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TriSalus Life Sciences, Inc.
TLSICIK 0001826667NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$45.15M
Net Income
$-39.23M
Total Assets
$35.33M
Equity
$-33.86M
Shares Out
61.31M
Op. Cash Flow
$-18.01M
Business
TriSalus Life Sciences, Inc. is an oncology-focused medical technology company developing pressure-enabled delivery approaches to improve therapeutic outcomes for solid tumors. It offers PEDD devices including the FDA-cleared TriNav infusion system and a pancreatic retrograde venous infusion (PRVI) device, together with an investigational TLR9 agonist immunotherapeutic, nelitolimod. Key business activities comprise a device commercialization business (TriNav sales and registries), clinical development of nelitolimod (PERIO trials) and device R&D including sensing and AI enhancements. TriSalus sells TriNav directly to U.S. hospitals and ambulatory surgery centers and collaborates with academic cancer centers and therapeutic partners.
Summary from filing dated 2025-04-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 45 | 29 | 19 | 12 | — | |
| Cost of goods sold | 7 | 4 | 3 | 2 | — | |
| Gross profit | 38 | 25 | 16 | 10 | — | |
| Research and development | 15 | 18 | 30 | 21 | — | |
| Sales and marketing | 29 | 26 | 17 | 13 | — | |
| General and administrative | 21 | 18 | 24 | 12 | 3 | |
| Loss from operations | −27 | −36 | −54 | −36 | −3 | |
| Interest income | 555,000 | 404,000 | 431,000 | 180,000 | 63,997 | |
| Interest expense | −6 | −3 | −16,000 | — | — | |
| Change in fair value of SEPA, warrant and revenue base redemption liabilities | −4 | −2 | −11 | — | — | |
| Change in fair value of contingent earnout liability | −3 | 11 | 10 | 0 | — | |
| Other expense, net | −456,000 | −312,000 | −378,000 | −420,000 | — | |
| Loss before income taxes | −39 | −30 | −59 | −47 | 5 | |
| Income tax expense | −7,000 | −6,000 | −9,000 | −9,000 | 0 | |
| Net loss | −39 | −30 | −59 | −47 | 5 | |
| Series A Preferred Stock conversion inducement | −19 | 0 | — | — | — | |
| Deemed dividend related to Series B-2 preferred stock down round provision | −12 | 0 | — | — | — | |
| Undeclared dividends on Series A Preferred Stock | 0 | −3 | −1 | 0 | — | |
| Net loss attributable to common stockholders | −70 | −33 | −64 | −50 | — | |
| Net loss per share, basic (in dollars per share) | −1.84 | −1.31 | −6.77 | −161.55 | — | |
| Net loss per share, diluted (in dollars per share) | −1.84 | −1.31 | −6.77 | −161.55 | — | |
| Weighted average common shares outstanding, diluted (in shares) | 38 | 25 | 9 | 309,609 | — | |
| Weighted average common shares outstanding, diluted (in shares) | 38 | 25 | 9 | 309,609 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-07-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 20 | 9 | 12 | — | 9 | |
| Accounts receivable, net | 7 | 5 | 4 | — | 2 | |
| Inventory, net | 3 | 4 | 3 | — | 1 | |
| Prepaid expenses | 2 | 3 | 3 | — | 5 | |
| Total current assets | 32 | 21 | 21 | — | 17 | |
| Property and equipment, net | 2 | 2 | 2 | — | 2 | |
| Right-of-use assets | 861,000 | 1 | 1 | — | 1 | |
| Other assets | 418,000 | 423,000 | 466,000 | — | 367,000 | |
| Total assets | 35 | 24 | 25 | — | 22 | |
| Trade payables | 3 | 2 | 3 | — | 5 | |
| Accrued liabilities | 8 | 7 | 11 | — | 6 | |
| Short-term lease liabilities | 167,000 | 216,000 | 351,000 | — | 370,000 | |
| Other current liabilities | 234,000 | 383,000 | 389,000 | — | 142,000 | |
| Total current liabilities | 11 | 10 | 15 | — | 32 | |
| Long-term debt | 33 | 22 | 0 | — | — | |
| Revenue base redemption liability | 383,000 | 507,000 | 0 | — | — | |
| Long-term lease liabilities | 1 | 1 | 1 | — | 2 | |
| Contingent earnout liability | 10 | 7 | 19 | 29 | — | |
| Warrant and SEPA liabilities | 13 | 8 | 17 | 29 | 369,000 | |
