Profusa, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of $12.2 million for the first half of 2026, a substantial increase from the $5.1 million loss reported in the same period of 2025. Operating expenses surged to $6.6 million, up from $2.4 million year-over-year, driven primarily by a 138% increase in research and development costs, which reached $2 million, and a 186% rise in general and administrative expenses, totaling $4.6 million. The company's total liabilities stood at $28.2 million as of June 30, 2026, compared to $30.4 million at the end of 2025.
The filing highlighted several strategic developments, including the ongoing commercialization efforts for its Lumee Oxygen and Lumee Glucose products. The company is working to renew its CE mark for Lumee Oxygen, which is essential for its market entry in Europe, and anticipates launching Lumee Glucose in 2026, pending regulatory approval. Profusa also entered into a License Agreement with the Mayo Foundation for Medical Education and Research, granting it exclusive rights to certain patent rights in the field of continuous oxygen measurement.
Operationally, Profusa's cash position has weakened, with cash decreasing to $719,000 from $1.8 million at the end of 2025. The company utilized $5.2 million in cash for operating activities during the first half of 2026, compared to $1.1 million in the same period of 2025. The company has been financing its operations through equity and debt instruments, including a recent $3.1 million raised from financing activities, which included proceeds from its Equity Line of Credit (ELOC) and PIPE notes.
Looking ahead, Profusa's management expressed concerns regarding its ability to continue as a going concern, citing a working capital deficit of approximately $27.3 million. The company plans to seek additional financing to support its operations and product commercialization efforts. Furthermore, it has implemented cost-reduction measures, including a workforce reduction from 11 to 5 employees, to preserve liquidity. The company is also pursuing an acquisition of G3 Vision Labs, which remains subject to various conditions and approvals.
About Profusa, Inc.
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