Profusa

Profusa, Inc. (Nasdaq: PFSA) is a medical device and digital health company developing tissue-integrating biosensors that continuously measure body chemistry from within tissue. Its core technology is a biologically compatible injectable hydrogel microsensor, described as smaller than a grain of rice, paired with an optical reader; sensor signals are transmitted for use by patients and clinicians. The company organizes its work around three platforms: Lumee Oxygen, for real-time tissue oxygen monitoring in critical limb ischemia, wound care and remote patient management; Lumee Glucose, an investigational continuous glucose monitor intended to operate up to 270 days after a needle injection; and a Data Discovery Platform positioned as an AI layer connecting real-time biochemistry to clinical insight, EMR data and physician coaching portals.

The Lumee Oxygen Platform is CE Marked in the European Union for monitoring tissue-oxygen perfusion, with marketed applications in the clinical management of peripheral artery disease and chronic wounds; in the United States it has been limited to investigational use. The company states it targets a CE Mark in April 2026 for intra-operative and 28-day post-operative tissue oxygen data in critical limb ischemia patients. Additional potential applications cited by the company include sleep apnea, chronic obstructive pulmonary disease and reconstructive surgery.

Profusa reports more than a decade of development, over $100 million in total investment, $30 million in non-dilutive funding from DARPA and the National Institutes of Health, and 85 global patents granted or pending. Headquarters have been reported in South San Francisco, San Francisco and Berkeley, California at different times; SEC filings in 2026 list a principal executive office at 626 Bancroft Way, Suite A, Berkeley, CA.

Founding story

Profusa was founded on the premise that continuous, real-time measurement of the body's own chemistry from inside tissue would enable personalized, preventive and precision medicine. Co-founder Bill McMillan is described as the initial driving force, building the company roadmap, recruiting staff and securing seed funding, and is a co-inventor of the biologically integrated sensor and optical reader.

Business model

Profusa develops and commercializes regulated medical devices: an injectable biosensor plus reader hardware and an associated data/analytics platform, sold for clinical use in vascular and wound care settings and, prospectively, for continuous glucose monitoring in diabetes and prediabetes. It has also historically funded research through non-dilutive government awards, including DARPA contracts and NIH SBIR/STTR grants.

Revenue is expected from sales of biosensor and reader products for clinical tissue oxygen monitoring, with future continuous glucose monitoring products and an associated data platform; government grants and contracts have provided non-dilutive funding ($9.68 million in cumulative SBIR/STTR awards through 2019).

Traction

Lumee Oxygen is CE Marked in the EU; the company reports 85 patents granted or pending, more than $100 million in cumulative investment, and $30 million-plus in non-dilutive DARPA and NIH funding, including 9 SBIR Phase I and 5 Phase II awards totaling $9,676,860 with a 55.56% Phase I-to-II conversion rate. It targets a CE Mark in April 2026 for intra-operative and 28-day post-operative CLI monitoring. As a public company it reported no trailing-twelve-month revenue, total cash of $719,000 and a market capitalization of about $2.57 million as of August 2026.

Latest developments

After listing on Nasdaq in July 2025, Profusa announced a series of corporate developments: a $30 million letter of intent to enter precision diagnostics with a PanOmics platform, shareholder approval of strategic initiatives including the PanOmics acquisition at its 2026 annual meeting, a board-led review of strategic alternatives, a 1-for-25 reverse stock split, a favorable Nasdaq listing determination, management changes with a non-binding term sheet and later an option agreement for the acquisition of G3 Vision Labs, a commercial-stage diagnostics company, and Q2 2026 results showing a widening net loss. In a March 2026 8-K, Profusa disclosed that Nasdaq had determined its stock was subject to delisting for failing to meet the minimum market value of listed securities ($50,000,000) and $1.00 minimum bid price by a March 10, 2026 deadline, that it intended to request a Hearings Panel review, and that it was ending its Bitcoin treasury reserve strategy by liquidating approximately 16.51 Bitcoin acquired for about $2.0 million; the related Account Control Agreement with Ascent Partners Fund LLC was terminated without early termination penalties.