Revenue Performance - Total revenues for the quarter ended September 30, 2025, decreased by 40% to $41.9 million, with procurement revenues down by $29.4 million (49%) and facilities management revenues down by $0.4 million (19%) [121] - Systems integration revenues increased by $1.6 million (20%) due to growth in AI-enabled computer rack integration, which began significant volume in June 2024 [122] - Total revenues for the nine-month period ended September 30, 2025, increased by 88% to $184.8 million, driven by a 100% increase in procurement revenues and a 78% increase in systems integration revenues [142] - Recognized revenue from procurement deals increased 100% year-over-year, from $77.0 million to $154.3 million [146] Profitability and Margins - Gross profit from procurement transactions decreased by 30% from $3.7 million in Q3 2024 to $2.6 million in Q3 2025 [128] - Gross margin for the procurement segment improved from 4.7% in the prior year quarter to 5.3% in the current quarter [130] - Facilities management segment gross margins increased to 55% in the current quarter, up from 37% in the prior year quarter [134] - Consolidated gross margin decreased from 15% to 12%, with procurement business margins at 8% and systems integration at 24% [149] - Operating income slightly declined to $5.4 million from $5.7 million due to increased SG&A expenses [156] Expenses and Losses - Operating loss for the current quarter was $0.9 million compared to operating income of $3.8 million in the prior year quarter, primarily due to increased depreciation and fixed costs [137] - Net loss for the current quarter was $1.5 million, or $0.06 per diluted share, compared to net income of $2.6 million, or $0.10 per diluted share, in the prior year quarter [140] - SG&A expenses increased by $1.4 million in the current quarter, with half of the increase attributed to non-cash equity-based compensation [135] - SG&A expenses increased by $5.9 million (65%), primarily due to higher headcount and non-cash equity-based compensation [152] Investments and Facility Improvements - The company invested approximately $35.1 million in improvements to its new facility to enhance electrical power and cooling capabilities for AI-enabled racks [112] - The company invested approximately $1.7 million in its Round Rock facility to expand capacity for integrating generative AI-enabled server racks, with most of the investment reimbursed by a customer [117] - The company invested $32.7 million in the new facility buildout, significantly up from $1.8 million in the prior year [166] Debt and Liquidity - The company has an outstanding debt principal balance of $24.4 million as of September 30, 2025, which bears a variable interest rate linked to the 1-month SOFR [174] - The outstanding principal on the company's debt increased from $20.0 million to $24.4 million in the most recent quarter [174] - The company may require additional capital for new business lines, acquisitions, or facility expansions [170] - The company relies on cash on hand and operational funds, including customer financing, to meet liquidity and capital requirements [170] - The company may consider issuing new equity or debt as a potential step to address liquidity issues [170] Deferred Revenues and Contracts - Deferred revenues increased by $8.7 million compared to December 31, 2024, primarily related to ongoing contracts and projects expected to complete in late 2025 and early 2026 [121] - The company has signed a multi-year agreement with its largest customer for systems integration services, which includes minimum monthly payments to cover facility costs [122] Supply Chain and Operational Challenges - Supply chain issues are expected to continue impacting non-AI rack integration services, causing delays in revenue recognition [125] - The decrease in procurement revenues was primarily driven by reduced purchases from the federal government compared to the prior year quarter [126] Interest Expenses - Interest expense decreased to $1.0 million in the current quarter from $1.3 million in the prior year quarter due to a decrease in gross value of procurement transactions [138] - Interest expense rose to $3.3 million from $2.0 million, attributed to increased procurement transaction values and outstanding construction loan [157] - A hypothetical increase of 25 basis points in annual rates could lead to an increase in annual interest expense by approximately $61,000 [174] - The company factors a gross value of accounts receivable estimated at $200 million, with a potential 25 basis point change in SOFR affecting annual interest expense by about $107,000 [175] Accounting Policies - There have been no material changes to the company's critical accounting policies since the Annual Report for the year ended December 31, 2024 [173]

