TriSalus Life Sciences (TLSI) grows 2025 revenue 53% and reaffirms 2026 guidance

Rhea-AI Filing Summary

TriSalus Life Sciences reported strong growth for 2025 but remained unprofitable. Revenue from the TriNav system reached $45.2 million for the year, up 53% from 2024, with fourth quarter revenue of $13.2 million, a 60% year-over-year increase and 14% sequential growth.

Full-year gross profit rose to $38.2 million, though gross margin edged down to 84.6%, reflecting launch-related manufacturing inefficiencies. Operating loss narrowed to $26.9 million, and adjusted EBITDA loss improved to $17.2 million. Net loss attributable to common stockholders expanded to $69.7 million, mainly due to preferred stock conversion-related items.

Cash and cash equivalents were $20.4 million as of December 31, 2025, and subsequent to year-end the company raised $46 million in gross proceeds via a public offering. Management reaffirmed 2026 revenue guidance of $60–62 million and highlighted continued commercial adoption of TriNav, higher gross margins in Q4 2025, and ongoing investments in clinical studies and new PEDD-based products.

Insights

Biotech equity analyst

Rapid revenue growth and improved EBITDA offset by large net loss and leverage.

TriSalus Life Sciences delivered substantial top-line expansion, with revenue rising to $45.2 million in 2025, up 53% versus 2024. Fourth quarter revenue of $13.2 million grew 60% year over year, indicating accelerating commercial adoption of the TriNav system and related PEDD technology.

Profitability metrics improved but remain negative. Gross profit increased to $38.2 million for 2025, while operating loss narrowed to $26.9 million. Adjusted EBITDA loss improved to $17.2 million, helped by operating leverage from higher sales and lower research and development expenses tied to nelitolimod trial close-out.

The capital structure still carries risk. Net loss attributable to common stockholders widened to $69.7 million, largely driven by preferred stock conversion effects. Long-term debt reached $33.0 million with total liabilities of $69.2 million against a stockholders’ deficit of $(33.9) million as of December 31, 2025. Subsequent gross proceeds of $46 million from a public offering and reaffirmed 2026 revenue guidance of $60–62 million provide liquidity and a growth target, while actual impact on future losses and cash needs will depend on execution and cost trends disclosed in later filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2026

TRISALUS LIFE SCIENCES, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-39813			85-3009869
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification No.)
6272 W 91st Ave, Westminster, Colorado						80031
(Address of principal executive office)						(Zip Code)

(888) 321-5212

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
o			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.0001 par value			TLSI			Nasdaq Global Market
Warrants, each whole warrant exercisable for one share of registrant's common stock at an exercise price of $11.50 per share			TLSIW			Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Conditions.

On March 5, 2026, TriSalus Life Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

This information, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.

Item 9.01						Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Number						Description
99.1						Press Release dated March 5, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 5, 2026			TriSalus Life Sciences, Inc.
			By:			/s/ David Patience
						Name:			David Patience
						Title:			Chief Financial Officer

TriSalus Life Sciences Reports Fourth Quarter and Year-End 2025 Results and Reaffirms 2026 Revenue Guidance

Reports $13.2 million in Revenue in the Fourth Quarter, $45.2 million for Full-Year of 2025, Representing increases of 60% and 53% , respectively, Versus the Prior Year Periods

Reaffirms 2026 Revenue Guidance of $60-62 million

Strengthened Balance Sheet with $46 Million Gross Proceeds from Recent Public Offering

Hosting Conference Call and Webcast today at 4:30pm ET

DENVER – March 5, 2026 - TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the “Company”), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announces financial results for the quarter and year ended December 31, 2025, and provides an operational update.

“During our fourth quarter and throughout 2025, we continued to deliver strong commercial performance, supported by the growing clinical adoption of our TriNav® product suite and proprietary PEDD® platform across a broad range of solid tumor indications,” said Mary Szela, President and CEO of TriSalus. “We are pleased to have exceeded our 2025 revenue guidance of 50%, delivering 53%, reflecting strong commercial execution and sustained progress on our strategic initiatives, including expansion of the TriNav platform across multiple indications beyond the liver.”

