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Red Flags Detected

  • Going Concern (new) — Auditor issued going-concern qualification for 2025 financial statements citing substantial doubt about ability to continue operations for twelve months.
  • Delisting (new) — Nasdaq formally notified company of delisting March 11, 2026 for non-compliance with minimum bid price and market-value requirements; appeal hearing April 21, 2026.
  • Material Weakness (worsened) — Material weaknesses expanded from specific valuation/accrual errors to broader systemic failures in segregation of duties, financial-instrument expertise, and technical accounting capabilities.
NASDAQ: PFSA Profusa, Inc. 10-K

Profusa completes SPAC merger, posts $35.8M loss, faces Nasdaq delisting and going-concern risk

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

  • high

    Business Combination closed July 11, 2025, converting blank-check company into operating digital health firm developing biosensor platform with $100M+ prior investment from DARPA, NIH, and venture investors.

    Business verify on EDGAR →
  • high

    Net loss widened to $35.8M (from $9.2M prior year) on $16.2M operating cash burn; auditor issued going-concern qualification citing substantial doubt about twelve-month viability.

    MD&A: Financial Results verify on EDGAR →
  • high

    Nasdaq issued delisting determination March 11, 2026 for failure to meet minimum bid price and market-value requirements; company appealed with hearing scheduled April 21, 2026.

    MD&A: Nasdaq Compliance verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Generated by AI · Jun 3, 2026 1:00 AM