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TLSI · TriSalus Life Sciences, Inc.

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.

Cap structure and valuation

Cap structure
SP$3.53
SO61.4M
Options8.1M
Warrants7.4M
FD SO76.9M
MC$271.5M
Cash$56.6M
Total debt$34.7M
EV$249.6M
TTM Multiples
EV / Revenue5.6x
EV / EBITDA
MC / Net Income
EV / FCF
MC / FCF

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 44.8845.1529.4318.5112.40
Revenue YoY % (0.6%)53.4%59.0%49.3%
Cost of Revenue 6.706.964.102.602.26
Gross Profit 38.1838.1925.3315.9110.14
Gross Profit YoY % (0.0%)50.8%59.2%56.9%
Gross Margin % 85.1%84.6%86.1%85.9%81.8%
SG&A 51.3350.1743.8040.5525.22
R&D 14.8814.9617.6929.8421.36
Operating Expense 66.2165.1361.4970.3846.58
Operating Income (28.03)(26.95)(36.16)(54.48)(36.44)
Operating Income YoY % (4.0%)25.5%33.6%(49.5%)
Operating Margin % (62.4%)(59.7%)(122.9%)(294.3%)(293.9%)
EBITDA (27.44)(26.32)(35.42)(53.79)(36.04)
EBITDA Margin % (61.1%)(58.3%)(120.4%)(290.6%)(290.7%)
Interest Expense 5.775.543.090.020.00
Pretax Income (27.31)(39.22)(30.04)(59.35)5.55
Tax Provision 0.010.010.010.010.01
Net Income (27.31)(39.23)(30.05)(59.36)5.54
Net Income to Common (27.31)(39.23)(30.05)(59.36)(47.19)
Net Margin % (60.9%)(86.9%)(102.1%)(320.7%)44.7%
Diluted EPS -$1.32-$1.84-$1.31-$6.77-$161.55
Basic EPS -$1.32-$1.84-$1.31-$6.77-$161.55
Diluted Avg Shares 52.337.925.39.40.3
Basic Avg Shares 51.537.925.39.40.3

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-05-18 Wahlstrom Mats Director 2026-05-15 P 60,000 $2.53 $151,800
2026-05-18 Stansky Michael P Director 2026-05-15 P 410,000 $2.50 $1,025,000
2026-05-18 Stansky Michael P Director 2026-05-15 P 200,000 $2.50 $500,000
2026-05-18 Szela Mary T Director, Officer (CEO and President) 2026-05-15 P 39,682 $2.59 $102,776
2026-05-18 Patience David Officer (Chief Financial Officer) 2026-05-15 P 7,100 $2.43 $17,253
2026-05-18 Gordon Gary B. Director 2026-05-15 P 10,000 $2.46 $24,600
2026-05-15 HICKS KERRY R Director 2026-05-14 A 28,201 $0
2026-05-15 HICKS KERRY R Director 2026-05-14 A 56,403 $0
2026-05-15 Wahlstrom Mats Director 2026-05-14 A 37,602 $0
2026-05-15 Wahlstrom Mats Director 2026-05-14 A 34,226 $0
2026-05-15 Wahlstrom Mats Director 2026-05-14 A 75,204 $0
2026-05-15 Gordon Gary B. Director 2026-05-14 A 28,201 $0
2026-05-15 Gordon Gary B. Director 2026-05-14 A 24,553 $0
2026-05-15 Gordon Gary B. Director 2026-05-14 A 56,403 $0
2026-05-15 MATLIN DAVID J Director 2026-05-14 A 28,201 $0
2026-05-15 MATLIN DAVID J Director 2026-05-14 A 23,065 $0
2026-05-15 MATLIN DAVID J Director 2026-05-14 A 56,403 $0
2026-05-15 Valle William Director 2026-05-14 A 28,201 $0
2026-05-15 Valle William Director 2026-05-14 A 24,553 $0
2026-05-15 Valle William Director 2026-05-14 A 56,403 $0
2026-05-15 Stansky Michael P Director 2026-05-14 A 23,501 $0
2026-05-15 Stansky Michael P Director 2026-05-14 A 20,089 $0
2026-05-15 Stansky Michael P Director 2026-05-14 A 47,003 $0
2026-04-20 Frankenius Equity AB 10% Owner 2025-07-31 C 759,000 $0
2026-04-20 Frankenius Equity AB 10% Owner 2025-07-31 C (230,000) $-0
2026-04-01 MATLIN DAVID J Director 2025-07-31 C 330,000 $0
2026-04-01 MATLIN DAVID J Director 2025-07-31 C (100,000) $-0