“Looking ahead to 2026, we intend to deepen our engagement within the interventional radiology community by expanding our sales and commercial organizations, invest in foundational registry and clinical studies to further demonstrate the value of PEDD in the liver and our new applications, and continue to advance innovative PEDD product launches that enhance and differentiate our embolization toolkit. The $46 million in growth capital raised through our recent public offering, will substantially broaden and accelerate these strategic initiatives and drive support broader adoption of the PEDD platform. Based on our performance and positive outlook for 2026, we are reaffirming our revenue guidance of $60 million to $62 million. We look forward to 2026 confident in the commercial opportunities before us and energized by our long-term vision of bringing our PEDD technology to a wider range of patients and improving clinical outcomes.”

Highlights for Fourth Quarter 2025 and Recent Weeks

•Generated $13.2 million in net sales, a 60% increase year-over-year, and sequential growth of 14% over the third quarter 2025.

•Gross margin increased to 86.7% for the quarter ended December 31, 2025, as compared to 85.3% for the quarter ended December 31, 2024.

•Improved Adjusted EBITDA to a loss of $0.9 million for the quarter ended December 31, 2025, compared to a loss of $5.7 million for the quarter ended December 31, 2024.

•Delivered another strong commercial performance, with expanding use of TriNav® in liver embolization, and continued further development of new applications for new clinical settings focused on the interventional radiology call point.

•Subsequent to the fourth quarter, the Company raised $46 million in gross proceeds via a public offering to support continued growth.

•As of December 31, 2025, cash and cash equivalents totaled $20.4 million.

•Announced the appointment of veteran healthcare investor Michael Stansky to our Board of Directors in February 2026.

•Hosted Virtual KOL Event to Discuss the TriNav Infusion System for the Treatment of Uterine Fibroids November 12, 2025.

•Hosted Virtual KOL Event to Discuss the TriNav Infusion System for the Treatment of Symptomatic Thyroid Disease December 15, 2025.

•Launched the TriNav XP Infusion System. TriNav XP is engineered specifically for compatibility with larger embolic particles (beads up to and including 700 μm), is designed with a more flexible distal tip for improved trackability, is available in both 130 cm and 150 cm lengths, and is recommended for use in 1.5 mm to 3.5 mm vessels.

Full Year 2025 Financial Results

•Revenue, all from sales of the TriNav system, was $45.2 million for the year ended December 31, 2025, an increase of 53% compared to the same period in 2024. Revenue growth was driven primarily by increased TriNav unit sales within liver directed applications.

•Gross profit increased by $12.9 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, while gross margin decreased from 86.1% to 84.6% year over year. The increase in gross profit was due primarily to the increase in TriNav units sold, while the year-over-year decline in gross margin was primarily driven by lower manufacturing efficiency associated with newly launched products, which is a dynamic we expect to improve as production scales and processes mature.

•Research and Development (R&D) expenses decreased by $2.7 million or for the year ended December 31, 2025, as compared to the year ended December 31, 2024. The decrease was primarily due to the close-out of clinical trial expenses related to nelitolimod.

•Sales and Marketing (S&M) expenses increased by $2.9 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024. The increase was primarily due to an increase in performance related compensation driven by the increase in sales during the year ended December 31, 2025 compared to prior year.

•General & Administrative (G&A) expenses increased by $3.5 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024. The increase was primarily due to the acceleration of a non-cash stock-based compensation award of approximately $1.8 million, the revision of certain patent-related expenses from research and development to general and administrative expenses of approximately $0.7 million, and professional services as a result of the timing of various filing and audit related expenses.

•Operating losses were $26.9 million, compared to operating losses of $36.2 million for the same period in the prior year. The decrease was primarily driven by the increase in revenue, highlighting strong operating leverage.

