TriSalus Reports Q3 2024 Financial Results and Provides Business Update Reported Q3 and nine-month revenues of $7.3 million and $21.2 million respectively, up 42% and 66% year-over-year Provided 2025 guidance with expect

TriSalus Reports Q3 2024 Financial

Results and Provides Business Update

DENVER, CO - November 14, 2024

- TriSalus Life Sciences Inc., (Nasdaq: TLSI), an oncology company integrating novel delivery technology with immunotherapy to

transform treatment for patients with liver and pancreatic tumors, today announced its financial results for the third quarter ended

September 30, 2024, and provided a business update.

"We enter the final quarter of

2024 with great momentum, both commercially and clinically, and we are positioned well for an even greater 2025," stated Mary Szela,

President and Chief Executive Officer of TriSalus Life Sciences. "Commercially, we enjoyed a strong third quarter highlighted by

42% revenue growth. We recently launched the TriNav LV system to address patients with larger vessels, an opportunity we believe will

meaningfully expand our addressable market and provide full access to the $375 million liver embolization market."

"With the successful completion

of our Phase 1 dose escalation study enrollment in UM-LM, we are actively pursuing a strategic partnership for nelitolimod," continued

Szela. "This follows the successful presentation of positive Phase 1 results from our PERIO-01 dose escalation study in UM-LM at

SITC. Additionally, by mid-2025, we anticipate data from our Phase 1 study in locally advanced pancreatic cancer, which will guide our

"Our clinical development efforts

for the TriNav system have expanded with the launch of the DELIVER program, starting with the PROTECT registry trial for patients with

multinodular goiter. There is significant potential to broaden our addressable market by $400 million, and we are committed to providing

further updates on PROTECT and additional programs within the DELIVER initiative."

"Finally, we are initiating 2025

guidance that calls for greater than 50% revenue growth, a greater than 20% reduction in operating expenses, positive full-year EBITDA,

and positive cash flow in the second half of the year," concluded Ms. Szela.

Third Quarter Business Update

TriNav System Large Vessel Launch

TriSalus recently expanded its portfolio

of Pressure-Enabled Drug Delivery (PEDD ) devices with the launch of the TriNav LV Infusion System and TriGuide Guiding

Catheter to optimize therapeutic delivery for patients with larger vessels. The TriNav LV system is suitable for patients with vessels

sized between 3.5 and 5.0mm and is expected to allow the Company to meaningfully expand its addressable liver embolization market. The

TriGuide Guiding Catheter has a larger inner diameter, lubricious inner lining, and reverse curve design to support femoral access for

the TriNav LV system, which the Company believes will enhance procedural efficiency. These new products are eligible for the same HCPCS

reimbursement codes as existing TriNav products, enabling seamless integration into current billing structures.

DELIVER and PROTECT Updates

During the quarter, TriSalus advanced

the DELIVER clinical program, a series of clinical trials designed to demonstrate enhanced safety and efficacy across a broad spectrum

of complex, difficult-to-treat patients through investigator-initiated studies, further underscoring the impact of PEDD technology. A

key focus of the DELIVER program is to investigate the potential of combining use of the TriNav system with these therapies to enhance

effectiveness and address resistance mechanisms in challenging cancers.

The first of these is a registry study

called PROTECT (Pressure Enabled Retrograde Occlusive Therapy with Embolization for Control of Thyroid Disease), which has been initiated,

and TriSalus intends to enroll 100 patients across five leading academic sites. It is estimated that approximately 5% of adults have

multinodular goiters, and the prevalence in adults over 50 is estimated to be up to 50%. The Company estimates that this could expand

the addressable market by approximately 50,000 procedures, representing an incremental $400 million market opportunity and putting the

Company's total addressable market at more than $1 billion in the U.S. This new procedure utilizing the TriNav system is also eligible

for the same Healthcare Common Procedure Coding System (HCPCS) reimbursement code allowing for seamless integration into current

The Company anticipates opening additional

DELIVER studies in the first half of 2025 and will provide more details as those studies commence.

TriSalus presented Phase 1 results from

the PERIO-01 clinical trial at the recent SITC meeting. This dose escalation trial investigated the use of the PEDD method of nelitolimod

in patients with UM-LM. The results suggested that PEDD-administered nelitolimod, combined with immune checkpoint inhibitors, provides

promising clinical benefits and durable survival in heavily pretreated patients with UM-LM and a favorable safety profile. The Company

is actively exploring strategic partnerships to advance this indication further.

The Company also completed enrollment

of 13 patients in its PERIO-03 Phase 1 dose escalation study of nelitolimod in locally advanced pancreatic cancer. Evidence gathered

thus far supports a strong safety profile and further exploration of nelitolimod combined with the TriNav pancreatic infusion technology.

The Company will outline the next steps once the final data are available in mid-2025.

Financial Results for Q3 2024

Revenue, all from the sale of the TriNav

system, was $7.3 million and $21.2 million, respectively, for the three and nine months ended September 30, 2024. These were up 42% and

66%, respectively, compared to the same periods in 2023. Revenue growth was driven primarily by increased selling resources and increased

Gross margins were 86% and 86% for the

three and nine months ended September 30, 2024, respectively, compared to 89% and 84%, respectively, for the same periods in 2023. The

year-to-date improvement is due to increased factory volumes and improved operational efficiency.

Operating losses were $8.7 million and

$28.6 million, respectively, for the three and nine months ended September 30, 2024, respectively, compared to losses of $18.6 million

and $40.2 million, respectively, for the same periods in 2023. These amounts include non-cash stock compensation and depreciation expenses

of $1.6 million and $4.3 million for the three- and nine-month periods in 2024 and $0.4 million and $0.9 million for the same periods

in 2023. Current year reductions in operating losses are due to increased sales, reduced general and administrative expenses due to non-recurrence

of prior year costs related to becoming a public company, and reduced research and development spending associated with the ramp-down

of clinical trial spending.

Net losses available to common stockholders

were $2.4 million and $19.9 million, respectively, for the three and nine months ended September 30, 2024, compared to losses of $1.4

million and $23.7 million, respectively, for the same periods in 2023. Net losses in 2024 include non-cash related gains on change in

fair value of various derivatives of $7.3 million and $10.5 million, respectively, for the three and nine months ended September 30,

2024, compared to gains of $17.1 million and $16.4 million, respectively, for the same periods in 2023. The basic and diluted loss per

share for the three and nine months ended September 30, 2024, were $0.12 and $0.91, respectively, compared to $0.14 and $5.72 for the

three and nine months ended September 30, 2023, respectively.

On September 30, 2024, cash and cash

equivalents totaled $11.3 million. The Company expects existing liquidity sources and $25 million of available capacity on the OrbiMed

debt facility to provide sufficient cash runway throughout 2025. In addition, the company expects to be EBITDA positive for 2025 and

achieve positive cash flow by the second half of 2025, extending total cash runway beyond 2025.

The Company is providing guidance for

2025 for the first time, including:

TriSalus will host a webcast to discuss

its third quarter 2024 financial results and business highlights on November 14, 2024, at 9:00 a.m. EST. The webcast can be accessed

on the investor relations section of TriSalus' website at https://investors.trisaluslifesci.com/news-events/events-presentations.

Following the conclusion of the event, a webcast replay will be available on the website. 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 and a personal pin.

About TriSalus Life Sciences

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. The PEDD technology 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