Profusa withdraws $15 million public offering for smaller fundraise

Profusa Inc. (NASDAQ: PFSA) announced it will withdraw its public offering and file a post-effective amendment with the Securities and Exchange Commission to terminate its Registration Statement on Form S-1. The digital health company originally filed the registration statement on February 13, 2026.

The Berkeley, California-based company said it will pursue a smaller, more focused offering instead of the planned $15 million public offering. No securities were sold in connection with the withdrawn offering.

Ben Hwang, Profusa's chairman and CEO, said the decision reflects the company's commercial and operational progress. The company cited recent changes in its projected 2026 revenue and its collaboration with Mayo Clinic as factors in determining that the larger offering was not required to achieve near-term revenue projections.

Profusa plans to use proceeds from the smaller offering to support projected revenue from its Lumee Oxygen product in Europe starting in the second quarter of 2026. The company also intends to invest in its Mayo collaboration to accelerate Lumee Oxygen in the United States and develop new continuous oxygen monitoring products.

The company projects a European market launch for Lumee Oxygen in early second quarter 2026 and a targeted U.S. market entry in late 2026 through its Mayo Clinic collaboration.

Profusa develops tissue-integrated sensors that detect and transmit medical-grade data for personal and medical use. The company's biosensors are designed to be injectable and provide continuous monitoring of biochemical data.

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