2026-03-20 Szela Mary T Director, Officer (CEO and President) 2026-03-17 S (15,944) $3.85 -$61,384
2026-03-20 Devlin Jodi Officer (Chief of Clinical Operations) 2026-03-16 S (273) $4.12 -$1,125
2026-03-20 Cox Bryan F. Officer (Chief of Research) 2026-03-16 S (579) $4.12 -$2,385
2026-03-20 Marshak Richard Officer (Chief Commercial Officer) 2026-03-16 S (419) $4.12 -$1,726
2026-03-20 Stevens Jennifer Officer (Chief Regulatory Officer) 2026-03-16 S (774) $4.12 -$3,189
2026-03-20 Devlin Jodi Officer (Chief of Clinical Operations) 2026-03-12 S (1,772) $4.09 -$7,247
2026-03-20 Cox Bryan F. Officer (Chief of Research) 2026-03-12 S (1,467) $4.09 -$6,000
2026-03-20 Marshak Richard Officer (Chief Commercial Officer) 2026-03-12 S (1,589) $4.09 -$6,499
2026-03-20 Stevens Jennifer Officer (Chief Regulatory Officer) 2026-03-12 S (1,552) $4.09 -$6,348
2026-03-20 Devlin Jodi Officer (Chief of Clinical Operations) 2026-03-11 S (1,162) $4.13 -$4,799
2026-03-20 Cox Bryan F. Officer (Chief of Research) 2026-03-11 S (1,138) $4.13 -$4,700
2026-03-20 Marshak Richard Officer (Chief Commercial Officer) 2026-03-11 S (1,449) $4.13 -$5,984
2026-03-20 Stevens Jennifer Officer (Chief Regulatory Officer) 2026-03-11 S (1,204) $4.13 -$4,973
2026-03-20 Szela Mary T Director, Officer (CEO and President) 2026-03-11 S (4,358) $4.13 -$17,999
2026-02-23 Patience David Officer (Chief Financial Officer) 2026-02-23 P 3,657 $4.10 $14,994
2026-02-23 Gordon Gary B. Director 2026-02-23 P 9,756 $4.10 $40,000
2026-02-23 Valle William Director 2026-02-23 P 30,487 $4.10 $124,997
2026-02-23 Szela Mary T Director, Officer (CEO and President) 2026-02-23 P 30,487 $4.10 $124,997
2026-02-23 Stansky Michael P Director 2026-02-23 P 243,900 $4.10 $999,990
2026-02-23 Stansky Michael P Director 2026-02-23 P 117,198 $4.10 $480,512
2026-02-11 Stansky Michael P Director 2026-02-04 A 92,537 $0
2025-11-25 Cox Bryan F. Officer (Chief of Research) 2025-11-24 A 40,000 $0
2025-11-25 Cox Bryan F. Officer (Chief of Research) 2025-11-24 A 80,000 $0
2025-11-25 Devlin Jodi Officer (Chief of Clinical Operations) 2025-11-24 A 50,000 $0
2025-11-25 Devlin Jodi Officer (Chief of Clinical Operations) 2025-11-24 A 100,000 $0
2025-11-25 Szela Mary T Director, Officer (CEO and President) 2025-11-24 A 125,000 $0
2025-11-25 Szela Mary T Director, Officer (CEO and President) 2025-11-24 A 300,000 $0
2025-11-25 Szela Mary T Director, Officer (CEO and President) 2025-11-24 A 250,000 $0
2025-11-25 Stevens Jennifer Officer (Chief Regulatory Officer) 2025-11-24 A 50,000 $0
2025-11-25 Stevens Jennifer Officer (Chief Regulatory Officer) 2025-11-24 A 100,000 $0
2025-11-25 Marshak Richard Officer (Chief Commercial Officer) 2025-11-24 A 60,000 $0
2025-11-25 Marshak Richard Officer (Chief Commercial Officer) 2025-11-24 A 120,000 $0
2025-11-25 Patience David Officer (Chief Financial Officer) 2025-11-24 A 65,000 $0
2025-11-25 Patience David Officer (Chief Financial Officer) 2025-11-24 A 130,000 $0
2025-11-25 Szela Mary T Director, Officer (CEO and President) 2024-02-13 A 125,000 $0
2025-08-29 Patience David Officer (Chief Financial Officer) 2025-08-28 A 248,899 $0
2025-08-15 Patience David Officer (Chief Financial Officer) 2025-08-14 A 200,000 $0
