TriSalus Life Sciences (TLSI)
Market Price (10/19/2026): $3.63 | Market Cap: $211.6 MilSector: Health Care | Industry: Life Sciences Tools & Services
TriSalus Life Sciences (TLSI)
Market Price (10/19/2026): $3.63Market Cap: $211.6 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -102% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -68% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% Key risksTLSI key risks include [1] substantial doubt about its ability to continue as a going concern due to significant losses and insufficient cash, Show more. |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -102% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -68% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% |
| Key risksTLSI key risks include [1] substantial doubt about its ability to continue as a going concern due to significant losses and insufficient cash, Show more. |
Qualitative Assessment
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TriSalus Life Sciences (TLSI) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds impacted the biotechnology sector during fiscal Q3 2026, leading to a broader market drawdown for small and mid-cap biotech stocks. The Federal Reserve's 25-basis-point rate hike to 4.00% in fiscal Q3 2026 contributed to a macro-driven decline in the sector. The S&P 500 Biotech Index (XBI) was down 2% quarter-to-date in fiscal Q3 2026, indicating a challenging environment for companies like TriSalus.
2. TriSalus Life Sciences reported a wider-than-expected earnings per share (EPS) loss for fiscal Q2 2026, despite exceeding revenue estimates. The company announced its fiscal Q2 2026 results on August 6, 2026, reporting a loss of $0.16 per share, which missed the consensus analyst estimate of a $0.16 loss by $0.01. While revenue for the quarter reached $11.41 million, surpassing the $10.27 million consensus, the increase in operating losses to $9.8 million in fiscal Q2 2026 from $7.3 million in Q2 2025 likely concerned investors.
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TriSalus Life Sciences (TLSI) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds impacted the biotechnology sector during fiscal Q3 2026, leading to a broader market drawdown for small and mid-cap biotech stocks. The Federal Reserve's 25-basis-point rate hike to 4.00% in fiscal Q3 2026 contributed to a macro-driven decline in the sector. The S&P 500 Biotech Index (XBI) was down 2% quarter-to-date in fiscal Q3 2026, indicating a challenging environment for companies like TriSalus.
2. TriSalus Life Sciences reported a wider-than-expected earnings per share (EPS) loss for fiscal Q2 2026, despite exceeding revenue estimates. The company announced its fiscal Q2 2026 results on August 6, 2026, reporting a loss of $0.16 per share, which missed the consensus analyst estimate of a $0.16 loss by $0.01. While revenue for the quarter reached $11.41 million, surpassing the $10.27 million consensus, the increase in operating losses to $9.8 million in fiscal Q2 2026 from $7.3 million in Q2 2025 likely concerned investors.
3. Analysts revised down TriSalus's future earnings forecasts for fiscal Q3 2026, contributing to negative sentiment. On September 25, 2026, HC Wainwright lowered its fiscal Q3 2026 EPS forecast for TriSalus to a loss of $0.14 per share from its previous estimate of a $0.12 loss. This downward adjustment in expected future profitability likely weighed on the stock, even though the firm maintained a "Buy" rating and a $12 price target.
