Summary of TriSalus Life Sciences Conference Call Company Overview - **Company**: TriSalus Life Sciences (TLSI) - **Industry**: MedTech, Life Science Tools, and Diagnostics - **Technology**: Microcatheter technology designed to enhance drug delivery to solid tumors, particularly in the liver and other areas Key Points and Arguments 1. **Technology and Market Opportunity**: - TriSalus's technology addresses the challenge of delivering drugs to solid tumors, where less than 1% of drugs can penetrate due to high internal pressure [3][4] - The company has expanded its market opportunity from approximately $400 million to nearly $2.5 billion, primarily targeting liver metastases and primary liver cancer [8] 2. **Growth and Financial Performance**: - The company reported a 50% growth in the first half of 2025 compared to the first half of 2024, with a 22% sequential growth from Q1 to Q2 [9] - New product launches, including a more trackable version of their technology and a product for uterine fibroids, are expected to drive growth [10] 3. **Reimbursement Strategy**: - TriSalus has developed its own embolization procedural code for Pressure-Enabled Drug Delivery, which is favorable for hospitals and saves over $8,000 per patient for CMS [12] - The reimbursement model is designed to be cash positive for hospitals, enhancing the adoption of their technology [12] 4. **Sales and Market Penetration**: - The company focuses on existing accounts for growth, with a strategy to expand usage among multiple physicians within hospitals [13][14] - TriSalus targets high-volume interventional radiology accounts, with 57 out of 100 identified accounts performing well [21] 5. **Education and Adoption Challenges**: - The primary barrier to adoption is the lack of education regarding intratumoral pressure and the tumor microenvironment among physicians [22][25] - The company is focused on training and registry studies to support the adoption of their technology [26][30] 6. **Future Developments**: - Upcoming milestones include data releases on various applications, including uterine fibroids and genicular artery procedures [36] - The company is also looking to partner for the advancement of nelitolimod, targeting liver and pancreatic indications [32][33] 7. **Financial Outlook**: - The company aims for near-term cash flow breakeven, with opportunities for cost savings and efficiency improvements [34][35] - The focus remains on scaling sales and marketing efforts while leveraging clinical evidence from registry studies to enhance market presence [35] Additional Important Content - The technology allows for a non-invasive procedure for thyroid embolization, which avoids risks associated with traditional methods [28][29] - The company is committed to educating physicians about the new methodologies and ensuring proper training for interventional radiologists [25][30]

分组1 - TriSalus Life Sciences, Inc. reported a quarterly loss of $0.27 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.22, and compared to a loss of $0.21 per share a year ago, indicating an earnings surprise of -22.73% [1] - The company posted revenues of $11.21 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.52%, and this represents an increase from year-ago revenues of $7.36 million [2] - TriSalus Life Sciences, Inc. shares have declined approximately 28.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.4% [3] 分组2 - The earnings outlook for TriSalus Life Sciences, Inc. is uncertain, with current consensus EPS estimates of -$0.16 on $11.38 million in revenues for the coming quarter and -$0.86 on $44.31 million in revenues for the current fiscal year [7] - The Zacks Industry Rank indicates that the Medical - Products sector is currently in the bottom 42% of over 250 Zacks industries, suggesting that the industry outlook could significantly impact the stock's performance [8]

Trisalus Life Sciences (TLSI) Q2 2025 Earnings Call August 12, 2025 04:30 PM ET Speaker0Good afternoon, and welcome to Triphala's Life Sciences Second Quarter twenty twenty five Earnings Conference Call. Currently, all participants are in a listen only mode. Following management's prepared remarks, we will hold a question and answer session. As a reminder, this call is being recorded for replay purposes. I will now turn the call over to Jeremy Feffer, managing director with Life SciFi Advisor.Please go ahea ...

