TriSalus Life Sciences, Inc. (TLSI) Stock

TriSalus Life Sciences, Inc. (TLSI) is a Healthcare stock trading at $5.25 (as of 2026-08-20), with a market capitalization of $322.44M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

TriSalus Life Sciences, Inc. develops and commercializes immunotherapies for liver and pancreatic tumors, including the TriNav Infusion System for hepatic arterial infusion and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. It also develops SD-101, an investigational immunotherapeutic intended for multiple cancer types with liver metastases and certain primary pancreatic cancers.

Understand TriSalus Life Sciences, Inc.: how it makes money

TriSalus develops and commercializes immunotherapies for liver and pancreatic tumors, including the TriNav Infusion System, and it makes money by selling the TriNav system for use in US hepatic arterial infusion procedures.

Because TriSalus commercializes infusion systems used in hospital procedures, its revenue and progress toward profitability depend on expanding hospital adoption (new accounts) and then driving ongoing usage per account (units per account), reflected in its operating KPIs.

Revenue by segment (latest quarter)
TriNav US	$0.0B

Business quality (Weak): Segment visibility is limited in the provided data (only TriNav US revenue is shown), and the company also has investigational immunotherapy (SD-101) that is not directly tied to the quarter's reported revenue, so conclusions about overall profit drivers are constrained.

Bull case

Commercial traction signals in hospitals: Net New Hospital Accounts was 42, and Account Utilization was 15.3 units per account, which aligns with repeat use potential of its infusion system offering.
High gross margin reported for the quarter: Gross margin was 86.2% in the latest reported period, indicating positive economics at the gross level even while operating losses remain large.

Bear case

Profits remain deeply negative: Operating margin was -94.5% in the latest quarter, showing the company is not yet covering operating costs from current revenue.
Small revenue base in the provided quarter: Reported revenue is 0.0B for the latest period, with only a small TriNav US revenue figure provided (0.01B), which can make results sensitive to adoption and procedure volumes.
Clinical and product execution risk for SD-101: SD-101 is investigational, and the operational KPIs include enrollment in the PERIO-03 Phase 1 dose escalation study (13 patients) and patients treated with nelitolimod (100), which implies ongoing development uncertainty.

Valuation — source: SEC EDGAR (first-party)
Price	$5.25
Market Cap	$322.44M
Price / Book	25.18
Price / Sales	7.89
FCF Yield	-12.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$45.15M
Net Margin	-86.9%
Revenue Growth (YoY)	53.4%
EPS Growth (YoY)	40.5%
FCF Growth (YoY)	-54.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	-10.84 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	First Light Asset Management, LLC ($20.27M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Mary T. Szela
Employees	110
Country	US
IPO Date	2021-02-08

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.