TriSalus Life Sciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $11.2 million for the quarter, marking a 52.3% increase from $7.4 million in the same period last year. For the first half of 2025, revenue reached $20.4 million, up 47.5% from $13.8 million in the first half of 2024. Despite this growth, TriSalus reported a net loss attributable to common stockholders of $9.0 million for the second quarter, compared to a loss of $5.1 million in the prior year. The accumulated deficit as of June 30, 2025, stood at $298.2 million.
The company’s operational metrics showed a notable increase in sales volume, particularly for its TriNav infusion systems, which contributed to the revenue growth. The cost of goods sold also rose, reflecting higher production volumes, leading to a gross profit of $9.4 million for the quarter, although the gross margin decreased to 83.9% from 87.6% year-over-year. Operating expenses increased across research and development, sales and marketing, and general and administrative categories, with R&D expenses decreasing due to reduced clinical trial costs associated with the investigational drug nelitolimod.
Strategically, TriSalus has expanded its product offerings with the introduction of new devices, including the TriNav LV Infusion System and TriGuide Guiding Catheter, aimed at optimizing therapeutic delivery. The company also initiated a registry study called PROTECT, targeting a significant market opportunity in thyroid disease treatment. Additionally, TriSalus successfully raised approximately $22 million through a private placement in May 2025, which is expected to support its ongoing operations and product development.
The company’s liquidity position improved, with cash and cash equivalents totaling $26.8 million as of June 30, 2025, compared to $8.9 million at the end of 2024. However, management expressed concerns regarding the sufficiency of these funds to meet projected liquidity requirements over the next 12 months, emphasizing the need for additional capital to sustain operations and fund growth initiatives. The company is actively exploring various financing options, including collaborations and strategic alliances, to bolster its financial position.
Looking ahead, TriSalus remains focused on advancing its clinical programs and expanding market penetration for its products. The company is also navigating challenges related to reimbursement rates and market competition, which could impact future revenue generation. Management's outlook indicates a commitment to addressing these challenges while pursuing opportunities for growth in the oncology market.
About TriSalus Life Sciences, Inc.
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