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Here are 1-2 brief analogies for TriSalus Life Sciences (TLSI):

• Like a specialized medical device company akin to Medtronic, but focused solely on improving how cancer drugs are delivered to hard-to-treat tumors.
• Think of them as an Edwards Lifesciences for oncology, developing devices designed to precisely deliver cancer treatments to challenging organs like the liver and pancreas.

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• TriNav® Infusion System: This medical device uses Pressure-Enabled Drug Delivery™ (PEDD™) technology to enhance targeted drug delivery to solid tumors, particularly in the liver and pancreas, by overcoming intratumoral pressure.

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TriSalus Life Sciences (symbol: TLSI) sells its FATHOM System primarily to other companies and healthcare organizations, rather than directly to individuals.

The company's major customers are healthcare providers that perform interventional procedures for diagnosing suspected cancerous lesions. According to its public filings, TriSalus Life Sciences primarily sells its FATHOM System to the following categories of organizations in the United States:

• Hospitals: These include various hospital systems and independent hospitals.
• Outpatient Surgery Centers: Facilities that perform diagnostic procedures on an outpatient basis.
• Physician Groups: Specifically, those specializing in interventional pulmonology, gastroenterology, and interventional radiology.

TriSalus Life Sciences does not disclose specific major customer companies by name in its public filings (such as its Form 10-K), as its sales are distributed across a broad base of these healthcare providers. No single customer or a small group of customers accounts for a material portion of its revenue, which means specific individual customer company names and their corresponding public symbols are not reported.

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Mary Szela, Chief Executive Officer, President and Director

Mary Szela has nearly 35 years of experience in both the commercial and clinical pharmaceutical arenas. She has served as CEO and President of TriSalus Life Sciences since January 2018. Previously, Ms. Szela was Chief Executive Officer of Novelion Therapeutics, a rare disease company, where she orchestrated the merger of Aegerion Pharmaceuticals and QLT Therapeutics. Prior to that, she was Chief Executive Officer of Melinta Therapeutics, leading its revitalization effort. She also held ascending management positions at Abbott Laboratories, including President of the company's U.S. pharmaceutical business.

David Patience, Chief Financial Officer

David Patience was appointed Chief Financial Officer of TriSalus Life Sciences effective July 1, 2025. He has nearly 20 years of experience as a financial executive across healthcare and financial services. Before joining TriSalus, Mr. Patience served as CFO at Accelerate Diagnostics since 2023. He also held positions at Morgan Stanley's Investment Banking Division and Continental Advisors equity group.

Sean Murphy, Chief Manufacturing, Strategy and Business Development Officer

Sean Murphy was appointed Chief Manufacturing, Strategy, and Business Development Officer in January 2025, after serving as CFO of TriSalus from June 2022. He has been a Board Director since August 2020. Prior to TriSalus, Mr. Murphy held senior executive roles, including Executive Vice President at Malin PLC, a publicly listed company investing in life sciences companies. He was also a founding member of the Evercore HealthCare practice, an independent investment banking advisory firm, and had a 30-year career at Abbott Laboratories, culminating as Vice President of Business Development and Licensing.

Richard B. Marshak, VMD, MBA, Chief Commercial Officer

Dr. Richard Marshak was appointed Chief Commercial Officer in January 2025. He previously served as Senior Vice President, Corporate Development, Strategy, and Marketing at TriSalus since June 2022. Dr. Marshak was the Managing Principal of LF Consulting, a consulting firm for biotechnology companies, and co-founded Nephraegis Therapeutics, where he served as Chief Business Officer. He also served as the Chief Executive Officer of Mount Tam Biotechnologies from May 2016 to October 2019. Earlier, Dr. Marshak held leadership positions at Abbott Laboratories, including Head of Global Strategic Pricing.

Jodi Devlin, BSN, MBA, Chief of Clinical Strategy & Operations

Jodi Devlin was appointed Chief of Clinical Strategy & Operations in January 2025. She joined TriSalus in August 2023 as President, Commercial Operations. Previously, Ms. Devlin was CEO of AltaThera Pharmaceuticals, where she executed a successful company turnaround. She also had a distinguished 21-year career at Abbott Laboratories, holding various leadership roles.