2025-08-15 Patience David Officer (Chief Financial Officer) 2025-08-14 A 290,000 $0
2025-06-27 Desai Arjun JJ Director 2025-06-12 A 15,000 $0
2025-06-27 Gordon Gary B. Director 2025-06-12 A 15,000 $0
2025-06-27 HICKS KERRY R Director 2025-06-12 A 15,000 $0
2025-06-27 MATLIN DAVID J Director 2025-06-12 A 15,000 $0
2025-06-27 Murphy Sean Director 2025-06-12 A 15,000 $0
2025-06-27 Valle William Director 2025-06-12 A 15,000 $0
2025-06-27 Wahlstrom Mats Director 2025-06-12 A 15,000 $0
2025-05-21 Young James Emmett Officer (Chief Financial Officer) 2025-05-19 A 13,175 $5.18 $68,246
2025-05-21 Cox Bryan F. Officer (Chief of Research) 2025-05-19 A 15,722 $5.18 $81,440
2025-05-21 Cox Bryan F. Officer (Chief of Research) 2025-05-19 S (4,764) $5.18 -$24,678
2025-05-21 Devlin Jodi Officer (Chief of Clinical Operations) 2025-05-19 A 24,131 $5.18 $124,999
2025-05-21 Devlin Jodi Officer (Chief of Clinical Operations) 2025-05-19 S (4,764) $5.18 -$24,678
2025-05-21 Marshak Richard Officer (Chief Commercial Officer) 2025-05-19 A 21,428 $5.18 $110,997
2025-05-21 Marshak Richard Officer (Chief Commercial Officer) 2025-05-19 S (6,597) $5.18 -$34,172
2025-05-21 Murphy Sean Director 2025-05-19 A 44,884 $5.18 $232,499
2025-05-21 Stevens Jennifer Officer (Chief Regulatory Officer) 2025-05-19 A 28,455 $5.18 $147,397
2025-05-21 Stevens Jennifer Officer (Chief Regulatory Officer) 2025-05-19 S (8,704) $5.18 -$45,087
2025-02-19 Murphy Sean Director, Officer (Chief Manuf, Strategy&Bus Dev.) 2025-02-18 A 15,817 $0
2025-02-19 Young James Emmett Officer (Chief Financial Officer) 2025-02-18 A 14,762 $0
2025-02-19 Stevens Jennifer Officer (CHIEF REGULATORY OFFICER) 2025-02-18 A 14,481 $0
2025-02-19 Cox Bryan F. Officer (CHIEF OF RESEARCH) 2025-02-18 A 11,450 $0
2025-02-19 Marshak Richard Officer (Chief Commercial Officer) 2025-02-18 A 7,644 $0
2025-02-19 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-02-18 A 21,089 $0
2025-02-19 Devlin Jodi Officer (Chief of Clinical Operations) 2025-02-18 A 5,272 $0
2025-02-11 MATLIN DAVID J Director 2025-02-10 J 89,501 $0
2025-02-11 Wahlstrom Mats Director, 10% Owner 2025-02-10 J 44,750 $0
2025-02-11 Frankenius Equity AB 10% Owner 2025-02-10 J 205,853 $0
2025-02-06 Young James Emmett Officer (Chief Financial Officer) 2025-02-05 P 6,000 $5.65 $33,900
2025-01-31 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-30 P 5,010 $5.28 $26,453
2025-01-31 Gordon Gary B. Director 2025-01-29 A 35,000 $0
2025-01-31 Gordon Gary B. Director 2025-01-29 A 6,250 $0
2025-01-31 Valle William Director 2025-01-29 A 35,000 $0
2025-01-31 Valle William Director 2025-01-29 A 6,250 $0
2025-01-31 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-29 P 5,030 $5.03 $25,301
2025-01-29 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-28 P 4,716 $5.12 $24,146
2025-01-29 Murphy Sean Director, Officer (Chief Manuf, Strategy&Bus Dev.) 2025-01-28 P 15,000 $5.17 $77,550
2025-01-29 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-27 A 40,000 $0
2025-01-29 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-27 P 4,826 $5.42 $26,157
2025-01-29 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2025-01-27 A 240,000 $0
2025-01-29 Murphy Sean Director, Officer (Chief Manuf, Strategy&Bus Dev.) 2025-01-27 A 12,500 $0
