$TLSIW

TriSalus Life Sciences, Inc.

CIK:0001826667|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenue

$ 11,407

$ 11,213

$ 20,306

$ 20,380

Cost of goods sold

1,508

1,802

2,738

3,297

Gross profit

9,899

9,411

17,568

17,083

Operating expenses:

Research and development

^[1]

3,137

3,670

6,353

6,691

Sales and marketing

11,416

7,163

18,829

13,897

General and administrative

^[1]

5,159

5,910

10,610

11,156

Loss from operations

(9,813)

(7,332)

(18,224)

(14,661)

Other income (expense)

Interest income

457

134

621

208

Interest expense

(1,490)

(1,423)

(2,926)

(2,632)

Change in fair value of SEPA, warrant and revenue base redemption liabilities

2,569

(330)

6,469

(1,165)

Change in fair value of contingent earnout liability

(996)

700

6,406

(120)

Other income (expense), net

(40)

(291)

Loss before income taxes

(9,183)

(8,291)

(7,640)

(18,661)

Income tax benefit (expense)

(4)

(8)

(2)

Net loss

(9,187)

(8,288)

(7,648)

(18,663)

Undeclared dividends on Series A Preferred Stock

(714)

(1,426)

Net loss attributable to common stockholders

$ (9,187)

$ (9,002)

$ (7,648)

$ (20,089)

Basic loss per share (in dollars per share)

$ (0.16)

$ (0.27)

$ (0.14)

$ (0.65)

Diluted loss per share (in dollars per share)

$ (0.16)

$ (0.27)

$ (0.14)

$ (0.65)

Weighted average common shares outstanding, basic (in shares)

58,296,711

32,899,297

54,936,862

30,713,375

Weighted average common shares outstanding, diluted (in shares)

58,296,711

32,899,297

54,936,862

30,713,375

[1]	(1)Amounts presented in the three and six months ended June 30, 2025 have been revised to align expense classification for the 2025 fiscal year period.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (9,187)	$ 1,539	$ (8,288)	$ (10,375)	$ (7,648)	$ (18,663)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation					271	337
Non-cash lease expense					62	210
Change in fair value of SEPA, warrant and revenue base redemption liabilities					(6,469)	1,165
Change in fair value of contingent earnout liability	996		(700)		(6,406)	120
Paid-in-kind interest					0	584
Stock-based compensation expense					5,088	3,512
Allowance for credit losses					74	96
Loss on disposal of property and equipment					1	117
Amortization of debt issuance costs					632	492
Changes in operating assets and liabilities
Accounts receivable					24	(540)
Inventory, net					(1,128)	241
Prepaid expenses and other assets					(622)	777
Operating lease liabilities					(62)	(81)
Trade payables and accrued liabilities					(426)	(186)
Net cash used in operating activities					(16,609)	(11,819)
Cash flows from investing activities
Purchases of property and equipment					(223)	(661)
Proceeds from disposal of property and equipment					0	40
Net cash used in investing activities					(223)	(621)
Cash flows from financing activities
Proceeds from the issuance of common stock, net of issuance costs					42,625	20,451
Proceeds from the exercise of stock options for common stock					49	335
Proceeds from the issuance of common stock through employee stock purchase plan					270	211
Debt issuance costs					(613)	(520)	$ (500)	$ (2,600)
Proceeds from the issuance of debt					0	10,000
Payments on finance lease liabilities					(27)	(72)
Short-swing profit settlement					27	0
Net cash provided by financing activities					42,331	30,405
Increase in cash, cash equivalents and restricted cash					25,499	17,965
Cash, cash equivalents and restricted cash, beginning of period		$ 20,789		$ 8,875	20,789	8,875	8,875
Cash, cash equivalents and restricted cash, end of period	$ 46,288		$ 26,840		46,288	26,840	$ 20,789	$ 8,875
Supplemental disclosures of cash flow information
Cash paid for interest					2,294	1,557
Cash paid for income taxes					0	16
Supplemental disclosure of non-cash items
Right-of-use assets obtained in exchange for new finance lease liabilities					57	0
Non-cash capital expenditures included in trade payables					20	20
Fixed assets purchased through exchange of finance lease right-of-use asset					0	85
Derecognition of finance lease right-of-use asset					0	(85)
Fair value of warrants issued with OrbiMed debt					$ 0	$ 366

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 46,288	$ 20,439
Accounts receivable (net of allowance of $98 and $24, respectively)	6,459	6,558
Inventory, net	4,205	3,077
Prepaid expenses	2,792	2,170
Total current assets	59,744	32,244
Property and equipment, net	1,837	1,808
Right-of-use assets	798	861
Other assets	69	418
Total assets	62,448	35,331
Current liabilities
Trade payables	3,763	3,002
Accrued liabilities	7,107	8,096
Short-term lease liabilities	244	167
Other current liabilities	58	234
Total current liabilities	11,172	11,499
Long-term debt	33,065	33,046
Revenue base redemption liability	489	383
Long-term lease liabilities	1,117	1,228
Contingent earnout liability	3,738	10,144
Warrant liabilities	6,317	12,892
Total liabilities	55,898	69,192
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit)
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.0001 par value, 400,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 61,469,572 shares and 49,997,836 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5	4
Additional paid-in capital	344,776	296,718
Accumulated deficit	(338,231)	(330,583)
Total stockholders’ equity (deficit)	6,550	(33,861)
Total liabilities and stockholders’ equity (deficit)	$ 62,448	$ 35,331