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Stock Movement Drivers
Fundamental Drivers
The -20.2% change in TLSI stock from 6/30/2026 to 10/18/2026 was primarily driven by a -11.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.55 | 3.63 | -20.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 45 | 0.4% |
| P/S Multiple | 5.2 | 4.7 | -10.1% |
| Shares Outstanding (Mil) | 52 | 58 | -11.6% |
| Cumulative Contribution | -20.2% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| TLSI | -20.2% | |
| Market (SPY) | 2.2% | 10.7% |
| Sector (XLV) | 11.4% | 26.3% |
Fundamental Drivers
The -9.3% change in TLSI stock from 3/31/2026 to 10/18/2026 was primarily driven by a -19.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.00 | 3.63 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 45 | -0.2% |
| P/S Multiple | 4.2 | 4.7 | 12.7% |
| Shares Outstanding (Mil) | 47 | 58 | -19.3% |
| Cumulative Contribution | -9.3% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| TLSI | -9.3% | |
| Market (SPY) | 17.7% | 9.7% |
| Sector (XLV) | 21.1% | 16.1% |
Fundamental Drivers
The -21.9% change in TLSI stock from 9/30/2025 to 10/18/2026 was primarily driven by a -43.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.65 | 3.63 | -21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36 | 45 | 25.2% |
| P/S Multiple | 4.3 | 4.7 | 10.4% |
| Shares Outstanding (Mil) | 33 | 58 | -43.6% |
| Cumulative Contribution | -21.9% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| TLSI | -21.9% | |
| Market (SPY) | 15.5% | 18.6% |
| Sector (XLV) | 28.6% | 19.1% |
Fundamental Drivers
The -29.1% change in TLSI stock from 9/30/2023 to 10/18/2026 was primarily driven by a -99.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.12 | 3.63 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 45 | 0.0% |
| P/S Multiple | � | 4.7 | 0.0% |
| Shares Outstanding (Mil) | 0 | 58 | -99.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| TLSI | -29.1% | |
| Market (SPY) | 84.7% | 11.0% |
| Sector (XLV) | 43.7% | 13.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TLSI Return | -6% | 2% | -16% | -41% | 39% | -44% | -63% |
| Peers Return | 16% | -15% | -3% | 10% | -2% | 2% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| TLSI Win Rate | 55% | 67% | 50% | 50% | 58% | 40% | |
| Peers Win Rate | 51% | 48% | 48% | 53% | 53% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TLSI Max Drawdown | - | -6% | -70% | -65% | -38% | -64% | |
| Peers Max Drawdown | -17% | -40% | -41% | -25% | -33% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RNXT, ANGO, MMSI, BSX, BDX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | TLSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.5% | -18.8% |
| % Gain to Breakeven | 22.7% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
In The Past
TriSalus Life Sciences's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.
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In The Past
TriSalus Life Sciences's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TriSalus Life Sciences (TLSI)
TriSalus Life Sciences (TLSI) is an immunotherapy company dedicated to developing and commercializing advanced treatments specifically for liver and pancreatic tumors. The company employs a dual approach, combining proprietary drug delivery systems with investigational immunotherapeutics to address these challenging cancer types.
Currently, TriSalus offers two commercialized drug delivery systems designed to enhance treatment efficacy in difficult-to-reach tumors. The TriNav Infusion System facilitates hepatic arterial infusion for liver tumors, enabling targeted drug delivery. Similarly, the Pancreatic Retrograde Venous Infusion System is designed for the precise delivery of treatments to pancreatic tumors.
In its pipeline, TriSalus is developing SD-101, an investigational immunotherapeutic that leverages pressure-enabled drug delivery technology. This investigational therapy targets a wide array of cancers, including hepatocellular carcinoma, intrahepatic cholangiocarcinoma, uveal melanoma with liver metastases, various pancreatic cancers, and colorectal cancer with liver metastases. The company primarily serves the oncology market, providing tools and potential therapies for healthcare providers treating patients with advanced liver and pancreatic malignancies.
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Here are 1-3 brief analogies to describe TriSalus Life Sciences (TLSI):
The Intuitive Surgical of targeted cancer drug delivery.
A specialized Medtronic focused on immunotherapy drugs and their unique delivery systems for liver and pancreatic cancers.
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- TriNav Infusion System: A device for hepatic arterial infusion of liver tumors.
- Pancreatic Retrograde Venous Infusion System: A device designed for treating pancreatic tumors.
- SD-101: An investigational immunotherapeutic utilizing pressure-enabled drug delivery technology for various liver and pancreatic cancers.
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TriSalus Life Sciences (TLSI) sells its medical devices and develops immunotherapies primarily to other companies and institutions within the healthcare sector, rather than directly to individuals. While specific individual major customer names are not publicly disclosed by the company, as its customer base consists of numerous healthcare institutions (over 130 unique institutions as of December 2023 according to its SEC filings), its major customers fall into the following categories:
- Hospitals: These institutions, particularly those with interventional oncology, radiology, and surgical departments specializing in liver and pancreatic care, purchase systems like the TriNav Infusion System for patient treatment.
- Cancer Treatment Centers: Specialized facilities and clinics dedicated to comprehensive oncology care are key customers for technologies aimed at treating liver and pancreatic tumors.
