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.
TriSalus Life Sciences director Gary B. Gordon purchased 9,756 shares of the company’s common stock in an open-market transaction at $4.10 per share on February 23, 2026. Following this purchase, he directly owns 9,756 common shares of TriSalus Life Sciences, Inc.
TriSalus Life Sciences director William Valle reported an open-market purchase of company stock. On this Form 4, he bought 30,487 shares of TriSalus Life Sciences, Inc. common stock at a price of $4.10 per share. Following this transaction, he directly owns 30,487 common shares.
TriSalus Life Sciences CEO Mary T. Szela reported an open-market purchase of 30,487 shares of common stock at $4.10 per share. After this buy, she directly owns 773,289 shares, increasing her personal stake in the company.
TriSalus Life Sciences director Michael P. Stansky reported significant open-market purchases of the company’s common stock. He bought 243,900 shares directly at $4.10 per share and 117,198 shares at $4.10 per share through Skyview Investments LLC.
After these transactions, his direct holdings total 787,132 common shares, and his indirect holdings through Skyview Investments LLC total 199,698 common shares, reflecting continued equity ownership aligned with the company’s shareholders.
TriSalus Life Sciences filed a prospectus supplement to offer 9,756,100 shares of Common Stock at a public offering price of $4.10 per share, with a 30-day underwriter option for 1,463,415 additional shares. Net proceeds are estimated at approximately $37.0M (or $42.64M if the option is fully exercised) to be used for general corporate purposes.
The prospectus states pro forma shares outstanding of 59,811,590 after the offering (or 61,275,005 if the over-allotment is exercised). Preliminary unaudited results disclose $13.2M in fourth-quarter 2025 revenue, full-year 2025 revenue of $45.2M, and cash and cash equivalents of approximately $20.4M as of December 31, 2025.
TriSalus Life Sciences, Inc. has entered into an underwriting agreement for a public offering of 9,756,100 shares of its common stock at $4.10 per share. The company also granted underwriters a 30-day option to buy up to 1,463,415 additional shares to cover over-allotments.
Gross proceeds are expected to be about $40.0 million, with estimated net proceeds of approximately $37.0 million without exercising the option, or about $42.64 million if the option is fully exercised. TriSalus plans to use the cash for general corporate purposes, including capital spending, working capital, and administrative costs.
The deal is being made under an effective Form S-3 shelf registration, with Lake Street Capital Markets acting as sole book-runner. The offering is expected to close around February 23, 2026, and the company, its officers, directors, and a key securityholder have agreed to 90-day lock-up periods.