Profusa Swaps Auditors Amid Unremediated Material Weaknesses and Going Concern Doubts
PFSA is trading near its 52-week low of $1.4 (0.7% above the low) on light trading volume (0.1× avg).
Summary
Profusa replaced its independent auditor, dismissing CBIZ and engaging Withum, while disclosing unremediated material weaknesses and a going concern qualification from the prior auditor.
Key Events · Corporate Governance and Compliance · PFSA
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Auditor Dismissal
Effective October 5, 2026, Profusa dismissed CBIZ CPAs P.C. as its independent registered public accounting firm, with approval from the Audit Committee and Board.
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New Auditor Engaged
WithumSmith+Brown, PC was engaged on October 6, 2026, for the fiscal year ending December 31, 2026, following Board approval on September 30, 2026.
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Going Concern Qualification
CBIZ's 2025 audit report included an explanatory paragraph expressing substantial doubt about Profusa's ability to continue as a going concern.
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Unremediated Material Weaknesses
Material weaknesses in internal control over financial reporting — including lack of segregation of duties, review controls, and technical accounting expertise — remained unremediated as of June 30, 2026.
Analysis · PFSA · Industrial Applications And Services
On October 5, 2026, Profusa dismissed CBIZ CPAs P.C. as its independent auditor and engaged WithumSmith+Brown, PC the following day. The outgoing auditor's 2025 report included a going concern explanatory paragraph, and the company acknowledges that material weaknesses in internal controls over financial reporting remain unremediated as of June 30, 2026. With only $0.7M in cash, a widening Q2 loss, and Nasdaq compliance under a Mandatory Panel Monitor, an auditor change at this juncture heightens governance and financial-reporting risk.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 36.7% of the 1045 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PFSA was trading at $1.41 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $860K. The 52-week trading range was $1.40 to $3,000.01. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.