TriSalus Life Sciences, Inc. reported a revenue of $9.2 million for the first quarter of 2025, marking a 42% increase from $6.5 million in the same period of 2024. The growth was primarily driven by increased sales of the TriNav infusion system, which is designed for the treatment of solid tumors. Despite the revenue increase, the company recorded a net loss of $11.1 million, a slight improvement from a net loss of $14.0 million in the prior year. The loss per share for the quarter was $0.39, compared to $0.60 in the previous year.
The company's operating expenses totaled $16.0 million, with research and development costs decreasing significantly by 43.6% to $3.3 million, reflecting a reduction in clinical trial expenses related to its investigational drug, nelitolimod. Sales and marketing expenses remained stable at $6.7 million, while general and administrative expenses increased by 7.4% to $5.0 million, attributed to professional services and audit-related costs. The gross profit margin for the quarter was 83.7%, down from 85.0% in the previous year, primarily due to decreased manufacturing efficiencies.
TriSalus has made strategic advancements, including the launch of the TriNav LV Infusion System and the TriGuide Guiding Catheter, which are expected to enhance therapeutic delivery and expand the addressable market for liver embolization procedures. The company also received two permanent Healthcare Common Procedure Coding System (HCPCS) codes from CMS, which will facilitate reimbursement for procedures involving TriNav. Additionally, TriSalus modified its collaboration agreement with the University of Texas MD Anderson Cancer Center, extending the payment terms and adding a sixth year to the agreement.
As of March 31, 2025, TriSalus had cash and cash equivalents of $13.4 million, an increase from $8.9 million at the end of 2024. The company has a history of operating losses and anticipates needing additional capital to fund its operations and growth initiatives. TriSalus has entered into a Standby Equity Purchase Agreement, allowing it to sell up to $30 million of common stock, although no shares were sold under this agreement during the quarter. The company also drew $10 million from its OrbiMed Credit Agreement, which provides a total borrowing capacity of $50 million, contingent on achieving certain revenue targets.
Looking ahead, TriSalus faces challenges in maintaining its revenue growth and managing its operating expenses while continuing to invest in research and development. The company has expressed concerns about its ability to continue as a going concern, emphasizing the need for additional financing to support its operations over the next 12 months. The successful commercialization of TriNav and the advancement of nelitolimod through clinical trials will be critical to the company's future performance and financial stability.
About TriSalus Life Sciences, Inc.
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