- Healthcare Systems: Larger integrated healthcare organizations that encompass multiple hospitals and clinics often make procurement decisions for their member institutions, acting as significant customers.
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MedPlast, Inc.
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Mary Szela, Chief Executive Officer and President
Mary Szela has served as CEO and President of TriSalus Life Sciences since January 2018. She brings nearly 35 years of experience in the commercial and clinical pharmaceutical arenas. Prior to TriSalus, Ms. Szela was Chief Executive Officer of Novelion Therapeutics, a rare disease company, where she orchestrated the successful merger and expansion of Aegerion Pharmaceuticals and QLT Therapeutics. She also served as Chief Executive Officer of Melinta Therapeutics, leading its revitalization efforts and accelerating clinical development of its lead asset. Earlier in her career, Ms. Szela held various leadership roles at Abbott Laboratories, including President of the company's $8 billion U.S. pharmaceutical business, and was instrumental in developing global brands such as Humira®. She currently serves on the Board of Directors for Kura Oncology, Prometheus Biosciences, Omega Therapeutics, and Senda Biosciences.
James Young, Chief Financial Officer
James Young was appointed Chief Financial Officer of TriSalus Life Sciences effective January 6, 2025. Before this role, he served as the company's Senior Vice President of Investor Relations and Treasurer. His appointment as CFO followed an 18-month period of planning and collaboration with his predecessor to ensure a seamless transition of responsibilities.
Sean Murphy, Chief Manufacturing, Strategy and Business Development Officer
Sean Murphy was appointed Chief Manufacturing, Strategy, and Business Development Officer effective January 6, 2025, transitioning from his previous role as CFO of TriSalus, which he held since June 2022. He has been a director of TriSalus since August 2020. With over 40 years of experience in healthcare operations and business development across pharmaceuticals, medical devices, and diagnostics, Mr. Murphy has a rich background. He previously served as Executive Vice President at Malin PLC, a publicly listed company investing in life sciences firms. Additionally, he was a founding member of the Evercore HealthCare practice, a prominent investment banking advisory firm. His career also includes numerous senior executive roles at Abbott Laboratories, including Head of Corporate M&A and Business Development over a 30-year tenure. He currently serves on the boards of Immucor, Xenex, and Prenosis, and previously served on the public company boards of Radius Health and Poseida.
Dr. Richard Marshak, Chief Commercial Officer
Dr. Richard Marshak was appointed Chief Commercial Officer of TriSalus Life Sciences effective January 6, 2025. He previously served as Senior Vice President of Corporate Development, Strategy, and Marketing at TriSalus since June 2022. Dr. Marshak brings extensive experience from leadership positions, including serving as Chief Executive Officer of Mount Tam Biotechnologies and co-founder of Nephraegis Therapeutics. He also held ascending leadership roles at Abbott Laboratories, culminating as Head of Global Strategic Pricing, which included their flagship product, Humira.
Jodi Devlin, Chief of Clinical Strategy and Operations
Jodi Devlin was appointed Chief of Clinical Strategy and Operations effective January 6, 2025. She joined TriSalus Life Sciences in August 2023 as President of Commercial Operations. Ms. Devlin has a strong background in the biotech, medical device, and pharmaceutical industries.
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Key Risks to TriSalus Life Sciences (TLSI)
TriSalus Life Sciences, Inc. (TLSI) faces several key risks inherent in the biotechnology and medical technology sectors, particularly given its focus on novel drug delivery systems and investigational immunotherapies for difficult-to-treat cancers. These risks primarily revolve around the complex processes of clinical development and regulatory approval, ongoing financial sustainability, and the successful commercialization and market adoption of its products.
1. Clinical Development and Regulatory Approval Challenges: A significant risk for TriSalus is the inherent uncertainty and potential for delays in the clinical development and regulatory approval pathways for its product candidates. This includes the investigational immunotherapeutic, nelitolimod (SD-101), currently in clinical trials for various liver and pancreatic cancers. Delays in the release of clinical data, such as from the PERIO-03 study, or unexpected findings regarding safety or efficacy in ongoing or future trials, could significantly impact the company's ability to bring these therapies to market. Furthermore, challenges and delays in obtaining regulatory clearances for new iterations of its existing products, like the TriNav Advance, pose an additional risk. The company's focus on "hard-to-treat" tumors also implies a higher historical rate of development failures in this complex therapeutic area.
