TriSalus Reports Q1 2024 Financial Results and Business Update
TriSalus Life Sciences (Nasdaq: TLSI) reported its Q1 2024 financial results, highlighting a 116% year-over-year revenue increase to $6.5 million, driven by the TriNav® Infusion System. The gross margin improved to 85%, up from 78% in Q1 2023. Despite increased investments leading to an operating loss of $11.7 million and a net loss of $13.2 million, the company secured up to $50 million in debt financing with OrbiMed. Additionally, TriSalus appointed Liselotte Hyveled to its Board of Directors. The company forecasts full-year sales growth to exceed 50%.
- Revenue for Q1 2024 increased by 116% year-over-year to $6.5 million.
- Gross margin improved to 85% in Q1 2024, up from 78% in Q1 2023.
- Secured up to $50 million in debt financing with OrbiMed to support growth initiatives.
- Projected full-year sales growth expected to exceed 50%.
- Operating losses increased to $11.7 million in Q1 2024, compared to $10.1 million in Q1 2023.
- Net losses rose to $13.2 million in Q1 2024, up from $8.3 million in Q1 2023.
- Expenses increased due to higher investment in sales, marketing, and R&D, as well as costs associated with becoming a public company.
- Basic and diluted loss per share worsened to $0.60 in Q1 2024, from $0.57 in Q1 2023.
Insights
The financial results for TriSalus in Q1 2024 reflect a robust performance. Revenues surged by
However, operating losses have also increased to
The debt financing of up to
This substantial funding indicates confidence from OrbiMed in TriSalus' growth potential and the market's demand for its TriNav® Infusion System. Investors should watch for how these funds are utilized and the company's ability to meet revenue thresholds to draw further tranches.
TriSalus' growth strategy, particularly around the TriNav® Infusion System, reflects its commitment to enhancing drug delivery systems. The infusion system has shown promise in clinical data and the company's focus on advancing its pipeline is important for long-term sustainability. The infusion system's market adoption and clinical validation will be key factors to monitor.
On the clinical front, achieving significant milestones in clinical trials could further enhance investor confidence and support the company's ambitious revenue growth targets. The integration of patient needs, as evidenced by the appointment of Liselotte Hyveled to the Board, also underscores a strategic alignment with patient-centric innovation.
-
Reported revenues of
$6.5 million 116% compared to 1Q23 -
Reported gross margin of
85% in 1Q24 -
Secured up to
$50 million - Announced the appointment of Liselotte Hyveled to the Board of Directors
-
Full year sales growth expected to exceed
50% - Conference call May 15th at 9:00 a.m. EDT
“I’m proud to highlight our strong start in the first quarter of 2024 with
First Quarter 2024 and Subsequent Highlights
Secured up to
In April, TriSalus announced the closing of a debt financing facility with OrbiMed, a healthcare investment firm. Under the terms of the Credit Agreement with OrbiMed, the Company borrowed
The
Liselotte Hyveled appointed to the Board of Directors
In May, TriSalus announced the appointment of Liselotte Hyveled to its Board of Directors. Ms. Hyveled currently serves as the Chief Patient Officer at Novo Nordisk, where she is responsible for ensuring the integration of patient needs and perspectives into the company’s decision-making processes and operations. She brings over two decades of experience stimulating scientific innovation and advancing pharmaceutical pipelines through research and development excellence.
Financial Results for Q1 2024
Revenue, all of which is from the sale of the TriNav® Infusion System, was
Gross margins were
Operating losses were
Net losses available to common stockholders were
Basic and diluted loss per share for the first quarter ended March 31, 2024, was
Conference Call
The event will be webcast live on the investor relations section of TriSalus’ website at https://investors.trisaluslifesci.com/news-events/events-presentations on May 15, 2024, at 9:00 a.m. EDT. Following the conclusion of the event, a webcast replay will be available on the website for approximately 90 days. Interested parties participating by phone will need to register using this online form. After registering for the webcast, dial-in details will be provided in an auto-generated e-mail containing a link to the conference phone number along with a personal pin.
About TriSalus Life Sciences
TriSalus Life Sciences® is an oncology company integrating novel delivery technology with immunotherapy to transform treatment for patients with liver and pancreatic tumors. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s two FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the TriNav® Infusion System for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. PEDD is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via PEDD may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by PEDD are commonly present as well. Nelitolimod delivered by PEDD will be studied across several indications in an effort to address immune dysfunction and overcome drug delivery barriers in the liver and pancreas.
In partnership with leading cancer centers across the country – and by leveraging deep immuno-oncology expertise and inventive technology development – TriSalus is committed to advancing innovation that improves outcomes for patients. Learn more at trisaluslifesci.com and follow us on X [formerly Twitter] and LinkedIn.
Forward Looking Statements
Statements made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology and nelitolimod investigational immunotherapy, the Company’s ability to achieve the revenue milestones under the credit facility, the Company’s expectations about its cash runway, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the Securities and Exchange Commission under the heading "Risk Factors." All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.
