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TriSalus Life Sciences director David J. Matlin converted preferred stock into common shares under a company offer. On July 31, 2025, all 100,000 shares of Series A Preferred Stock held by Matlin were converted into 330,000 shares of common stock.
The conversion followed an exchange offer allowing all preferred holders to receive common shares equal to the liquidation preference of $10.00 per preferred share plus accrued and unpaid dividends through August 10, 2027, divided by a $4.00 conversion price per share. After the conversion, Matlin directly owned 1,271,944 common shares and no remaining preferred shares.
TriSalus Life Sciences, Inc. executive Jodi Devlin, Chief of Clinical Operations, reported three transactions in common stock. Across 3,207 shares, stock was sold at prices between $4.09 and $4.13 per share to satisfy tax withholding obligations tied to previously vested restricted stock units. A footnote explains these sales were made solely to cover taxes and were not discretionary. Following the most recent transaction, Devlin directly holds 97,364 shares of TriSalus common stock.
TriSalus Life Sciences Chief of Research Bryan F. Cox reported automatic sales of common stock to cover taxes on vested restricted stock units. Across three trades on March 11, 12 and 16, 2026, a total of 3,184 shares were sold around $4.09–$4.13 per share, leaving him with 163,415 directly held shares. A footnote explains these sales were solely to satisfy tax withholding obligations and were not discretionary.
TriSalus Life Sciences Chief Commercial Officer Richard Marshak reported routine share disposals tied to tax withholding, not discretionary selling. Over three days, he disposed of a total of 3,457 shares of common stock at prices between $4.09 and $4.13 per share. A footnote explains these shares were sold solely to satisfy tax obligations from vesting restricted stock units previously granted to him. After these transactions, Marshak continues to hold 110,397 shares of TriSalus common stock directly, indicating the disposals are small relative to his remaining stake.
TriSalus Life Sciences Chief Regulatory Officer Jennifer Stevens reported routine share sales tied to tax withholding. She sold a total of 3,530 shares of common stock in open-market transactions between March 11 and March 16 at prices around $4.09–$4.13 per share.
According to the disclosure, the shares were sold solely to satisfy tax obligations from vesting restricted stock units and do not represent discretionary sales. After these transactions, she continues to hold 124,110 TriSalus shares directly.
TriSalus Life Sciences CEO and President Mary T. Szela reported routine share dispositions tied to tax withholding, not discretionary selling. On March 17, she disposed of 15,944 shares of common stock at $3.85 per share. On March 11, she disposed of 4,358 shares at $4.13 per share. A footnote explains these shares were sold to satisfy tax obligations from vesting restricted stock units and that the activity does not represent a discretionary sale. After these transactions, she directly holds 752,987 common shares.
TriSalus Life Sciences is an oncology-focused medtech company combining proprietary drug-delivery devices with an investigational immunotherapy, nelitolimod, to treat solid tumors, especially in the liver and pancreas. Its core Pressure-Enabled Drug Delivery (PEDD) platform underpins the FDA‑cleared TriNav Infusion System and a 510(k)‑cleared pancreatic device (PRVI).
TriNav, used mainly in TACE and TARE procedures, has been employed in over 31,000 procedures and generated $45.2 million in 2025 revenue, a 53.4% increase versus the prior year. Clinical and real‑world data show improved tumor targeting, higher drug deposition and reduced complications compared with standard microcatheters. Management estimates a U.S. total addressable PEDD market projected to exceed $2.3 billion annually across liver cancers, pancreatic tumors, fibroids, multinodular goiters, prostate disease and osteoarthritis‑related knee pain.
Nelitolimod, a class C TLR9 agonist acquired from Dynavax, is being tested with PEDD in three Phase 1 PERIO studies in uveal melanoma liver metastases, cholangiocarcinoma, hepatocellular carcinoma and locally advanced pancreatic cancer, with readouts expected in 2026. The company holds a broad patent portfolio extending into the 2030s, manufactures TriNav in Colorado, and benefits from permanent CMS reimbursement codes C9797 and C8004 that support outpatient and ambulatory use.
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.
TriSalus Life Sciences is offering 9,756,100 shares of Common Stock at a public offering price of $4.10 per share, as set forth in the prospectus supplement dated February 19, 2026. The offering includes a 30-day underwriter option to purchase up to 1,463,415 additional shares.
The cover page shows aggregate public offering proceeds of $40,000,010, underwriting discounts of $2,400,000, and estimated proceeds to the company before expenses of $37,600,010. The prospectus supplement states estimated net proceeds of approximately $37.0 million (or approximately $42.64 million if the over-allotment is exercised in full) to be used for general corporate purposes.
TriSalus Life Sciences, Inc. Chief Financial Officer David Patience reported an open-market purchase of 3,657 shares of common stock at $4.10 per share. Following this transaction, his directly owned stake increased to 268,657 shares, signaling additional personal capital committed to the company.