Core Viewpoint - TriSalus Life Sciences, Inc. reported strong commercial performance in Q3 2025, highlighting its innovative approach in oncology and the integration of novel delivery technology with standard therapies [1] Financial Results - The company announced its financial results for the quarter ended September 30, 2025, indicating a positive trend in revenue generation and operational efficiency [1] Operational Update - TriSalus provided an operational update, emphasizing its investigational immunotherapeutic aimed at transforming treatment for patients with solid tumors, which reflects the company's commitment to advancing cancer care [1]

Core Insights - TriSalus Life Sciences Inc. (NASDAQ:TLSI) is preparing for its quarterly earnings release, focusing on innovative oncology treatments with Wall Street expecting an earnings per share (EPS) of -$0.17 and projected revenue of approximately $11.76 million [1][3] Financial Performance - The company has a negative price-to-earnings (P/E) ratio of -4.67, indicating challenges in profitability [2][4] - TLSI's price-to-sales ratio is about 4.66, suggesting investors are willing to pay $4.66 for every dollar of sales [5] - The enterprise value to sales ratio stands at around 4.86, reflecting the company's valuation relative to its sales [5] - The enterprise value to operating cash flow ratio is approximately -6.17, indicating negative operating cash flow [5] - The earnings yield is about -21.44%, showing negative earnings relative to its share price [6] - The debt-to-equity ratio is approximately -1.73, suggesting more liabilities than equity [6] - The current ratio of around 4.08 indicates a strong ability to cover short-term liabilities with short-term assets [6] Company Activities - TLSI is actively engaging in investor relations, participating in the Canaccord Genuity MedTech, Diagnostics, and Digital Health conference [2][4] - The company is hosting a virtual event on November 12, 2025, to discuss the TriNav Infusion System, emphasizing its commitment to improving treatment outcomes for solid tumors [4]

Company Overview - TriSalus Life Sciences is a mission-driven company focused on enhancing drug delivery to pancreatic, liver, and solid tumors [3] - The company is developing nelitolimod, an immunotherapeutic aimed at reversing immunosuppression in tumors, with the goal of improving patient outcomes for those suffering from serious cancers [3] Event Highlights - The inaugural webinar features discussions on uterine fibroids embolization, presented by distinguished physicians Dr. Nicole Lamparello and Dr. Francis Kang, highlighting it as a preferable alternative to surgery for patients with uterine fibroids [2] - The event aims to illustrate the value of TriSalus's technology in addressing significant medical challenges [2]

Industry Overview - The demand for nuclear power is expected to increase significantly, with the International Atomic Energy Agency forecasting that global operational capacity could more than double by 2050 due to new reactor designs and increased demand from data centers [3][30]. - The U.S. government has announced billions of dollars in incentives to grow domestic uranium capacity, focusing more on the back end of the nuclear supply chain rather than mining [8][10]. - There is a growing recognition of the need for the U.S. to secure its uranium supplies, especially given that it currently produces less than 2% of its uranium needs domestically [7][10]. Company Overview - Homeland Uranium is a newly established company focused on developing two uranium deposits in Northern Colorado, aiming to become a significant player in the U.S. uranium industry [5][45]. - The company plans to prove up historical resources and move quickly into operational phases, targeting a production timeline of around 2029 to 2030 [21][63]. - The company is looking to utilize modern mining techniques and technologies to lower costs and increase efficiency, potentially achieving a 25% reduction in costs compared to historical methods [56][59]. Project Development Timeline - The company aims to reach an initial inferred resource for its first project within six months and an indicated resource within 18 months, with parallel timelines for the second project [24][80]. - A construction timeline of approximately four years is anticipated, with the goal of starting production by 2029 or 2030 [22][26]. - Key milestones include initial resource assessments, advanced engineering studies, and permitting processes, which are critical for moving forward [80][81]. Market Demand and Supply Dynamics - The current uranium market requires about 170 million pounds annually, with demand expected to grow by about a third by 2030 and potentially double by 2040 [68][70]. - The industry is facing a supply gap due to a lack of investment in uranium production over the past decade, which could hinder the ability to meet future demand [31][70]. - The company believes that the existing operations in the U.S. can recover between 500,000 to 1 million pounds of uranium annually, but new projects could significantly increase output [66][67]. Competitive Landscape - The company aims to differentiate itself by focusing on scalable, open-pit mining operations that can produce multiple million pounds of uranium per year, which is a significant increase compared to historical small-scale operations [60][67]. - The competitive landscape is influenced by global uranium prices, with Kazakhstan and Canadian producers currently being the lowest-cost suppliers [56][57]. - The company plans to build a portfolio of operations to stabilize supply and enable long-term contracts with utilities, which is crucial for financial stability [76][78].

