TLSI on Nasdaq

TriSalus Life Sciences, Inc.

American surgical and medical instruments and apparatus company. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerTLSI on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersWestminster, Colorado1
  • Incorporated inDE2
  • Business address6272 West 91St Avenue, Westminster, Co 800312
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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We are a growing, oncology focused medical technology business seeking to transform outcomes for patients with solid tumors by integrating our innovative delivery technology with standard-of-care therapies, and with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 ("TRL9") agonist, for a range of different therapeutic and technology applications. Our ultimate goal is to transform the treatment paradigm for patients battling solid tumors. We have developed an innovative technology designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) off target delivery. Nelitolimod, specifically, combined with our technology aims …3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

84.6%Gross margin4
-59.7%Operating margin4
-86.9%Net margin4
53.4%Revenue growth, 20254
-$18.9MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue15¢$7.0M
  • Research and development33¢$15.0M
  • Other costs51¢$23.2M
  • Income tax0¢$7.0K

Out of $45.2M in revenue.4 The company lost money this year.

Financial statements

Revenue564$45.2M in 2025+264% since 2022
0$20.0M$40.0M$60.0M2022: $12.4M$12.4M20222023: $18.5M$18.5M2023+49%2024: $29.4M$29.4M2024+59%2025: $45.2M$45.2M2025+53%
Gross profit564$38.2M in 2025+277% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $10.1M$10.1M20222023: $15.9M$15.9M2023+57%2024: $25.3M$25.3M2024+59%2025: $38.2M$38.2M2025+51%
Operating income7564-$26.9M in 2025+786% since 2021
-$60.0M-$40.0M-$20.0M02021: -$3.0M-$3.0M20212022: -$36.4M-$36.4M2022+1098%2023: -$54.5M-$54.5M2023+49%2024: -$36.2M-$36.2M2024−34%2025: -$26.9M-$26.9M2025−25%
Net income7564-$39.2M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2021: $4.8M$4.8M20212022: -$47.2M-$47.2M20222023: -$59.4M-$59.4M2023+26%2024: -$30.0M-$30.0M2024−49%2025: -$39.2M-$39.2M2025+31%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenue$45.2M$29.4M
Cost of goods sold$7.0M$4.1M
Gross profit$38.2M$25.3M
Research and development$15.0M$17.7M
Sales and marketing$28.7M$25.8M
General and administrative$21.5M$18.0M
Loss from operations-$26.9M-$36.2M
Interest income$555.0K$404.0K
Interest expense-$5.5M-$3.1M
Change in fair value of SEPA, warrant and revenue base redemption liabilities-$4.1M-$2.1M
Change in fair value of contingent earnout liability-$2.7M$11.2M
Other expense, net-$456.0K-$312.0K
Loss before income taxes-$39.2M-$30.0M
Income tax expense-$7.0K-$6.0K
Net loss-$39.2M-$30.0M
Series A Preferred Stock conversion inducement-$18.5M$0
Deemed dividend related to Series B-2 preferred stock down round provision-$11.9M$0
Undeclared dividends on Series A Preferred Stock$0-$3.2M
Net loss attributable to common stockholders-$69.7M-$33.2M
Net loss per share, basic (in dollars per share)-$1.84-$1.31
Net loss per share, diluted (in dollars per share)-$1.84-$1.31
Weighted average common shares outstanding, diluted (in shares)37.9M shares25.3M shares
Weighted average common shares outstanding, diluted (in shares)37.9M shares25.3M shares

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Leadership

Who has led TriSalus Life Sciences, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher C. Dewey2020
  2. Mary T. Szela2023–now

President

  1. James Alecxih2023
  2. Mary T. Szela2023
  3. Jodi Devlin2023–2024

Chief financial officer

  1. David J. Matlin2020
  2. David Patience2025–now
2025
Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerBrian F. Cox named May 8, 202535
  • Executive OfficerJames Young named May 8, 202535
  • Executive OfficerBryan F. Cox named Dec 30, 202436
  • Chief Administrative Officer and SecretaryRobert H. Weiss named Jun 22, 202337
  • DirectorAndrew F. von Eschenbach named Dec 30, 2024 to May 8, 202535
  • DirectorArjun F. Desai named Dec 30, 2024 to May 8, 202535
  • DirectorSean Murphy named Dec 30, 2024 to May 8, 202535
  • DirectorGeorge Kelly Martin named Dec 30, 202436

Former names

  • MedTech Acquisition CorpNov 30, 2020 to Aug 10, 20232
  • MedTech Acquisition CorporationOct 29, 2020 to Oct 29, 20202

Timeline

  1. Aug 15, 2023New chief executive Mary T. Szela becomes CEO11
  2. Dec 28, 2020New chief executive Christopher C. Dewey becomes CEO12

