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TriSalus Life Sciences(TLSI) - 2023 Q4 - Annual Results
2024-04-01 12:05
Exhibit 99.1 TriSalus Reports Q4 and Full Year 2023 Financial Results and Business Update TriSalus Life Sciences Inc., (Nasdaq: TLSI), today announced its financial results for the fourth quarter and full year ended December 31, 2023, and provided a business update. "2023 was a critical year for TriSalus, underscored by significant growth in TriNav revenue, a landmark achievement of permanent reimbursement, and disciplined progress within our technology and clinical pipelines," said Mary Szela, Chief Execut ...
TriSalus Life Sciences(TLSI) - 2023 Q3 - Quarterly Report
2023-11-14 13:32
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-39813 TRISALUS LIFE SCIENCES, INC. (Exact name of registrant as specified in its charter) (S ...
TriSalus Life Sciences(TLSI) - 2023 Q2 - Quarterly Report
2023-08-01 21:36
Financial Performance - The company reported a net loss of $995,039 for the three months ended June 30, 2023, with general and administrative expenses of $1,429,989[157]. - For the six months ended June 30, 2023, the company had a net loss of $1,443,136, with general and administrative expenses totaling $2,273,335[158]. - Cash used in operating activities for the six months ended June 30, 2023 was $1,012,320[163]. - The company incurred $30,000 in fees for administrative services for the three months ended June 30, 2023, consistent with the previous year[176]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 units at $10.00 per unit[161]. - The company incurred $14,161,525 in Initial Public Offering related costs, including $5,000,000 of underwriting fees[162]. - The underwriters of the Initial Public Offering are entitled to a deferred fee of $8,750,000, payable only upon the completion of an initial business combination[178]. Business Combination - The company plans to consummate the TriSalus Business Combination during the third quarter of 2023[167]. - The TriSalus Business Combination is subject to certain closing conditions and involves the merger of MTAC Merger Sub with TriSalus Life Sciences, Inc.[152]. - The company intends to use substantially all funds held in the trust account to complete its business combination[166]. - The company has until September 22, 2023, to consummate an initial business combination, or it will face mandatory liquidation[174]. Trust Account and Investments - As of June 30, 2023, the company had investments held in the trust account amounting to $12,076,340[165]. Promissory Notes - As of June 30, 2023, the outstanding balance under the 2021 Promissory Note is $544,000, which is non-interest bearing and matures upon the closing of the initial business combination[168]. - The 2022 Promissory Note I has an outstanding balance of $400,000 as of June 30, 2023, also non-interest bearing and maturing upon the closing of the initial business combination[169]. - The outstanding balance under the 2022 Promissory Note III is $629,222 as of June 30, 2023, with no amount outstanding as of December 31, 2022[170]. - The 2022 Convertible Promissory Note has an outstanding balance of $1,500,000 as of June 30, 2023, which may be converted into warrants at a price of $1.50 per warrant[171]. - The First Extension Note has an outstanding balance of $234,411 as of June 30, 2023, up from $39,068 as of December 31, 2022[172]. - The Second Extension Note has an outstanding balance of $22,896 as of June 30, 2023, related to the extension of the termination date[173]. Liabilities - As of June 30, 2023, there are no off-balance sheet financing arrangements or long-term liabilities other than a monthly fee of $10,000 to the Sponsor for administrative support[175][176].
TriSalus Life Sciences(TLSI) - 2023 Q1 - Quarterly Report
2023-05-12 01:07
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39813 MEDTECH ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other ...
TriSalus Life Sciences(TLSI) - 2022 Q4 - Annual Report
2023-03-22 20:16
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39813 MedTech Acquisition Corporation (Exact name of registrant as specified in its charter) Delaware 85-3009869 (Sta ...
