Revenue and Profitability - Revenue for the year ended December 31, 2023, was $18,511,000, representing a 49% increase from $12,398,000 in 2022[640] - Gross profit increased to $15,906,000 in 2023, up from $10,140,000 in 2022, reflecting a gross margin improvement[640] - The net loss attributable to common stockholders for 2023 was $63,277,000, compared to a loss of $50,016,000 in 2022, highlighting ongoing financial challenges[640] - The company reported a loss from operations of $54,150,000 in 2023, compared to a loss of $36,439,000 in 2022, reflecting increased operational costs[640] - Net loss for 2023 was $59,038, compared to a net loss of $47,187 in 2022, representing a 25.5% increase in losses year-over-year[645] Expenses and Investments - Research and development expenses rose to $29,510,000 in 2023, compared to $21,358,000 in 2022, indicating a focus on innovation[640] - The company reported a significant increase in share-based compensation expense, rising to $1,402 in 2023 from $368 in 2022, a 280.4% increase[645] - Advertising expenses for the years ended December 31, 2023 and 2022 were $1.346 million and $2.201 million, respectively[681] Financial Position - Total assets increased to $25,725,000 in 2023 from $21,995,000 in 2022, showing growth in the company's financial position[638] - Cash and cash equivalents at year-end 2023 were $11,777,000, up from $9,414,000 in 2022, indicating improved liquidity[638] - Total liabilities increased significantly to $51,663,000 in 2023 from $34,319,000 in 2022, raising concerns about financial leverage[638] - The company has an accumulated deficit of $248,377 as of December 31, 2023, indicating ongoing financial challenges[653] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $50,045 in 2023, up from $32,313 in 2022, indicating a 54.8% increase in cash outflow[645] - Management estimates that existing cash and cash equivalents will be insufficient to fund projected liquidity requirements for the next 12 months without additional financing[653] - The company has indicated a need to raise additional equity or debt to fund operations, raising substantial doubt about its ability to continue as a going concern[632] - The company raised $36,854 in cash from the Business Combination, contributing to a total of $164,364 raised from preferred stock since inception[651] Business Combination and Shareholder Equity - The business combination with TriSalus Life Sciences was completed on August 10, 2023, with proceeds totaling $42,854, including $40,150 from PIPE Financing[694][697] - Following the business combination, there were 26,316,681 shares of common stock outstanding and options/RSUs for 2,816,224 shares[699] - The company issued 4,015,002 shares of Series A Convertible Preferred Stock for $40,150, with an original issue price of $10.00 and cumulative dividends accruing at a rate of 8.00% per annum[755] - The total convertible preferred stock decreased from $164,006 as of December 31, 2022, to $0 as of December 31, 2023, due to conversions and retirements[768] Stock and Warrant Information - The total number of warrants outstanding decreased from 15,819,000 in 2022 to 14,215,112 in 2023, a reduction of approximately 10.1%[730] - The fair value of the Series B-3 Warrants as of August 10, 2023, was estimated at $9.31 per share, based on an enterprise value of $220,000 allocated to all outstanding shares[774] - The Company repurchased 51,493 Public Warrants for a total of $20 under a warrant repurchase program authorized for up to $4,000[739] Lease and Tax Information - Total lease liabilities as of December 31, 2023, amounted to $1,431 for operating leases and $164 for finance leases[804] - The total lease expense for the year ended December 31, 2023, was $489, compared to $463 in 2022[802] - The Company has established a valuation allowance equal to 100% of net deferred tax assets due to the lack of historical taxable income[741] Future Plans and Strategic Initiatives - The company is undergoing a strategic transformation to market its medical devices alongside pharmaceutical drugs, which will increase operating expenses in the short term[653] - The Employee Stock Purchase Plan (ESPP) will become active in 2024, with 1,396,252 shares reserved for issuance and an automatic annual increase of 2% of the total shares of Fully Diluted Common Stock[797]
TriSalus Life Sciences(TLSI) - 2023 Q4 - Annual Report