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TriSalus Life Sciences (NASDAQ: TLSI) posts Q2 revenue, guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

TriSalus Life Sciences reported second quarter 2026 revenue of $11.4 million from TriNav system sales, up 1.7% year over year, with gross margin improving to 86.8% from 83.9% as unit costs declined. Operating loss widened to $9.8 million, and net loss attributable to common stockholders was $9.2 million, or $0.16 per share.

Non-GAAP adjusted EBITDA loss was $7.1 million, reflecting higher sales and marketing spending to expand the commercial organization, partly offset by lower research and development and general and administrative expenses. Cash and cash equivalents reached $46.3 million, supported by an equity offering, and total stockholders’ equity improved to $6.6 million from a deficit of $33.9 million at December 31, 2025.

The company maintained full-year 2026 revenue guidance of $54–$57 million, representing 19%–26% growth over 2025, and highlighted progress in its Pressure-Enabled Drug Delivery platform, including new real-world evidence in liver cancer, the PEDIR study submission, and ongoing Phase 1 trials of investigational immunotherapy nelitolimod.

Positive

  • Maintained 2026 revenue guidance of $54–$57 million, representing 19%–26% growth compared with full-year 2025.
  • Strengthened the balance sheet with $46.3 million in cash and cash equivalents and stockholders’ equity improving to $6.6 million from a deficit of $33.9 million.

Negative

  • Quarterly operating loss increased to $9.8 million from $7.3 million, and adjusted EBITDA loss widened to $7.1 million from $5.3 million year over year.

Filing Explained

By June 30, 61,469,572 common shares were outstanding and $42,625 thousand of net issuance proceeds had been recorded, creating dilution mechanics for existing holders.

The company’s August 6 8-K reports completed second-quarter results and shows common shares outstanding of $61,469,572 at June 30 versus $49,997,836 at December 31. The filing also reports common-stock issuance proceeds and a financing that had already occurred, rather than a proposed transaction.

Net cash provided by common-stock issuance was $42,625 thousand during the first six months, while the company separately reported $46.0 million of gross proceeds from a first-quarter equity offering. Additional shares increase the total share count and, absent offsetting changes, reduce existing holders’ percentage ownership; the disclosed share issuance therefore creates dilution mechanics for existing common holders.

At June 30, the balance sheet reported $46,288 thousand of cash and cash equivalents, $16,609 thousand of net cash used in operating activities for the first six months, and $33,065 thousand of long-term debt.

The filing identifies CMS’s reimbursement rate for the newly established G-code as a pending point: CMS had established the code, but the rate was still being finalized in the coming months.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $11.4 million Revenue from TriNav system sales for the three months ended June 30, 2026; up 1.7% year over year
Q2 2026 Gross Margin 86.8% Gross margin for the three months ended June 30, 2026, compared with 83.9% in the prior-year quarter
Q2 2026 Operating Loss $9.8 million Loss from operations for the three months ended June 30, 2026, versus $7.3 million a year earlier
Q2 2026 Net Loss to Common $9.2 million Net loss attributable to common stockholders for the three months ended June 30, 2026
Q2 2026 Loss Per Share $0.16 Basic and diluted loss per share for the three months ended June 30, 2026
Adjusted EBITDA Q2 2026 $7.1 million loss Non-GAAP adjusted EBITDA loss for the three months ended June 30, 2026
Cash and Cash Equivalents $46.3 million Cash and cash equivalents balance as of June 30, 2026
2026 Revenue Guidance $54–$57 million Full-year 2026 revenue outlook, representing 19%–26% growth over 2025
Pressure-Enabled Drug Delivery™ (PEDD) medical
"The Company’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach"
nelitolimod medical
"nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic"
contingent earnout liability financial
"Change in fair value of contingent earnout liability | (996) | | | 700"
A contingent earnout liability is a recorded obligation a buyer takes on when part of a purchase price will be paid later only if the acquired business hits agreed targets, such as revenue or profit milestones. It matters to investors because it can change a company’s future cash needs and reported liabilities—think of it like buying a car and promising extra payment if it reaches a certain mileage: the promise affects your wallet and balance sheet even before the payment happens.
SEPA financial
"Change in fair value of SEPA, warrant and revenue base redemption liabilities | 2,569"
SEPA, or Single Euro Payments Area, is a system that allows money to be transferred easily and quickly across European countries using a common set of rules and standards. It makes cross-border payments as simple as sending money within your own country, reducing costs and processing times. For investors, SEPA simplifies international transactions within Europe, making it easier to move funds and manage investments across multiple countries.
adjusted EBITDA financial
"The non-GAAP measure of adjusted EBITDA is shown in the table below"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
G-code regulatory
"establishment of a G-code that extends reimbursement for vascular embolization procedures"
Q2 2026 revenue $11.4 million Increased 1.7% compared with the same period in 2025
Q2 2026 net loss attributable to common stockholders $9.2 million Compared with a net loss of $9.0 million in Q2 2025
Q2 2026 adjusted EBITDA $7.1 million loss Compared with a $5.3 million loss in Q2 2025
2026 revenue guidance $54–$57 million Represents 19%–26% growth versus full-year 2025
Guidance

