TriSalus Life Sciences (TLSI)
Sells PEDD infusion systems while developing nelitolimod for liver and pancreatic tumors.
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Generates revenue primarily from TriNav PEDD infusion systems sold directly to hospitals and clinics, with a single reportable segment. The broader platform pairs FDA-cleared devices for liver and pancreatic tumor delivery with nelitolimod, an investigational TLR9 agonist that has not been approved.
Sells PEDD infusion systems used by interventional radiologists to deliver therapies into solid tumors, led by TriNav for liver-directed procedures. The current FDA-cleared device set includes TriNav Infusion System, TriNav Infusion System LV, and Pancreatic Retrograde Venous Infusion System.
Commercial revenue comes primarily from TriNav system sales to hospitals and clinics, with the company reporting a single segment. Operations are centered in the United States, where the security has traded on Nasdaq since the SPAC merger.
Adds a drug-development layer through nelitolimod, an investigational TLR9 agonist acquired from Dynavax. The business depends on hospital procedure adoption, FDA-cleared device use, and clinical progress because nelitolimod is not approved in the United States or globally.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| May 13, 2026 | Lake Street | Reiterate | Buy | $8 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $46.3M · Total debt $34.4M · Total assets $62.4M · Shareholders' equity $6.6M
- Revenue
- $11.4M
- Operating income
- −$9.8M
- Net income
- −$9.2M
No dividends on record.
| Institutions85 holders · as of Mar 31, 2026 | 33.87% | 20.86M shares | |
| Insiders19 holders · as of Jul 6, 2026 | 28.82% | 17.75M shares | |
| Strategic holders2 holders · as of May 12, 2026 | 17.04% | 10.49M shares | |
| Otherremainder | 20.27% | 12.48M shares |
61.57M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Frankenius Equity ABStrategic10 percent owner | 11.35% | 6.99M | Form 4filed Apr 20, 2026 ↗ |
David J. Matlin1Insiderdirector | 10.15% | 6.25M | Form 4filed May 15, 2026 ↗ |
First Light Asset Management, LLCInstitution | 8.23% | 5.07M | 13Fas of Mar 31, 2026 |
Utmost Group PLCStrategic | 5.69% | 3.50M | 13Gfiled May 12, 2026 ↗ |
James J. PallottaInsider | 5.18% | 3.19M | 13Gfiled May 20, 2026 ↗ |
| See all 25 → | |||
- David J. Matlin reports a block also reported by Vanguard Capital Management LLC; it is counted once, under Vanguard Capital Management LLC.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more · Form 4 — an insider's transaction report
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 15, 2026 | Richard Marshak | officer: Chief Commercial Officer | −543 | $2.67 |
| May 15, 2026 | Gary B. Gordon | director | +10,000 | $2.46 |
| May 15, 2026 | David Patience | officer: Chief Financial Officer | +7,100 | $2.43 |
| May 15, 2026 | Mary T. Szela | director, officer: CEO and President | +39,682 | $2.59 |
| May 15, 2026 | Michael P. Stansky | director | +610,000 | $2.50 |
- Merit Medical Systems
Named TriNav rival in steerable microcatheters
- Boston Scientific
Large interventional-oncology platform around Y-90 and catheters
- Delcath Systems
Liver-directed drug-device therapy in metastatic uveal melanoma
- AngioDynamics
Ablation alternative in liver and pancreatic tumor procedures
- AstraZeneca (ADR)
Approved dual immunotherapy in unresectable HCC
- Bristol-Myers Squibb
Opdivo plus Yervoy competes for first-line HCC use
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TriSalus Life Sciences | $5.14 | −0.58% | $316.5M | — | — | 7.0 | +1.7% |
| Merit Medical Systems | $91.35 | +1.33% | $5.38B | 37.2 | 20.6 | 3.4 | +9.5% |
| Boston Scientific | $48.42 | +0.09% | $71.90B | 19.7 | 14.6 | 3.4 | +7.5% |
| Delcath Systems | $15.78 | −4.77% | $572.4M | 1,275.4 | — | 6.0 | +20.6% |
| AngioDynamics | $15.63 | −1.45% | $645.6M | — | — | 2.0 | +8.1% |
| AstraZeneca (ADR) | $163.48 | +1.13% | $250.67B | 24.3 | 15.2 | 4.1 | +6.4% |
| Bristol-Myers Squibb | $67.65 | −0.01% | $138.21B | 14.9 | 10.6 | 2.8 | +5.7% |
| Median | 24.3 | 14.9 | 3.4 | +7.8% |