•Net loss attributable to common stockholders was $69.7 million in the year ended December 31, 2025, compared to $33.2 million for the same period in the prior year, primarily driven by the conversion of our preferred stock to common stock during the third quarter of 2025, resulting in approximately $30.5 million net loss attributable to common stockholders.

•Improved Adjusted EBITDA to a loss of $17.2 million for the year ended December 31, 2025, compared to a loss of $30.0 million for the year ended December 31, 2024.

•The basic and diluted loss per share was $1.84, compared to $1.31 for the same period in 2024. This increase was primarily due to the conversion of preferred stock to common stock.

2026 Guidance

The Company anticipates 2026 revenues in the range of $60 million to $62 million.

Conference Call

The Company will host a conference call and webcast today, March 5, 2026 at 4:30 PM eastern time to discuss its financial results for the quarter and year ended December 31, 2025. Parties interested in participating by phone should register using this online form. After registering for the webcast, dial-in details will be provided in an auto-generated e-mail containing a link to the conference phone number along with a personal pin. The event will also be webcast live on the investor relations section of TriSalus’ website. A replay will also be available on the website following the event.

About TriSalus Life Sciences

TriSalus Life Sciences® is an oncology focused medical technology company seeking to transform outcomes for patients with solid tumors by integrating its innovative delivery technology with standard-of-care therapies, and with its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic and technology applications. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the TriNav® Infusion System and TriNav Infusion System LV for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. The PEDD technology is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via the PEDD technology may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by the PEDD technology are commonly present as well. The Company is in the final stages of data completion for a number of phase 1 clinical trials and will begin exploring partnership opportunities for development.

Forward Looking Statements

Statements made in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, made in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the Securities and Exchange Commission under the heading “Risk Factors.” All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.

TriSalus Life Sciences, Inc.

Consolidated Statements of Operations

(unaudited, in thousands, except share and per share data)

			Three Months Ended												Years Ended
			December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Revenue			$	13,205					$	8,261					$	45,151					$	29,431
Cost of goods sold			1,762						1,216						6,965						4,103
Gross profit			11,443						7,045						38,186						25,328
Operating expenses:
Research and development			2,570						2,959						14,965						17,688
Sales and marketing			7,973						7,010						28,709						25,839
General and administrative			4,171						4,656						21,458						17,966
Loss from operations			(3,271)						(7,580)						(26,946)						(36,165)
Other income (expense)
Interest income			177						57						555						404
Interest expense			(1,452)						(1,068)						(5,544)						(3,090)
Change in fair value of SEPA, warrant and revenue base redemption liabilities			11						(586)						(4,086)						(2,107)
Change in fair value of contingent earnout liability			(5,147)						(830)						(2,743)						11,231
Other expense, net			(71)						(102)						(456)						(312)
Loss before income taxes			(9,753)						(10,109)						(39,220)						(30,039)
Income tax expense			—						1						(7)						(6)
Net loss			$	(9,753)					$	(10,108)					$	(39,227)					$	(30,045)
Series A Preferred Stock conversion inducement			$	—					$	—					$	(18,516)					$	—
Deemed dividend related to Series A Preferred Stock conversion			—						—						(11,947)						—
Undeclared dividends on Series A Preferred Stock			—						(783)						—						(3,188)
Net loss attributable to common stockholders			$	(9,753)					$	(10,891)					$	(69,690)					$	(33,233)
Net loss per common share, basic and diluted			$	(0.21)					$	(0.40)					$	(1.84)					$	(1.31)
Weighted average common shares outstanding, basic and diluted			46,844,667						27,551,189						37,897,785						25,331,753

TriSalus Life Sciences, Inc.