Maintains full-year 2026 revenue guidance of $54–$57 million, representing 19%–26% growth over 2025.

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FAQ

How much revenue did TriSalus Life Sciences (TLSI) generate in Q2 2026?
TriSalus generated $11.4 million in revenue for the quarter ended June 30, 2026, primarily from TriNav system sales, representing a 1.7% increase compared with the same quarter in 2025 and supported by higher gross margins.

What were TriSalus Life Sciences (TLSI) earnings and loss per share for Q2 2026?
TriSalus reported a Q2 2026 net loss attributable to common stockholders of $9.2 million, with basic and diluted loss per share of $0.16, compared with a net loss of $9.0 million and a loss per share of $0.27 in Q2 2025.

What is TriSalus Life Sciences (TLSI) 2026 revenue guidance?
TriSalus reaffirmed full-year 2026 revenue guidance of $54–$57 million, which the company states represents 19%–26% growth versus full-year 2025, consistent with the range it previously set in the first quarter of 2026.

What was TriSalus Life Sciences (TLSI) cash position and equity at June 30, 2026?
As of June 30, 2026, TriSalus held $46.3 million in cash and cash equivalents. Total stockholders’ equity improved to $6.6 million, compared with a stockholders’ deficit of $33.9 million at December 31, 2025, aided by an equity capital raise.

How did TriSalus Life Sciences (TLSI) profitability metrics change in Q2 2026?
Q2 2026 gross margin improved to 86.8% from 83.9% year over year. However, operating loss widened to $9.8 million, and non-GAAP adjusted EBITDA loss increased to $7.1 million, mainly due to higher sales and marketing expenses for commercial expansion.

What clinical and operational updates did TriSalus Life Sciences (TLSI) provide with Q2 2026 results?
TriSalus highlighted new real-world evidence for its Pressure-Enabled Drug Delivery (PEDD) in liver cancer, submission of the PEDIR study data for publication, and progress toward completing Phase 1 trials of investigational immunotherapy nelitolimod with plans to explore partnership opportunities.

How did TriSalus Life Sciences (TLSI) describe CMS reimbursement developments?
Management acknowledged a new CMS G-code that extends reimbursement for vascular embolization procedures using pressure-generating catheters into physician office-based labs and indicated it expects continued dialogue with CMS as reimbursement rates are finalized in the coming months.
0001826667FALSE00018266672026-08-062026-08-060001826667us-gaap:CommonStockMember2026-08-062026-08-060001826667us-gaap:WarrantMember2026-08-062026-08-06

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): August 6, 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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueTLSI
Nasdaq Global Market
Warrants, each whole warrant exercisable for one share of registrant's common stock at an exercise price of $11.50 per shareTLSIW
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 2.02Results of Operations and Financial Conditions.
On August 6, 2026, TriSalus Life Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. 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 9.01Financial Statements and Exhibits.
(d) Exhibits:
Exhibit NumberDescription
99.1
Press Release dated August 6, 2026
104Cover 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: August 6, 2026
TriSalus Life Sciences, Inc.
By:/s/ David Patience
Name:David Patience
Title:Chief Financial Officer

