Profusa Inc (NASDAQ: PFSA) is a digital health technology company based in Berkeley, California, that develops implantable biosensors for continuous, real-time monitoring of biological analytes. The company has not yet generated commercial product revenue as of its fiscal year ended December 31, 2025. Revenue in FY2024 consisted of government grant funding; no grant revenue was recognized in FY2025. Profusa's primary products are Lumee Oxygen and Lumee Glucose, soft tissue-integrating sensors paired with a mobile reader and application. Limited sales of Lumee Oxygen have been made to research-use-only clients, including entities working with animal models. The company has invested more than $100 million since inception in research and development, clinical studies, and regulatory activities. It recorded net losses of $35.8 million in FY2025 and $9.2 million in FY2024, financing operations primarily through equity and debt issuances. As of December 31, 2025, Profusa held $1.8 million in cash and carried notes and loans payable of $6.6 million due within twelve months and $7.9 million due after December 31, 2026.

Revenue model

Profusa generated no product revenue in FY2025. FY2024 revenue consisted entirely of government grant receipts; this source was discontinued in FY2025 as the company focused on completing its Business Combination. Limited transactional sales of Lumee Oxygen to research-use-only clients represent the only commercial revenue activity disclosed in the FY2025 10-K.

Products and services

Lumee Glucose: a subcutaneously implanted biosensor measuring blood glucose continuously, using fluorescent dye chemistry read by an external optical reader and mobile application with machine-learning-based signal correction. Lumee Oxygen: an implantable tissue oxygen sensor sold on a research-use-only basis. The company has disclosed prototypes for sensors measuring at least eight additional analytes as of the FY2025 10-K filing.

Customers and end markets

Research-use-only customers, including entities working with animal models, are the only disclosed paying customer base as of FY2025. Target end markets include continuous glucose monitoring for diabetes management and tissue oxygen monitoring, though neither has reached commercial-scale launch as of December 31, 2025.

Value-chain role

Profusa is a pre-commercial medical device developer occupying the research, development, and regulatory approval stage of the medical device value chain. Commercial execution is planned through local partnerships. The company conducts its own sensor design, optical algorithm development, clinical studies, and regulatory submissions.

Geographic exposure

Headquartered in Berkeley, California. No specific geographic revenue breakdown is disclosed in the FY2025 10-K. The company references plans to launch into multiple markets and geographies as products achieve regulatory approval.

Source: SEC 10-K, filed 2026-04-15

Industry: Surgical & Medical Instruments & Apparatus