TriSalus Life Sciences, Inc.
TLSI, TLSIW · Surgical & Medical Instruments & Apparatus · 61.4M shares · +805%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $227M (gross $232M, SBC $5M)
Reference price $2.67 · est. market cap ~$164M — last insider sale, 2026-05-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Commercial oncology device/biologic company with heavy cash burn and negative equity.
Strengths
- High gross margin — 85% (90th)
Risks
- Operating/net losses, cash burn — operating margin -60%, FCF -$19M
- Negative equity (ROE artifact) — per metrics
- Early-commercial execution risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -0.98)
- Net lossNet loss (net margin -86.9%)
- Cash burnNegative free cash flow (-18.9M)
- Material weakness• Our management has identified material weaknesses in its internal control over financial reporting in prior years and we may identify additional material weaknesses in the future
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +805%/yr over 2y (dilution)
- Insider buyingInsider buying — 12 open-market buy(s) by 6 insider(s) (cluster of 6 insiders, ~$4M, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 15 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, last 6mo) Form 4 ↗
- Revenue declineRevenue -32.6% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
84.6%
Operating margin
-59.7%
Net margin
-86.9%
Return on equity
115.8%
Return on assets
-111.0%
Revenue growth (QoQ)
-32.6%
Debt / equity
-1.0×
Current ratio
2.8×
Free cash flow
-$19M
EBITDA
-$26M
Tangible book value
-$34M
Cash & investments
$20M
Cash runway
4q
Stock comp / revenue
20.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Wahlstrom Mats | Buy | 60K | $2.53 |
| 2026-05-15 | Stansky Michael P | Buy | 410K | $2.50 |
| 2026-05-15 | Stansky Michael P | Buy | 200K | $2.50 |
| 2026-05-15 | Szela Mary T | Buy | 40K | $2.59 |
| 2026-05-15 | Patience David | Buy | 7.1K | $2.43 |
| 2026-05-15 | Gordon Gary B. | Buy | 10K | $2.46 |
| 2026-05-15 | Marshak Richard | Sell | 543 | $2.67 |
| 2026-05-14 | HICKS KERRY R | Grant | 28K | — |
| 2026-05-14 | Wahlstrom Mats | Grant | 38K | — |
| 2026-05-14 | Wahlstrom Mats | Grant | 34K | — |
| 2026-05-14 | Gordon Gary B. | Grant | 28K | — |
| 2026-05-14 | Gordon Gary B. | Grant | 25K | — |
| 2026-05-14 | MATLIN DAVID J | Grant | 28K | — |
| 2026-05-14 | Stansky Michael P | Grant | 20K | — |
| 2026-05-14 | MATLIN DAVID J | Grant | 23K | — |
| 2026-05-14 | Valle William | Grant | 28K | — |
| 2026-05-14 | Valle William | Grant | 25K | — |
| 2026-05-14 | Stansky Michael P | Grant | 24K | — |
| 2026-03-17 | Szela Mary T | Sell | 16K | $3.85 |
| 2026-03-16 | Stevens Jennifer | Sell | 774 | $4.12 |
| 2026-03-16 | Devlin Jodi | Sell | 273 | $4.12 |
| 2026-03-16 | Cox Bryan F. | Sell | 579 | $4.12 |
| 2026-03-16 | Marshak Richard | Sell | 419 | $4.12 |
| 2026-03-12 | Stevens Jennifer | Sell | 1.6K | $4.09 |
| 2026-03-12 | Cox Bryan F. | Sell | 1.5K | $4.09 |
| 2026-03-12 | Devlin Jodi | Sell | 1.8K | $4.09 |
| 2026-03-12 | Marshak Richard | Sell | 1.6K | $4.09 |
| 2026-03-11 | Cox Bryan F. | Sell | 1.1K | $4.13 |
| 2026-03-11 | Stevens Jennifer | Sell | 1.2K | $4.13 |
| 2026-03-11 | Marshak Richard | Sell | 1.4K | $4.13 |
| 2026-03-11 | Szela Mary T | Sell | 4.4K | $4.13 |
| 2026-03-11 | Devlin Jodi | Sell | 1.2K | $4.13 |
| 2026-02-23 | Szela Mary T | Buy | 30K | $4.10 |
| 2026-02-23 | Stansky Michael P | Buy | 117K | $4.10 |
| 2026-02-23 | Patience David | Buy | 3.7K | $4.10 |
| 2026-02-23 | Gordon Gary B. | Buy | 9.8K | $4.10 |
| 2026-02-23 | Valle William | Buy | 30K | $4.10 |
| 2026-02-23 | Stansky Michael P | Buy | 244K | $4.10 |
| 2025-11-24 | Marshak Richard | Grant | 60K | — |
| 2025-11-24 | Devlin Jodi | Grant | 50K | — |
| 2025-11-24 | Stevens Jennifer | Grant | 50K | — |
| 2025-11-24 | Cox Bryan F. | Grant | 40K | — |
| 2025-11-24 | Patience David | Grant | 65K | — |
| 2025-11-24 | Szela Mary T | Grant | 125K | — |