image.jpg
TriSalus Life Sciences Reports Second Quarter 2026 Results
Generated second quarter revenue of $11.4 million and expanded commercial organization to support future growth and broader market penetration
Maintains 2026 revenue guidance of $54 million to $57 million
Hosting Conference Call and Webcast today at 4:30pm ET
DENVER – August 6, 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 announced financial results for the quarter ended June 30, 2026, and provided an operational update.
“We delivered a second quarter marked by year-over-year and strong sequential growth. We continued strengthening our foundation to drive future expansion and adoption of the TriNav platform, and generated clinical evidence that demonstrates and validates the value of our technology,” said Mary Szela, President and Chief Executive Officer of TriSalus. "We also wanted to acknowledge the Centers for Medicare and Medicaid Services ("CMS") on the recent establishment of a G-code that extends reimbursement for vascular embolization procedures with the use of a pressure-generating catheter into the physician office-based lab site of service. We look forward to maintaining an active dialogue with CMS as their team finalizes the reimbursement rate in the coming months.
We anticipate seeing further growth in the back half of the year and beyond as our sales team continues to ramp their efforts. We believe the long term growth opportunity for our PEDD platform remains substantial, and see an exciting pathway ahead.”
Highlights for Second Quarter 2026 and Recent Weeks
•Hosted virtual KOL event featuring a discussion around the new real-world evidence for PEDD in liver cancer.
•Submitted for publication data from the PEDIR study, a multi-center, randomized trial conducted at Massachusetts General Hospital evaluating tumor-to-normal ration in hepatocellular carcinoma and hypovascular tumors.
Financial Results for Q2 2026
•Revenue from the sale of the TriNav system was $11.4 million for the three months ended June 30, 2026, which was relatively consistent with the prior comparative period with an increase of 1.7% compared to the same period in 2025.
•Gross margins were 86.8% for the three months ended June 30, 2026, compared to 83.9% for the same period in 2025. The year-over-year increase in gross margin was primarily due to a reduction in cost per TriNav unit.
•Operating losses were $9.8 million for the three months ended June 30, 2026, compared to losses of $7.3 million for the same period in 2025. The increase in operating losses was primarily driven by higher sales and marketing expenses related to our investment in marketing and our sales organization expansion, partially offset by improved gross margins, lower research and development and lower general and administrative expenses.
•Net loss available to common stockholders was $9.2 million for three months ended June 30, 2026, compared to a net loss of $9.0 million for the same period in 2025. The current period includes $1.6 million of non-cash net gains related to changes in the fair value of various derivatives for the three months ended June 30, 2026, compared to net gains of $0.4 million for the same period in 2025. The basic and diluted loss per share for three months ended June 30, 2026 was $0.16, compared to $0.27 for the same period in 2025.
•The non-GAAP measure of adjusted EBITDA is shown in the table below as the Company believes it is an important measure of performance. Adjusted EBITDA losses were $7.1 million for the three months ended June 30, 2026, compared to losses of $5.3 million for the same period in 2025. The increase in adjusted EBITDA losses were primarily driven by increased sales and marketing expenses, partially offset by improved gross margins, lower research and development and lower general and administrative expenses.
•On June 30, 2026, cash and cash equivalents totaled $46.3 million. The Company raised $46.0 million in gross proceeds in the first quarter from an equity offering. The Company believes that these proceeds provide sufficient cash runway to fully fund commercial expansion and pipeline development.

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2026 Financial Guidance
The Company is maintaining its full-year 2026 revenue guidance of $54 million to $57 million, consistent with the range set in the first quarter and representing growth of 19% to 26% compared to full year 2025.
Conference Call & Webcast
The Company will host a conference call and webcast today at 4:30 PM eastern time to discuss its financial results for the quarter ended June 30, 2026. Parties interested in participating by phone should register using the online form on our investor relations website. 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.

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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 regulatory approval of the Company's product candidates, 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.

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TriSalus Life Sciences, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenue$11,407 $11,213 $20,306 $20,380 
Cost of goods sold1,508 1,802 2,738 3,297 
Gross profit9,899 9,411 17,568 17,083 
Operating expenses:
Research and development (1)
3,137 3,670 6,353 6,691 
Sales and marketing11,416 7,163 18,829 13,897 
General and administrative (1)
5,159 5,910 10,610 11,156 
Loss from operations(9,813)(7,332)(18,224)(14,661)
Other income (expense)
Interest income457 134 621 208 
Interest expense(1,490)(1,423)(2,926)(2,632)
Change in fair value of SEPA, warrant and revenue base redemption liabilities2,569 (330)6,469 (1,165)
Change in fair value of contingent earnout liability(996)700 6,406 (120)
Other income (expense), net90 (40)14 (291)
Loss before income taxes(9,183)(8,291)(7,640)(18,661)
Income tax benefit (expense)(4)3 (8)(2)
Net loss$(9,187)$(8,288)$(7,648)$(18,663)
Undeclared dividends on Series A Preferred Stock— (714)— (1,426)
Net loss attributable to common stockholders$(9,187)$(9,002)$(7,648)$(20,089)
Basic loss per share$(0.16)$(0.27)$(0.14)$(0.65)
Diluted loss per share$(0.16)$(0.27)$(0.14)$(0.65)
Weighted average common shares outstanding, basic58,296,711 32,899,297 54,936,862 30,713,375 
Weighted average common shares outstanding, diluted58,296,711 32,899,297 54,936,862 30,713,375 
(1)Amounts presented in the three and six months ended June 30, 2025 have been revised to align expense classification for the 2025 fiscal year period.