2. Financial Sustainability and Capital Requirements: TriSalus Life Sciences is currently operating in a "heavy investment mode" and has reported net losses. The company's ability to continue funding its extensive research and development efforts, clinical trials, and commercial expansion relies heavily on its capacity to raise additional capital through equity offerings. This reliance on external financing presents risks of significant shareholder dilution and uncertainty regarding the company's ability to achieve profitability within its projected timeline. Upfront investments in sales infrastructure and commercial expansion also influence near-term revenue phasing.
3. Commercialization and Market Acceptance: Even with regulatory approvals, TriSalus faces substantial risks related to the commercialization and market acceptance of its drug delivery systems, such as the TriNav Infusion System, and any future products. These risks include the ability to successfully gain market share in both existing and new indications, particularly in non-liver markets. The company must also navigate intense market competition and ensure that its products receive adequate insurance coverage and reimbursement from payers, as a lack of favorable coverage could compromise commercial success. Additionally, any performance issues with its products could harm the company's reputation and hinder market adoption.
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TriSalus Life Sciences (NASDAQ: TLSI) focuses on developing and commercializing immunotherapies and drug delivery systems for liver and pancreatic tumors. The addressable markets for their main products and services are as follows:
TriNav Infusion System for Hepatic Arterial Infusion of Liver Tumors
- TriSalus estimates the market opportunity for its current TriNav portfolio of devices in Transarterial Chemoembolization (TACE) and Transarterial Radioembolization (TARE) procedures for liver cancers in the U.S. to be approximately $494 million annually, based on approximately 62,000 units.
- The launch of the TriNav LV system is expected to provide full access to the U.S. $375 million liver embolization market.
- More broadly, TriSalus estimates a U.S. total addressable Pressure-Enabled Drug Delivery (PEDD) market, which includes liver cancers and other conditions, to exceed $2.3 billion annually.
Pancreatic Retrograde Venous Infusion System for Pancreatic Tumors
- TriSalus believes its pancreatic infusion technology could potentially treat two thousand patients annually, adding an additional U.S. market expansion of $400 million.
- The global pancreatic cancer treatment market was estimated at $2.92 billion in 2024 and is projected to reach $5.84 billion by 2030. North America held a 39.27% share of this market in 2024, with the U.S. accounting for 89.00% of North America in 2023. The U.S. pancreatic cancer treatment market was valued at $1.75 billion in 2025 and is projected to reach approximately $5.46 billion by 2035.
SD-101 (Investigational Immunotherapeutic with Pressure-Enabled Drug Delivery Technology)
- Hepatocellular Carcinoma (HCC): The global hepatocellular carcinoma (HCC) treatment market size is expected to be valued at $5.2 billion in 2026, growing to $9.4 billion by 2033. North America is projected to account for 38% of this market in 2026. The global liver cancer market, which HCC heavily influences (74.88% share in 2025), was valued at $15.05 billion in 2025 and is estimated to reach $37.78 billion by 2031.
- Intrahepatic Cholangiocarcinoma (ICC): The global intrahepatic cholangiocarcinoma market is estimated to be valued at $1.10 billion in 2025 and is expected to reach $1.90 billion by 2032. Another estimate places the global market at $1.7 billion in 2024, growing to $2.9 billion by 2030. The U.S. market for ICC is expected to grow from approximately $0.51 billion in 2024 to about $0.83 billion by 2030.
- Uveal Melanoma with Liver Metastases (UM-LM): The global uveal melanoma market, driven by its metastatic potential to the liver, was valued at $402.5 million in 2024 and is projected to reach approximately $609.7 million by 2030. The broader global liver metastases treatment market (which includes UM-LM) was estimated at $1.63 billion in 2023 and is projected to grow to $2.66 billion by 2030. North America dominated this market with a 40.82% share in 2023.
- Pancreatic Ductal Adenocarcinoma with Liver Metastases & Primary Pancreatic Cancers: These fall under the broader pancreatic cancer market previously described.