Financials
| TriSalus Life Sciences | |||||||||
| Condensed Consolidated Statement of Operations (unaudited, in thousands) | |||||||||
| Three Months Ended | |||||||||
| March 31, | |||||||||
|
2024 |
|
|
2023 |
|
||||
| Revenue | $ |
6,457 |
|
$ |
2,984 |
|
|||
| Cost of goods sold |
|
971 |
|
|
662 |
|
|||
| Gross Profit |
|
5,486 |
|
|
2,322 |
|
|||
| Operating expenses: | |||||||||
| Research and development |
|
5,857 |
|
|
5,642 |
|
|||
| Sales and marketing |
|
6,687 |
|
|
3,249 |
|
|||
| General and administrative |
|
4,627 |
|
|
3,552 |
|
|||
| Loss from operations |
|
(11,685 |
) |
|
(10,121 |
) |
|||
| Other income (expense): | |||||||||
| Interest income |
|
92 |
|
|
35 |
|
|||
| Interest expense |
|
(3 |
) |
|
(5 |
) |
|||
| Loss on equity issuance |
|
(1,465 |
) |
||||||
| Extinguishment of tranche liability |
|
881 |
|
||||||
| Change in fair value of SEPA and warrant liabilities |
|
2,521 |
|
|
2,421 |
|
|||
| Change in fair value of contingent earnout liability |
|
(3,988 |
) |
||||||
| Other expense, net |
|
(153 |
) |
|
(19 |
) |
|||
| Loss before income taxes |
|
(13,216 |
) |
|
(8,273 |
) |
|||
| Income tax (expense) benefit |
|
(3 |
) |
|
5 |
|
|||
| Net loss available to common stockholders | $ |
(13,219 |
) |
$ |
(8,268 |
) |
|||
| Deemed dividend related to Series B-2 preferred stock down round provision |
|
(959 |
) |
||||||
| Undeclared dividends on Series A preferred stock |
|
(801 |
) |
||||||
| Net loss attributable to common stockholders | $ |
(14,020 |
) |
$ |
(9,227 |
) |
|||
| Net loss per common share, basic and diluted | $ |
(0.60 |
) |
$ |
(0.57 |
) |
|||
| Weighted average common shares outstanding, basic and diluted |
|
23,323,045 |
|
|
16,166,581 |
|
|||
| TriSalus Life Sciences | ||||||
| Condensed Consolidated Balance Sheets (unaudited, in thousands) | ||||||
| March 31, | December 31, | |||||
2024 |
|
2023 |
|
|||
| Assets | (unaudited) | |||||
| Assets | ||||||
| Cash and cash equivalents | 3,970 |
|
11,777 |
|
||
| Accounts receivable | 4,277 |
|
3,554 |
|
||
| Inventory, net | 2,913 |
|
2,545 |
|
||
| Prepaid expenses | 2,031 |
|
2,986 |
|
||
| Total current assets | 13,191 |
|
20,862 |
|
||
| Property and equipment, net | 1,965 |
|
2,091 |
|
||
| Right-of-use assets | 1,196 |
|
1,179 |
|
||
| Intangible assets, net | 1,113 |
|
1,127 |
|
||
| Other assets | 424 |
|
466 |
|
||
| Total assets | 17,889 |
|
25,725 |
|
||
| Liabilities and Stockholders' Equity (Deficit) | ||||||
| Current liabilities: | ||||||
| Trade payables | 2,348 |
|
3,391 |
|
||
| Accrued liabilities | 11,423 |
|
10,556 |
|
||
| Short-term lease liabilities | 363 |
|
351 |
|
||
| Other current liabilities | 260 |
|
389 |
|
||
| Total current liabilities | 14,394 |
|
14,687 |
|
||
| Long-term lease liabilities | 1,218 |
|
1,244 |
|
||
| Contingent earnout liability | 22,620 |
|
18,632 |
|
||
| Warrant and SEPA liabilities | 14,580 |
|
17,100 |
|
||
| Total liabilities | 52,812 |
|
51,663 |
|
||
| Stockholders' equity (deficit): | ||||||
| Preferred Stock, Series A |
||||||
| per share. Authorized 10,000,000 and 10,000,000 shares at March 31, 2024, | ||||||
| and December 31, 2023, respectively; issued and outstanding, 4,015,002 | ||||||
| and 4,015,002 shares at March 31, 2024 and December 31, 2023, respectively | ||||||
| Common stock, |
||||||
| 400,000,000 shares at March 31, 2024 and December 31, 2023, respectively; | ||||||
| issued and outstanding 26,758,272 and 26,413,213 shares at March 31, 2024 | ||||||
| and December 31, 2023, respectively | 2 |
|
2 |
|
||
| Additional paid-in capital | 226,671 |
|
222,437 |
|
||
| Accumulated deficit | (261,596 |
) |
(248,377 |
) |
||
| Total stockholders' deficit | (34,923 |
) |
(25,938 |
) |
||
| Total liabilities and stockholders' deficit | 17,889 |
|
25,725 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515146172/en/
For Media Inquiries:
Stephanie Jacobson
Argot Partners
610.420.3049
TriSalus@argotpartners.com
For Investor Inquiries:
James Young
SVP-Investor Relations/Treasurer
847.337.0655
james.young@trisaluslifesci.com
Source: TriSalus Life Sciences
FAQ
What were TriSalus' Q1 2024 revenues?
What is TriSalus' gross margin for Q1 2024?
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What are TriSalus' projected full-year sales growth for 2024?
What were TriSalus' Q1 2024 operating losses?
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What was TriSalus' basic and diluted loss per share in Q1 2024?