Consolidated Balance Sheets

(unaudited, in thousands, except share and per share data)

			December 31, 2025						December 31, 2024
Assets
Current assets
Cash and cash equivalents			$	20,439					$	8,525
Accounts receivable, net			6,558						5,087
Inventory, net			3,077						4,048
Prepaid expenses			2,170						3,009
Total current assets			32,244						20,669
Property and equipment, net			1,808						1,669
Right-of-use assets			861						1,210
Other assets			418						423
Total assets			$	35,331					$	23,971
Liabilities and Stockholders’ Deficit
Current liabilities
Trade payables			$	3,002					$	2,274
Accrued liabilities			8,096						7,355
Short-term lease liabilities			167						216
Other current liabilities			234						383
Total current liabilities			11,499						10,228
Long-term debt			33,046						22,084
Revenue base redemption liability			383						507
Long-term lease liabilities			1,228						1,329
Contingent earnout liability			10,144						7,401
Warrant and SEPA liabilities			12,892						8,316
Total liabilities			69,192						49,865
Commitments and contingencies
Stockholders’ deficit
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			—						—
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						3
Additional paid-in capital			296,718						253,652
Accumulated deficit			(330,583)						(279,549)
Total stockholders’ deficit			(33,861)						(25,894)
Total liabilities and stockholders’ deficit			$	35,331					$	23,971

TriSalus Life Sciences, Inc.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

			Years Ended
			December 31, 2025						December 31, 2024
Cash flows from operating activities
Net loss			$	(39,227)					$	(30,045)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			626						744
Non-cash lease expense			429						264
Change in fair value of SEPA, warrant and revenue base redemption liabilities			4,086						2,107
Change in fair value of contingent earnout liability			2,743						(11,231)
Paid-in-kind interest			800						604
Stock-based compensation expense			9,131						5,441
Allowance for credit losses			163						187
Loss on disposal of property and equipment			120						23
Amortization of debt issuance costs			1,049						612
Changes in operating assets and liabilities:
Accounts receivable			(1,634)						(1,719)
Inventory, net			971						(1,503)
Prepaid expenses and other assets			840						(1,708)
Deposits			5						43
Operating lease liabilities			(134)						(278)
Trade payables and accrued liabilities			2,020						(4,384)
Net cash used in operating activities			(18,012)						(40,843)
Cash flows from investing activities
Purchases of property and equipment			(918)						(345)
Proceeds from disposal of property and equipment			80						—
Net cash used in investing activities			(838)						(345)
Cash flows from financing activities
Proceeds from the issuance of common stock			22,000						15,104
Common stock issuance costs			(1,549)						—
Proceeds from the exercise of stock options for common stock			510						76
Proceeds from the issuance of common stock through employee stock purchase plan			404						433
Debt issuance costs			(520)						(2,593)
Proceeds from the issuance of debt			10,000						25,000
Payments on finance lease liabilities			(81)						(84)
Net cash provided by financing activities			30,764						37,936
Increase (decrease) in cash, cash equivalents and restricted cash			11,914						(3,252)
Cash, cash equivalents and restricted cash, beginning of period			8,875						12,127
Cash, cash equivalents and restricted cash, end of period			$	20,789					$	8,875
Supplemental disclosures of cash flow information
Cash paid for interest			3,697						1,750
Cash paid for income taxes			16						18
Supplemental disclosure of noncash items
Right-of-use assets obtained in exchange for new operating lease liabilities			—						294
Right-of-use assets obtained in exchange for new finance lease liabilities			66						—
Non-cash capital expenditures included in trade payables			68						—
Fixed asset purchase through exchange of finance lease right-of-use asset			85						—
Derecognition of finance lease right-of-use asset			(85)						—

Prepaid warrant issuance costs			—						1,700
Fair value of warrants issued with OrbiMed debt			366						362
Fair value of revenue base redemption liability related to OrbiMed debt			—						507
Transfer of warrant liability to common stock upon exercise of warrant			—						12

Non-GAAP Financial Measure

To supplement the financial results presented in accordance with GAAP, TriSalus has also included in this press release non-GAAP adjusted EBITDA, which excludes from net loss, income tax expense, interest expense, interest income, change in fair value of SEPA, warrant and revenue-base redemption liabilities, change in fair value of contingent earn out liability, stock-based compensation expense and depreciation. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. TriSalus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand TriSalus’ business.