Financial Performance - Revenue for Q3 2025 was $8.8 million, down 38% from $14.2 million in Q3 2024[4] - Net loss for Q3 2025 was ($6.2) million, compared to a net loss of ($0.2) million in Q3 2024[4] - Bookings in Q3 2025 were $7.4 million, a decrease of 37% year-over-year[7] Revenue Composition - Software and services accounted for 57% of total revenue, up from 46% year-over-year[4] - Annualized Contract Value (ACV) of renewable software decreased by 10% year-over-year to $10.2 million[6] - Net Dollar Revenue Retention (NDRR) was 77% for customers with over $50,000 of ACV, down from the previous year[7] Product and Technology Initiatives - zSpace deployed its Career Coach AI and STEM learning technology in Danbury Public Schools, serving over 12,000 students[4] - The company partnered with GEMS Education to expand its AR/VR learning solutions in Dubai[4] - zSpace launched zKnow™, an AI-assistant for educators, enhancing classroom efficiency[12] Profitability Metrics - Gross margin increased to 51% from 45% in the same quarter last year, reflecting a 640 basis point improvement[4]

Financial Performance - Total net revenue for Q1 Fiscal 2026 was $13.9 million, down from $16.6 million in Q1 Fiscal 2025, primarily due to a one-time rebate benefit of $3.3 million in the prior year [3]. - Net income increased to $2.0 million, or $0.21 per share, compared to $1.5 million, or $0.24 per share, in Q1 Fiscal 2025 [14]. - Adjusted EBITDA was $(0.6) million, a decrease from $1.9 million in the prior year, impacted by investments for the upcoming EXXUA launch [15]. - ADHD Portfolio net revenue was $13.2 million, down from $15.3 million in Q1 Fiscal 2025; excluding the rebate, it would have increased by 10% [10]. - Pediatric Portfolio net revenue decreased to $0.7 million from $1.3 million, attributed to manufacturing delays and reduced marketing focus [11]. - Gross profit was $9.2 million, representing 66% of net revenue, compared to 72% in the same quarter last year [12]. - Net revenue for the three months ended September 30, 2025, was $13,888 million, a decrease of 16.2% compared to $16,574 million in the same period of 2024 [29]. - Gross profit for the same period was $9,186 million, down from $11,985 million, reflecting a decline of 23.4% [29]. - Total operating expenses decreased to $10,690 million from $12,915 million, a reduction of 17.3% year-over-year [29]. - Net income for the three months ended September 30, 2025, was $1,965 million, compared to $1,474 million in 2024, representing an increase of 33.3% [29]. - Basic net income per share for continuing operations was $0.21, up from $0.18 in the prior year, an increase of 16.7% [29]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(587) million, compared to $1,931 million in the same period of 2024 [33]. - The company reported a derivative warrant liabilities gain of $3,784 million, compared to $2,880 million in the prior year, an increase of 31.4% [29]. Assets and Liabilities - Cash and cash equivalents stood at $32.6 million as of September 30, 2025, an increase from $31.0 million at June 30, 2025 [15]. - Total current assets increased to $81,109 million from $79,179 million, a growth of 2.4% [31]. - Total liabilities decreased from $105,211 million to $101,817 million, a reduction of 3.2% [31]. - Stockholders' equity increased to $23,171 million from $18,966 million, reflecting a growth of 22.2% [31]. Product Launch and Strategy - The launch of EXXUA is on track for the fourth quarter of calendar 2025, targeting the $22 billion U.S. prescription MDD market [4]. - The method of use patent for EXXUA has been extended through September 2, 2030, enhancing the product's market exclusivity [5]. - The company is focused on KOL engagement, sales force training, and integration with the Aytu RxConnect® platform to ensure a successful launch of EXXUA [6].

