TriSalus Life Sciences Announces Strong Q2 2025 Results, Affirms Full-Year Outlook, and Advances Strategic Focus on Liver-Directed Therapies
TriSalus Life Sciences, Inc. (Nasdaq: TLSI), an oncology company pioneering innovative delivery solutions for treating solid tumors, today reported its financial results for the second quarter ended June 30, 2025, and provided a detailed operational update on the progress of its commercial initiatives, technology platform, and strategic development priorities.
The company—best known for integrating novel delivery technology with standard-of-care cancer therapies—is working to transform the treatment landscape for patients with solid tumors by combining its proprietary Pressure-Enabled Drug Delivery® (PEDD®) platform with precision medicine approaches. In addition to its growing commercial device business, TriSalus is also advancing Nelitolimod, an investigational immunotherapeutic, through strategic partnerships.
CEO Commentary: Commercial Momentum and Strategic Realignment
“TriSalus continued to deliver strong commercial momentum in the second quarter, underscoring the growing clinical adoption of our TriNav® product suite and PEDD platform across a broad range of solid tumor indications,” said Mary Szela, President and Chief Executive Officer of TriSalus Life Sciences.
Szela emphasized that the company’s growth trajectory is on track with its ambitious projections:
“We are pleased to reaffirm our full-year revenue growth guidance of 50%, reflecting increasing market penetration within liver-directed therapies. We will continue to invest in generating clinical data to extend the benefits of our PEDD technology platform to new embolization applications. With a strategic shift toward partnering the development of Nelitolimod and an expanded focus on liver-directed therapies and new clinical applications, we are energized by the opportunity to bring our PEDD technology to a wider range of patients. This will not only support improved clinical outcomes but also drive deeper physician engagement and commercial momentum—fueling our long-term vision.”
Second Quarter 2025 Operational Highlights
The second quarter of 2025 marked a period of both financial growth and strategic execution for TriSalus. The company achieved record revenue from its TriNav system, expanded its product portfolio, and took steps to optimize its capital structure.
Key operational milestones included:
- Record Net Sales Performance
- TriSalus generated $11.2 million in net sales during the quarter, representing a 52% year-over-year increase compared to Q2 2024 and 22% sequential growth compared to Q1 2025.
- The strong revenue performance was driven by both increased sales resources and rising market share in liver-directed therapies.
- Expansion of TriNav® Usage in Clinical Practice
- The company continued to see increased adoption of TriNav in liver embolization procedures.
- It also expanded into new clinical applications within interventional radiology, demonstrating the adaptability of the PEDD platform.
- Launch of TriNav® FLX
- TriSalus introduced the TriNav® FLX, the latest advancement in its PEDD platform, featuring a more flexible distal tip to improve navigation through tortuous blood vessels.
- This innovation addresses a key barrier to adoption by enabling physicians to deliver therapy to anatomically challenging tumor sites.
- Early feedback from the market has been exceptionally positive, with sales surpassing internal expectations.
- Capital Structure Optimization
- Following the quarter’s end, TriSalus completed an exchange offering for previously issued Series A Preferred Stock, simplifying its capital structure and positioning the company for greater financial flexibility.
Second Quarter 2025 Financial Review
TriSalus’ financial results for Q2 2025 reflect continued commercial scaling, disciplined spending, and targeted R&D reprioritization toward its most commercially promising opportunities.
Revenue Performance
- Total revenue: $11.2 million, all derived from sales of the TriNav system.
- Year-over-year growth: +52% from $7.4 million in Q2 2024.
- Sequential growth: +22% from $9.2 million in Q1 2025.
- Drivers: Increased commercial team size, broader physician adoption, and higher penetration rates in target hospitals.
Gross Margins
- Q2 2025 gross margin: 84%, compared to 88% in Q2 2024.
- The margin decline was primarily due to lower manufacturing efficiency associated with the newly launched TriNav FLX.
- The company expects margins to improve as production volume scales and operational processes mature later in the year.
Research & Development (R&D) Expenses
- Q2 2025 R&D: $3.9 million, down from $4.7 million in Q2 2024.
- The decrease reflects reduced spending on Nelitolimod clinical trials following the strategic decision to pursue partnership-based development for the drug.
Sales & Marketing (S&M) Expenses
- Q2 2025 S&M: $7.2 million, up from $6.0 million in Q2 2024.
- Increase driven by expansion of commercial staff, physician outreach programs, and enhanced marketing initiatives to support the TriNav FLX launch.
