Here are 1-3 brief analogies for Profusa:

• Dexcom for continuous, multi-biomarker monitoring. (Relates to continuous glucose monitoring, but highlights Profusa's broader scope beyond just glucose)
• An implantable Apple Watch for your internal body chemistry. (Connects to personalized health tracking, but emphasizes the internal and biochemical aspects)

• Lumee Oxygen Platform: An injectable, long-lasting biosensor system designed for continuous, real-time monitoring of tissue oxygen levels in patients.

Profusa (PFSA) primarily sells its advanced biosensor technology to other organizations, fitting a business-to-business (B2B) and business-to-government (B2G) model rather than directly to individuals.

Its major customers and partners, particularly those driving the development and application of its technology, include:

• U.S. Department of Defense (DoD) / Defense Advanced Research Projects Agency (DARPA)
  (Government agency, not a public company with a stock symbol)
  Profusa has received significant funding and contracts from DARPA for the development and testing of its continuous monitoring biosensors, particularly for military health and performance applications. This represents a major engagement and application area for their technology.
• Merck KGaA, Darmstadt, Germany (Symbol: ETR: MRK)
  Profusa has engaged in strategic collaborations, such as one announced with Merck KGaA (known as EMD Serono in the U.S. and Canada), to explore the use of Profusa's biosensor technology in clinical trials for various therapeutic areas. This indicates a significant partnership for drug development and precision medicine applications, positioning Merck KGaA as a key partner and potential customer for their technology in the pharmaceutical sector.

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Ben Hwang, Chairman and Chief Executive Officer

Ben Hwang has served as Profusa's Chairman and Chief Executive Officer since January 2012. Prior to Profusa, he held various leadership roles at Life Technologies Corp. (acquired by Thermo Fisher Scientific, Inc.), including President of the Asia Pacific Region and Head of the qPCR Division. He was also a management consultant at McKinsey and Company. Hwang earned his M.A. and Ph.D. in Biology from The Johns Hopkins University.

Fred Knechtel, Chief Financial Officer

Fred Knechtel was named Chief Financial Officer in August 2025. He has extensive experience in finance and operations, having led these functions at companies ranging from start-ups to publicly traded large-cap organizations. His background includes roles at Northrop Grumman, Stanley Black & Decker, and DuPont, as well as Remy International, Sims Metal Management, and GENEWIZ (Azenta). Knechtel has guided companies through profitable growth, capital restructuring, mergers/acquisitions/sales, and IPOs. He was also a founder and CFO of NorthView Acquisition Corp., which completed the business combination with Profusa.

William McMillan, Co-founder, Chief Scientific Officer & Head of Research

William McMillan is a co-founder of Profusa and a co-inventor of the company's biologically integrated sensor and optical reader. He is a biotech pioneer with over three decades of experience in the development of next-generation diagnostic and medical device technologies and products. McMillan was also the co-founder and Senior Vice President of R&D at Cepheid, Inc.

Natalie Wisniewski, Founder, CTO

Natalie Wisniewski conceived the technical approach behind Profusa and, with Bill McMillan, developed the company roadmap, recruited talent, and secured seed funding. She leads Profusa's technology development efforts and its grants program, which has secured $10 million in DARPA and NIH funds. Wisniewski is also a co-inventor of Profusa's tissue-integrating biosensor technology and optical reader.

Kerstin Rebrin, M.D., Ph.D., Vice President of Medical Affairs & Clinical Development

Kerstin Rebrin is responsible for developing and executing Profusa's Medical and Clinical strategies. She is a seasoned physician-scientist with clinical and research experience in diabetes and other metabolic diseases, known for her pioneering translational research towards an artificial pancreas.

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Profusa (symbol: PFSA) has identified the following addressable markets for its main products:

• Lumee™ platform for tissue oxygen monitoring: Profusa estimates a $10 billion to $10.5 billion global addressable market. This market encompasses peripheral artery disease, chronic wounds, and critical limb ischemia.
• Continuous glucose monitoring platform: This platform targets a global addressable market of more than 500 million patients, including those with Type 1 and Type 2 diabetes, as well as chronic, at-risk pre-diabetes patients.

1. European Market Expansion and Commercialization of Lumee™ Oxygen Platform: Profusa anticipates significant revenue growth from the commercialization of its CE Marked Lumee™ Oxygen Platform in Europe, with full commercialization expected to commence in early 2026. This platform is designed for continuous, real-time monitoring of tissue oxygen and is indicated for use in managing conditions such as peripheral artery disease, chronic wounds, and reconstructive surgery.
2. U.S. Market Entry and Expanded Indications for Lumee™ Oxygen Platform: Following its European launch, Profusa plans to enter the U.S. market with the Lumee™ Oxygen Platform and pursue expanded indications for its use. While currently an Investigational Device in the U.S., successful regulatory approvals and subsequent market entry will open up a substantial new revenue stream.
3. Development and Launch of Lumee™ Glucose Platform: Profusa is actively researching and developing the Lumee™ Glucose Platform, a biosensor designed to continuously monitor glucose levels in interstitial fluid. The successful development, regulatory approval, and launch of this new product would represent a significant expansion of Profusa's product portfolio and address a large market need for diabetes management.
4. Scalability of Manufacturing and Product Supply: The company has already achieved key operational milestones, establishing manufacturing capabilities to supply more than twice the products required to achieve its 2026 revenue targets. This robust manufacturing capacity ensures that Profusa can meet anticipated demand as it expands into new markets and launches new products, directly supporting revenue growth.
5. Strategic Partnerships and Grant Funding Leveraging: Profusa benefits from significant grant funding from agencies such as DARPA and NIH, and collaborates with leading academic, hospital, and industry partners worldwide. These partnerships and funding not only support ongoing research and development but also facilitate market access and adoption of its technologies, which can indirectly drive future revenue growth through broader acceptance and integration of its biosensor platforms.

Share Issuance

• Profusa entered into a Securities Purchase Agreement with Ascent Partners Fund LLC on July 28, 2025, allowing the company to issue and sell up to $100 million in common stock. The proceeds are primarily intended for purchasing Bitcoin, while retaining a $5 million cash buffer.
• On October 20, 2025, stockholders approved an amendment to increase the authorized number of common stock shares from 300 million to 600 million.
• Profusa issued a secured convertible promissory note to an institutional investor around its public listing in July 2025, raising $9 million to cover transaction costs and working capital, with up to $20 million available under the facility.

Inbound Investments

• A significant inbound investment is the Securities Purchase Agreement with Ascent Partners Fund LLC for up to $100 million in common stock, entered into on July 28, 2025.
• Profusa secured $9 million through a secured convertible promissory note from an institutional investor in July 2025, with access to up to $20 million available for transaction costs and working capital.
• Ascent Partners Fund provided a second tranche of $2 million in additional investments in digital treasury assets in October 2025.

Outbound Investments

• Profusa announced a second $1 million investment in digital treasury assets (Bitcoin) in October 2025 as part of its treasury management strategy.
• The proceeds from the up to $100 million share issuance agreement are earmarked for purchasing Bitcoin, after retaining a $5 million cash buffer.

Capital Expenditures

• Profusa completed a manufacturing build-out in October 2025 to support its Lumee tissue oxygen monitoring systems. This included the first sensor production run in a newly constructed Controlled Environment Room.
• The manufacturing capacity established can produce more than twice the sensors, pens, and patch/readers required to achieve 2026 revenue targets.
• Profusa engaged a contract manufacturer to produce Lumee patch/readers and pens, with pen production starting in October 2025 and patch/reader production expected in November 2025.