Logo

TLSI

TriSalus Life Sciences, Inc.

TLSI

TriSalus Life Sciences, Inc. • NASDAQ
$6.87 ▲ 6.18% (+0.40)
Market Cap $226.97 M
52w High $6.91
52w Low $3.42
Dividend Yield 0%
P/E -3.24
Volume 101.48K
Outstanding Shares 33.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.566M ▲ $18.674M ▲ $-10.811M ▼ -93.472% ▼ $-0.96 ▼ $-9.183M ▼
Q2-2025 $11.213M ▲ $16.743M ▲ $-8.288M ▲ -73.914% ▲ $-0.27 ▲ $-6.703M ▲
Q1-2025 $9.167M ▲ $15.001M ▲ $-10.375M ▼ -113.178% ▲ $-0.39 ▲ $-8.989M ▼
Q4-2024 $8.261M ▲ $14.625M ▼ $-10.108M ▼ -122.358% ▼ $-0.41 ▼ $-8.848M ▼
Q3-2024 $7.349M $15.084M $-2.399M -32.644% $-0.12 $-1.091M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.687M ▼ $36.463M ▼ $63.188M ▲ $-26.725M ▼
Q2-2025 $26.49M ▲ $41.317M ▲ $60.74M ▼ $-19.423M ▲
Q1-2025 $13M ▲ $28.625M ▲ $62.995M ▲ $-34.37M ▼
Q4-2024 $8.525M ▼ $23.971M ▼ $49.865M ▲ $-25.894M ▼
Q3-2024 $11.288M $27.477M $47.911M $-20.434M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.811M ▼ $-3.709M ▲ $-176K ▼ $82K ▼ $-3.803M ▼ $-3.925M ▲
Q2-2025 $-8.288M ▲ $-7.32M ▼ $93K ▲ $20.717M ▲ $13.49M ▲ $-7.227M ▼
Q1-2025 $-10.375M ▼ $-4.499M ▲ $-714K ▼ $9.688M ▲ $4.475M ▲ $-5.253M ▲
Q4-2024 $-10.108M ▼ $-5.707M ▲ $-50K ▲ $2.994M ▼ $-2.763M ▲ $-5.757M ▲
Q3-2024 $-2.399M $-10.847M $-169K $5.823M $-5.193M $-11.016M

Five-Year Company Overview

Income Statement

Income Statement TriSalus looks like a very early-stage commercial company. Revenue is present but extremely small and only growing slowly so far, which suggests the product base is still in the early rollout and adoption phase. At the same time, operating costs are much higher than revenue, leading to recurring losses each year. Those losses have been meaningful relative to the company’s tiny scale, reflecting spending on R&D, clinical programs, and commercialization ahead of any mature revenue stream. Overall, the income statement shows a company still firmly in the build-out and validation stage, not yet anywhere close to profitability.

Balance Sheet

Balance Sheet The balance sheet is lean and somewhat fragile. Total assets and cash are modest, which limits financial cushion. Shareholders’ equity has turned negative in recent years, signaling that accumulated losses have more than offset the capital previously raised. Debt has recently appeared on the balance sheet, indicating the company has begun to use borrowing alongside equity funding. In plain terms, TriSalus operates with a thin safety margin and depends heavily on external capital to support its strategy, which introduces financial risk if funding conditions become less favorable.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, showing that the core business currently consumes cash rather than generating it. Free cash flow is similarly negative, although the company does not appear to be spending heavily on physical equipment or facilities. Most of the cash burn likely reflects research, clinical work, and commercial build-out rather than large capital projects. This pattern is typical for an emerging medical technology and drug platform company, but it also means the business remains reliant on outside financing to sustain its programs until revenues can meaningfully scale.

Competitive Edge

Competitive Edge TriSalus has carved out a differentiated niche in interventional oncology by focusing on pressure-enabled delivery for hard-to-treat solid tumors, particularly in the liver and pancreas. Its PEDD platform, SmartValve-based TriNav systems, and integration with an immunotherapy candidate give it a distinctive, systems-level approach that many conventional catheter makers or drug developers do not match. Patent protection, established reimbursement pathways, and focus on areas of high unmet need strengthen its positioning. However, the company is still small and early relative to large device and pharma competitors, and its long-term competitive strength will ultimately hinge on real-world adoption, clinical outcomes, and the ability to scale commercial operations with limited financial resources.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of TriSalus. The company is combining a novel drug delivery platform (PEDD and TriNav) with an investigational immune-stimulating drug (nelitolimod) to attack both the physical and biological barriers that limit cancer treatment. This is a bold, integrated R&D strategy—device plus drug, delivery plus biology—aimed at some of the most difficult cancers. Multiple clinical programs are underway to validate the concept, and the company is also exploring new indications and new product variants. The upside potential from this innovation is significant, but so is the execution risk: success depends on favorable clinical data, regulatory progress, physician adoption, and the ability to keep funding these efforts over time.

Summary

TriSalus is a high-innovation, high-risk, early-stage oncology platform company. Financially, it remains in the investment phase: revenue is still tiny, losses are sizable, cash burn is ongoing, and the balance sheet is thin with negative equity and modest cash. Strategically, however, the company is pursuing a differentiated approach that integrates proprietary delivery technology with immunotherapy to tackle very challenging cancers. The story is therefore less about current financial strength and more about whether its clinical data, product adoption, and funding access will be sufficient to turn a promising platform into a sustainable business over the coming years.

NEWS

November 18, 2025 · 8:00 AM UTC

TriSalus Life Sciences Launches TriNav® XP Infusion System to Expand Options for Pressure-Enabled Drug Delivery™

Read more

November 13, 2025 · 4:01 PM UTC

TriSalus Life Sciences Reports Third Quarter 2025 Results and Reaffirms 2025 Revenue Guidance

Read more

November 11, 2025 · 4:05 PM UTC

TriSalus Life Sciences to Participate in Upcoming Investor Conferences

Read more

November 10, 2025 · 8:00 AM UTC

TriSalus Life Sciences to Host Virtual KOL Event to Discuss the TriNav Infusion System for the Treatment of Uterine Fibroids on November 12, 2025

Read more

October 30, 2025 · 8:00 AM UTC

TriSalus Life Sciences to Host Third Quarter 2025 Financial Results Conference Call

Read more