On November 14, 2023, TriSalus Life Sciences Inc (TLSI, Financial) released its 8-K filing, announcing financial results for the third quarter ended September 30, 2023, and providing a business update. The company, which specializes in integrating novel delivery technology with immunotherapy for liver and pancreatic tumors, reported a significant increase in revenue and gross margins, alongside updates on clinical advancements and strategic appointments.
Financial Performance and Clinical Progress
TriSalus Life Sciences Inc (TLSI, Financial) achieved a 32% increase in revenues for the third quarter of 2023, amounting to $5.2 million, and a 39% increase for the nine-month year to date, totaling $12.8 million. This growth is primarily attributed to continued market share gains. Gross margins for the quarter stood at 89%, up from 82% in the same period last year, due to increased factory volumes and improved operational efficiency.
However, operating losses expanded to $18.5 million in Q3 2023, compared to $8.1 million in the previous year, driven by non-recurring professional service fees related to the completion of the deSPAC process and increased investments in research and development (R&D) and sales and marketing efforts. Net losses attributable to common stockholders were $1.7 million for the quarter, with a basic and diluted loss per share of $0.13.
Strategic Developments and Clinical Trials
TriSalus highlighted favorable data from its Phase 1 trials, including the PERIO-01 study for uveal melanoma and the PERIO-03 study for pancreatic adenocarcinoma, demonstrating safety and potential efficacy of its innovative immunotherapy approach. The company also announced the appointment of Jodi Devlin as President of Commercial Operations, bringing extensive experience to the team.
Balance Sheet and Cash Flow
As of September 30, 2023, TriSalus reported cash and cash equivalents of $21.4 million. The company's total assets stood at $33.6 million, with total liabilities at $25.1 million. The balance sheet reflects the company's financial position post-merger and public trading commencement.
Outlook and Future Plans
TriSalus Life Sciences Inc (TLSI, Financial) remains committed to advancing its clinical programs and commercialization efforts. The company plans to complete the PERIO-03 Phase 1 study by the end of 2023 and initiate the Phase 1b dose expansion in early 2024. With its innovative PEDD technology and immunotherapy candidate SD-101, TriSalus aims to improve treatment outcomes for patients with liver and pancreatic tumors.
For detailed financial tables and further information, investors and interested parties are encouraged to review the full 8-K filing.
TriSalus Life Sciences Inc (TLSI, Financial) continues to demonstrate progress in its mission to transform cancer treatment, with a focus on delivering value to patients and shareholders alike. Stay tuned to GuruFocus.com for continued coverage and analysis of TriSalus's financial developments and clinical advancements.
Explore the complete 8-K earnings release (here) from TriSalus Life Sciences Inc for further details.