Financial Performance - Total revenue for Q3 2025 was $214,000, a decrease of 40.4% compared to $359,000 in Q3 2024[18] - Gross loss for Q3 2025 was $4,725,000, compared to a gross loss of $12,382,000 in Q3 2024[18] - Net loss for the nine months ended September 30, 2025, was $39,457,000, a decrease from $62,743,000 for the same period in 2024[22] - Net loss for Q3 2025 was $10.4 million, a reduction of 54% from a net loss of $22.5 million in Q3 2024[133] - Revenue for the nine months ended September 30, 2025 was $3.2 million, down 8% from $3.4 million in the same period of 2024[135] Cash and Assets - Cash and cash equivalents decreased to $3,539,000 as of September 30, 2025, down from $13,341,000 at the end of 2024[16] - Total assets decreased to $36,145,000 as of September 30, 2025, from $71,813,000 at the end of 2024[16] - The company's total cash, cash equivalents, and restricted cash amounted to $4.963 billion as of September 30, 2025, down from $14.675 billion in the previous year[32] - As of September 30, 2025, the company had unrestricted cash and cash equivalents of $3.5 million and an accumulated deficit of $821.8 million[32] Liabilities and Commitments - Total current liabilities decreased to $23,803,000 as of September 30, 2025, from $27,602,000 at the end of 2024[16] - The company’s total accrued and other current liabilities were $8.143 million as of September 30, 2025, down from $9.315 million at the end of 2024[44] - As of September 30, 2025, total unfulfilled noncancellable purchase commitments were $0.2 million, while total unfulfilled cancellable purchase commitments amounted to $2.8 million[54] Research and Development - Research and development expenses for Q3 2025 were $1,027,000, down from $2,684,000 in Q3 2024[18] - In September 2023, the Company entered into a Joint Development Agreement with UOP, agreeing to reimburse a minimum of $8 million for R&D expenses through December 31, 2028[55] - The company is committed to reimburse UOP a minimum of $8.0 million for research and development expenses incurred through December 31, 2028[173] Stock and Equity - The company issued 2,402,708 shares under the SEPA, increasing common stock to 15,390,884 shares as of September 30, 2025[20] - The Company sold 616,264 shares under an ATM program for total proceeds of $0.7 million as of March 31, 2025[56] - The Company entered into a Standby Equity Purchase Agreement with YA II PN, LTD., allowing for the purchase of shares up to an aggregate gross sales price of $25 million over 36 months[57] - The company completed a Standby Equity Purchase Agreement, selling 6,458,634 shares for total proceeds of $25 million as of October 21, 2025[106] Operational Challenges - The company is closely monitoring macroeconomic developments that could adversely impact its business, including supply chain challenges and inflation[119] - The company has experienced significant disruptions in supply chains, shipping times, and increased costs for key components, impacting its ability to manufacture and deliver products[193] - The company relies on third-party suppliers for key raw materials and components, and any quality issues or delays could harm its manufacturing and commercialization efforts[192] Future Outlook - The company anticipates needing additional debt or equity financing to meet near-term operating cash flow requirements, raising substantial doubt about its ability to continue as a going concern for the next 12 months[152] - The company is evaluating various strategies to obtain additional funding, which may include equity offerings or debt issuance[33] - The company anticipates significant reductions in production costs through cost reduction initiatives and increased manufacturing scale[117] Cost Management - Cost of revenue decreased by $7.8 million or 61% from $12.7 million in Q3 2024 to $4.9 million in Q3 2025[137] - The company must increase unit sales and reduce manufacturing costs to achieve profitability, as historical production costs have significantly exceeded selling prices[204] - The cost reduction strategy relies on achieving economies of scale and advancements in manufacturing processes, which may be hindered by external factors such as inflation and supply chain issues[206] Regulatory and Market Risks - The company faces regulatory challenges and limitations in selling products directly in certain markets, which could expose it to additional risks[189] - The company has a history of losses and must deliver significant business growth to achieve sustained long-term profitability[184] - The company’s warranty obligations may be significant as deployment of energy storage products increases, potentially affecting revenue generation and profitability[189]

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,679,645, primarily from interest earned on investments held in the Trust Account of $1,913,171[126]. - For the nine months ended September 30, 2025, the company achieved a net income of $4,490,927, with interest earned on investments held in the Trust Account totaling $5,268,580[127]. Cash and Investments - As of September 30, 2025, the company had cash of $469,208 and investments held in the trust account amounting to $179,493,580[134]. - As of September 30, 2025, the company had a working capital of $138,786, raising concerns about its ability to continue as a going concern if a business combination does not occur[139]. - The company has no long-term debt obligations, except for a related party promissory note of up to $1,500,000[142]. Initial Public Offering - The company completed its initial public offering on January 16, 2025, raising gross proceeds of $172,500,000 from the sale of 17,250,000 units[130]. - The company incurred transaction costs of $10,932,289 related to the initial public offering, including $3,450,000 in underwriting fees[131]. - The underwriters are entitled to a deferred fee of $6,900,000, which will be payable only if the company completes a business combination[143]. Future Plans and Concerns - The company plans to use funds held in the trust account primarily to complete its business combination and may withdraw interest to pay taxes[134]. - The company expects to incur significant costs in pursuing acquisition plans and may need additional financing to complete a business combination[138].