TriSalus Life Sciences(TLSI) - 2022 Q3 - Quarterly Report
2022-11-10 20:39
Financial Performance - The company had a net income of $659,457 for the three months ended September 30, 2022, driven by interest income of $1,017,632 from marketable securities [140]. - For the nine months ended September 30, 2022, the company reported a net income of $5,882,421, which included a change in fair value of warrant liabilities of $6,102,666 [141]. - Cash used in operating activities for the nine months ended September 30, 2022, was $1,471,286, with net income impacted by a change in fair value of warrant liabilities [148]. - Net income per common stock is calculated by dividing net income by the weighted average number of common stock outstanding, with two classes of common stock sharing income and losses pro rata [167]. Investments and Assets - As of September 30, 2022, the company held investments in the Trust Account amounting to $251,018,841, with $378,000 withdrawn during the nine months for tax payments [150]. - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 Units at $10.00 per Unit [144]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [158]. Initial Public Offering (IPO) Costs - The company incurred $14,161,525 in Initial Public Offering related costs, including $5,000,000 in underwriting fees [147]. - The underwriters are entitled to a deferred fee of $8,750,000, contingent upon the completion of an initial business combination [160]. Accounting and Financial Instruments - The Company evaluates its financial instruments, including stock purchase warrants, to determine if they qualify as derivatives, classifying them as liabilities at fair value [163]. - Class A common stock subject to possible redemption is classified as temporary equity and measured at fair value, reflecting uncertain future events [164]. - The Company is assessing the impact of ASU 2020-06, effective January 1, 2024, which simplifies accounting for certain financial instruments and introduces additional disclosures [168]. - Management does not believe that recently issued accounting standards will materially affect the condensed financial statements [169]. - The Company has not adopted the new accounting guidance as of September 30, 2022 [168]. Risks and Concerns - The company has until December 22, 2022, to consummate an initial business combination, raising concerns about its ability to continue as a going concern [156]. - Various factors, including economic downturns, inflation, and geopolitical instability, may adversely affect the Company's results of operations and ability to complete an initial business combination [170]. - The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks [163]. Valuation of Warrants - The Private Placement Warrants were valued using a Monte Carlo Simulation Model, while Public Warrants were valued based on quoted market prices after detachment from Units [163]. - Shares of Class A common stock with redemption rights are presented as temporary equity, outside of the stockholders' deficit section of the balance sheets [166]. Administrative Costs - The company incurred $30,000 in fees for administrative services for the three months ended September 30, 2022 [159].
TriSalus Life Sciences(TLSI) - 2022 Q2 - Quarterly Report
2022-08-10 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39813 MEDTECH ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 85-30098 ...
TriSalus Life Sciences(TLSI) - 2022 Q1 - Quarterly Report
2022-05-11 20:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39813 MEDTECH ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 85-3009869 (State o ...
TriSalus Life Sciences(TLSI) - 2021 Q4 - Annual Report
2022-03-02 23:35
IPO and Financing - The company completed its initial public offering on December 22, 2020, raising gross proceeds of $250 million by selling 25 million units at $10.00 per unit[21]. - A private sale of 4,933,333 warrants generated an additional $7.4 million, bringing total proceeds to $257.4 million placed in a trust account[22]. - PIPE Investors are set to purchase newly issued Memic Ordinary Shares for aggregate gross proceeds of $76.35 million immediately prior to the merger closing[32]. - The company has $250 million available for initial business combinations, providing flexibility in structuring deals to meet target businesses' needs[59]. - The company may seek additional financing if the cash portion of the purchase price exceeds the amount available from the trust account, net of redemptions[62]. - The company intends to effectuate its initial business combination using cash from the proceeds of its initial public offering and private placement[60]. - The company has approximately $201,000 held outside the trust account as of December 31, 2021, to fund costs associated with its dissolution plan[104]. - The company has access to $200,884 held outside the trust account to cover potential claims, with estimated liquidation costs not exceeding $100,000[110]. Business Combination and Strategy - The company entered into a Business Combination Agreement with Memic Innovative Surgery Ltd., valuing Memic at $625 million at the time of signing[25]. - The merger will convert Class A and Class B common stock into Memic Ordinary Shares, with price adjustment rights for Memic shareholders based on post-closing trading price milestones[30]. - The merger is expected to close by December 22, 2022, or the company will terminate and distribute trust account amounts[23]. - The company is focused on medical technology businesses that demonstrate a clear path to commercialization and possess differentiated technology protected by intellectual property[40]. - The company will continue to pursue acquisition opportunities in the healthcare sector if the merger is not consummated[34]. - The company may structure its initial business combination to acquire less than 100% of the target business to meet specific objectives[47]. - The company will only complete an initial business combination if it acquires 50% or more of the outstanding voting securities of the target[47]. - The company does not intend to purchase multiple businesses in unrelated industries during the initial business combination[66]. - The company may continue to seek a different target for the initial business combination until December 22, 2022, if the current merger is not consummated[100]. Financial Performance - The company had a net