Profusa Reports $22.2 Million Net Loss in Q3 2025, Sees Asset Growth Amid Increased Operating Expenses

Profusa, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company recorded a net loss of $22.2 million for the third quarter, a substantial increase from a loss of $2.5 million in the same period last year. For the nine months ending September 30, 2025, the net loss reached $27.3 million, compared to $7.0 million for the same period in 2024. The increase in losses is attributed to heightened operating expenses, which surged to $21.7 million in Q3 2025 from $1.2 million in Q3 2024, primarily due to transaction costs related to the recent business combination and increased personnel costs.

The company’s total assets as of September 30, 2025, amounted to $4.25 million, a notable increase from $3.07 million at the end of 2024. This growth was driven by cash and digital assets, with cash holdings rising to $3.0 million from $191,000 at the end of 2024. However, total liabilities decreased significantly to $38.2 million from $57.1 million, largely due to the conversion of convertible notes into equity during the business combination with NorthView Acquisition Corporation, which was completed on July 11, 2025.

Strategically, Profusa has focused on expanding its product offerings, particularly the Lumee Oxygen and Lumee Glucose platforms. The Lumee Oxygen platform has received regulatory approval in Europe, and the company is working towards commercialization in the U.S. The Lumee Glucose platform is expected to launch in 2025, pending regulatory approval. The company has also entered into commercial collaborations in Europe to facilitate the adoption of its products. As of September 30, 2025, Profusa had approximately 41.7 million shares outstanding, a significant increase from 8.6 million shares at the end of 2024, reflecting the conversion of preferred stock and debt into equity.

Operationally, Profusa has seen a shift in its financial structure following the merger, which has allowed it to access additional capital through a committed equity facility (ELOC) with Ascent Partners Fund LLC. As of the end of September, the company had raised approximately $3.5 million through this facility. However, the company continues to face challenges, including a working capital deficit of approximately $19.3 million and ongoing losses, raising concerns about its ability to continue as a going concern. Management anticipates needing additional financing to support operations and product commercialization efforts in the near future.

Looking ahead, Profusa's management is focused on achieving regulatory approvals for its products and expanding its market presence. The company is also exploring additional financing options to support its growth strategy. Despite the challenges, the management remains optimistic about the potential of its biosensing technologies to improve health outcomes for patients with various conditions.