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,679,645, primarily from interest earned on investments held in the Trust Account of $1,913,171[126]. - For the nine months ended September 30, 2025, the company achieved a net income of $4,490,927, with interest income from the Trust Account amounting to $5,268,580[127]. Cash and Investments - As of September 30, 2025, the company had cash of $469,208 and investments held in the trust account totaling $179,493,580, intended for business combination purposes[134]. - As of September 30, 2025, the company had a working capital of $138,786, raising concerns about its ability to continue as a going concern if a business combination does not occur[139]. - The company has no long-term debt obligations, except for a related party promissory note of up to $1,500,000[142]. Initial Public Offering - The company completed its initial public offering on January 16, 2025, raising gross proceeds of $172,500,000 from the sale of 17,250,000 units[130]. - The company incurred transaction costs of $10,932,289 related to the initial public offering, including $3,450,000 in underwriting fees[131]. - The underwriters of the initial public offering are entitled to a deferred fee of $6,900,000, payable only if a business combination is completed[143]. Future Plans and Concerns - The company plans to use cash held outside the trust account primarily for identifying and evaluating target businesses and conducting due diligence[135]. - The company expects to incur significant costs in pursuing acquisition plans and may need additional financing to complete a business combination[138].

Financial Performance - Trevi Therapeutics ended Q3 2025 with $194.9 million in cash, cash equivalents, and marketable securities, providing a cash runway into 2028[5]. - R&D expenses decreased to $10.1 million in Q3 2025 from $11.2 million in Q3 2024, primarily due to reduced clinical development expenses[6]. - G&A expenses increased to $3.8 million in Q3 2025 from $2.9 million in Q3 2024, mainly due to higher professional fees and personnel-related expenses[7]. - Net loss for Q3 2025 was $11.8 million, an improvement from a net loss of $13.2 million in Q3 2024[8]. Clinical Development - The company is preparing to initiate a comprehensive Phase 3 program for chronic cough in patients with idiopathic pulmonary fibrosis in the first half of 2026[1]. - Trevi Therapeutics plans to submit an End-of-Phase 2 meeting request to the FDA in Q4 2025[2]. - The Phase 1 safety study for IPF patients showed no safety signals, allowing for the completion of enrollment[3]. - Topline results from the Phase 2b CORAL trial were presented at the CHEST 2025 Annual Meeting[4]. - The company intends to initiate a Phase 2b study for refractory chronic cough in the first half of 2026 following positive Phase 2a RIVER trial results[10]. Market Opportunity - There are approximately 150,000 U.S. patients with IPF, with two-thirds experiencing uncontrolled chronic cough, highlighting a significant unmet medical need[12].

