $111000 | $33000 | $21000 | $891000 |
| Change in Working Capital | -$522000 | $909000 | $1.5M | $2.4M | $4.3M |
| Operating Cash Flow | -$10.7M | -$7.7M | -$4.4M | -$2.1M | -$16.2M |
| Capital Expenditure | 0 | 0 | -$2000 | 0 | -$8000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.7M | -$7.7M | -$4.4M | -$2.1M | -$16.3M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income Growth (YoY) | -96.1% | +49.1% | +10.2% | -288.1% | |
| EPS Growth (YoY) | -96.1% | -22.2% | -365.9% | +70.0% | |
| Shares Change (YoY) | +0.0% | -58.4% | -80.7% | +1195.3% | |
| FCF Growth (YoY) | +28.0% | +42.8% | +53.1% | -686.8% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-33.18 | $-23.90 | $-32.83 | $-79.94 | $-48.56 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $322249 | $322249 | $134134 | $25844 | $334770 |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 134.38% |
| Return on Invested Capital | 114.53% |
| Return on Assets | -948.95% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -0.52 |
| Current Ratio | 0.03 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -77.01 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -586.12 | -298.85 | -244.62 | -52.50 | -7.35 |
| P/B | -72.23 | -60.56 | -22.86 | -4.07 | -9.87 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Medical - Devices
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