TriSalus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, TriSalus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare TriSalus’ results from period to period, and to identify operating trends in TriSalus’ business.

Supplemental Schedule of Non-GAAP Adjusted EBITDA

(unaudited, in thousands)

			Three Months Ended												Years Ended
			December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net loss			$	(9,753)					$	(10,108)					$	(39,227)					$	(30,045)
Interest expense			1,452						1,068						5,544						3,090
Interest income			(177)						(57)						(555)						(404)
Income tax expense			—						(1)						7						6
Depreciation			126						193						626						744
EBITDA			$	(8,352)					$	(8,905)					$	(33,605)					$	(26,609)
Change in fair value of SEPA, warrant and revenue base redemption liabilities			(11)						586						4,086						2,107
Change in fair value of contingent earnout liability			5,147						830						2,743						(11,231)
Other expense, net			71						102						456						312
Stock-based compensation expense			2,197						1,697						9,131						5,441
Adjusted EBITDA			$	(948)					$	(5,690)					$	(17,189)					$	(29,980)

Contacts

For Media Inquiries:
Jeremy Feffer, Managing Director

LifeSci Advisors

917.749.1494 jferrer@lifesciadvisors.com

For Investor Inquiries:
David Patience
Chief Financial Officer
investor.relations@trisaluslifesci.com

FAQ

How did TriSalus Life Sciences (TLSI) perform financially in 2025?

TriSalus Life Sciences reported 2025 revenue of $45.2 million, a 53% increase versus 2024, driven entirely by TriNav system sales. Gross profit reached $38.2 million and operating loss narrowed to $26.9 million, reflecting strong commercial growth but continued lack of profitability.

What were TriSalus Life Sciences’ fourth quarter 2025 results?

In the fourth quarter of 2025, TriSalus generated $13.2 million in revenue, up 60% year-over-year and 14% sequentially. Gross margin improved to 86.7%, and adjusted EBITDA loss narrowed to $0.9 million, showing better operating efficiency alongside strong TriNav adoption.

What revenue guidance did TriSalus Life Sciences (TLSI) provide for 2026?

TriSalus reaffirmed 2026 revenue guidance of $60–62 million. This target reflects management’s expectations for continued commercial expansion of the TriNav platform, deeper engagement with interventional radiologists, and contributions from new PEDD-based product launches and clinical initiatives.

What is the cash and debt position of TriSalus Life Sciences at year-end 2025?

As of December 31, 2025, TriSalus reported $20.4 million in cash and cash equivalents and $33.0 million in long-term debt. Total liabilities were $69.2 million, and the company disclosed a stockholders’ deficit of $33.9 million on its consolidated balance sheet.

How did TriSalus Life Sciences’ profitability metrics change in 2025?

TriSalus reduced its operating loss to $26.9 million in 2025 from $36.2 million in 2024 and improved adjusted EBITDA loss to $17.2 million from $30.0 million. These changes were driven mainly by higher TriNav revenue and controlled research and development spending.

Why did TriSalus Life Sciences’ net loss attributable to common stockholders increase in 2025?

Net loss attributable to common stockholders rose to $69.7 million in 2025 from $33.2 million in 2024. Management attributes this mainly to the conversion of Series A preferred stock to common stock, which created approximately $30.5 million of additional loss attributable to common stockholders.

How much capital did TriSalus Life Sciences raise recently and for what purpose?

Subsequent to the fourth quarter of 2025, TriSalus raised $46 million in gross proceeds through a public offering. The company states these funds will support continued growth, including expanding commercial efforts, funding registry and clinical studies, and advancing new PEDD-based product launches.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 193.7 KB

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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
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