Special Note Regarding Forward-Looking Statements [Forward-Looking Statements Overview](index=4&type=section&id=Forward-Looking%20Statements%20Overview) This section cautions readers that the report contains forward-looking statements, which are not guarantees of performance and are subject to known and unknown risks, uncertainties, and assumptions - Forward-looking statements are not guarantees of performance and are based on current expectations and projections about future events[9](index=9&type=chunk) - Actual results, levels of activity, performance, or achievements may be materially different due to known and unknown risks, uncertainties, and assumptions[10](index=10&type=chunk)[11](index=11&type=chunk) - Key risk factors include the ability to raise future financing, commercialize product candidates, achieve regulatory approvals, manage clinical trial outcomes, retain key personnel, execute business strategy, protect intellectual property, manage growth, maintain Nasdaq listing, and navigate unfavorable industry or global economic conditions[12](index=12&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets show a significant increase in total assets from **$23,971 thousand** at December 31, 2024, to **$41,317 thousand** at June 30, 2025, primarily driven by an increase in cash and cash equivalents | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :-------------------------------- | :--------------------------- | :------------------------------- | :-------------------- | | Cash and cash equivalents | $26,490 | $8,525 | +$17,965 | | Total current assets | $38,084 | $20,669 | +$17,415 | | Total assets | $41,317 | $23,971 | +$17,346 | | Total current liabilities | $9,324 | $10,228 | -$904 | | Long-term debt, net | $32,274 | $22,084 | +$10,190 | | Total liabilities | $60,740 | $49,865 | +$10,875 | | Total stockholders' deficit | $(19,423) | $(25,894) | +$6,471 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, revenue increased by **52.3%** year-over-year, leading to a **45.9%** increase in gross profit | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | YoY Change | | :---------------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :--------- | | Revenue | $11,213 | $7,364 | +52.3% | | Gross profit | $9,411 | $6,452 | +45.9% | | Research and development | $3,923 | $4,666 | -15.9% | | Sales and marketing | $7,163 | $6,004 | +19.3% | | General and administrative | $5,657 | $3,956 | +43.0% | | Loss from operations | $(7,332) | $(8,174) | -10.3% | | Interest expense | $(1,423) | $(877) | +62.3% | | Change in fair value of contingent earnout liability | $700 | $13,689 | -94.9% | | Net loss available to common stockholders | $(8,288) | $(4,332) | +91.3% | | Net loss per common share, basic and diluted | $(0.27) | $(0.21) | +28.6% | | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | YoY Change | | :---------------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :--------- | | Revenue | $20,380 | $13,821 | +47.5% | | Gross profit | $17,083 | $11,938 | +43.1% | | Research and development | $7,219 | $10,510 | -31.3% | | Sales and marketing | $13,897 | $12,691 | +9.5% | | General and administrative | $10,628 | $8,583 | +23.8% | | Loss from operations | $(14,661) | $(19,846) | -26.1% | | Interest expense | $(2,632) | $(880) | +199.1% | | Change in fair value of contingent earnout liability | $(120) | $9,701 | -101.2% | | Net loss available to common stockholders | $(18,663) | $(17,538) | +6.4% | | Net loss per common share, basic and diluted | $(0.65) | $(0.81) | -19.7% | [Condensed Consolidated Statements of Stockholders' Deficit](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Deficit) The total stockholders' deficit improved from **$(25,894) thousand** at December 31, 2024, to **$(19,423) thousand** at June 30, 2025 | Item | Six Months Ended June 30, 2025 (in thousands) | | :-------------------------------- | :-------------------------------------------- | | Balance at December 31, 2024 | $(25,894) | | Exercise of options | $279 | | Stock-based compensation | $1,620 | | Preferred stock conversion | $0 | | Net loss (Q1 2025) | $(10,375) | | Exercise of options | $56 | | Stock-based compensation | $2,517 | | Proceeds from sale of common stock | $20,662 | | Preferred stock conversion | $0 | | Net loss (Q2 2025) | $(8,288) | | Balance at June 30, 2025 | $(19,423) | - Proceeds from the sale of common stock contributed **$20,662 thousand** to additional paid-in capital for the **six months** ended June 30, 2025[23](index=23&type=chunk) - Net loss for the **six months** ended June 30, 2025, totaled **$(18,663) thousand**[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the **six months** ended June 30, 2025, the company experienced a net increase in cash, cash equivalents, and restricted cash of **$17,965 thousand**, reaching **$26,840 thousand** | Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(11,819) | $(24,289) | | Net cash used in investing activities | $(621) | $(126) | | Net cash provided by financing activities | $30,405 | $29,119 | | Increase in cash, cash equivalents and restricted cash | $17,965 | $4,704 | | Cash, cash equivalents and restricted cash, end of period | $26,840 | $16,831 | - Financing activities in H1 2025 included **$22,211 thousand** from the issuance of common stock and **$10,000 thousand** from the issuance of debt[29](index=29&type=chunk) - Operating cash outflow significantly reduced from **$(24,289) thousand** in H1 2024 to **$(11,819) thousand** in H1 2025[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [(1) Nature of Business](index=13&type=section&id=(1)%20Nature%20of%20Business) TriSalus Life Sciences, Inc. completed a merger on August 10, 2023, with Legacy TriSalus being the accounting acquirer, and is an oncology-focused medical technology business developing PEDD™ infusion systems and nelitolimod - TriSalus Life Sciences, Inc. completed a merger on **August 10, 2023**, with Legacy TriSalus deemed the accounting acquirer[31](index=31&type=chunk) - The company is an oncology-focused medical technology business developing Pressure Enabled Drug Delivery (PEDD™) infusion systems and investigational immunotherapeutic nelitolimod to transform solid tumor treatment[32](index=32&type=chunk)[33](index=33&type=chunk) - Key products include TriNav™ (launched **2020**) and TriNav LV Infusion System (launched **2024**), with new HCPCS codes (C9797 effective Jan 1, 2024, and C8004 effective April 1, 2025) providing reimbursement clarity[34](index=34&type=chunk)[217](index=217&type=chunk) - As of **June 30, 2025**,

