TLSI Stock: Insider Activity, Filings & Research

TriSalus Life Sciences, Inc. (TLSI) — Drillr’s hub for TLSI insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, TLSI insiders filed 6 open-market buys and 15 sales (SEC Form 4).

Sentiment

92/100

Buys (3m)

Sells (3m)

Net (3m)

$1.7M

Insiders buyingCluster buying

Insider trades by month Buys Sells

Jan

Feb

May

Feb

Mar

May

Context3-month price -36.4%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 19, 2026	Marshak Richardofficer: Chief Commercial Officer	Sell	543	$2.67
May 18, 2026	Gordon Gary B.director	Buy	10,000	$2.46
May 18, 2026	Wahlstrom Matsdirector	Buy	60,000	$2.53
May 18, 2026	Stansky Michael Pdirector	Buy	410,000	$2.50
May 18, 2026	Stansky Michael Pdirector	Buy	200,000	$2.50
May 18, 2026	Szela Mary Tdirector, officer: CEO and President	Buy	39,682	$2.59
May 18, 2026	Patience Davidofficer: Chief Financial Officer	Buy	7,100	$2.43
May 15, 2026	Gordon Gary B.director	Grant	24,553	—
May 15, 2026	Gordon Gary B.director	Grant	56,403	$2.52
May 15, 2026	MATLIN DAVID Jdirector	Grant	28,201	—
May 15, 2026	MATLIN DAVID Jdirector	Grant	23,065	—
May 15, 2026	MATLIN DAVID Jdirector	Grant	56,403	$2.52
May 15, 2026	Valle Williamdirector	Grant	28,201	—
May 15, 2026	Valle Williamdirector	Grant	24,553	—
May 15, 2026	Valle Williamdirector	Grant	56,403	$2.52

Source: TLSI SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.

Overview

TriSalus Life Sciences, Inc. (NASDAQ:TLSI) is a medical device and immunotherapy company founded in 2017 and based in Westminster, Colorado. The company went public in February 2021 and specializes in developing innovative treatment technologies for liver and pancreatic cancers. TriSalus has established itself as a pioneer in pressure-enabled drug delivery (PEDD) technology, which allows for more targeted and effective treatment of solid tumors through specialized infusion systems.

Business

TriSalus operates in the interventional oncology medical device sector, focusing on treating liver and pancreatic cancers through innovative delivery systems. The company's core business revolves around two main product categories and technology platforms. The primary commercial product is the TriNav Infusion System, a medical device designed for hepatic arterial infusion of liver tumors. This system enables physicians to deliver chemotherapy drugs or embolic agents directly to liver tumors through the hepatic artery, providing more targeted treatment with potentially fewer systemic side effects compared to traditional chemotherapy. The TriNav system uses pressure-enabled drug delivery (PEDD) technology, which allows for controlled pressure modulation during infusion procedures. This technology helps ensure more uniform drug distribution throughout the tumor while minimizing damage to healthy liver tissue. The company also offers the Pancreatic Retrograde Venous Infusion System for treating pancreatic tumors. This system represents an innovative approach to pancreatic cancer treatment by delivering drugs through the venous system rather than arterially, which can be technically challenging in pancreatic procedures. TriSalus is also developing SD-101 (nelitolimod), an investigational immunotherapeutic drug that works in combination with their pressure-enabled delivery technology. This drug is being tested for multiple cancer indications including hepatocellular carcinoma, intrahepatic cholangiocarcinoma, uveal melanoma with liver metastases, pancreatic ductal adenocarcinoma with liver metastases, colorectal cancer with liver metastases, and primary pancreatic cancers. The company's revenue is primarily generated from device sales (approximately 100% of current revenue), though they are developing a drug pipeline that could diversify revenue streams in the future. Their target market includes interventional radiologists, interventional oncologists, and hepatologists who perform liver-directed procedures such as transarterial chemoembolization (TACE) and transarterial radioembolization (TARE).

Revenue model

TriSalus generates revenue primarily through direct sales of its medical devices to hospitals and medical centers. The company sells the TriNav Infusion System and related accessories as single-use devices, with each unit generating revenue per procedure. Based on recent earnings data, the company achieved gross margins of 84-88%, indicating a high-margin business model typical of specialized medical devices. The company's customers are primarily hospitals and medical centers where interventional procedures are performed. TriSalus has expanded from 199 unique ordering hospital accounts in 2023 to 284 accounts by the end of 2024, with average utilization of 13.5-15.3 units per account annually. The company targets approximately 1,500 hospitals in the United States that perform liver-directed procedures. Several factors influence the company's margins and growth potential. Positive margin drivers include the high-margin nature of medical devices, growing adoption of minimally invasive cancer treatments, an aging population with increasing cancer incidence, and the company's proprietary PEDD technology which faces limited direct competition. The recent approval of Medicare reimbursement code C8004 for mapping procedures and permanent HCPCS code C9797 for TriNav also improve the economic attractiveness for hospitals. Margin pressures could arise from increased competition as the market grows, potential pricing pressure from hospital consolidation and cost containment efforts, manufacturing scale-up challenges, and regulatory changes affecting reimbursement. The company's significant R&D expenses for drug development also impact overall profitability, though management has indicated plans to reduce R&D spending and focus on the commercial device business to achieve EBITDA positivity. The business model benefits from recurring revenue characteristics since the devices are single-use, creating ongoing demand from existing accounts. However, the company must continue to expand its hospital network and increase utilization per account to drive growth.

