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TriSalus Life Sciences, Inc. engages in the research, development, and commercialization of drug delivery technology platform and immuno-oncology therapeutics to improve outcomes for patients with difficult-to-treat liver and pancreatic cancers in the United States. It offers Pressure-Enabled Drug Delivery (PEDD) infusion systems, such as the TriNav infusion system, which is used in transarterial radioembolization and chemoembolization procedures for patients with liver cancer and metastases; and the Pancreatic Retrograde Venous Infusion device, which is in Phase 1 clinical trial for treating locally advanced pancreatic cancer. The company is also developing nelitolimod, an investigational immunotherapeutic in Phase 1 clinical trial for the treatment of uveal melanoma, intrahepatic cholangiocarcinoma, hepatocellular carcinoma, and pancreatic cancer. It serves interventional radiologists, IR technicians, medical oncologists, nursing support, and value analysis committee staff. The company was founded in 2009 and is headquartered in Westminster, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $45M | $-33M | $-39M | $-19M | 115.8% | 53.4% | - |
| 2024 | $29M | $-26M | $-30M | $-41M | 116.0% | 59.0% | - |
| 2023 | $19M | $-59M | $-59M | $-51M | 219.3% | 49.3% | - |
| 2022 | $12M | $-47M | $-47M | $-33M | 26.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 12.40 | 18.51 | 29.43 | 45.15 |
| Cost Of Revenue | 2.26 | 2.60 | 4.10 | 6.96 |
| Gross Profit | 10.14 | 15.91 | 25.33 | 38.19 |
| Operating Expense | 46.58 | 70.38 | 61.49 | 65.13 |
| Operating Income | -36.44 | -54.48 | -36.16 | -26.95 |
| EBITDA | -46.78 | -58.65 | -26.20 | -33.05 |
| EBIT | -47.18 | -59.34 | -26.95 | -33.68 |
| Pretax Income | -47.18 | -59.35 | -30.04 | -39.22 |
| Tax Provision | 0.01 | 0.01 | 0.01 | 0.01 |
| Net Income | -47.19 | -59.36 | -30.05 | -39.23 |
| Net Income Common Stockholders | -50.02 | -63.60 | -33.23 | -69.69 |
| Total Expenses | 48.84 | 72.99 | 65.60 | 72.10 |
| Interest Expense | 0 | 0.02 | 3.09 | 5.54 |
| Interest Income | 0.18 | 0.43 | 0.40 | 0.56 |
| Research And Development | 21.36 | 29.84 | 17.69 | 14.96 |
| Selling General And Administration | 25.22 | 40.55 | 43.80 | 50.17 |
| Normalized EBITDA | -44.59 | -59.61 | -35.33 | -26.22 |
| Normalized Income | -45.46 | -60.32 | -39.17 | -32.40 |
| Basic EPS | -161.55 | -6.73 | -1.31 | 0 |
| Diluted EPS | -161.55 | -6.73 | -1.31 | 0 |
| Tax Effect Of Unusual Items | -0.46 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0 | 0 | 0 |
| Total Unusual Items | -2.19 | 0.96 | 9.12 | -6.83 |
| Total Unusual Items Excluding Goodwill | -2.19 | 0.96 | 9.12 | -6.83 |
| Net Income From Continuing Operation Net Minority Interest | -47.19 | -59.36 | -30.05 | -39.23 |
| Reconciled Depreciation | 0.40 | 0.68 | 0.74 | 0.63 |
| Reconciled Cost Of Revenue | 2.26 | 2.60 | 4.10 | 6.96 |
| Net Interest Income | 0.18 | 0.41 | -2.69 | -4.99 |
| Net Income From Continuing And Discontinued Operation | -47.19 | -59.36 | -30.05 | -39.23 |
| Total Operating Income As Reported | -36.44 | -54.48 | -36.16 | -26.95 |
| Diluted Average Shares | 0.31 | 9.40 | 25.33 | 0 |
| Basic Average Shares | 0.31 | 9.40 | 25.33 | 0 |
| Diluted NI Availto Com Stockholders | -50.02 | -63.60 | -33.23 | -69.69 |
| Otherunder Preferred Stock Dividend | 2.83 | 2.98 | 0 | 30.46 |
| Preferred Stock Dividends | 2.83 | 1.26 | 3.19 | 0 |
| Net Income Including Noncontrolling Interests | -47.19 | -59.36 | -30.05 | -39.23 |
| Net Income Continuous Operations | -47.19 | -59.36 | -30.05 | -39.23 |
| Other Income Expense | -10.92 | -5.29 | 8.81 | -7.29 |
| Other Non Operating Income Expenses | -8.73 | -6.25 | -0.31 | -0.46 |
| Special Income Charges | 0 | 11.81 | 11.23 | -2.74 |
| Other Special Charges | 8.31 | -1.52 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | -10.29 | -11.23 | 2.74 |
| Gain On Sale Of Security | -2.19 | -10.86 | -2.11 | -4.09 |
| Net Non Operating Interest Income Expense | 0.18 | 0.41 | -2.69 | -4.99 |
| Interest Expense Non Operating | 0 | 0.02 | 3.09 | 5.54 |
| Interest Income Non Operating | 0.18 | 0.43 | 0.40 | 0.56 |
| Selling And Marketing Expense | 12.74 | 17.03 | 25.84 | 28.71 |
| General And Administrative Expense | 12.48 | 23.51 | 17.97 | 21.46 |
| Other Gand A | 12.48 | 23.51 | 17.97 | 21.46 |
| Operating Revenue | 12.40 | 18.51 | 29.43 | 45.15 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TriSalus Life Sciences, Inc.this co. | TLSI | $262M | - | -6.29 | 115.8% | -10.46 |
| Foghorn Therapeutics Inc. | FHTX | $279M | - | -2.49 | 68.5% | -2.05 |
| Editas Medicine, Inc. | EDIT | $276M | - | 10.11 | -586.6% | -1.57 |
| Accendra Health, Inc. | ACH | $267M | - | -0.58 | 238.8% | 5.96 |
| Eledon Pharmaceuticals, Inc. | ELDN |
| $266M |
| - |
| 1.84 |
| -56.3% |
| - |
| Coherus Oncology, Inc. | CHRS | $261M | - | 3.45 | 275.4% | -0.83 |
| Codexis, Inc. | CDXS | $255M | - | 5.04 | -87.0% | -7.57 |
| Alector, Inc. | ALEC | $255M | - | 8.27 | -466.3% | -0.23 |
| Inhibikase Therapeutics, Inc. | IKT | $246M | - | 1.83 | -27.9% | -3.01 |
| Peer Median | - | - | 2.65 | -42.1% | -1.57 | |