| 2025-11-24 | Szela Mary T | Grant | 300K | — |
| 2025-08-14 | Patience David | Grant | 200K | — |
| 2025-07-31 | MATLIN DAVID J | Conversion | 330K | — |
| 2025-07-31 | Frankenius Equity AB | Conversion | 759K | — |
| 2025-05-19 | Cox Bryan F. | Sell | 4.8K | $5.18 |
| 2025-05-19 | Devlin Jodi | Grant | 24K | $5.18 |
| 2025-05-19 | Devlin Jodi | Sell | 4.8K | $5.18 |
| 2025-05-19 | Marshak Richard | Grant | 21K | $5.18 |
| 2025-05-19 | Marshak Richard | Sell | 6.6K | $5.18 |
| 2025-05-19 | Murphy Sean | Grant | 45K | $5.18 |
| 2025-05-19 | Stevens Jennifer | Grant | 28K | $5.18 |
| 2025-05-19 | Stevens Jennifer | Sell | 8.7K | $5.18 |
| 2025-05-19 | Young James Emmett | Grant | 13K | $5.18 |
| 2025-05-19 | Cox Bryan F. | Grant | 16K | $5.18 |
| 2025-02-18 | Murphy Sean | Grant | 16K | — |
| 2025-02-18 | Young James Emmett | Grant | 15K | — |
| 2025-02-18 | Stevens Jennifer | Grant | 14K | — |
| 2025-02-18 | Cox Bryan F. | Grant | 11K | — |
| 2025-02-18 | Marshak Richard | Grant | 7.6K | — |
| 2025-02-18 | Szela Mary T | Grant | 21K | — |
| 2025-02-18 | Devlin Jodi | Grant | 5.3K | — |
| 2025-02-05 | Young James Emmett | Buy | 6.0K | $5.65 |
| 2025-01-30 | Szela Mary T | Buy | 5.0K | $5.28 |
| 2025-01-29 | Szela Mary T | Buy | 5.0K | $5.03 |
| 2025-01-28 | Szela Mary T | Buy | 4.7K | $5.12 |
| 2025-01-28 | Murphy Sean | Buy | 15K | $5.17 |
| 2025-01-27 | Stevens Jennifer | Grant | 11K | — |
| 2025-01-27 | Szela Mary T | Grant | 40K | — |
| 2025-01-27 | Szela Mary T | Buy | 4.8K | $5.42 |
| 2025-01-27 | Murphy Sean | Grant | 12K | — |
| 2025-01-27 | Murphy Sean | Buy | 15K | $5.31 |
| 2025-01-27 | Cox Bryan F. | Grant | 11K | — |
| 2025-01-27 | Young James Emmett | Grant | 12K | — |
| 2025-01-27 | Young James Emmett | Buy | 24K | $5.40 |
| 2025-01-27 | Devlin Jodi | Grant | 11K | — |
| 2025-01-27 | Marshak Richard | Grant | 12K | — |
| 2025-01-02 | Hyveled Liselotte | Grant | 10K | — |
| 2025-01-02 | MATLIN DAVID J | Grant | 10K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05607953 ↗ | Pressure Enabled Intrapancreatic Delivery of SD-101 With Checkpoint Blockade for Locally Advanced Pancreatic Adenocarcinoma Locally Advanced Pancreatic Adenocarcinoma | PHASE1 | Active Not Recruiting | 2027-09-01 |
| NCT05220722 ↗ | Pressure Enabled Delivery of SD-101 With Checkpoint Blockade for Primary Liver Tumors Hepatocellular Carcinoma, Intrahepatic Cholangiocarcinoma | PHASE1/PHASE2 | Terminated | 2024-07-31 |
| NCT04935229 ↗ | Intrahepatic Delivery of SD-101 by Pressure-Enabled Regional Immuno-oncology (PERIO), With Checkpoint Blockade in Adults With Metastatic Uveal Melanoma Metastatic Uveal Melanoma in the Liver | PHASE1 | Terminated | 2024-07-17 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Shareholder vote | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-04-29 | Exec/director change | filing ↗ |
| 2026-04-07 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-05 | ResultsExhibits | filing ↗ |
| 2026-02-20 | Material agreementOtherExhibits | filing ↗ |
| 2026-02-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-01-12 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-14 | 0001628280-26-035068 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001628280-26-034082 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001628280-26-034100 ↗ |
| 8-K | 2026-04-29 | 2026-04-24 | 0001628280-26-028425 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001628280-26-023991 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001628280-26-015155 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001628280-26-015163 ↗ |
| 8-K | 2026-02-20 | 2026-02-19 | 0001493152-26-007598 ↗ |
| 8-K | 2026-02-09 | 2026-02-03 | 0001628280-26-006219 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001628280-26-001743 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001628280-25-052043 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001628280-25-052008 ↗ |