0001628280-26-015163
SEC filingTriSalus Life Sciences, Inc. reported revenue of $45.2 million for FY 2025, a 53.4% increase from $29.4 million in FY 2024, driven by increased sales of its TriNav infusion systems. Gross profit grew 50.8% to $38.2 million, though gross margin declined from 86.1% to 84.6% due to lower manufacturing efficiency from newly launched products. The company incurred a net loss of $39.2 million, a 30.6% increase from a $30.0 million loss in the prior year, primarily due to higher interest expense and changes in fair value of liabilities. Net loss attributable to common stockholders was $69.7 million, impacted by $30.4 million in preferred stock conversion inducements and deemed dividends. Cash and cash equivalents were $20.4 million at year-end, supported by $30.8 million in net financing cash flows, including a $10.0 million debt draw and a $22.0 million private placement. The company's strategic focus remains on commercializing its PEDD technology platform and advancing its immuno-oncology therapeutic, nelitolimod, while managing liquidity and seeking partnerships for further clinical development.
TriSalus Life Sciences, Inc. reported FY 2025 revenue of $45.2 million, representing a 53.4% increase from $29.4 million in FY 2024. This growth was primarily driven by increased sales of the company's TriNav infusion systems. Despite the revenue growth, the company reported a net loss of $39.2 million, which widened by 30.6% from a $30.0 million loss in the prior year. The increased loss was primarily due to higher interest expense of $5.5 million (up 79.4% from $3.1 million) and unfavorable changes in fair value of liabilities. Gross profit increased to $38.2 million from $25.3 million, but gross margin declined from 86.1% to 84.6% due to lower manufacturing efficiency associated with newly launched products. Net loss attributable to common stockholders was $69.7 million, significantly impacted by $18.5 million in Series A Preferred Stock conversion inducement and $11.9 million in deemed dividend related to Series B-2 preferred stock down round provision.
The company operates in one reportable segment, with revenue generated primarily from sales of PEDD infusion systems, principally related to TriNav devices. The 53.4% revenue growth to $45.2 million was attributed to an increase in TriNav units sold. The company's pricing strategy for TriNav, which sells at a significant premium to competitive products, was previously supported by transitional pass-through payments from CMS that expired in December 2023. In December 2023, CMS granted a New Technology HCPCS code (C9797) for procedures involving TriNav, effective January 1, 2024, and a second code (C8004) effective April 1, 2025, for mapping procedures prior to TARE. The company expanded its portfolio in 2025 with the commercial launch of TriNav FLX and TriNav XP Infusion Systems, broadening the TriNav product family and increasing the addressable embolization market.
Gross margin declined from 86.1% in FY 2024 to 84.6% in FY 2025, primarily driven by lower manufacturing efficiency associated with newly launched products, which the company expects to improve as production scales and processes mature. Operating expenses totaled $65.1 million, with research and development expenses decreasing by 15.4% to $15.0 million due to the close-out of clinical trial expenses related to nelitolimod of approximately $2.1 million. Sales and marketing expenses increased by 11.1% to $28.7 million, primarily due to increased performance-related compensation driven by higher sales. General and administrative expenses increased by 19.4% to $21.5 million, primarily due to acceleration of non-cash stock-based compensation awards, revision of certain patent-related expenses from R&D to G&A, and professional services expenses.
Net cash used in operating activities was $18.0 million for FY 2025, compared to $40.8 million in the prior year. The improvement was primarily due to changes in operating assets and liabilities, including a $2.0 million increase in trade payables and accrued liabilities. Net cash provided by financing activities was $30.8 million, consisting primarily of $20.5 million net from a private placement and $9.5 million net from the First Delayed Draw under the OrbiMed Credit Agreement. Cash and cash equivalents were $20.4 million at December 31, 2025, compared to $8.5 million at December 31, 2024. Total assets were $35.3 million, with total liabilities of $69.2 million resulting in stockholders' deficit of $33.9 million. Long-term debt was $33.0 million under the OrbiMed Credit Agreement.
The company's future performance depends on continued acceptance and growth of TriNav in the marketplace, maintaining current pricing and gross margins to fund operations, and the success of clinical trials for nelitolimod. The company does not intend to proceed to Phase II trials for nelitolimod on its own due to excessive cost of capital but is looking for potential partners to advance that indication. Management expects data from the PERIO-03 Phase I dose escalation study in LA-PDAC to be available in early 2026 and will begin discussions for a pharmaceutical partner for further clinical development. The company's ability to fund future operations will require raising additional capital through securities offerings, debt financings, collaborations, strategic alliances, and/or licensing arrangements. Subsequent to year-end, on February 23, 2026, the company completed a public offering that resulted in net proceeds of approximately $42.6 million.