Total debt has surged to $12.5 million as of 2026Q1, contributing to a deep equity deficit of $28.2 million that highlights a distressed capital structure.
| Total Current Assets | 662K | 3.76M | 260K | 333K | 160K | 958K |
| Cash & Short-Term Investments | 375K | 1.78M | 191K | 142K | 78K | 856K |
| Cash Only | 375K | 1.78M | 191K | 142K | 78K | 856K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 45K | 0 | 38K |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.45M | 0 | 0 | 82K | 64K |
| Total Non-Current Assets | 200K | 11K | 2.81M | 1.56M | 871K | 10.4M |
| Property, Plant & Equipment | 159K | 8K | 0 | 2K | 0 | 10.11M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.27M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 41K | 3K | 2.81M | 1.56M | 871K | 293K |
| Total Assets | 862K | 3.77M | 3.07M | 1.89M | 1.03M | 11.36M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -257.17% | 22.84% | 62.33% | 83.61% | -90.93% | - |
| Total Current Liabilities | 29.02M | 22.26M | 57.13M | 46.74M | 35.65M | 21.61M |
| Accounts Payable | 8.31M | 7.34M | 4.95M | 3.99M | 3.43M | 3.26M |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 12.54M | 6.94M | 48.21M | 40.4M | 31.03M | 15.01M |
| Deferred Revenue (Current) | 1.3M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.02M | 4.07M | 3.47M | 1.96M | 584K | 2.42M |
| Current Ratio | 0.02x | 0.17x | 0.00x | 0.01x | 0.00x | 0.04x |
| Quick Ratio | 0.02x | 0.17x | 0.00x | 0.01x | 0.00x | 0.04x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 40K | 8.18M | 65.15M | 65.15M | 65.15M | 73.41M |
| Long-Term Debt | 0 | 7.88M | 0 | 0 | 0 | 1.19M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 7.07M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 40K | 298K | 65.15M | 65.15M | 65.15M | 65.15M |
| Total Liabilities | 29.06M | 30.43M | 122.28M | 111.89M | 100.8M | 95.02M |
| Total Debt | 12.54M | 14.81M | 48.21M | 40.4M | 31.03M | 24.02M |
| Net Debt | 12.16M | 13.04M | 48.02M | 40.25M | 30.95M | 23.16M |
| Debt / Equity | -0.44x | - | - | - | - | - |
| Debt / EBITDA | -0.31x | - | - | - | - | - |
| Net Debt / EBITDA | -0.30x | - | - | - | - | - |
| Interest Coverage | -14.30x | -6.03x | -1.09x | -1.40x | -2.22x | -1.53x |
| Total Equity | -28.2M | -26.66M | -119.2M | -110M | -99.77M | -83.66M |
| Equity Growth % | -2354.66% | 77.64% | -8.37% | -10.25% | -19.26% | - |
| Book Value per Share | -16.70 | -79.63 | -4612.48 | -820.05 | -309.61 | -259.60 |
| Total Shareholders' Equity | -28.2M | -26.66M | -119.2M | -110M | -99.77M | -83.66M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -164.24M | -160.78M | -124.96M | -115.73M | -105.45M | -85.23M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in quarterly filings, the company's equity position has deteriorated from a positive $5.8 million in 2023Q4 to a deficit of $28.2 million by 2026Q1, signaling a severe and accelerating decline in the firm's net worth as losses continue to outpace capital infusions.
The consistent expansion of the accumulated deficit suggests that the business model is currently unable to generate the internal capital necessary to sustain its R&D-heavy operations. Investors should monitor whether this trajectory forces a restructuring or a highly dilutive capital raise, as the current trend indicates a fundamental inability to preserve shareholder value.
Based on the provided balance sheet data, total debt has surged from $944.1 thousand in 2023Q4 to $12.5 million in 2026Q1, representing a significant increase in financial obligations that appears to be driven by the necessity of funding operations rather than strategic growth initiatives.
The rapid accumulation of debt in the absence of revenue suggests that the company is relying on external financing to bridge its operational gap. This reliance on debt, combined with a negative equity position, implies that the firm may face significant refinancing risks and potential covenant pressure if clinical milestones are not met.
According to the most recent financial statements, the company's cash position has plummeted to $375 thousand as of 2026Q1, resulting in a current ratio of 0.02, which indicates an extreme lack of liquidity to cover near-term liabilities and ongoing clinical development costs.
A current ratio of 0.02 suggests that the company is effectively unable to meet its short-term obligations without immediate external intervention. This liquidity profile warrants extreme caution, as it leaves virtually no buffer against operational shocks or delays in the regulatory approval process for the Lumee platform.
As indicated by the historical data, retained earnings have collapsed to a deficit of $164.2 million by 2026Q1, reflecting the cumulative impact of sustained operating losses that have completely wiped out the company's initial equity base and pushed the balance sheet into a deep deficit.
The transition to a negative equity position suggests that the company is operating in a state of technical insolvency, where liabilities significantly exceed assets. This structure implies that any future value for shareholders is entirely contingent upon a successful commercial pivot or a transformative strategic partnership, both of which remain unproven.
Based on the provided figures, the company's reliance on debt to fund operations while maintaining a negative equity position creates a distorted balance sheet where the reported assets of $862 thousand are insufficient to cover even a fraction of the $29.1 million in total liabilities.
The lack of tangible assets relative to the massive debt load suggests that the company's valuation is entirely speculative and tied to intangible intellectual property that has yet to be monetized. Investors should be wary that the reported balance sheet may not fully capture the potential for further dilution or the impact of future warrant-related liabilities.
Quick answers to the most common questions about buying PFSA stock.
As of 2025, Profusa, Inc. Common Stock (PFSA) had total assets of $3.8M including $3.8M in current assets.
Profusa, Inc. Common Stock (PFSA) carries total debt of $14.8M, offset by $1.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Profusa, Inc. Common Stock (PFSA) has total shareholders' equity (book value) of $-26.7M ($-79.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Profusa, Inc. Common Stock (PFSA) reported a current ratio of 0.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.