- Colorectal Cancer with Liver Metastases: The global metastatic colorectal cancer market is projected to reach $19.06 billion by 2035 from $6.78 billion in 2024. Another source estimates the global market at $10.95 billion in 2025, reaching $19.13 billion by 2032. The U.S. accounted for approximately 45% of the total metastatic colorectal cancer market size in 2024, which was more than $13 billion across the seven major markets (7MM).
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TriSalus Life Sciences (TLSI) anticipates several key drivers for future revenue growth over the next 2-3 years, focusing on expanding its proprietary Pressure-Enabled Drug Delivery (PEDD) platform and TriNav Infusion System. These drivers include:
- Expansion into New Indications and Markets: TriSalus aims to broaden the application of its TriNav platform and PEDD technology beyond existing liver-directed therapies into new solid tumor indications. The company is actively exploring and developing applications for conditions such as uterine fibroids, symptomatic thyroid disease, and knee osteoarthritis, and continuing to target hepatocellular carcinoma, intrahepatic cholangiocarcinoma, uveal melanoma with liver metastases, pancreatic ductal adenocarcinoma with liver metastases, and colorectal cancer with liver metastases.
- Launch of New and Enhanced TriNav Products: TriSalus is committed to continuously innovating and expanding its product portfolio. The company has already increased its commercial offerings from 2 at the start of 2025 to 7 by early 2026, with specific new launches including TriNav LV, TriGuide, TriNav FLX, and TriNav XP. The anticipated launch of TriNav Advance in the first half of 2026, pending regulatory clearance, is expected to capture new market segments and drive more procedures per account.
- Expansion of Sales and Commercial Infrastructure: A significant driver of growth is the strategic investment in and expansion of TriSalus's sales and commercial organization. The company plans to aggressively invest in its sales force, including a stated goal of doubling its size, to deepen engagement within the interventional radiology community and drive broader adoption of the PEDD platform and TriNav product suite.
- Continued Growth in Core Liver-Directed Therapies: The company expects continued revenue growth from increased sales of its TriNav units within its established liver-directed therapy applications. This sustained market penetration in the liver embolization market remains a fundamental component of its growth strategy.
- Investment in Clinical Studies and Data Generation: TriSalus is prioritizing aggressive investment in foundational clinical and registry studies to further validate the value of its PEDD technology and generate differentiated clinical data across various vascular anatomies and indications. This evidence is crucial for supporting broader clinical adoption and expanding into new applications.
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Share Issuance
- In February 2026, TriSalus Life Sciences priced an underwritten public offering of 9,756,100 shares of its common stock at $4.10 per share, expecting to raise approximately $40.0 million in gross proceeds. Net proceeds are estimated at around $37.0 million, or approximately $42.64 million if the underwriters' over-allotment option is fully exercised.
- The company completed a private placement in April 2025, issuing 5,500,000 shares of common stock at $4.00 per share, which generated approximately $22.0 million in gross proceeds.
- An exchange offer and consent solicitation for Series A Convertible Preferred Stock was completed in July 2025, aiming to simplify the capital structure by converting preferred shares into common stock. Approximately 98.82% of the outstanding preferred shares were tendered and accepted.
Inbound Investments
- A public offering in February 2026 is expected to generate approximately $40.0 million in gross proceeds, or $46 million according to other sources, designated for general corporate purposes, including capital expenditures, working capital, and administrative costs, to accelerate strategic initiatives.
- In April 2025, TriSalus secured approximately $22.0 million in gross proceeds through a private placement of common stock, with investments from Nantahala Capital, Broadfin Holdings, and other healthcare-focused institutional investors.
- TriSalus obtained an additional $10 million from the OrbiMed debt facility to support its growth initiatives.
Capital Expenditures
- Proceeds from the February 2026 public offering are intended to be used, in part, for capital expenditures.
- Non-cash capital expenditures included in trade payables for the year ended December 31, 2025, amounted to $68,000.
- There were no non-cash capital expenditures reported as included in trade payables for the year ended December 31, 2024.