TriSalus Life Sciences Conference Call Summary Company Overview - **Company**: TriSalus Life Sciences (NasdaqGM: TLSI) - **Focus**: Improving drug delivery to pancreatic, liver, and solid tumors, with a specific emphasis on a drug called nelitolimod, an immunotherapeutic aimed at reversing immunosuppression in tumors [2][3] Industry Insights - **Uterine Fibroids**: The call highlighted uterine fibroid embolization as a preferable alternative to surgery for patients suffering from uterine fibroids [2][10] - **Interventional Radiology (IR)**: The field has evolved significantly, with IR now recognized as a primary specialty in medicine, performing minimally invasive procedures using image guidance [12] Key Technology and Innovations - **Pressure-Enabled Drug Delivery**: TriSalus's technology modulates pressure and flow to enhance therapeutic delivery to tumors while minimizing exposure to normal tissues [3][5] - **TriNav Infusion System**: A proprietary system designed to improve the delivery of therapeutic agents, particularly in uterine artery embolization [8][10] - **Smart Valve Technology**: This technology allows for better perfusion of drugs into tumors by opening collapsed vessels and enhancing blood flow [5][6] Clinical Evidence and Outcomes - **Uterine Artery Embolization (UAE)**: - UAE is effective for treating uterine fibroids and adenomyosis, providing significant symptomatic relief and a minimally invasive option compared to traditional surgical methods [16][19] - Clinical data showed that UAE is as effective as surgical alternatives, with a slightly higher re-intervention rate [19] - A study indicated a 100% technical and clinical success rate in patients using the TriNav catheter, with significant reductions in heavy menstrual bleeding and pain scores [26][27] Market Dynamics - **Awareness and Education**: There is a lack of awareness among patients and healthcare providers regarding UAE, with many women unaware of this treatment option [17][50] - **Referral Pathways**: Improved collaboration between interventional radiologists and gynecologists is essential to enhance patient access to UAE [50][53] - **Cost-Effectiveness**: The TriNav technology has been shown to be cost-saving due to reduced complications and improved therapeutic delivery, which is appealing to payers [65] Future Directions - **Patient Education Initiatives**: TriSalus plans to enhance patient education through social media and direct outreach to improve awareness of UAE [55][56] - **Research and Data Publication**: Ongoing efforts to publish clinical data supporting the efficacy of TriSalus's technologies will help influence treatment decisions among patients and providers [58] Conclusion TriSalus Life Sciences is positioned to make significant advancements in the treatment of uterine fibroids and solid tumors through innovative drug delivery technologies and a focus on patient education and awareness. The company aims to bridge the gap between interventional radiology and gynecology to improve patient outcomes and expand the adoption of minimally invasive procedures.

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]