DENVER – August 12, 2025 - TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announces financial results for the quarter ended June 30, 2025, and provides an operation update. "TriSalus continued to deliver strong commercial momentum in the second quarter, underscoring the growing clinical adoption of our ...

Company Overview - TriSalus Life Sciences, Inc. held its Q1 2025 Earnings Conference Call on May 15, 2025, featuring key participants including the President and CEO, CFO, and Medical Director [1][3][4]. Financial Results - The company released its financial results for the quarter ended March 31, 2025, which were discussed in detail during the call [4]. Strategic Direction - The President and CEO provided an overview of the company's first quarter results and outlined the strategy for the remainder of the year [4].

Company Performance - TriSalus Life Sciences, Inc. reported a quarterly loss of $0.33 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.20, representing an earnings surprise of -65% [1] - The company posted revenues of $9.17 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.04%, but showing an increase from $6.46 million in the same quarter last year [2] - Over the last four quarters, the company has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] Stock Performance - TriSalus Life Sciences, Inc. shares have declined approximately 2.2% since the beginning of the year, while the S&P 500 has gained 0.2% [3] - The current Zacks Rank for the stock is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.17 on revenues of $10.69 million, and for the current fiscal year, it is -$0.60 on revenues of $44.3 million [7] - The outlook for the Medical - Products industry, to which TriSalus belongs, is currently in the bottom 28% of over 250 Zacks industries, which may impact the stock's performance [8]

Trisalus Life Sciences (TLSI) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Company Participants Alexandra Grossman - Associate DirectorMary Szela - CEO, President & DirectorJames Young - CFORichard Marshall - Medical DirectorSuraj Kalia - Managing DirectorWilliam Plovanic - Managing Director - Equity Research Conference Call Participants Justin Walsh - Director & Research AnalystRoss Osborn - AnalystFrank Takkinen - Senior Research AnalystJason Wittes - Managing Director & Senior Research Analyst Operator ...

Trisalus Life Sciences (TLSI) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Speaker0 Good morning and welcome to the Trisales Life Sciences First Quarter twenty twenty five Earnings Conference Call. Currently, all participants are on a listen only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Alex Grossman, associate director with LifeSci Advisors. Please ...

