Profusa Inc (NVACW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NVACW SEC filings page.
This page shows Profusa Inc (NVACW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Persistent cash consumption, negative equity, and liabilities far exceeding assets define Profusa’s reported financial structure.
In FY2025, operating cash flow of-$16.2M was almost identical to free cash flow of-$16.3M despite only$8K of capital expenditures, indicating that cash use is primarily embedded in ongoing operations rather than physical reinvestment. Reported R&D of$2.8M accounts for only part of that outflow, so the cash requirement extends beyond the disclosed development spending.
The balance sheet remains structurally distressed: FY2025 liabilities were
Operating performance was weaker than net income suggested in FY2022 and FY2023: the company reported operating losses while still recording positive net income. By FY2024, a
Financial Health Signals
Profusa Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.
Key Financial Metrics
Earnings & Revenue
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Profusa Inc recorded an outflow of $2.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. Against the prior quarter it is down 4.8%.
Profusa Inc held $719K in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
Profusa Inc invested $823K in research and development in Q2 2026. This represents an increase of 109.4% from the same quarter a year earlier. Against the prior quarter it is down 28.2%.
Profusa Inc invested $73K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 1360.0%.
Not reported for Q2 2026.
NVACW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $75K |
| R&D Expenses | $823K+109.4% | $1.1M+164.1% | N/A | $722K+75.7% | $393K | $434K | N/A | $411K |
| SG&A Expenses | $1.7M+182.3% | $2.9M+188.9% | N/A | $21.0M+2636.2% | $610K | $990K | N/A | $767K |
| Operating Income | -$2.5M-153.7% | -$4.0M-181.3% | N/A | N/A | -$1.0M-296.2% | -$1.4M-202.4% | N/A | -$1.1M-280.2% |
| Interest Expense | $21K-96.5% | $18K-96.4% | N/A | $169K-84.2% | $600K | $500K | N/A | $1.1M |
| Income Tax | N/A | N/A | N/A | N/A | $2K-89.6% | $19K-9.8% | N/A | $19K-23.5% |
| Net Income | N/A | -$3.5M-27.2% | N/A | N/A | -$2.3M+2.6% | -$2.7M-31.1% | N/A | -$2.5M-579.7% |
| EPS (Basic) | -$151.80+98.3% | -$2.05+98.0% | -$104.72-8081.3% | -$0.70+45.7% | -$9100.78-13001014.3% | -$105.09-74964.3% | -$1.28-3300.0% | -$1.29-2050.0% |
| EPS (Diluted) | -$151.80 | -$2.05 | -$104.72-8081.3% | -$0.70 | -$9100.78 | -$105.09 | -$1.28-4366.7% | -$1.29 |
| Diluted Shares (Avg) | 57,676 | 2M | N/A | 32M | 258 | 25,844 | N/A | 2M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, EBITDA.
NVACW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0M-46.9% | $862K-56.5% | $3.8M+22.8% | $4.3M-51.6% | $2.0M-77.2% | $2.0M-76.7% | $3.1M-71.8% | $8.8M-18.7% |
| Current Assets | $841K+22.3% | $662K+947.8% | $3.8M+1347.7% | $4.2M+515.2% | $688K+505.9% | $63K-4.4% | $260K-83.5% | $682K+345.8% |
| Cash & Equivalents | $719K+1743.6% | $375K+1873.7% | $1.8M+830.9% | $3.0M+564440.3% | $39K+500.4% | $19K+257.5% | $191K+4126.6% | $533-96.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0 |
| Total Liabilities | $28.2M-77.7% | $29.1M-76.5% | $30.4M-75.1% | $38.2M-69.6% | $126.1M+2.5% | $123.9M+2.8% | $122.3M+1.2% | $125.7M+780.1% |
| Current Liabilities | $28.2M+74.1% | $29.0M+118.9% | $22.3M-61.0% | $23.5M+355.7% | $16.2M+289.2% | $13.3M+234.3% | $57.1M+1060.8% | $5.2M+72.2% |
| Non-Current Liabilities | $2K-100.0% | $40K-100.0% | $8.2M-87.5% | $14.7M-87.8% | $110.0M-7.5% | $110.6M-5.1% | $65.1M-43.8% | $120.6M+968.1% |
| Total Equity | -$27.1M+78.2% | -$28.2M+76.9% | -$26.7M+77.6% | -$34.0M+71.0% | -$124.2M-8.5% | -$121.9M-8.8% | -$119.2M-8.4% | -$117.0M-3257.7% |
| Retained Earnings | -$173.0M-668.5% | -$164.2M-1048.6% | -$160.8M-28.7% | -$152.2M-2840.9% | -$22.5M-343.5% | -$14.3M-218.0% | -$125.0M-3511.7% | -$5.2M-48.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
NVACW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M-346.9% | -$2.6M-379.7% | -$5.1M-2055.0% | -$10.0M-767.2% | -$589K-49.2% | -$537K-91.2% | -$238K+31.1% | -$1.2M-140.2% |
| Stock-Based Compensation | $188K+129.3% | $187K+3640.0% | N/A | $617K+5041.7% | $82K | $5K | N/A | $12K |
| Capital Expenditures | $73K | $5K | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$2.7M | -$2.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$73K-7299900.0% | $1.1M-82.4% | -$1.0M-320.1% | -$7.5M-6581.0% | -$1-100.0% | $6.5M+153.8% | $458K+699.3% | -$112K-175.8% |
| Financing Cash Flow | $3.0M+400.7% | $28K-92.3% | $4.9M+1597.6% | $14.0M+270.3% | $609K+84.1% | $365K+116.0% | $289K-29.3% | $3.8M+997.9% |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $6.5M+145.4% | $595K | $0 |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid.
NVACW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1470.7% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3329.3% |
| Return on Assets | N/A | -400.9%-264.0pp | N/A | N/A | -119.6%-91.6pp | -136.9%-112.5pp | N/A | -28.4%-25.0pp |
| Current Ratio | 0.030.0x | 0.020.0x | 0.17+0.2x | 0.180.0x | 0.040.0x | 0.000.0x | 0.00-0.3x | 0.13+0.1x |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.01 |
Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$26.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.17), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Profusa Inc Ranks
Frequently Asked Questions
What is Profusa Inc's free cash flow?
Profusa Inc (NVACW) recorded an outflow of $16.3M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Profusa Inc's operating cash flow?
Profusa Inc (NVACW) recorded an outflow of $16.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Profusa Inc's total assets?
Profusa Inc (NVACW) had $3.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Profusa Inc's capital expenditures?
Profusa Inc (NVACW) invested $8K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Profusa Inc spend on research and development?
Profusa Inc (NVACW) invested $2.8M in research and development during fiscal year 2025.
What is Profusa Inc's current ratio?
Profusa Inc (NVACW) had a current ratio of 0.17 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Why is Profusa Inc's debt-to-equity ratio negative or not reported?
Profusa Inc (NVACW) has negative shareholder equity of -$26.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.