| Total liabilities | 69 | 50 | 52 | — | 34 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Preferred Stock, $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and 2024, respectively; 0 and 3,985,002 shares issued and outstanding at December 31, 2025 and 2024, respectively | 0 | 0 | 0 | — | — | |
| Common stock, $0.0001 par value, 400,000,000 shares authorized at December 31, 2025 and 2024, respectively; 49,997,836 shares and 31,279,264 shares issued and outstanding at December 31, 2025 and 2024, respectively | 4,000 | 3,000 | 2,000 | — | 0 | |
| Additional paid-in capital | 297 | 254 | 222 | — | 10 | |
| Accumulated deficit | −331 | −280 | −250 | — | −186 | |
| Total stockholders deficit | −34 | −26 | −27 | — | −177 | |
| Total liabilities and stockholders deficit | 35 | 24 | 25 | — | 22 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation | 626,000 | 744,000 | 684,000 | 398,000 | — | |
| Non-cash lease expense | 429,000 | 264,000 | 202,000 | — | — | |
| Change in fair value of SEPA, warrant and revenue base redemption liabilities | 4 | 2 | 11 | — | — | |
| PIK interest | 800,000 | 604,000 | — | — | — | |
| Stock-based compensation expense | 9 | 5 | 1 | 368,000 | — | |
| Allowance for credit losses | 163,000 | 187,000 | — | — | — | |
| Loss on disposal of property and equipment | 120,000 | 23,000 | 40,000 | 310,000 | — | |
| Amortization of debt issuance costs | 1 | 612,000 | 0 | — | — | |
| Accounts receivable | −2 | −2 | −2 | −200,000 | — | |
| Inventory, net | 971,000 | −2 | −1 | −179,000 | — | |
| Prepaid expenses and other assets | 840,000 | −2 | 1 | −3 | 348,200 | |
| Deposits | 5,000 | 43,000 | 0 | — | — | |
| Operating lease liabilities | −134,000 | −278,000 | −281,000 | −87,000 | — | |
| Trade payables and accrued liabilities | 2 | −4 | 3 | 5 | — | |
| Net cash used in operating activities | −18 | −41 | −51 | −32 | −2 | |
| Purchases of property and equipment | −918,000 | −345,000 | −588,000 | −655,000 | — | |
| Proceeds from disposal of property and equipment | 80,000 | 0 | — | — | — | |
| Net cash used in investing activities | −838,000 | −345,000 | −2 | −2 | 60,000 | |
| Proceeds from the issuance of common stock | 22 | 15 | 0 | — | — | |
| Common stock issuance costs | −2 | 0 | 0 | 242,000 | — | |
| Proceeds from the exercise of stock options for common stock | 500,000 | 76,000 | 179,000 | 94,000 | — | |
| Proceeds from the issuance of common stock through employee stock purchase plan | 404,000 | 433,000 | — | — | — | |
| Debt issuance costs | −520,000 | −3 | 0 | — | — | |
| Proceeds from the issuance of debt | 10 | 25 | 0 | — | — | |
| Payments on finance lease liabilities | −81,000 | −84,000 | −87,000 | −131,000 | — | |
| Net cash provided by financing activities | 31 | 38 | 55 | 13 | 544,000 | |
| Increase (decrease) in cash, cash equivalents and restricted cash | 12 | −3 | 2 | −21 | −1 | |
| Cash paid for interest | 4 | 2 | 18,000 | — | — | |
| Cash paid for income taxes | 16,000 | 18,000 | 14,000 | 9,000 | — | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 294,000 | 0 | — | — | |
| Right-of-use assets obtained in exchange for new finance lease liabilities | 66,000 | 0 | — | — | — | |
| Non-cash capital expenditures included in trade payables | 68,000 | 0 | 19,000 | 12,000 | — | |
| Fixed asset purchase through exchange of finance lease right-of-use asset | 85,000 | 0 | — | — | — | |
| Derecognition of finance lease right-of-use asset | −85,000 | 0 | — | — | — | |
| Prepaid warrant issuance costs | 0 | 2 | 0 | — | — | |
| Fair value of warrants issued with OrbiMed debt | 366,000 | 362,000 | 0 | — | — | |
| Fair value of revenue base redemption liability related to OrbiMed debt | 0 | 507,000 | 0 | — | — | |
| Transfer of warrant liability to common stock upon exercise of warrant | 0 | 12 | 0 | — | — |
Filings
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