Profusa ( (PFSA) ) has released a notification of late filing.
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Profusa, Inc. has filed a Form 12b-25 to notify investors it will delay its Form 10-K (Yearly Report) for the year ended December 31, 2025. The company’s Annual Report on Form 10-K (Yearly Report) was due March 31, 2026, but it says it cannot meet the deadline without undue hardship and expense.
The primary reason for the delay is simply that Profusa needs additional time to complete its annual filing and related work. The filing does not cite auditor changes or control failures, but it highlights that more time is required to finalize the report following the company’s recent business combination.
Profusa expects to file the Form 10-K (Yearly Report) no later than the fifteenth calendar day after the original due date, which is within the grace period allowed by SEC rules. The company also confirms that one earlier Form 8-K was not filed on time, indicating some continued pressure on its reporting processes.
The company warns investors to expect a significant change in its 2025 results versus 2024, driven mainly by the closing of its July 11, 2025 business combination and related transactions. Net loss widened sharply to about $31.9 million in 2025 from $9.2 million in 2024, reflecting higher general and administrative costs, notably $21.9 million of transaction expenses, and higher R&D spending on its Lumee Oxygen product.
Profusa also notes changes in other expenses, including higher gains from fair value adjustments and lower interest expense, partly offset by higher financing costs and a larger loss on digital assets. Net loss per share, basic and diluted, worsened significantly when adjusted for the 1-for-75 reverse stock split completed on February 9, 2026.
Management stresses that these figures are preliminary estimates and may change once the Form 10-K (Yearly Report) is finalized and filed. The company reminds readers that these are forward-looking statements and that final audited numbers will appear only in the completed annual report.
Profusa states that it is working to complete the Form 10-K (Yearly Report) and maintain compliance with SEC reporting obligations, despite past timing issues. The notification is signed on behalf of the company by Chief Executive Officer Ben Hwang on March 31, 2026, signaling executive-level oversight of the filing delay and ongoing reporting efforts.
More about Profusa
Profusa, Inc., formerly NorthView Acquisition Corp., is a Berkeley, California-based company that recently completed a business combination on July 11, 2025. The company is developing the Lumee Oxygen product and incurred higher research and development and transaction-related costs tied to becoming a public operating business.
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