TriSalus Life Sciences, Inc.
Business
TriSalus Life Sciences is an oncology-focused medical technology company developing innovative delivery technologies and immunotherapeutics for solid tumors. The company manufactures and commercializes TriNav, an FDA-cleared interventional radiology device using Pressure-Enabled Drug Delivery (PEDD) technology for liver tumor embolization procedures including TARE and TACE, and is developing the PRVI device for pancreatic tumor treatment. TriSalus is also advancing nelitolimod, a TLR9 agonist immunotherapy candidate, in clinical trials for liver and pancreatic cancers in combination with its PEDD platform.
Summary from 10-K filed 2026-03-05
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is TriSalus Life Sciences, Inc.'s CIK number?
TriSalus Life Sciences, Inc.'s SEC CIK number is 0001826667 (1826667). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find TriSalus Life Sciences, Inc.'s SEC filings?
All of TriSalus Life Sciences, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did TriSalus Life Sciences, Inc. last report earnings?
TriSalus Life Sciences, Inc. (TLSIW) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-034082). This is TriSalus Life Sciences, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is TriSalus Life Sciences, Inc.'s most recent earnings 8-K?
TriSalus Life Sciences, Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001628280-26-034082. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View TriSalus Life Sciences, Inc.'s latest earnings 8-K →
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