Peer Outperformance in Life Sciences Tools & Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TLSI | TriSalus Life Sciences | 46.2% | -7.5x | -27.7% | -24.1% | -63.4% | — |
| NTRA | Natera | 42.8% | -293.1x | 116.5% | 849.7% | 253.2% | +317pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 17.1% | 54.9% | 108.3% | CAH 490% · MCK 413% · COR 204% |
| Health Care Services | 20 | 17.0% | 37.2% | 11.9% | HIMS 253% · RDNT 137% · DGX 80% |
| Managed Health Care | 8 | 38.6% | -3.3% | 5.8% | OSCR 115% · HQY 45% · ELV 19% |
| Health Care Facilities | 24 | 3.4% | 12.3% | 3.8% | THC 324% · NHC 294% · EHC 147% |
| Health Care Equipment | 50 | -4.4% | 3.3% | -11.4% | UFPT 353% · GKOS 263% · TMDX 169% |
| Pharmaceuticals | 61 | -10.5% | 0.5% | -32.8% | LQDA 876% · KNSA 635% · CORT 481% |
| Health Care Supplies | 11 | 14.7% | -7.3% | -40.4% | LNTH 338% · HAE 76% · MMSI 29% |
| Life Sciences Tools & Services ← | 108 | -12.7% | -14.3% | -67.6% | NTRA 253% · MEDP 233% · GH 59% |
| Biotechnology | 363 | -26.7% | -27.3% | -82.0% | DNTH 1009% · ELVN 893% · ADMA 871% |
| Health Care Technology | 22 | -33.5% | -62.9% | -83.9% | VEEV 0% · DOCS -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TriSalus Life Sciences Earnings Notes | 12/16/2025 | |
| Can TriSalus Life Sciences Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.77 |
| Mkt Cap | 2.9 |
| Rev LTM | 952 |
| Op Inc LTM | 94 |
| FCF LTM | 101 |
| FCF 3Y Avg | 89 |
| CFO LTM | 144 |
| CFO 3Y Avg | 119 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.4% |
| Rev Chg 3Y Avg | 9.6% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 19.6% |
| Op Inc Chg 3Y Avg | 7.9% |
| Op Mgn LTM | 3.4% |
| Op Mgn 3Y Avg | 11.9% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 7.6% |
| CFO/Rev 3Y Avg | 16.8% |
| FCF/Rev LTM | 4.5% |
| FCF/Rev 3Y Avg | 12.3% |
Price Behavior
| Market Price | $3.63 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 02/08/2021 | |
| Distance from 52W High | -51.6% | |
| 50 Days | 200 Days | |
| DMA Price | $4.79 | $4.52 |
| DMA Trend | up | down |
| Distance from DMA | -24.2% | -19.7% |
| 3M | 1YR | |
| Volatility | 55.5% | 79.3% |
| Downside Capture | 176.87 | 118.16 |
| Upside Capture | 58.10 | 72.46 |
| Correlation (S&P 500) | 13.8% | 18.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.77 | 0.12 | 0.27 | 0.53 | 1.08 | 0.51 |
| Up Beta | 0.76 | 0.09 | 0.41 | 1.75 | 2.17 | 0.48 |
| Down Beta | -4.04 | -2.05 | -1.49 | 0.21 | 0.54 | 0.24 |
| Up Capture | -222% | 15% | 40% | 6% | 59% | 21% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 18 | 31 | 69 | 125 | 365 |
| Down Capture | -35% | 72% | 82% | -15% | 96% | 90% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 22 | 31 | 54 | 123 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TLSI | |
|---|---|---|---|---|
| TLSI | -20.1% | 79.3% | 0.10 | - |
| Sector ETF (XLV) | 25.7% | 16.1% | 1.22 | 19.7% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 17.8% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 4.9% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -10.0% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 19.0% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TLSI | |
|---|---|---|---|---|
| TLSI | -22.3% | 65.1% | -0.17 | - |
| Sector ETF (XLV) | 8.5% | 15.2% | 0.36 | 10.5% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 8.2% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 5.0% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | -1.3% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 9.1% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TLSI | |
