Full Press Release Details
TriSalus Reports Q1 2024 Financial Results
| Reported revenues of $6.5 million in 1Q24, up 116% compared to 1Q23 | ||
| Reported Gross Margin of 85% in 1Q24 | ||
| Secured up to $50 million of debt financing with OrbiMed to support TriNav Infusion System growth initiatives | ||
| Announced the appointment of Liselotte Hyveled to the Board of Directors | ||
| Full year sales growth expected to exceed 50% | ||
| Conference call May 15 th at 9:00 a.m. EDT |
DENVER - May 15, 2024 - TriSalus Life Sciences Inc., (Nasdaq:
TLSI), today announced its financial results for the first quarter ended March 31, 2024, and provided a business update.
"I'm proud to highlight our strong start in the first
quarter of 2024 with 116% growth in revenues compared to the first quarter of 2023 and significantly improving our financial position
with our debt financing facility with OrbiMed." said Mary Szela, Chief Executive Officer of TriSalus. "With our recent positive
developments in reimbursement, clinical data, and the dedication of our seasoned executive team, we're confident in our ability
to execute our company-building strategy. Our objectives of achieving over 50% top-line revenue growth, advancing our pipeline, and strengthening
our operational foundations remain firmly on track."
First Quarter 2024 and Subsequent Highlights
Secured up to $50 million of Debt Financing with OrbiMed to support
TriNav Infusion System growth initiatives
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 $25 million at
closing. In addition, an aggregate of up to an additional $25 million is available in two tranches at the Company's option, subject
to the Company's achievement of certain revenue thresholds.
The $25 million draw, along with cash and cash equivalents on hand
of $4 million at March 31, 2024, are expected to provide sufficient cash runway to fund the Company's operations through the end
of 2024. Including our SEPA agreement and other existing sources of liquidity and assuming we achieve the revenue targets and borrow
the remaining $25 million of the debt financing, the Company expects to have sufficient cash runway to fund operations through the end
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 $6.5 million in the first quarter ended March 31, 2024. This amount represents growth of 116% compared to the first quarter
of 2023, primarily due to increased selling resources and continued market share increases.
Gross margins were 85% in the first quarter ended March 31, 2024,
versus 78% in the first quarter of 2023. The improvement is due to increased factory volumes and improved operations efficiency.
Operating losses were $11.7 million in the first quarter ended March
31, 2024 versus $10.1 million in the first quarter of 2023. Increased investment in sales and marketing, research and development, as
well as general and administrative costs associated with becoming a public company more than offset increased gross profit in 2024.
Net losses available to common stockholders were $13.2 million in
the first quarter ended March 31, 2024 versus $8.3 million in the first quarter of 2023. Net losses in 2024 include the impact of non-cash
related gains/(losses) on change in fair value of SEPA and warrant liabilities of $2.5 million and change in fair value of contingent
earnout liabilities of ($4.0) million. Net losses in 2023 include the impact of non-cash related gains/(losses) on equity issuance of
($1.5) million, extinguishment of tranche liabilities of $0.9 million and change in fair value of SEPA and warrant liabilities of $2.4
Basic and diluted loss per share for the first quarter ended March
31, 2024, was $0.60 versus $0.57 per share in the first quarter of 2023.
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
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.
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 $0.0001 par value per share, $10.00 liquidation value 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, $0.0001 par value per share. Authorized 400,000,000 and 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 |
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