TriSalus Life Sciences Inc. (TLSI), an oncology company, on Wednesday reported its first-quarter results and provided various business updates.
Following the release, shares dropped over 47% to a 52-week low on Wednesday.
The company specializes in developing pressure-enabled drug delivery systems (PEDDs) and has received clearance from the U.S. Food and Drug Administration (FDA) for the TriNav Infusion systems in drug delivery to the hepatic arterial infusion of liver tumors.
Q1 2026:
TriSalus saw total revenues of $8.89 million in Q1 2026, a 2.9% decrease from the $9.17 million reported in the same period of 2025. A majority of revenue came from sales of the TriNav system.
Gross margins of 86.2% were achieved, higher than the 83.7% gross margin in Q1 2025.
The company recorded a net income of $1.5 million or $0.03 per share, while in the previous year it reported a loss of $10.37 million, or $0.39 per share.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were a loss of $5.80 million in the first quarter, compared to an EBITDA loss of $5.54 million in the previous year.
Cash and cash equivalents on March 31, 2026, amounted to $56.60 million.
The company completed a public offering in the first quarter, with gross proceeds totaling $46 million.
Business Updates:
The company published results from a real-world PEDD study on 16,800 patients, demonstrating that PEDD drug delivery led to fewer post-procedure complications, reduced hospitalizations, and significantly lower medical expenditures.
Additionally, preclinical and clinical data indicate enhanced hepatic tumor penetration during embolic sphere delivery using PEDD, and a clinical assessment of PEDD in uterine artery embolization.
Further preclinical research on immune activation with nelitolimod delivered with PEDD in liver tumor models was also published.
TLSI is currently trading at $2.39, down 47.59%.
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