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TriSalus Life Sciences, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share data)
June 30, 2026December 31, 2025
Assets
Current assets
Cash and cash equivalents$46,288 $20,439 
Accounts receivable (net of allowance of $98 and $24, respectively)6,459 6,558 
Inventory, net4,205 3,077 
Prepaid expenses2,792 2,170 
Total current assets59,744 32,244 
Property and equipment, net1,837 1,808 
Right-of-use assets798 861 
Other assets69 418 
Total assets$62,448 $35,331 
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Trade payables$3,763 $3,002 
Accrued liabilities7,107 8,096 
Short-term lease liabilities244 167 
Other current liabilities58 234 
Total current liabilities11,172 11,499 
Long-term debt33,065 33,046 
Revenue base redemption liability489 383 
Long-term lease liabilities1,117 1,228 
Contingent earnout liability3,738 10,144 
Warrant liabilities6,317 12,892 
Total liabilities55,898 69,192 
Commitments and contingencies
Stockholders’ equity (deficit)
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively— — 
Common stock, $0.0001 par value, 400,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 61,469,572 shares and 49,997,836 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively5 4 
Additional paid-in capital344,776 296,718 
Accumulated deficit(338,231)(330,583)
Total stockholders’ equity (deficit)6,550 (33,861)
Total liabilities and stockholders’ equity (deficit)$62,448 $35,331 


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TriSalus Life Sciences, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Six Months Ended
June 30, 2026June 30, 2025
Cash flows from operating activities
Net loss$(7,648)$(18,663)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation271 337 
Non-cash lease expense62 210 
Change in fair value of SEPA, warrant and revenue base redemption liabilities(6,469)1,165 
Change in fair value of contingent earnout liability(6,406)120 
Paid-in-kind interest— 584 
Stock-based compensation expense5,088 3,512 
Allowance for credit losses74 96 
Loss on disposal of property and equipment1 117 
Amortization of debt issuance costs632 492 
Changes in operating assets and liabilities
Accounts receivable24 (540)
Inventory, net(1,128)241 
Prepaid expenses and other assets(622)777 
Operating lease liabilities(62)(81)
Trade payables and accrued liabilities(426)(186)
Net cash used in operating activities(16,609)(11,819)
Cash flows from investing activities
Purchases of property and equipment(223)(661)
Proceeds from disposal of property and equipment— 40 
Net cash used in investing activities(223)(621)
Cash flows from financing activities
Proceeds from the issuance of common stock, net of issuance costs42,625 20,451 
Proceeds from the exercise of stock options for common stock49 335 
Proceeds from the issuance of common stock through employee stock purchase plan270 211 
Debt issuance costs(613)(520)
Proceeds from the issuance of debt— 10,000 
Payments on finance lease liabilities(27)(72)
Short-swing profit settlement27 — 
Net cash provided by financing activities42,331 30,405 
Increase in cash, cash equivalents and restricted cash25,499 17,965 
Cash, cash equivalents and restricted cash, beginning of period20,789 8,875 
Cash, cash equivalents and restricted cash, end of period$46,288 $26,840 
Supplemental disclosures of cash flow information
Cash paid for interest2,294 1,557 
Cash paid for income taxes— 16 
Supplemental disclosure of non-cash items
Right-of-use assets obtained in exchange for new finance lease liabilities57 — 
Non-cash capital expenditures included in trade payables20 20 
Fixed assets purchased through exchange of finance lease right-of-use asset— 85 
Derecognition of finance lease right-of-use asset
— (85)
Fair value of warrants issued with OrbiMed debt— 366 

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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 EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net loss$(9,187)$(8,288)$(7,648)$(18,663)
Interest expense1,490 1,423 2,926 2,632 
Interest income(457)(134)(621)(208)
Income tax (benefit) expense4 (3)8 2 
Depreciation136 165 271 337 
EBITDA$(8,014)$(6,837)$(5,064)$(15,900)
Change in fair value of SEPA, warrant and revenue base redemption liabilities(2,569)330 (6,469)1,165 
Change in fair value of contingent earnout liability996 (700)(6,406)120 
Other (income) expense, net(90)40 (14)291 
Stock-based compensation expense2,616 1,892 5,088 3,512 
Adjusted EBITDA$(7,061)$(5,275)$(12,865)$(10,812)


Contacts
For Media Inquiries:
Andrea Marasso
Vice President, Marketing
andrea.marasso@trisaluslifesci.com

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

Source: View Original Filing on SEC EDGAR

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