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The public company TriSalus Life Sciences (TLSI) faces several critical risks to its business, primarily stemming from its financial stability, the inherent challenges of clinical development, and its reliance on a single medical device.

The most significant risk to TriSalus Life Sciences is its financial viability and ability to continue as a going concern. The company has a limited operating history and has incurred substantial accumulated losses, with net losses of $30.0 million and $59.4 million for the years ended December 31, 2024, and 2023, respectively, and an accumulated deficit of $279.5 million as of December 31, 2024. Its existing cash and cash equivalents of $8.5 million are insufficient to fund operations for the next 12 months, leading to "substantial doubt about its ability to continue as a going concern." The company acknowledges the need for additional capital and plans to seek strategic alliances, licensing arrangements, and further financing.

Secondly, the company faces substantial risks associated with clinical development and regulatory approval of its sole pharmaceutical product candidate, nelitolimod. Nelitolimod is in early clinical development stages, and there are inherent uncertainties in obtaining regulatory approvals, which could delay or prevent its commercialization. Future clinical trial results may not be consistent with interim, initial, or preliminary data, posing a risk to the drug's eventual success. There has also been a "de-prioritization" or "de-escalation" of drug development, meaning the company's pipeline is highly concentrated on this single compound.

Finally, TriSalus Life Sciences is highly dependent on the market acceptance and sustained revenue generation from its TriNav device. Operational risks exist if market acceptance is not achieved or maintained. Factors such as physician awareness, potential supply chain disruptions, and changes in reimbursement status could significantly impact sales and market adoption of the TriNav system, which currently accounts for a substantial portion of the company's revenue.

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TriSalus Life Sciences (TLSI) focuses on transforming outcomes for patients with solid tumors, primarily those in the liver and pancreas, through its Pressure-Enabled Drug Delivery (PEDD) platform and investigational immunotherapeutic, SD-101 (nelitolimod).

Addressable Markets for Main Products and Services:

1. Pressure-Enabled Drug Delivery (PEDD) Platform (TriNav Infusion System and Pancreatic Retrograde Venous Infusion System)

The PEDD platform is designed to improve therapeutic delivery to liver and pancreatic tumors. Its addressable market is defined by the prevalence and treatment markets of the cancers it targets:

• Hepatocellular Carcinoma (HCC) and Liver Metastases (including Colorectal Cancer Liver Metastases):
  • The global hepatocellular carcinoma (HCC) market was valued at approximately USD 3.5 billion in 2024 and is projected to reach USD 9.85 billion by the end of 2030, with a Compound Annual Growth Rate (CAGR) of 22.99% during 2025-2030.
  • The market for unresectable hepatocellular carcinoma (uHCC) is projected to reach approximately USD 2,528.2 million globally in 2025 and is expected to grow to around USD 4,927.0 million by 2035, reflecting a CAGR of 6.9%.
  • The global metastatic colorectal cancer (mCRC) market was valued at USD 5,662.9 million in 2023 and is forecasted to expand at a CAGR of 5.1% to reach USD 9,787.5 million by 2034. North America's market for mCRC is estimated at USD 1,993.2 million in 2024 and is projected to expand at a CAGR of 5.3% through 2034.
  • The global liver metastases treatment market was valued at USD 1.63 billion in 2023 and is projected to grow at a CAGR of 7.3% from 2024 to 2030. The colorectal cancer segment dominated this market with a revenue share of 40.55% in 2023. The North America liver metastases treatment market was valued at USD 680.3 million in 2023 and is anticipated to reach USD 1.2 billion by 2032.
• Pancreatic Tumors:
  • The global pancreatic cancer market is estimated to increase from USD 2.65 billion in 2024 to USD 9.57 billion by 2034, demonstrating a CAGR of 13.7%.
  • Another report values the global pancreatic cancer treatment market at USD 3.30 billion in 2024, projected to grow to USD 10.69 billion by 2032, exhibiting a CAGR of 15.8%. North America held a dominant share of 47.2% in this market in 2023.
  • The U.S. pancreatic cancer market size is exhibited at USD 887.25 million in 2025 and is projected to be worth around USD 2,854.37 million by 2034, growing at a CAGR of 13.84%.

