TLSI

MKT CAP:$173M

TriSalus Life Sciences, Inc.

Market Cap

$173M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$4.55-$1.55 (-25.41%)

Apr 21, 2026

Company Details

TriSalus Life Sciences, Inc., an immunotherapy company that develops and commercializes immunotherapies for the treatment of liver and pancreatic tumors. The company offers the TriNav Infusion System for hepatic arterial infusion of liver t...

CEO

Mary T. Szela

IPO Date

Feb 8, 2021

Website

trisaluslifesci.com

Key Metrics TTM

Revenue

$45M

+53.4% YoY

Net Income

-$39M

EPS (Diluted)

-$1.83

Free Cash Flow

-$19M

Revenue / Share

$0.96

Gross Margin

84.6%

Operating Margin

-59.7%

Net Margin

-86.9%

FCF Margin

-41.9%

P/S

3.8x

P/E

—

Earnings Reports

FY 2025

Mar 5, 2026

$45MEPS -$1.84

Q4 2025

Mar 5, 2026

$13M+59.8%EPS -$0.21

Q3 2025

Nov 13, 2025

$12M+57.4%EPS -$0.96

Q2 2025

Aug 12, 2025

$11M+52.3%EPS -$0.27

Q1 2025

May 15, 2025

$9M+42.0%EPS -$0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	$2M	-$8M
Q2 22	$3M	$3M	-$9M
Q3 22	$4M	$3M	-$8M
Q4 22	$3M	$2M	-$12M
Q1 23	$3M	$2M	-$10M
Q2 23	$5M	$4M	-$11M
Q3 23	$5M	$5M	-$19M
Q4 23	$6M	$5M	-$14M
Q1 24	$6M	$5M	-$12M
Q2 24	$7M	$6M	-$8M
Q3 24	$7M	$6M	-$9M
Q4 24	$8M	$7M	-$8M
Q1 25	$9M	$8M	-$7M
Q2 25	$11M	$9M	-$7M
Q3 25	$12M	$10M	-$9M
Q4 25	$13M	$11M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	73.1x	—
Q2 22	33.0x	—
Q3 22	18.9x	—
Q4 22	14.0x	—
Q1 23	13.3x	—
Q2 23	11.7x	—
Q3 23	10.8x	—
Q4 23	9.4x	—
Q1 24	7.9x	—
Q2 24	7.0x	—
Q3 24	6.4x	—
Q4 24	5.9x	—
Q1 25	5.4x	—
Q2 25	4.8x	—
Q3 25	4.3x	—
Q4 25	3.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$11M
Q2 22	-$8M	-$8M
Q3 22	-$23M	-$23M
Q4 22	-$8M	-$9M
Q1 23	-$11M	-$11M
Q2 23	-$9M	-$9M
Q3 23	-$22M	-$22M
Q4 23	-$9M	-$10M
Q1 24	-$11M	-$11M
Q2 24	-$13M	-$13M
Q3 24	-$11M	-$11M
Q4 24	-$6M	-$6M
Q1 25	-$4M	-$5M
Q2 25	-$7M	-$7M
Q3 25	-$4M	-$4M
Q4 25	-$2M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$399.0K
Q2 22	$130.0K
Q3 22	$451.0K
Q4 22	$272.0K
Q1 23	$74.0K
Q2 23	$30.0K
Q3 23	$178.0K
Q4 23	$700.0K
Q1 24	$66.0K
Q2 24	$60.0K
Q3 24	$169.0K
Q4 24	$50.0K
Q1 25	$754.0K
Q2 25	$93.0K
Q3 25	$216.0K
Q4 25	$41.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+9357.8%
Q2 22	—	+3647.8%
Q3 22	—	+1435.1%
Q4 22	—	+1757.9%
Q1 23	+25.9%	+27.7%
Q2 23	+60.3%	+39.0%
Q3 23	+32.4%	+97.8%
Q4 23	+77.3%	+32.3%
Q1 24	+116.4%	+38.4%
Q2 24	+59.7%	-3.2%
Q3 24	+41.5%	-32.4%
Q4 24	+44.4%	-20.2%
Q1 25	+42.0%	-9.1%
Q2 25	+52.3%	+19.4%
Q3 25	+57.4%	+27.9%
Q4 25	+59.8%	+4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$62.0K	2.6%
Q2 22	$70.0K	2.4%
Q3 22	$0	0.0%
Q4 22	$117.0K	3.6%
Q1 23	$74.0K	2.5%
Q2 23	$68.0K	1.5%
Q3 23	$0	0.0%
Q4 23	$1M	17.5%
Q1 24	$1M	16.8%
Q2 24	$1M	17.3%
Q3 24	$1M	18.8%
Q4 24	$2M	20.5%
Q1 25	$2M	17.7%
Q2 25	$2M	16.9%
Q3 25	$3M	29.6%
Q4 25	$2M	16.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$5M	$2M	$3M
Q2 22	$6M	$3M	$3M
Q3 22	$5M	$3M	$3M
Q4 22	$6M	$4M	$4M
Q1 23	$6M	$4M	$3M
Q2 23	$7M	$5M	$3M
Q3 23	$10M	$9M	$5M
Q4 23	$8M	$6M	$6M
Q1 24	$6M	$5M	$7M
Q2 24	$5M	$4M	$6M
Q3 24	$4M	$5M	$6M
Q4 24	$3M	$5M	$7M
Q1 25	$3M	$5M	$7M
Q2 25	$4M	$6M	$7M
Q3 25	$5M	$7M	$7M
Q4 25	$3M	$4M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$50.9K	$0	$50.9K
Q2 22	$69.2K	$0	$69.2K
Q3 22	$8M	$0	$8M
Q4 22	$9M	$0	$9M
Q1 23	$7M	$0	$7M
Q2 23	$4M	$0	$4M
Q3 23	$21M	$0	$21M
Q4 23	$12M	$0	$12M
Q1 24	$4M	$0	$4M
Q2 24	$16M	$0	$16M
Q3 24	$11M	$0	$11M
Q4 24	$9M	$0	$9M
Q1 25	$13M	$0	$13M
Q2 25	$26M	$0	$26M
Q3 25	$23M	$0	$23M
Q4 25	$20M	$0	$20M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	31M	0.0%	+2.3%
Q2 22	31M	0.0%	0.0%
Q3 22	31M	0.0%	0.0%
Q4 22	30M	-5.3%	-5.3%
Q1 23	26M	-10.6%	-15.3%
Q2 23	26M	0.0%	-15.3%
Q3 23	26M	0.0%	-15.3%
Q4 23	26M	0.0%	-10.6%
Q1 24	23M	-11.9%	-11.9%
Q2 24	24M	+2.5%	-9.7%
Q3 24	27M	+10.9%	+0.1%
Q4 24	27M	0.0%	+0.1%
Q1 25	29M	+7.6%	+22.3%
Q2 25	33M	+15.3%	+37.6%
Q3 25	43M	+30.9%	+62.5%
Q4 25	47M	+8.8%	+76.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$75.1K	110
Q1 25	$83.3K	110
Q2 25	$101.9K	110
Q3 25	$105.1K	110
Q4 25	$138	96K

Revenue / Employee