2025-01-29 Murphy Sean Director, Officer (Chief Manuf, Strategy&Bus Dev.) 2025-01-27 P 15,000 $5.31 $79,650
2025-01-29 Murphy Sean Director, Officer (Chief Manuf, Strategy&Bus Dev.) 2025-01-27 A 75,000 $0
2025-01-29 Cox Bryan F. Officer (CHIEF OF RESEARCH) 2025-01-27 A 10,625 $0
2025-01-29 Cox Bryan F. Officer (CHIEF OF RESEARCH) 2025-01-27 A 63,750 $0
2025-01-29 Young James Emmett Officer (Chief Financial Officer) 2025-01-27 A 12,500 $0
2025-01-29 Young James Emmett Officer (Chief Financial Officer) 2025-01-27 P 24,000 $5.40 $129,600
2025-01-29 Young James Emmett Officer (Chief Financial Officer) 2025-01-27 A 75,000 $0
2025-01-29 Devlin Jodi Officer (Chief of COMMERC. OPERATIONS) 2025-01-27 A 10,625 $0
2025-01-29 Devlin Jodi Officer (Chief of COMMERC. OPERATIONS) 2025-01-27 A 63,750 $0
2025-01-29 Marshak Richard Officer (Chief Commercial Officer) 2025-01-27 A 12,500 $0
2025-01-29 Marshak Richard Officer (Chief Commercial Officer) 2025-01-27 A 75,000 $0
2025-01-29 Stevens Jennifer Officer (CHIEF REGULATORY OFFICER) 2025-01-27 A 10,625 $0
2025-01-29 Stevens Jennifer Officer (CHIEF REGULATORY OFFICER) 2025-01-27 A 63,750 $0
2025-01-06 MATLIN DAVID J Director 2025-01-02 A 10,040 $0
2025-01-06 Hyveled Liselotte Director 2025-01-02 A 10,040 $0
2024-12-19 Wahlstrom Mats Director, 10% Owner 2024-12-17 A 25,188 $3.97 $99,996
2024-12-19 Frankenius Equity AB 10% Owner 2024-12-17 P 62,972 $3.97 $249,999
2024-12-19 Cox Bryan F. Officer (CHIEF SCIENTIFIC & MANUFACT.) 2024-10-05 S (314) $4.44 -$1,394
2024-12-12 Desai Arjun JJ Director 2024-12-10 S (30,000) $3.69 -$110,700
2024-11-25 Wahlstrom Mats Director, 10% Owner 2024-11-22 P 5,000 $4.55 $22,750
2024-11-22 Wahlstrom Mats Director, 10% Owner 2024-11-21 P 8,687 $4.44 $38,570
2024-11-22 Wahlstrom Mats Director, 10% Owner 2024-11-20 P 2,040 $4.16 $8,486
2024-11-15 Marshak Richard Officer (SR.VP, CORP. DEV. & STRATEGY) 2024-11-14 A 6,875 $0
2024-11-15 Marshak Richard Officer (SR.VP, CORP. DEV. & STRATEGY) 2024-11-14 A 41,250 $0
2024-09-13 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2024-09-13 P 1,295 $4.83 $6,255
2024-09-13 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2024-09-13 P 6,000 $5.00 $30,000
2024-09-13 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2024-09-12 P 7,520 $5.20 $39,104
2024-09-12 Szela Mary T Director, Officer (CEO AND PRESIDENT) 2024-09-10 P 5,000 $4.97 $24,850
2024-09-10 Martin George Kelly Director 2024-08-28 S (9) $5.50 -$50
2024-08-21 Wahlstrom Mats Director, 10% Owner 2024-08-13 A 15,000 $0
2024-08-21 Hyveled Liselotte Director 2024-08-13 A 15,000 $0
2024-08-21 HICKS KERRY R Director 2024-08-13 A 15,000 $0
2024-08-21 Martin George Kelly Director 2024-08-13 A 15,000 $0
2024-08-21 MATLIN DAVID J Director 2024-08-13 A 15,000 $0
2024-08-21 Desai Arjun JJ Director 2024-08-13 A 15,000 $0
2024-08-21 Singhal Anil K. Director 2024-08-13 A 15,000 $0
2024-08-21 VON ESCHENBACH ANDREW C. Director 2024-08-13 A 15,000 $0
2024-07-02 Desai Arjun JJ Director 2024-07-01 A 74,000 $0
2024-07-02 Desai Arjun JJ Director 2024-07-01 D (246,667) $-0
2024-06-05 VON ESCHENBACH ANDREW C. Director 2024-06-03 G (35,000) $-0
2024-06-05 VON ESCHENBACH ANDREW C. Director 2024-06-03 G 35,000 $0