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 | $309.6K | — | — |
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.
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