**TriSalus Life Sciences Reports Increased Revenue but Continues to Operate at a Loss in 2025**
TriSalus Life Sciences, Inc., a medical technology company focused on oncology, reported a significant increase in revenue for the fiscal year ended December 31, 2025, reaching $45.2 million compared to $29.4 million in 2024. This represents a 53.4% increase, primarily driven by higher sales volumes of the company's TriNav Infusion System. Despite the revenue growth, the company continued to operate at a loss, with a net loss of $39.2 million in 2025, compared to a net loss of $30.0 million in the previous year. The increased loss was attributed to higher operating expenses, including sales and marketing, and general and administrative costs, as well as changes in the fair value of certain liabilities.
The company's cost of goods sold also increased to $7.0 million in 2025 from $4.1 million in 2024, reflecting the higher sales volume of TriNav. Gross profit increased to $38.2 million, but gross margin decreased slightly from 86.1% to 84.6%, due to lower manufacturing efficiency associated with newly launched products. Research and development expenses decreased by 15.4% to $15.0 million, primarily due to the close-out of clinical trial expenses related to nelitolimod. Sales and marketing expenses increased by 11.1% to $28.7 million, driven by higher performance-related compensation. General and administrative expenses rose by 19.4% to $21.5 million, due to accelerated stock-based compensation and increased professional service fees.
Operationally, TriSalus launched new products in 2025, including the TriNav FLX and TriNav XP Infusion Systems, expanding its portfolio of pressure-enabled drug delivery (PEDD) devices. The company also initiated a registry study called PROTECT to evaluate the use of TriNav in thyroid embolization, potentially expanding its market opportunity. As of December 31, 2025, TriSalus had approximately $20.4 million in cash and cash equivalents, compared to $8.5 million at the end of 2024. The company's cash position was bolstered by a private placement in April 2025, which generated net proceeds of approximately $20.5 million, and a $9.5 million draw from its credit agreement with OrbiMed.
Looking ahead, TriSalus anticipates incurring significant expenses as it continues to commercialize TriNav and advance its clinical trials for nelitolimod. The company's ability to achieve profitability depends on factors such as continued market acceptance of TriNav, maintaining favorable reimbursement rates, and the successful development and regulatory approval of nelitolimod. The company is seeking a pharmaceutical partner to advance nelitolimod development to Phase II trials, with results from ongoing Phase 1 studies expected in 2026. Subsequent to year end, TriSalus closed a public offering of common stock in February 2026, generating net proceeds of approximately $42.6 million.
About TriSalus Life Sciences, Inc.
TriSalus Life Sciences specializes in innovative medical technologies for delivering therapeutics to solid tumors, focusing on liver and pancreatic cancers. Its core platform, Pressure-Enabled Drug Delivery (PEDD), enhances targeted treatment via FDA-cleared devices like TriNav, improving drug penetration and reducing off-target effects. The company also develops immunotherapeutic agents, such as nelitolimod, to modulate tumor microenvironments and boost immunotherapy efficacy. Its approach aims to address significant treatment barriers and improve patient outcomes in oncology.
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