TriSalus Life Sciences, Inc. TLSI
We are a growing, oncology focused medical technology business seeking to transform outcomes for patients with solid tumors by integrating our innovative delivery technology with standard-of-care therapies, and with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 ("TRL9") agonist, for a range of different therapeutic and technology applications. Our ultimate goal is to transform the treatment paradigm for patients battling solid tumors. We have developed an innovative technology designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) off target delivery. Nelitolimod, specifically, combined with our technology aims to address the immunosuppressive properties of tumor immune cells in liver, pancreas and other solid tumors. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $45.2M | $29.4M | $18.5M | $12.4M | — | — |
| Cost of revenue | $7.0M | $4.1M | $2.6M | $2.3M | — | — |
| Gross profit | $38.2M | $25.3M | $15.9M | $10.1M | — | — |
| R&D | $15.0M | $17.7M | $29.8M | $21.4M | — | — |
| SG&A | $21.5M | $18.0M | $23.5M | $12.5M | $3.0M | — |
| Operating income | -$26.9M | -$36.2M | -$54.5M | -$36.4M | -$3.0M | — |
| Interest expense | $5.5M | $3.1M | $16.0K | $1.0K | — | — |
| Pre-tax income | -$39.2M | -$30.0M | -$59.4M | -$47.2M | $4.8M | — |
| Income tax | $7.0K | $6.0K | $9.0K | $9.0K | $0 | — |
| Net income | -$39.2M | -$30.0M | -$59.4M | -$47.2M | $4.8M | — |
| EPS, basic | -1.84 | -1.31 | -6.77 | -161.55 | — | — |
| EPS, diluted | -1.84 | -1.31 | -6.77 | -161.55 | — | — |
| Shares, diluted (wtd. avg.) | 37.9M | 25.3M | 9.4M | 309,609 | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $20.4M | $8.5M | $12.1M | $9.7M | $30.3M | $1.3M |
| Receivables | $6.6M | $5.1M | $3.6M | $1.6M | — | — |
| Inventory | $3.1M | $4.0M | $2.5M | $1.5M | — | — |
| Total current assets | $32.2M | $20.7M | $20.9M | $17.2M | $525.9K | $2.0M |
| Other intangibles | — | — | $0 | $802.0K | — | — |
| Total assets | $35.3M | $24.0M | $24.6M | $22.0M | $250.5M | $252.0M |
| Accounts payable | — | — | — | — | $1.1M | $103.2K |
| Total current liabilities | $11.5M | $10.2M | $14.7M | $32.4M | $1.6M | — |
| Long-term debt | $33.0M | $22.1M | $0 | — | — | — |
| Total liabilities | $69.2M | $49.9M | $51.7M | $34.3M | $17.3M | $23.5M |
| Retained earnings | -$330.6M | -$279.5M | -$249.5M | -$186.4M | -$16.7M | -$21.5M |
| Total equity | -$33.9M | -$25.9M | -$27.1M | -$177.1M | -$129.6M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$18.0M | -$40.8M | -$50.6M | -$32.3M | -$1.7M | — |
| Depreciation and amortisation | $600.0K | $700.0K | $700.0K | $276.0K | — | — |
| Stock-based compensation | $9.1M | $5.4M | $1.4M | $368.0K | — | — |
| Capital expenditure | $918.0K | $345.0K | $588.0K | $655.0K | — | — |
| Investing cash flow | -$838.0K | -$345.0K | -$1.6M | -$1.8M | $60.0K | — |
| Financing cash flow | $30.8M | $37.9M | $54.6M | $13.5M | $544.0K | — |
| Buybacks | — | — | — | $232.4M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-015163.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | $12.4M | $18.5M | $29.4M | $45.2M |
| Gross profit | — | — | $10.1M | $15.9M | $25.3M | $38.2M |
| Net income | — | $4.8M | -$47.2M | -$59.4M | -$30.0M | -$39.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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