TriSalus Life Sciences(TLSI) - 2025 Q2 - Quarterly Report

Special Note Regarding Forward-Looking Statements Forward-Looking Statements Overview 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] - Actual results, levels of activity, performance, or achievements may be materially different due to known and unknown risks, uncertainties, and assumptions[10][11] - 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] PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets 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 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 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] - Net loss for the six months ended June 30, 2025, totaled $(18,663) thousand[23] Condensed Consolidated Statements of Cash Flows 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] - Operating cash outflow significantly reduced from $(24,289) thousand in H1 2024 to $(11,819) thousand in H1 2025[29] Notes to Condensed Consolidated Financial Statements (1) Nature of Business 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] - 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][33] - 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][217] - As of June 30, 2025,