General & Administrative (G&A) Expenses
- Q2 2025 G&A: $5.7 million, compared to $4.0 million in Q2 2024.
- Includes non-cash stock-based compensation of $1.2 million in Q2 2025 (vs. $0.7 million in Q2 2024).
- Increase mainly due to higher professional services expenses, particularly for legal and audit requirements.
Operating Loss
- Q2 2025 operating loss: $7.3 million, compared to $8.2 million in Q2 2024.
- The improvement reflects reduced R&D spending offset by higher G&A and S&M investments.
Net Loss
- Q2 2025 net loss attributable to common stockholders: $9.0 million, compared to $5.1 million in Q2 2024.
- Increase driven by non-cash adjustments to the fair value of contingent earnout liabilities.
Earnings Per Share (EPS)
- Basic and diluted EPS: ($0.27) in Q2 2025 vs. ($0.21) in Q2 2024.
Cash Position
- As of June 30, 2025, TriSalus held $26.5 million in cash and cash equivalents.
- Management reiterated that current liquidity is sufficient to fund operations to positive adjusted EBITDA in the first half of 2026.
Adjusted EBITDA: Progress Toward Profitability
TriSalus continues to track its performance using adjusted EBITDA, a non-GAAP metric that excludes certain non-cash items and one-time charges.
- Q2 2025 adjusted EBITDA loss: $5.3 million, compared to $6.7 million in Q2 2024.
- Improvement was primarily due to:
- Stronger sales performance
- Lower R&D spending
- Partially offset by increased stock-based compensation
The company has reiterated its goal of reaching positive adjusted EBITDA within the next 12 months.
Strategic Priorities and Growth Drivers
TriSalus’ growth strategy rests on three interconnected pillars:
1. Expanding Market Penetration for the TriNav Platform
- The company is increasing its commercial footprint within interventional oncology, particularly liver-directed therapies such as transarterial chemoembolization (TACE) and radioembolization.
- Focused physician training programs and data-driven marketing are helping drive adoption in both academic centers and community hospitals.
2. Innovation Through Product Evolution
- The launch of TriNav FLX reflects TriSalus’ commitment to physician-centered design improvements.
- Future R&D will aim to broaden PEDD’s use in additional embolization and solid tumor applications.
3. Strategic Asset Partnerships
- By seeking partnerships for Nelitolimod, TriSalus can concentrate its internal resources on the high-growth device segment while still advancing its immunotherapy asset via external collaboration.
Market Opportunity: Liver-Directed Therapies
The liver-directed therapy market represents a multi-billion-dollar opportunity due to the prevalence of both primary liver cancers (like hepatocellular carcinoma) and metastatic disease originating from colorectal and other cancers.
The PEDD platform is designed to enhance delivery of therapeutic agents directly to tumors by overcoming high intratumoral pressure—a challenge that often limits drug penetration with conventional delivery methods.
Capital Structure Optimization
The post-quarter Series A Preferred Stock exchange simplifies the balance sheet and aligns the capital structure with long-term shareholder value creation. By removing certain preferred equity obligations, TriSalus gains greater flexibility to deploy capital toward growth initiatives.
Guidance for Full-Year 2025
TriSalus reaffirmed its guidance for 50% revenue growth in 2025 compared to 2024, supported by:
- Increased physician adoption of the TriNav platform
- Continued commercial expansion
- Full-year contributions from TriNav FLX
Upcoming Milestones
Investors and stakeholders can expect several developments in the coming quarters:
- Additional clinical data supporting PEDD’s expanded use cases
- Scaling of TriNav FLX manufacturing for broader distribution
- Potential partnership announcements for Nelitolimod
- Progress toward positive adjusted EBITDA in 2026
Conference Call and Webcast Information
TriSalus will host a conference call and webcast today at 4:30 PM Eastern Time to review its Q2 2025 results.
- Registration: Participants must register via the company’s provided online form to receive dial-in details and a personal PIN.
- Webcast: Available live on the TriSalus Investor Relations website.
- Replay: Archived webcast will be accessible on the company’s website shortly after the event.
About TriSalus Life Sciences
TriSalus Life Sciences is an oncology company transforming the treatment of solid tumors through a combination of innovative drug delivery systems and immunotherapies. Its flagship TriNav® system, powered by the Pressure-Enabled Drug Delivery® (PEDD®) platform, enables improved delivery of therapeutic agents to tumors by overcoming elevated intratumoral pressure.
The company’s development pipeline includes Nelitolimod, an investigational TLR9 agonist immunotherapy being explored for potential synergies with PEDD technology in treating immunologically cold tumors.
