TriSalus Life Sciences Inc.
TLSI evidence brief
What we can confirm
- BioSniper Score:
- 5.6 / 10
- Market Cap:
- $301.7M
- Lead Asset:
- nelitolimod (Phase 1)
What it means
What to watch
Prepared research question
What matters most for TLSI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TLSI
TriSalus Life Sciences Inc. (TLSI) is a biotech company developing a pressure-enabled drug delivery (PEDD) technology and a TLR9 agonist (nelitolimod) for solid tumors, with a commercial TriNav catheter product line and early-stage clinical programs.
Key risk: Operating losses
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for TriSalus Life Sciences Inc..
TriSalus Life Sciences Inc. (TLSI) is a biotech company developing a pressure-enabled drug delivery (PEDD) technology and a TLR9 agonist (nelitolimod) for solid tumors, with a commercial TriNav catheter product line and early-stage clinical programs.
- Cash & equivalents of $46.3M as of 2026-06-30 [sec]
- Total revenue of $11.4M and net income of -$9.2M as of 2026-06-30 [sec]
- Shareholders' equity of $6.5M as of 2026-06-30 [sec]
- TriNav FLX and TriNav XP are eligible for existing HCPCS reimbursement codes [sec_mda · as of 2026-08-06]
- Nelitolimod (TLR9 agonist) has completed Phase I dose escalation in uveal melanoma and LA-PDAC, and Phase Ib in ICC/HCC [sec_mda · as of 2026-03-05]
What works
- TriNav products are eligible for existing HCPCS reimbursement codes, enabling integration into current billing frameworks [sec_mda · as of 2026-08-06]
- The company estimates a $400 million incremental market opportunity from a new thyroid procedure using the TriNav system [sec_mda · as of 2026-08-06]
- Management describes the company as a 'high growth, high margin company approaching a level of revenues that can generate sufficient cash flow to sustain our operations' [sec_mda · as of 2026-05-12]
What to weigh
- Net income was -$9.2M as of 2026-06-30, indicating ongoing operating losses [sec]
- Shareholders' equity of $6.5M as of 2026-06-30 is relatively low compared to cash burn [sec]
- Nelitolimod is still in early clinical phases (Phase I/II) with no approved indication, and the company is seeking a pharmaceutical partner for further development [sec_mda · as of 2026-05-12]
From the filings
Quoted directly from source documents.
TriNav FLX and TriNav XP are eligible for existing HCPCS reimbursement codes
“TriNav FLX and TriNav XP are eligible for the same HCPCS reimbursement codes as previously commercialized TriNav products, allowing for integration into existing reimbursement framework.”
SEC MD&A · August 6, 2026
The company estimates a $400 million incremental market opportunity from a new thyroid procedure
“We estimate that this could expand the addressable market by approximately 50,000 procedures, representing an incremental $400 million market opportunity.”
SEC MD&A · August 6, 2026
Nelitolimod Phase I dose escalation in LA-PDAC is complete and a consolidated clinical update is anticipated in H2 2026
“Our PERIO-03 Phase I dose escalation in LA-PDAC is complete and we anticipate releasing a consolidated clinical update in the second half of 2026 and will begin discussions for a pharmaceutical partner for further clinical development.”
SEC MD&A · May 12, 2026
Catalyst timeline
- 2021-08-02 · Phase 1 start for uveal melanoma (nelitolimod + checkpoint blockade) — Initiation of a Phase 1/1b study of SD-101 (nelitolimod) via hepatic artery infusion with or without checkpoint blockade in metastatic uveal melanoma.
- 2022-03-02 · Phase 2 start for HCC/ICC (nelitolimod + checkpoint blockade) — Initiation of a Phase 1b/2 study of SD-101 via hepatic arterial infusion with systemic checkpoint blockade for hepatocellular carcinoma and intrahepatic cholangiocarcinoma.
- 2023-03-01 · Phase 1 start for LA-PDAC (nelitolimod + checkpoint blockade) — Initiation of a Phase 1/1b study of SD-101 via pancreatic retrograde venous infusion alone and with checkpoint blockade for locally advanced pancreatic ductal adenocarcinoma.
Risks & what to watch (3)›
Key risks
- Operating losses — Net income of -$9.2M as of 2026-06-30 indicates continued cash burn [sec]
- Low shareholders' equity — Shareholders' equity of $6.5M as of 2026-06-30 is thin relative to losses [sec]
- Early-stage pipeline — Nelitolimod is in Phase I/II with no approved product; partner needed for further development [sec_mda · as of 2026-05-12]
What to watch
- Consolidated clinical update for PERIO-03 (LA-PDAC) expected in H2 2026 [sec_mda · as of 2026-05-12]
- Progress of the PROTECT registry study for thyroid disease (100 patients, ~10 sites) [sec_mda · as of 2026-08-06]
- Commercial adoption of TriNav FLX and TriNav XP under existing reimbursement codes [sec_mda · as of 2026-08-06]
- Cash runway given $46.3M cash and $9.2M quarterly net loss as of 2026-06-30 [sec]
Sources: Catalysts · News · Pipeline · SEC MD&A · Generated September 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 8.53 · 0% dilution
Lead: Phase 1
1 candidate
No upcoming catalysts tracked
6 buys · 1 sell (180d)
Pipeline
Financials
Short Interest
as of May 11, 2026- % of float
- 2.8%
- Days to cover
- 7.3
- Shares short
- 1,323,315
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TLSI short interestGovernance
Frequently asked questions
What is the AI investment thesis for TriSalus Life Sciences Inc.?
TriSalus Life Sciences Inc. (TLSI) is a biotech company developing a pressure-enabled drug delivery (PEDD) technology and a TLR9 agonist (nelitolimod) for solid tumors, with a commercial TriNav catheter product line and early-stage clinical programs.
What is TriSalus Life Sciences Inc.'s lead drug candidate?
TriSalus Life Sciences Inc.'s most advanced tracked candidate is nelitolimod (Phase 1) for uveal melanoma, intrahepatic cholangiocarcinoma, hepatocellular carcinoma, and pancreatic cancer.
Who is the CEO of TriSalus Life Sciences Inc.?
Ms. Mary T. Szela B.S.N., M.B.A. is the chief executive officer of TriSalus Life Sciences Inc. (TLSI).
Where is TriSalus Life Sciences Inc. headquartered?
TriSalus Life Sciences Inc. (TLSI) is headquartered in Westminster, CO, United States.
What therapeutic areas does TriSalus Life Sciences Inc. focus on?
TriSalus Life Sciences Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.