Revenue and Sales Performance - TriSalus reported a revenue increase driven primarily by sales of its PEDD infusion systems, particularly the TriNav, with a gross margin that allows for substantial funding of growth and R&D [227][230]. - Revenue increased by $2.7 million, or 42.0%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increased sales of TriNav [239]. Product Development and Clinical Trials - The company launched the TriNav LV Infusion System and TriGuide Guiding Catheter in 2024, expanding its PEDD device portfolio to optimize therapeutic delivery for larger vessels [215][216]. - A registry study called PROTECT aims to enroll 100 patients and is expected to expand the addressable market by approximately 50,000 procedures, representing an incremental $400 million market opportunity [217]. - The company completed Phase I clinical trials for nelitolimod and is exploring partnerships for further development, with data expected in 2025 [218]. - The MDACC Agreement was modified and extended to include a sixth year, enhancing collaboration for ongoing clinical studies [222]. Financial Position and Cash Flow - Cash and cash equivalents were approximately $13.0 million at March 31, 2025, with a minimum cash requirement increased from $5.0 million to $10.0 million [250]. - Net cash used in operating activities was $4.5 million for the three months ended March 31, 2025, compared to $10.9 million for the same period in 2024 [251]. - Net cash provided by financing activities was $9.7 million for the three months ended March 31, 2025, primarily from the First Delayed draw under the OrbiMed Credit Agreement [256]. Expenses and Losses - Gross profit increased by $2.2 million, or 39.8%, for the three months ended March 31, 2025, with gross margin decreasing to 83.7% from 85.0% [241]. - Research and development expenses decreased by $2.5 million, or 43.6%, for the three months ended March 31, 2025, primarily due to reduced clinical trial expenses [242]. - General and administrative expenses increased by $0.3 million, or 7.4%, for the three months ended March 31, 2025, mainly due to professional services related to filing and audit expenses [245]. - Net loss available to common stockholders was $10.4 million for the three months ended March 31, 2025, compared to a net loss of $13.2 million for the same period in 2024 [238]. Funding and Capital Requirements - TriSalus secured a $10 million loan under the OrbiMed Credit Agreement, contingent on achieving a $30 million revenue base [221]. - The company anticipates gross proceeds of approximately $22 million from a private placement of 5.5 million shares at $4.00 per share, closing on May 2, 2025 [225]. - The company expects to finance its cash needs through a combination of securities offerings, debt financings, collaborations, strategic alliances, and licensing arrangements [260]. - There is substantial doubt regarding the company's ability to continue as a going concern as of March 31, 2025, due to its reliance on generating sufficient cash flows or obtaining additional capital [263]. - If the company is unable to raise additional capital, it may have to delay or terminate product development efforts [261]. - The company may face dilution of existing ownership interests if it raises additional capital through equity or convertible debt securities [260]. Regulatory and Compliance Matters - TriSalus received a permanent HCPCS code for the TriNav Infusion System effective January 1, 2024, which may enhance reimbursement clarity and support sales [214]. - The expiration of the TPT payment program in December 2023 poses a risk to maintaining current pricing and gross margins for TriNav [219]. - The company is subject to affirmative and restrictive covenants under the OrbiMed Credit Agreement, which may limit its operational flexibility [260]. - The company does not currently have any off-balance sheet financing arrangements or relationships with unconsolidated entities [266]. - The company’s critical accounting policies have not changed significantly during the three months ended March 31, 2025, compared to the previous year [267]. Other Financial Liabilities - The fair value of the SEPA, warrant, and revenue base redemption liabilities changed by $3.4 million, resulting in a loss of $0.8 million for the three months ended March 31, 2025 [247]. - The company has paid Dynavax $12.0 million as of March 31, 2025, with potential additional payments of up to $158 million upon achieving certain milestones related to nelitolimod [265]. - The company may be required to pay up to $80 million upon achieving certain commercial milestones for nelitolimod, subject to obtaining marketing approval [265].