Financial Data and Key Metrics Changes - The company reported net sales of $11,200,000 for Q2 2025, representing a 52% increase compared to Q2 2024 and a 22% sequential gain over Q1 2025 [8][21] - Gross margin for the quarter was 84%, down from 88% in 2024, primarily due to lower manufacturing efficiency associated with newly launched products [22] - Operating losses for Q2 2025 were $7,300,000, an improvement from $8,200,000 in 2024 [25] - Adjusted EBITDA loss for Q2 2025 was $5,300,000, compared to $6,700,000 in 2024, attributed to increased sales and reduced R&D expenses [26] Business Line Data and Key Metrics Changes - The company launched the TriNavFlex infusion system and reported strong initial sales exceeding internal projections [12] - The number of unique ordering accounts increased by 28% year over year, with a 10% increase quarter over quarter [21][42] - The TriNav product portfolio is expanding, with new devices aimed at addressing complex clinical scenarios [10][12] Market Data and Key Metrics Changes - The company gained further penetration in the complex liver embolization market, supported by the issuance of HCPCS code C8004, which allows for reimbursement of simulation or mapping procedures using TriNav [11] - The company is focusing on expanding its market opportunity through new clinical applications and partnerships [10] Company Strategy and Development Direction - The strategic priorities include driving adoption of the Pressure Enabled Drug Delivery (PEDD) platform, advancing new clinical applications, and improving operational performance [10][20] - The company is transitioning to a partnership-focused approach for nalotolimod, which will eliminate development-related expenses while preserving long-term value [14] - The company aims to become cash flow positive by early 2026, with a focus on device innovation and expanding the clinical body of evidence [26][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 50% revenue growth for the year, emphasizing the importance of operational performance and strategic investments [19] - The company is optimistic about the growing momentum across its programs and the potential for TriNav to become the standard of care in liver embolization [13][20] Other Important Information - The company completed a $22,000,000 private placement, strengthening its balance sheet and providing resources for further investment in its commercial strategy [8][26] - The exchange offer and consent solicitation for preferred stock were successfully completed, simplifying the capital structure [27] Q&A Session Summary Question: Discussion on the new mapping code and its market reception - Management highlighted the importance of the new mapping code for reimbursement, which has increased physician confidence in using the technology for both mapping and treatment [30][32] Question: Operating expense outlook - Management indicated a focus on reducing operating expenses, particularly in general and administrative costs, while maintaining investment in sales and marketing [36][38] Question: Unique ordering accounts and commercial organization investments - Unique ordering accounts were up 28% year over year, with a focus on increasing utilization per account through enhanced sales strategies [42][46] Question: Contribution of new products to revenue - The TriNav Large product contributed approximately 10% to 15% to revenue, while the newly launched TriNav Flex is exceeding expectations [49][50] Question: Impact of thyroid data publication on adoption - The publication of data on thyroid procedures is generating significant interest among physicians, with expectations for increased adoption in the coming years [54][56] Question: Third quarter revenue expectations - Management expressed confidence in achieving low double-digit growth in the next two quarters, aligning with the overall guidance of 50% revenue growth for the year [56][58]

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**,

Financial Performance - Generated $11.2 million in net sales, a 52% increase year-over-year, and a 22% sequential growth over Q1 2025[5] - Gross margins were 84% in Q2 2025, down from 88% in the same period of 2024, primarily due to lower manufacturing efficiency associated with newly launched products[5] - Operating losses were $7.3 million, an improvement from $8.2 million in the same period in 2024[10] - Net loss attributable to common stockholders was $9.0 million, compared to $5.1 million for the same period in 2024[10] - The basic and diluted loss per share was $0.27, compared to $0.21 for the same period in 2024[10] - Net loss available to common stockholders for Q2 2025 was $8,288 million, compared to a loss of $4,332 million in Q2 2024, indicating a deterioration of 91.5%[18] - Adjusted EBITDA for Q2 2025 was $(5,275) million, an improvement from $(6,705) million in Q2 2024, showing a reduction in losses of 21.3%[18] Expenses - Research and Development (R&D) expenses were approximately $3.9 million, down from $4.7 million in the same quarter of the prior year[5] - Sales and Marketing (S&M) expenses increased to approximately $7.2 million in Q2 2025, compared to $6.0 million in the same quarter of 2024[5] - Interest expense for Q2 2025 was $1,423 million, compared to $877 million in Q2 2024, reflecting an increase of 62.2%[18] Guidance and Market Response - The company reaffirmed full-year revenue growth guidance of at least 50% due to continued commercial momentum[2] - The successful launch of TriNav® FLX is expected to enhance navigability through tortuous vessels, with early market response surpassing internal projections[5] Assets and Liabilities - As of June 30, 2025, cash and cash equivalents totaled $26.5 million, providing sufficient runway to reach positive adjusted EBITDA in the first half of 2026[10] - Total assets increased to $41,317 million as of June 30, 2025, up from $23,971 million at December 31, 2024, representing a growth of 72.2%[15] - Current assets rose to $38,084 million, a significant increase from $20,669 million, reflecting a growth of 84.3%[15] - Long-term debt increased to $32,274 million as of June 30, 2025, up from $22,084 million at December 31, 2024, marking a rise of 46.2%[15] - Total liabilities reached $60,740 million, up from $49,865 million, representing an increase of 21.8%[15] - Cash and cash equivalents significantly increased to $26,490 million from $8,525 million, a growth of 210.5%[15] - Stockholders' deficit improved to $(19,423) million as of June 30, 2025, compared to $(25,894) million at December 31, 2024, indicating a reduction of 24.9%[15] Non-GAAP Financial Measures - The company emphasizes the importance of non-GAAP financial measures to provide additional insights into its operational performance[16]