Financial Performance - Net cash provided by operating activities increased by approximately $1.6 million to $2 million for the nine-month period ended September 30, 2025, compared to $361,000 for the same period in 2024[129] - The company experienced a $4.5 million swing from a net loss to net income during the nine-month period ended September 30, 2025[129] - The company achieved a net operating income of $20,000 for the quarter ended September 30, 2025, compared to a net operating loss of $575,000 for the same quarter in 2024, reflecting a $595,000 improvement[198] - For the nine-month period ended September 30, 2025, the company reported a net operating income of $1.7 million, a significant turnaround from a net operating loss of $2.3 million in the prior year, resulting in a $4.0 million swing[198] - The company recorded a net loss of $140,000, or $0.02 per basic share, for the quarter ended September 30, 2025, compared to a net loss of $702,000, or $0.09 per basic share, in the same quarter of 2024[203] Assets and Equity - Total assets increased by $630,000 to $45.73 million as of September 30, 2025, compared to $45.1 million as of December 31, 2024[134] - Stockholders' equity rose by $2.28 million to $29.8 million as of September 30, 2025, compared to $27.52 million as of December 31, 2024[134] - Cash and cash equivalents increased by $128,000 to $3.89 million as of September 30, 2025, compared to $3.76 million as of December 31, 2024[134] - The company had aggregate debt outstanding of approximately $9.5 million as of September 30, 2025, down from $10.5 million as of December 31, 2024[133] Production Capacity and Investments - The company plans to invest approximately $3 million to increase annual production capacity for the First Defense® product line from approximately $30 million to $40 million or more[130] - The annual production capacity for the First Defense® product line was increased from approximately $16.5 million to approximately $30 million or more through significant investments made since 2014[135] - The construction of an additional 15,400 square feet for First Defense® aims to increase annual production capacity from approximately $30 million to $40 million[140] - Total investments in First Defense® and Re-Tain® from 2019 to September 30, 2025, amount to approximately $15.5 million, with an estimated completion cost of $5.3 million[144] Sales and Revenue - Sales revenue decreased by 8% in Q3 2025 compared to Q3 2024, with total product sales reported at $5.506 million[157] - Domestic sales increased by 6% during the nine-month period ended September 30, 2025, while international sales increased by 15%[157] - The Tri-Shield® product line accounted for 68% of total product sales in Q3 2025, generating $3.77 million, compared to 65% and $3.89 million in Q3 2024[160] - Total product sales for the nine-month period ended September 30, 2025, reached $20.02 million, a 6.8% increase from $18.74 million in the same period of 2024[160] Gross Margin and Expenses - The gross margin during the nine-month period ended September 30, 2025 would have been approximately 44.7% if scrap costs of $410,000 had been avoided[149] - Gross margin for the nine-month period ended September 30, 2025, was $8.54 million, representing 43% of product sales, up from 27% in 2024[164] - Sales and marketing expenses for Q3 2025 increased by 9% to $919,000, amounting to 17% of product sales, compared to 14% in Q3 2024[171] - Administrative expenses increased by 38% to $729,000 for the quarter ended September 30, 2025, compared to $528,000 in the same quarter of 2024, representing 13% of product sales[197] Product Development and Regulatory - The company is exploring potential partnerships for Re-Tain® to offset product development expenses after investing approximately $53 million over 26 years[128] - Product development expenses for Re-Tain® decreased by 12% to $694,000 in Q3 2025 compared to $786,000 in Q3 2024, and aggregated approximately 13% of product sales for both quarters[179] - During the nine-month period ended September 30, 2025, product development expenses decreased by 26% to $2.3 million compared to $3.1 million in the same period of 2024[179] - The FDA granted a zero milk-discard period for Re-Tain®, with expectations that any required discard period at launch will be significantly shorter than those for traditional antibiotics[178] Quality Control and Market Expansion - The company has implemented new quality control steps and manufacturing process improvements to mitigate future contamination risks[147] - The company sees significant opportunities for market expansion both domestically and internationally, aiming to displace more competition in North America[173] - The company is testing market acceptance of Re-Tain® in collaboration with Michigan State University, with studies expected to complete in Q1 2026[178] Inventory and Financial Controls - Work-in-Process inventory as of September 30, 2025, was valued at $5.95 million, with hyperimmunized colostrum being the largest component[169] - The company recorded a non-cash write-down of $156,000 in Q3 2025 to adjust the value of hyperimmunized colostrum to market value[169] - Inventory is valued at the lower of cost or net realizable value, with significant estimates involved in determining cost accounting[208] - There were no material changes in internal control over financial reporting during the quarter ended September 30, 2025[210] - Management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2025, concluding they were effective[209]

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]

Financial Performance - 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] - Gross margins for Q3 2025 were 84%, down from 86% in Q3 2024, primarily due to lower manufacturing efficiency associated with newly launched products[5] - The net loss attributable to common stockholders was $41.3 million in Q3 2025, compared to $3.2 million in the same period of the prior year, largely 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 47.6% increase in losses[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] Expenses - Research and Development (R&D) expenses were approximately $5.2 million, up from $4.2 million in the same quarter of the prior year, mainly due to a one-time charge related to clinical studies[5] - Sales and Marketing (S&M) expenses increased to approximately $6.8 million from $6.1 million year-over-year, driven by performance-related compensation[5] - Stock-based compensation expense for the nine months ended September 30, 2025, was $6,934 million, up from $3,744 million in 2024, representing an increase of 85.5%[22] - Cash paid for interest during the nine months ended September 30, 2025, was $2,528 million, compared to $1,757 million in 2024, indicating a rise of 43.8%[18] Cash and Assets - 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 rose to $22,687 million as of September 30, 2025, up from $8,525 million at the end of 2024, indicating a significant increase of 166.5%[15] - 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] Liabilities and Stockholders' Deficit - Total liabilities increased to $63,188 million as of September 30, 2025, from $49,865 million on December 31, 2024, marking a rise of approximately 26.7%[15] - The company’s total stockholders' deficit was $(26,725) million as of September 30, 2025, compared to $(25,894) million on December 31, 2024, reflecting a slight increase in deficit of 3.2%[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] Cash Flow - The company reported a net cash used in operating activities of $15,528 million for the nine months ended September 30, 2025, a decrease in cash outflow compared to $35,136 million in the prior year, indicating a 55.8% improvement[18] - 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]