Persistent negative free cash flow, including a $10.6 million burn in 2025Q3, underscores the company's total dependence on external financing to sustain its clinical development.
| Cash from Operations | -18.46M | -16.25M | -2.07M | -4.4M | -7.7M | -10.69M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -2602.41% | -686.45% | 53.07% | 42.85% | 27.96% | - |
| Net Income | -42.41M | -35.82M | -9.23M | -10.28M | -20.22M | -10.31M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 724K | 1.18M |
| Stock-Based Compensation | 187K | 891K | 21K | 33K | 111K | 72K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 17.47M | 14.34M | 4.74M | 4.3M | 10.77M | -1.11M |
| Working Capital Changes | 4.7M | 4.35M | 2.41M | 1.54M | 909K | -522K |
| Change in Receivables | 0 | 0 | 45K | -45K | 38K | 371K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.62M | 3.56M | 645K | 533K | 706K | -60K |
| Cash from Investing | -7.35M | -2.01M | 0 | -2K | 0 | 0 |
| Capital Expenditures | -5K | -8K | 0 | -2K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 1.06M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 26M | 19.84M | 2.12M | 4.47M | 6.92M | 8.75M |
| Debt Issued (Net) | 8.37M | 9.56M | 3.08M | 5.06M | 7.7M | 8.7M |
| Equity Issued (Net) | 10.52M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 6.51M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.11M | 10.28M | -961K | -591K | -772K | 51K |
| Net Change in Cash | 356.55K | 1.59M | 49K | 64K | -778K | -1.94M |
| Free Cash Flow | -18.47M | -16.26M | -2.07M | -4.4M | -7.7M | -10.69M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -666.05% | -686.83% | 53.09% | 42.82% | 27.96% | - |
| FCF per Share | -10.94 | -48.56 | -79.94 | -32.83 | -23.90 | -33.18 |
| FCF Conversion (FCF/Net Income) | 0.44x | 0.45x | 0.22x | 0.43x | 0.38x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from 0.02 to 0.99, suggesting that net income is not a reliable proxy for the company's actual cash-generating capacity during this pre-commercial development phase.
The wide variance in the conversion ratio indicates that non-cash charges and accounting adjustments are significantly decoupling reported losses from actual cash burn. Investors should monitor this divergence, as it suggests that the company's bottom-line performance is heavily influenced by non-operational factors rather than core business activity.
Based on the provided quarterly data, Profusa has consistently reported negative free cash flow across all ten periods, with a peak quarterly burn of $10.6 million in 2025Q3, highlighting the company's total dependence on external financing to sustain its ongoing clinical and operational research activities.
The absence of positive free cash flow margins confirms that the business model has yet to achieve commercial viability. This trajectory suggests that the company remains in a high-risk phase where cash preservation is secondary to the immediate necessity of funding clinical milestones.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $4.4 million inflow in 2025Q3 to a $1.1 million outflow in 2025Q4, which indicates that management is likely utilizing timing differences in payables to manage the company's critically thin liquidity.
These fluctuations in working capital suggest that the company may be stretching vendor payments or managing accruals to mitigate the impact of its high operating burn. Such tactics appear to be a temporary measure that does not address the underlying structural deficit in cash generation.
As noted in the historical data, the company engaged in share repurchases totaling $6.5 million in 2025Q3 despite reporting a net loss of $22.2 million, a decision that appears highly questionable given the firm's current cash reserves of only $1.778 million.
This deployment of capital toward share buybacks during a period of significant operational loss warrants further investigation into management's capital allocation priorities. It suggests a potential misalignment between corporate treasury actions and the urgent need to preserve cash for essential clinical trial funding.
Based on the provided financial data, the company's cash flow statement obscures the true extent of its R&D intensity, as the lack of capitalized costs suggests that nearly all development expenditures are being expensed immediately, thereby exacerbating the reported net losses and cash burn.
The absence of significant capitalized development costs implies that the company is not deferring the impact of its R&D spending, which provides a transparent but painful view of its current burn rate. Investors should be wary that this accounting treatment leaves no room for future earnings relief through amortization.
Quick answers to the most common questions about buying PFSA stock.
Profusa, Inc. Common Stock (PFSA) generated $-16.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Profusa, Inc. Common Stock (PFSA) reported negative free cash flow of $16.3M in 2025, indicating capital requirements exceeded cash from operations.
Profusa, Inc. Common Stock (PFSA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.