Revenue and Growth - TriSalus reported $11.6 million in revenue for Q3 2025, a 57% increase year-over-year and a 3% sequential growth from Q2 2025[5] - The company reaffirmed its full-year revenue growth guidance of at least 50%, driven by the increasing market penetration of the TriNav product suite[2] Expenses - Research and Development (R&D) expenses were approximately $5.2 million, up from $4.2 million in Q3 2024, influenced by a one-time charge of $2.1 million related to clinical studies[5] - Sales and Marketing (S&M) expenses increased to approximately $6.8 million in Q3 2025, compared to $6.1 million in the same quarter of the prior year[10] - Stock-based compensation expense for the nine months ended September 30, 2025, was $6,934 million, up from $3,744 million in 2024, an increase of 85.5%[22] Profitability and Loss - The net loss attributable to common stockholders was $41.3 million in Q3 2025, significantly higher than the $3.2 million loss in the same period of 2024, mainly due to the conversion of preferred stock[10] - The basic and diluted loss per share was $0.96 for Q3 2025, compared to $0.12 for the same period in 2024[10] - Net loss for the nine months ended September 30, 2025, was $29,474 million, compared to a net loss of $19,937 million for the same period in 2024, representing a decline of 47.6%[18] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(16,241) million, compared to $(24,290) million for the same period in 2024, showing an improvement of 33.2%[22] Cash and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $22.7 million, providing sufficient runway to reach positive adjusted EBITDA[10] - Cash and cash equivalents at the end of the period were $23,037 million, up from $11,638 million at the end of September 2024, indicating an increase of 97.5%[18] - Cash flows used in operating activities for the nine months ended September 30, 2025, were $(15,528) million, compared to $(35,136) million in 2024, indicating a reduction of 55.8%[18] Assets and Liabilities - Total assets increased to $36,463 million as of September 30, 2025, compared to $23,971 million on December 31, 2024, reflecting a growth of approximately 52.0%[15] - Total liabilities rose to $63,188 million as of September 30, 2025, from $49,865 million on December 31, 2024, marking an increase of 26.6%[15] - Long-term debt increased to $32,764 million as of September 30, 2025, from $22,084 million on December 31, 2024, representing a rise of 48.3%[15] Clinical Trials and Product Development - The company initiated a clinical trial to evaluate genicular artery embolization (GAE) for knee osteoarthritis, a condition affecting over 30 million adults in the U.S.[5] - TriSalus completed three PERIO clinical phase 1 dose escalation studies, with clinical study reports expected for data release in Q4 2025[2] Financing Activities - Proceeds from the issuance of common stock amounted to $22,211 million for the nine months ended September 30, 2025, compared to $12,586 million in the same period of 2024, reflecting a growth of 76.5%[18] - The company reported a cash paid for interest of $2,528 million for the nine months ended September 30, 2025, compared to $1,757 million in 2024, an increase of 43.8%[18]
TriSalus Life Sciences(TLSI) - 2025 Q3 - Quarterly Results