TriSalus Life Sciences, Inc.TLSI

TriSalus Life Sciences, Inc. Leases Disclosure

10-KFiled Mar 5, 20263 min read
Leases
We have two property leases in effect as of December 31, 2025, which we account for as operating leases. We lease office, manufacturing and warehouse space under these leases. Both leases contain options to extend the respective lease terms, which were excluded in determining the expected lease term as it was not reasonably certain we would exercise these options.We also have two finance leases for copier equipment and computers in our facilities.
On July 17, 2024, we exercised one of the two options to extend the current lease for our principal administrative and production facility for an additional period of five years commencing on January 1, 2027, and ending on December 31, 2031 ("Second Extended Lease Term"). All terms and conditions of the lease shall continue to apply during the Second Extended Lease Term. We will pay approximately $1.5 million in rent during the Second Extended Lease Term.
The operating lease and finance lease components included in right-of-use assets, short-term lease liabilities and long-term lease liabilities on our consolidated balance sheets as of December 31, 2025 and 2024, are as follows:
2025Operating
Leases		Finance
Leases
Right-of-use assets $861 $79 
(1)
Short-term lease liabilities$128 $39 
Long-term lease liabilities$1,186 $42 
2024
Operating
Leases
Finance
Leases
Right-of-use assets$1,210 $128 
(1)
Short-term lease liabilities$136 $78 
Long-term lease liabilities$1,311 $18 
_______________________
(1)Net of accumulated depreciation, included in property and equipment, net.
The components of lease expense for the years ended December 31, 2025 and 2024, were as follows:
December 31,
20252024
Operating lease expense$310 $409 
Finance lease expense:
Amortization of ROU assets29 115 
Interest on lease liabilities3 11 
Total finance lease expense32 126 
Total lease expense$342 $535 
Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2025 and 2024, were as follows:
December 31,
20252024
Operating cash flows from operating leases
$294 $441 
Financing cash flows from finance leases
$81 $84 
Maturities of lease liabilities under noncancellable leases as of December 31, 2025, are as follows:
Operating
Leases		Finance
Leases
2026$299 $46 
2027371 43 
2028300 1 
2029304 — 
2030316 — 
Thereafter329 — 
Total undiscounted lease payments1,919 90 
Less imputed interest(605)(9)
Total lease liabilities$1,314 $81 
As of December 31, 2025, the weighted-average remaining lease term of our operating and finance leases is 5.5 years and 2.0 years, respectively. The weighted-average discount rate for operating and finance leases is 13.8% and 11.6%, respectively, which is based on interest rates we paid for our most recent term loan and convertible notes. As of December 31, 2024, the weighted-average life of our operating and finance leases was 6.0 years and 2.0 years, respectively. The weighted-average discount rate for operating and finance leases was 13.8% and 8.1%, respectively, which is based on interest rates we paid for our most recent term loan and convertible notes.
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Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Apr 15, 2025
2023Apr 11, 2024

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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