Filings

449 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 79 major events, 149 insider forms, 37 large holders, 3 private raises, 158 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 7, 20264 EDGAR
  3. Oct 7, 20264 EDGAR
  4. Oct 7, 20264 EDGAR
  5. Sep 22, 20268-K EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Jul 7, 2026SCHEDULE 13G/A EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20265 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jul 1, 20265 EDGAR
  14. Jun 29, 20264 EDGAR
  15. Jun 29, 20263 EDGAR
  16. May 20, 2026SCHEDULE 13G/A EDGAR
  17. May 19, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 18, 20264 EDGAR

The 449 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 25 buys and 22 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 15, 2026Marshak RichardChief Commercial OfficerSale543$2.67$1.4KForm 4
May 15, 2026Wahlstrom MatsDirectorBuy60,000$2.53$151.8KForm 4
May 15, 2026Stansky Michael PDirectorBuy610,000$2.50$1.5MForm 4
May 15, 2026Szela Mary TCEO and PresidentBuy39,682$2.59$102.8KForm 4
May 15, 2026Patience DavidChief Financial OfficerBuy7,100$2.43$17.3KForm 4
May 15, 2026Gordon Gary B.DirectorBuy10,000$2.46$24.6KForm 4
Mar 17, 2026Szela Mary TCEO and PresidentSale15,944$3.85$61.4KForm 4
Mar 16, 2026Devlin JodiChief of Clinical OperationsSale273$4.12$1.1KForm 4
Mar 16, 2026Cox Bryan F.Chief of ResearchSale579$4.12$2.4KForm 4
Mar 16, 2026Marshak RichardChief Commercial OfficerSale419$4.12$1.7KForm 4
Mar 16, 2026Stevens JenniferChief Regulatory OfficerSale774$4.12$3.2KForm 4
Mar 12, 2026Devlin JodiChief of Clinical OperationsSale1,772$4.09$7.2KForm 4
Mar 12, 2026Cox Bryan F.Chief of ResearchSale1,467$4.09$6.0KForm 4
Mar 12, 2026Marshak RichardChief Commercial OfficerSale1,589$4.09$6.5KForm 4
Mar 12, 2026Stevens JenniferChief Regulatory OfficerSale1,552$4.09$6.3KForm 4
Mar 11, 2026Devlin JodiChief of Clinical OperationsSale1,162$4.13$4.8KForm 4
Mar 11, 2026Cox Bryan F.Chief of ResearchSale1,138$4.13$4.7KForm 4
Mar 11, 2026Marshak RichardChief Commercial OfficerSale1,449$4.13$6.0KForm 4
Mar 11, 2026Stevens JenniferChief Regulatory OfficerSale1,204$4.13$5.0KForm 4
Mar 11, 2026Szela Mary TCEO and PresidentSale4,358$4.13$18.0KForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 2, 2025Raised $22 million in a private offering of equity Form D: 24 investors so far Form D
  2. Dec 17, 2024Raised $999,984 in a private offering of equity Form D: 6 investors so far Form D
  3. Jun 7, 2023Raised $17.9 million in a private offering of equity Form D: $50 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 79. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Light Asset Management, LLC6,552,491$29.8M1.8%+1,485,664
BlackRock, Inc.2,659,218$12.1M0.0%+1,159,671
Nantahala Capital Management, LLC2,000,000$9.1M0.3%−70,827
Vanguard Capital Management LLC1,729,385$7.9M0.0%+382,349
Cerity Partners LLC1,603,538$7.3M0.0%+816,266
Geode Capital Management, LLC1,190,067$5.4M0.0%+412,973
Gilder Gagnon Howe & Co LLC850,081$3.9M0.0%−38,434
State Street Corp610,963$2.8M0.0%+282,943
White Pine Capital LLC547,577$2.5M0.6%+183,922
Kennedy Capital Management LLC476,261$2.2M0.0%−8,981
Morgan Stanley401,814$1.8M0.0%+7,905
Northern Trust Corp379,572$1.7M0.0%+158,099
Vanguard Portfolio Management LLC329,464$1.5M0.0%+164,606
Vanguard Fiduciary Trust Co320,956$1.5M0.0%+102,604
Lionhunter Capital Management, LLC300,275$1.4M0.6%New
Perkins Capital Management Inc235,101$1.1M0.8%+5,000
UBS Group AG223,047$1.0M0.0%+143,495
Bank Of America Corp /de/205,342$934.3K0.0%+3,623
Royce & Associates LP200,060$910.3K0.0%No change
Corient Private Wealth LP147,152$669.5K0.0%+56,152
Aqr Capital Management LLC117,977$536.8K0.0%New
Bank of New York Mellon Corp111,534$507.5K0.0%+45,730
Charles Schwab Investment Management Inc107,945$491.1K0.0%+23,808
Goldman Sachs Group Inc82,398$374.9K0.0%+7,349
CWA Asset Management Group, LLC72,000$327.6K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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