|---|---|---|---|---|
| TLSI | -12.3% | 60.9% | -0.18 | - |
| Sector ETF (XLV) | 11.3% | 16.7% | 0.55 | 10.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 8.3% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 5.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -1.1% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 9.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 9.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 15.2% | 15.6% | 2.7% |
| 5/12/2026 | -41.4% | -30.9% | -20.2% |
| 3/5/2026 | -6.4% | -14.0% | -14.5% |
| 1/12/2026 | 1.2% | -4.7% | -21.6% |
| 11/13/2025 | 3.9% | 13.0% | 69.0% |
| 8/12/2025 | 8.2% | 27.4% | 28.2% |
| 5/15/2025 | 4.3% | 11.0% | 5.9% |
| 3/27/2025 | -1.4% | -0.9% | 2.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 4 | 8 |
| # Negative | 6 | 10 | 6 |
| Median Positive | 4.1% | 14.3% | 14.3% |
| Median Negative | -6.9% | -5.0% | -20.9% |
| Max Positive | 15.2% | 27.4% | 69.0% |
| Max Negative | -41.4% | -30.9% | -42.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 15.2% | 15.6% | 2.7% |
| 5/12/2026 | -41.4% | -30.9% | -20.2% |
| 3/5/2026 | -6.4% | -14.0% | -14.5% |
| 1/12/2026 | 1.2% | -4.7% | -21.6% |
| 11/13/2025 | 3.9% | 13.0% | 69.0% |
| 8/12/2025 | 8.2% | 27.4% | 28.2% |
| 5/15/2025 | 4.3% | 11.0% | 5.9% |
| 3/27/2025 | -1.4% | -0.9% | 2.7% |
| 1/23/2025 | 5.3% | -0.2% | 17.8% |
| 11/14/2024 | -10.9% | -9.6% | -13.1% |
| 8/15/2024 | 0.6% | -5.3% | -22.8% |
| 5/15/2024 | -7.5% | -1.8% | -42.6% |
| 1/5/2024 | 2.2% | -3.4% | 10.9% |
| 11/14/2023 | -0.2% | -7.0% | 48.4% |
| SUMMARY STATS | |||
| # Positive | 8 | 4 | 8 |
| # Negative | 6 | 10 | 6 |
| Median Positive | 4.1% | 14.3% | 14.3% |
| Median Negative | -6.9% | -5.0% | -20.9% |
| Max Positive | 15.2% | 27.4% | 69.0% |
| Max Negative | -41.4% | -30.9% | -42.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/11/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 07/18/2023 | 424B3 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/11/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 07/18/2023 | 424B3 |
Recent Forward Guidance
Updated 10/8/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 54.00 Mil | 55.50 Mil | 57.00 Mil | Affirmed | Guidance: 55.50 Mil for 2026 | ||
| 2026 Revenue Growth | Reported | 19.0% | 22.5% | 26.0% | ||||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 54.00 Mil | 55.50 Mil | 57.00 Mil | -9.0% | Lowered | Guidance: 61.00 Mil for 2026 | |
Q4 2025 Earnings Reported 3/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 60.00 Mil | 61.00 Mil | 62.00 Mil | Affirmed | Guidance: 61.00 Mil for 2026 | ||
Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 60.00 Mil | 61.00 Mil | 62.00 Mil | ||||
Insider Activity
Updated 10/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cox, Bryan F | Chief of Research | Direct | Sell | 10072026 | 4.39 | 296 | 1,299 | 714,714 | Form |
| 2 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 10072026 | 4.39 | 325 | 1,427 | 561,894 | Form |
| 3 | Stevens, Jennifer | Chief Regulatory Officer | Direct | Sell | 10072026 | 4.39 | 316 | 1,387 | 543,456 | Form |
| 4 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 5192026 | 2.67 | 543 | 1,450 | 334,020 | Form |
