Profusa, Inc. (NASDAQ: NVACW)

Profusa, Inc. is a digital health technology company based in Berkeley California that develops a biosensor platform for real time individual biochemistry monitoring. The platform uses injectable hydrogel sensors that measure specific analytes such as tissue oxygen, and glucose and can function for up to 9 months after a single subcutaneous injection. Profusa’s core technology is designed to avoid the foreign body response that limits the lifetime of conventional sensors and to provide data through a reusable optical reader, and mobile application. The company’s near term product is Lumee Oxygen which measures dissolved tissue oxygen for wound care management and its next product is Lumee Glucose which provides continuous glucose levels for diabetes patients.

Profusa generates revenue primarily from the sale of its sensor systems, and associated readers once products receive regulatory clearance and are launched commercially. Lumee Oxygen has obtained CE marking in the European Union and the company plans to begin commercial sales in Europe in early 2026 pending migration to new MDR regulations. Subject to FDA approval Profusa expects to launch Lumee Oxygen in the United States later in 2026, and to introduce Lumee Glucose in 2026 or early 2027. In addition to device sales the company anticipates future revenue streams from data services that could be offered to telemedicine health and wellness coaching platforms, and other digital health partners. Profusa also expects to expand its product line to measure other analytes such as lactate, CO2, ethanol, and pH which would create additional sales opportunities.

In the continuous glucose monitoring market Profusa competes with established players such as Dexcom, Abbott, Medtronic, and Senseenics. Its Lumee Glucose sensor aims to offer longer wear time up to 9 months, and a lower total cost of ownership due to the reusable reader, and hydrogel based sensor that does not trigger a foreign body response. For tissue oxygen monitoring Profusa’s Lumee Oxygen faces competition from transcutaneous oximetry devices produced by Perimed AB, Radiometer Medical, and SenTec AG, as well as from doppler cuff devices that measure ankle brachial index, toe brachial index, and segmental pressure values, and from pulse volume recording systems. Profusa’s competitive advantages include the long functional life of its sensors, the low cost of the hydrogel chemistry, the simplicity of a standard hypodermic injection for deployment, and the ability to multiplex multiple analytes on a single platform. The company also emphasizes its strong intellectual property portfolio with issued patents in the United States and multiple international jurisdictions that protect its sensor chemistry reader design, and data algorithms.

Profusa’s intended customers include hospitals, wound care clinics, diabetes care providers, and physicians who manage patients with critical limb ischemia or diabetes. The company also expects to serve telemedicine providers, health and wellness coaching platforms, and digital health companies that wish to incorporate real time biochemical data into their services. While Profusa has not yet announced specific commercial customers it has reported interest from sophisticated investors in Asia such as 3E Bioventures, Tasly Pharma, and VMS Capital, and is pursuing partnerships with distribution firms in Europe, and the United States for product launch.