income of $4,767,283 for the year ended December 31, 2021, primarily due to a change in fair value of warrant liabilities of $7,744,000 and interest income of $63,997[152]. - The company incurred general and administrative expenses of $3,040,714 for the year ended December 31, 2021, an increase of $2,932,221 compared to the previous year[152]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its initial business combination[151]. - Cash used in operating activities for the year ended December 31, 2021, was $1,738,114, while changes in operating assets and liabilities provided $1,302,601 of cash[157]. - The company incurred $14,161,525 in Initial Public Offering related costs, including $5,000,000 in underwriting fees[156]. Governance and Management - Karim Karti has been the Chairman since December 2020 and has significant experience in healthcare, previously serving as COO of iRhythm Technologies and President of GE Healthcare Imaging[192]. - Christopher C. Dewey has been CEO since September 2020, with a background in medical devices and a history of involvement in companies like MAKO Surgical Corp., which was sold for $1.65 billion[194]. - David J. Matlin has served as CFO since September 2020 and co-founded MatlinPatterson Global Advisers, managing distressed securities investments[195]. - Robert H. Weiss has been the Chief Administrative Officer since September 2020, previously serving as General Counsel at MatlinPatterson[196]. - The board of directors consists of eight members, divided into two classes with a two-year term for each class[208]. - The audit committee is composed of three independent directors, with Mr. Delevic serving as the chair[212]. - The compensation committee includes two independent directors, chaired by Mr. Aguero, responsible for executive compensation oversight[213]. - The company has adopted a Code of Ethics applicable to all directors, officers, and employees[220]. Stockholder Rights and Redemption - A public stockholder needs only 9,375,001 shares, or 37.5% of the 25,000,000 public shares sold in the initial public offering, to approve the initial business combination[87]. - The company will only redeem public shares if net tangible assets are at least $5,000,001 after redemption[93]. - If the initial business combination is not completed by December 22, 2022, the company will redeem public shares at a per-share price based on the trust account balance[101]. - Public stockholders can redeem shares irrespective of their vote on the proposed transaction[87]. - If more than 15% of shares sold in the initial public offering are sought for redemption by a stockholder, that stockholder will be restricted from exercising redemption rights[94]. - The company intends to provide at least 10 days' notice for any stockholder meeting to approve the initial business combination[87]. - If the proposed initial business combination is not approved, public stockholders who elected to redeem their shares will not receive any redemption[99]. Risks and Liabilities - The time and costs associated with selecting and evaluating a target business are currently uncertain and may lead to losses if a transaction is not completed[70]. - The company is prohibited from issuing additional securities that would entitle holders to receive funds from the trust account prior to the consummation of the initial business combination[62]. - The company will not comply with certain Delaware law procedures, potentially increasing stockholder liability for claims[112]. - Bankruptcy claims could deplete the trust account, affecting the ability to return $10.00 per share to public stockholders[114]. - The company seeks to have all vendors and service providers waive claims to the trust account to limit potential liabilities[110].
TriSalus Life Sciences(TLSI) - 2021 Q3 - Quarterly Report
2021-11-12 21:01
Business Combination - The company entered into a Business Combination Agreement with Memic Innovative Surgery Ltd., valuing Memic at an implied enterprise valuation of $625 million[140][141]. - The company plans to use substantially all funds in the Trust Account to complete the Business Combination and for working capital of the target business[157]. - The company may receive loans up to $1,500,000 convertible into warrants at $1.50 per warrant if a Business Combination is completed[161]. - The underwriters are entitled to a deferred fee of $0.35 per share, totaling $8,750,000, payable only if a Business Combination is completed[165]. Financial Performance - For the three months ended September 30, 2021, the company reported a net income of $1,864,740, driven by a change in fair value of warrant liability of $2,653,334[151]. - For the nine months ended September 30, 2021, the company had a net income of $1,871,572, with general and administrative expenses totaling $1,899,176[152]. - Net income per common share is calculated by dividing net income by the weighted average number of common stock outstanding[169]. Cash and Funding - As of September 30, 2021, the company had cash held in the Trust Account amounting to $250,059,378, which will be used to complete the Business Combination[156]. - The company had cash of $277,805 outside the Trust Account as of September 30, 2021, intended for due diligence and transaction-related activities[158]. - The company does not anticipate needing additional funds for operating expenses but may require financing for a Business Combination or to redeem Public Shares[162]. IPO and Related Costs - The company generated gross proceeds of $250 million from its Initial Public Offering of 25 million units at $10.00 per unit[153]. - The company incurred $14,161,525 in Initial Public Offering related costs, including $5 million in underwriting fees[154]. Operational Status - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and evaluating targets for Business Combination[150]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans[139]. - As of September 30, 2021, the company has no off-balance sheet arrangements or long-term liabilities, except for a monthly payment of $10,000 to the Sponsor[163][164]. Accounting and Compliance - The company accounts for its Class A common stock subject to possible redemption as temporary equity, reflecting uncertain future events[168]. - The company is assessing the impact of ASU 2020-06, effective January 1, 2022, which simplifies accounting for certain financial instruments[170].