MeritValue

Profusa, Inc.

PFSAdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue——$100,0001—
Net income$7.17M2$1.16M3−$9.23M4−$35.8M4
Operating cash flow−$581,1895−$2.06M6−$2.07M7−$16.2M7
Capital expenditure———$8,0008
Free cash flow (derived)———−$16.3M7
Total debt—$200,0009——
Cash & equivalents$193,48610$4,51911$191,00012$1.78M12
Diluted shares5.2M5.2M25,844334,762

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$796.33
your share of equity
Profit it earned you last year
−$1,070.1
Free cash flow it threw off
−$485.6
Debt you’d be carrying
—

10 shares is a claim on −$796.33 of net worth that earned you −$1,070.1 and generated −$485.6 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 4y

Share count is down 94% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001213900-26-044046 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-016600 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-004396 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-044046 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-016600 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-004396 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-044046 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-12-31 · accession 0001213900-26-044046 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-24-016600 (ShortTermBorrowings)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-016600 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-004396 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-044046 (CashAndCashEquivalentsAtCarryingValue)