2. SD-101 (Nelitolimod) - Investigational Immunotherapeutic

SD-101 is being developed for liver and pancreatic tumors, as well as other solid tumor indications such as uveal melanoma and intrahepatic cholangiocarcinoma:

• Uveal Melanoma with Liver Metastases:
  • The global uveal melanoma market was valued at USD 402.5 million in 2024 and is expected to reach approximately USD 609.7 million by 2030, growing at a CAGR of 6.8%.
  • The 7 major markets (7MM: US, EU5, Japan) for uveal melanoma reached a value of USD 1,000 million in 2024 and are expected to reach USD 1,600 million by 2035, exhibiting a CAGR of 4.28%.
  • The global uveal melanoma treatment market size reached USD 1.57 billion in 2025 and is forecast to advance to USD 2.08 billion by 2030 at a 5.7% CAGR.
• Intrahepatic Cholangiocarcinoma (iCCA):
  • The global intrahepatic cholangiocarcinoma market is estimated to be valued at USD 1.10 billion in 2025 and is expected to reach USD 1.90 billion by 2032, growing at a CAGR of 8.1% from 2025 to 2032.
  • The global cholangiocarcinoma market size was valued at USD 583.65 million in 2025 and is expected to reach USD 2.42 billion by 2035, expanding at around 15.3% CAGR during the forecast period i.e., between 2026-2035. The intrahepatic cholangiocarcinoma segment is estimated to hold the largest share of about 58% during the forecast period.
  • The global bile duct cancer treatment market (which includes iCCA) is projected to witness a CAGR of 8.7% during the forecast period from 2025 to 2032, increasing from US$ 4 billion in 2025 to a steady US$ 7.19 billion by 2032.

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TriSalus Life Sciences (TLSI) anticipates several key drivers of revenue growth over the next two to three years, primarily centered on its TriNav infusion system and Pressure-Enabled Drug Delivery (PEDD) technology:

1. Expansion and Deeper Penetration of the TriNav System: TriSalus expects continued revenue growth through the activation of new hospital accounts and increased utilization and deeper penetration within existing accounts. This involves expanding its market footprint and increasing the adoption of the TriNav system for liver embolization and new clinical settings.

2. Launch of New TriNav Products and Systems: The introduction of new TriNav products, such as the TriNav LV system and TriNav FLX infusion system, is projected to significantly expand the company's addressable market. The TriNav LV system, for example, is specifically designed to address patients with larger vessels, providing full access to the $375 million liver embolization market.

3. Advancements in Clinical Data and New Applications for PEDD Technology: Strategic clinical advancements, including programs like DELIVER, are expected to expand the target market for the TriNav system. TriSalus is committed to investing in clinical data to extend the benefits of its proprietary PEDD technology platform to a broader range of solid tumor indications and new embolization applications.

4. Improved Reimbursement Coverage: Ongoing efforts in educating about TriNav-specific reimbursement and the introduction of new reimbursement codes, such as the HCPCS code C8004 from CMS for mapping procedures, are expected to enhance market access and adoption of the TriNav technology by doubling the reimbursable use.

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Capital Allocation Decisions for TriSalus Life Sciences (TLSI)

Share Issuance

• On April 30, 2025, TriSalus Life Sciences announced a private placement to issue 5,500,000 shares of common stock at $4.00 per share, raising approximately $22.0 million in gross proceeds.
• The private placement was led by Nantahala Capital and included investments from Broadfin Holdings and other healthcare-focused institutional investors.
• The company plans to commence an exchange offer for its outstanding Series A Convertible Preferred Stock to simplify its capital structure.

Inbound Investments

• A private placement on April 30, 2025, generated approximately $22.0 million from the issuance of 5,500,000 shares of common stock.
• Nantahala Capital, Broadfin Holdings, and additional healthcare-focused institutional investors led this private placement.
• As of recent filings, TriSalus Life Sciences has 106 institutional owners and shareholders holding a total of 9,436,549 shares, with Nantahala Capital Management, LLC among the largest.

Capital Expenditures

• TriSalus Life Sciences's capital expenditures growth is forecasted at 91.6%.
• The capital expenditures growth forecast is expected to average 87.7% over the next five fiscal years.
• These expenditures are primarily focused on the research, development, and commercialization of their drug delivery technology platforms (e.g., TriNav infusion system) and investigational immuno-oncology therapeutics (e.g., nelitolimod) for liver and pancreatic tumors.