TriSalus Life Sciences, Inc.TLSI

TriSalus Life Sciences, Inc. Leases Disclosure

10-KFiled Apr 15, 20252 min read
Leases
We have three property leases in effect as of December 31, 2024, which we account for as operating leases:
•A lease for our principal administrative and production facility at 6272 West 91st Avenue, Westminster, Colorado, which expires on December 31, 2031. This lease includes one option to extend the lease by five years from the end of the then current term.
•A lease for office space at 2275 Half Day Road, Bannockburn, Illinois, which expires in January 2028. This lease includes an option to extend the lease by three years at the end of the current term.
•A lease for laboratory and research space at 1 Hoppin Street, Providence, Rhode Island, which expires on July 31, 2025.
We also have three finance leases, two for copier equipment in our Westminster and Bannockburn facilities, and one for laboratory equipment in our research space in Providence.
On July 17, 2024, we exercised one of the two options to extend the current lease for the Westminster 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 components of right-of-use assets, short-term lease liabilities and long-term lease liabilities as of December 31, 2024, is as follows:
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 fixed assets
The components of lease expense for the year ended December 31, 2024 and 2023, were as follows:
December 31,
20242023
Operating lease expense$409 $473 
Finance lease expense:
Amortization of ROU assets115 13 
Interest on lease liabilities11 3 
Total finance lease expense126 16 
Total lease expense$535 $489 
Maturities of lease liabilities under noncancellable leases as of December 31, 2024, are as follows:
Operating
Leases		Finance
Leases
2025$322 $83 
2026298 9 
2027371 9 
2028300 1 
2029304 — 
Thereafter645 — 
Total undiscounted lease payments2,240 102 
Less imputed interest(793)(6)
Total lease liabilities$1,447 $96 
As of December 31, 2024, the weighted average life of our operating and finance leases is six and two years, respectively. The weighted average discount rate for operating and finance leases are 13.8% and 8.1%, respectively, which is based on interest rates we paid for our most recent term loan and convertible notes.

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.

Other Available Disclosures

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