Competitive moat

TriSalus possesses a moderate competitive moat built primarily around its proprietary pressure-enabled drug delivery (PEDD) technology and intellectual property portfolio. The company's unique approach to pressure modulation during infusion procedures differentiates it from traditional delivery methods and appears to have no direct competitors in the liver treatment space, according to management statements. The company's moat is strengthened by several factors. First, the technical complexity and specialized nature of interventional oncology procedures create barriers to entry for new competitors. Second, TriSalus has built relationships with key opinion leaders and established clinical evidence supporting its technology through multiple clinical trials. Third, the company benefits from regulatory approvals and reimbursement codes that took time and investment to obtain, creating switching costs for hospitals that have adopted the technology. However, the moat faces several potential vulnerabilities. The medical device industry is highly innovative, and larger medical device companies with greater resources could potentially develop competing technologies. Companies like Boston Scientific, Medtronic, or other interventional device manufacturers could enter this space with alternative approaches to targeted drug delivery. Additionally, the company's small size relative to major medical device players limits its ability to invest heavily in R&D or compete on price. The drug development aspect of the business, particularly the nelitolimod program, faces intense competition from larger pharmaceutical companies developing immunotherapies for similar indications. While the combination of drug plus delivery device could create differentiation, the company will likely need partnerships with larger pharmaceutical companies to compete effectively in drug development. Overall, TriSalus has established a defensible position in a niche market, but the moat is not exceptionally deep and could be challenged by well-resourced competitors or technological advances that make their approach obsolete.

Risks & safety

TriSalus presents significant financial risks with limited margin of safety, characteristic of an early-stage growth company burning cash while scaling operations. **Cash and Solvency:** - Cash position of $13.0 million as of Q1 2025, down from $16.5 million in Q2 2024 - Quarterly cash burn of approximately $4-5 million from operations - Free cash flow negative $5.3 million in Q1 2025, $41.2 million negative for FY 2024 - Current ratio of 2.14 provides some short-term liquidity cushion - Total liabilities of $63.0 million significantly exceed total assets of $28.6 million **Debt and Capital Structure:** - Secured $50 million debt financing facility with OrbiMed, providing liquidity runway - Debt-to-equity ratio of -0.96 reflects negative book value - Recently raised $22 million in private placement funding **Valuation Metrics:** - Trading at negative P/E ratios due to losses - Price-to-book ratio of -4.58 reflects negative book value - EV/EBITDA negative due to negative EBITDA **Other Considerations:** - Company expects to achieve EBITDA positivity in second half of 2025 - Revenue growth of 42-59% annually provides positive trajectory - High gross margins (84-88%) indicate underlying business model viability once scale is achieved

Recent development

Over the past few years, TriSalus has executed several strategic initiatives to expand its market presence and product portfolio. The company has significantly expanded its commercial organization, growing from 10 sales representatives in early 2023 to 27 by mid-2024, along with clinical specialists to support account adoption and training. Product development has been a key focus, with the launch of TriNav Large in 2024 to address larger vessel treatments and more complex procedures, and the introduction of TriGuide guiding catheter. The company is preparing to launch TriNav 2.0 in the first half of 2025. These product extensions allow TriSalus to address a broader range of clinical scenarios and increase utilization per account. The company has made significant progress in securing favorable reimbursement, obtaining permanent HCPCS code C9797 for TriNav and the new Medicare code C8004 for mapping procedures, which covers approximately 25% of their target market and removes a significant adoption barrier for physicians. Clinically, TriSalus has been advancing multiple programs simultaneously. The company completed Phase 1 trials for nelitolimod across several cancer indications, with particularly promising results in uveal melanoma showing an 81% disease control rate and 11.7-month median progression-free survival. The company initiated the PROTECT registry for thyroid nodule treatment, expanding into new therapeutic areas beyond liver and pancreatic cancer. Strategically, the company has shifted focus toward achieving profitability, reducing R&D expenses while maintaining commercial growth investments. Management has indicated plans to achieve EBITDA positivity by mid-2025 and cash flow positivity by year-end 2025. The company is also actively seeking partnerships for its nelitolimod drug program, particularly for the uveal melanoma indication, which could provide non-dilutive funding and validation of their technology platform.

TLSI company profile · for informational purposes only — not investment advice.

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