On August 12, 2025 TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, reported financial results for the quarter ended June 30, 2025, and provides an operational update (Press release, TriSalus Life Sciences, AUG 12, 2025, View Source [SID1234655151]).

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"TriSalus continued to deliver strong commercial momentum in the second quarter, underscoring the growing clinical adoption of our TriNav product suite and proprietary PEDD platform across a broad range of solid tumor indications," said Mary Szela, President and CEO of TriSalus. "We are pleased to reaffirm our full-year revenue growth guidance of 50%, reflecting increasing market penetration within liver-directed therapies. We will continue to invest in clinical data to extend the benefits of our PEDD technology platform to new embolization applications. With a strategic shift toward partnering development of Nelitolimod and an expanded focus on liver-directed therapies and new applications, we are energized by the opportunity to bring our PEDD technology to a wider range of patients which will not only support improved clinical outcomes but also drive deeper physician engagement and commercial momentum, fueling our long-term vision."

Second Quarter 2025 Highlights

Generated $11.2 million in net sales, a 52% increase year-over-year, and sequential growth of 22% over the first quarter 2025.
Continued strong commercial momentum with expanded use of TriNav in liver embolization and continued to further develop new applications in new clinical settings focused on the interventional radiology specialty.
Expanded product portfolio with the successful launch of TriNav FLX, the latest advancement in Pressure-Enabled Drug Delivery (PEDD). Designed with a more flexible distal tip, TriNav FLX enhances navigability through tortuous vessels—providing an effective solution for physicians previously limited by anatomical barriers to PEDD adoption. Early market response has been strong, with sales surpassing internal projections.
Subsequent to the second quarter, the Company simplified its capital structure through the successful completion of an exchange offering of previously issued Series A Preferred stock.
Second Quarter 2025 Financial Highlights

Revenue, all from the sale of the TriNav system, was $11.2 million for the three months ended June 30, 2025, an increase of 52% compared to the same period in 2024 and 22% sequential growth. Revenue growth was driven primarily by increased selling resources and increased market share.
Gross margins were 84% in the second quarter, compared to 88% in the same period of 2024. The year-over-year decline was primarily driven by lower manufacturing efficiency associated with newly launched products, a dynamic we expect to improve as production scales and processes mature over the course of the year.
Research and Development (R&D) expenses were approximately $3.9 million, compared to $4.7 million for the same quarter of the prior year. The decline in R&D costs is primarily a result of a decline in clinical trial costs relating to Nelitolimod.
Sales and Marketing (S&M) expenses were approximately $7.2 million in the second quarter, compared to $6.0 million for the same quarter of the prior year. The year-over-year increase reflects continued investment in the expansion of our commercial organization.
General & Administrative (G&A) expenses were approximately $5.7 million, compared to $4.0 million for the same quarter of the prior year. G&A costs include non-cash stock-based compensation of $1.2 million and $0.7 million, respectively, for the same periods. The increase in G&A costs is primarily a result of professional services related to legal services and audit.
Operating losses were $7.3 million, compared to Operating losses of $8.2 million for the same period in 2024. Current reductions in operating losses are due to reduced research and development expenses associated with the ramp-down of Nelitolimod clinical trial spending.
Net loss attributable to common stockholders was $9.0 million, compared to $5.1 million for the same period in 2024, primarily due to non-cash adjustments to the fair value of our contingent earnout liability.
The basic and diluted loss per share was $0.27, compared to $0.21 for the same period in 2024.
As of June 30, 2025, cash and cash equivalents totaled $26.5 million providing sufficient runway to reach positive adjusted EBITDA in the first half of 2026.
The non-GAAP measure of adjusted EBITDA is reconciled in the table below as the Company believes it is an important measure of performance. Adjusted EBITDA losses were $5.3 million, compared to losses of $6.7 million for the same period in 2024. Currently, reductions in adjusted EBITDA losses are due to increased sales, reduced research and development expenses and increased stock compensation in 2025.

Conference Call

The Company will host a conference call and webcast today at 4:30 PM eastern time to discuss its financial results for the quarter ended June 30, 2025. Parties interested in participating by phone should register using this online form. After registering for the webcast, dial-in details will be provided in an auto-generated e-mail containing a link to the conference phone number along with a personal pin. The event will also be webcast live on the investor relations section of TriSalus’ website. A replay will also be available on the website following the event.