| 5 | Wahlstrom, Mats | Direct | Buy | 5182026 | 2.53 | 60,000 | 151,800 | 373,314 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cox, Bryan F | Chief of Research | Direct | Sell | 10072026 | 4.39 | 296 | 1,299 | 714,714 | Form |
| 2 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 10072026 | 4.39 | 325 | 1,427 | 561,894 | Form |
| 3 | Stevens, Jennifer | Chief Regulatory Officer | Direct | Sell | 10072026 | 4.39 | 316 | 1,387 | 543,456 | Form |
| 4 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 5192026 | 2.67 | 543 | 1,450 | 334,020 | Form |
| 5 | Wahlstrom, Mats | Direct | Buy | 5182026 | 2.53 | 60,000 | 151,800 | 373,314 | Form | |
| 6 | Stansky, Michael P | Direct | Buy | 5182026 | 2.50 | 410,000 | 1,025,000 | 3,101,805 | Form | |
| 7 | Stansky, Michael P | Skyview Investments LLC | Buy | 5182026 | 2.50 | 200,000 | 500,000 | 999,245 | Form | |
| 8 | Szela, Mary T | CEO and President | Direct | Buy | 5182026 | 2.59 | 39,682 | 102,776 | 2,758,907 | Form |
| 9 | Patience, David | Chief Financial Officer | Direct | Buy | 5182026 | 2.43 | 7,100 | 17,253 | 670,090 | Form |
| 10 | Gordon, Gary B | Direct | Buy | 5182026 | 2.46 | 10,000 | 24,600 | 178,375 | Form | |
| 11 | Szela, Mary T | CEO and President | Direct | Sell | 3202026 | 3.85 | 15,944 | 61,384 | 2,899,000 | Form |
| 12 | Devlin, Jodi | Chief of Clinical Operations | Direct | Sell | 3202026 | 4.12 | 273 | 1,125 | 401,140 | Form |
| 13 | Cox, Bryan F | Chief of Research | Direct | Sell | 3202026 | 4.12 | 579 | 2,385 | 673,270 | Form |
| 14 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 3202026 | 4.12 | 419 | 1,726 | 454,836 | Form |
| 15 | Stevens, Jennifer | Chief Regulatory Officer | Direct | Sell | 3202026 | 4.12 | 774 | 3,189 | 511,333 | Form |
| 16 | Devlin, Jodi | Chief of Clinical Operations | Direct | Sell | 3202026 | 4.09 | 1,772 | 7,247 | 399,335 | Form |
| 17 | Cox, Bryan F | Chief of Research | Direct | Sell | 3202026 | 4.09 | 1,467 | 6,000 | 670,735 | Form |
| 18 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 3202026 | 4.09 | 1,589 | 6,499 | 453,237 | Form |
| 19 | Stevens, Jennifer | Chief Regulatory Officer | Direct | Sell | 3202026 | 4.09 | 1,552 | 6,348 | 510,776 | Form |
| 20 | Devlin, Jodi | Chief of Clinical Operations | Direct | Sell | 3202026 | 4.13 | 1,162 | 4,799 | 410,559 | Form |
| 21 | Cox, Bryan F | Chief of Research | Direct | Sell | 3202026 | 4.13 | 1,138 | 4,700 | 683,354 | Form |
| 22 | Marshak, Richard | Chief Commercial Officer | Direct | Sell | 3202026 | 4.13 | 1,449 | 5,984 | 464,233 | Form |
| 23 | Stevens, Jennifer | Chief Regulatory Officer | Direct | Sell | 3202026 | 4.13 | 1,204 | 4,973 | 522,181 | Form |
| 24 | Szela, Mary T | CEO and President | Direct | Sell | 3202026 | 4.13 | 4,358 | 17,999 | 3,175,685 | Form |
| 25 | Patience, David | Chief Financial Officer | Direct | Buy | 2232026 | 4.10 | 3,657 | 14,994 | 1,101,494 | Form |
| 26 | Gordon, Gary B | Direct | Buy | 2232026 | 4.10 | 9,756 | 40,000 | 40,000 | Form | |
| 27 | Valle, William | Direct | Buy | 2232026 | 4.10 | 30,487 | 124,997 | 124,997 | Form | |
| 28 | Szela, Mary T | CEO and President | Direct | Buy | 2232026 | 4.10 | 30,487 | 124,997 | 3,170,485 | Form |
| 29 | Stansky, Michael P | Direct | Buy | 2232026 | 4.10 | 243,900 | 999,990 | 3,227,241 | Form | |
| 30 | Stansky, Michael P | LLC | Buy | 2232026 | 4.10 | 117,198 | 480,512 | 818,762 | Form |
Investor Activity (13F)
Updated Oct 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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