TriSalus Q1 2024 Financial Results and Business Update

TriSalus Life Sciences Inc. (Nasdaq: TLSI) has reported its financial results for the first quarter ending March 31, 2024, and shared notable business updates. CEO Mary Szela proudly highlighted the company’s strong performance, noting a significant 116% increase in revenue compared to the first quarter of 2023. The company's financial standing was further bolstered by securing a substantial debt financing deal with OrbiMed, an investment firm focused on healthcare.

Key achievements in the first quarter and beyond include the successful closure of a debt financing deal with OrbiMed, providing up to $50 million to fuel the growth initiatives of the TriNav® Infusion System. Initially, $25 million was borrowed at closing, with an additional $25 million available in two tranches, contingent on meeting specific revenue targets. This financial injection, combined with $4 million in cash and equivalents held as of March 31, 2024, is projected to support the company's operations through the end of 2024. Furthermore, if revenue milestones are met and the remaining financing is drawn, operational funding is expected to extend through the end of 2025.

Additionally, the firm announced Liselotte Hyveled’s appointment to the Board of Directors in May. Hyveled, who currently holds the position of Chief Patient Officer at Novo Nordisk, brings extensive experience in integrating patient perspectives into corporate strategies and advancing pharmaceutical innovations through research and development.

Financially, TriSalus recorded revenues of $6.5 million in Q1 2024, a significant rise from the previous year’s $2.98 million. This surge is mainly attributed to enhanced sales efforts and growing market share. The gross margin improved to 85%, up from 78% in the same period last year. However, the company reported an operating loss of $11.7 million, an increase from $10.1 million in Q1 2023, driven by higher investments in sales, marketing, R&D, and administrative costs associated with becoming a public entity. Net losses available to common stockholders were $13.2 million, compared to $8.3 million in the same quarter of the previous year. This includes non-cash related gains and losses, warrant liabilities, and contingent earnout liabilities. The basic and diluted loss per share was $0.60, slightly higher than the $0.57 reported in Q1 2023.

TriSalus specializes in oncology, integrating novel drug delivery technology with immunotherapy to improve treatments for liver and pancreatic tumors. Their platform includes FDA-cleared devices utilizing a proprietary Pressure-Enabled Drug Delivery™ (PEDD) technology. This technology aims to deliver more therapeutics directly to the tumor while minimizing delivery to healthy tissues, potentially enhancing patient outcomes. Their investigational immunotherapy candidate, nelitolimod, targets the immunosuppressive environment in tumors, making current immunotherapies more effective for liver and pancreatic cancers.

Partnering with leading cancer centers and leveraging their expertise in immuno-oncology and technology development, TriSalus remains committed to advancing treatments that significantly improve patient outcomes.