PFSA

Profusa is a clinical-stage biosensing company whose own MD&A describes it as pre-commercial: its lead Lumee Oxygen device has only a European CE mark and still needs FDA clearance before any U.S. sale, and Lumee Glucose (CGM) is merely in clinical trials with a launch 'expected to occur in 2026, subject to regulatory approval.' Revenue reflects this — just $100K in FY2024 and nothing recognized in FY2025 — so the reported 4.1x P/S is meaningless against a $412K market cap. This is a company with no product revenue engine, funded entirely by capital markets.

The balance sheet is in outright distress. Stockholders' equity is negative $26.7M against $30.4M of liabilities and only $3.77M of total assets, and the accumulated deficit has ballooned to -$161M. Most critically, cash is $1.78M while FY2025 operating cash flow was -$16.2M — roughly one to two months of runway at the current burn rate. With current liabilities of $22.3M dwarfing $3.76M of current assets, the company is functionally insolvent and dependent on continuous, highly dilutive financing to survive.