2023 Q4 Form 10-Q Financial Statement

#000182666723000007 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $5.721M $5.193M $0.00
YoY Change
Cost Of Revenue $582.0K $589.0K
YoY Change -15.98%
Gross Profit $5.139M $4.604M
YoY Change 42.89%
Gross Profit Margin 89.83% 88.66%
Selling, General & Admin $11.62M $13.71M $1.356M
YoY Change 756.9% 3072.85% 18.77%
% of Gross Profit 226.08% 297.87%
Research & Development $7.639M $9.367M
YoY Change 94.82%
% of Gross Profit 148.65% 203.45%
Depreciation & Amortization $202.0K $166.0K
YoY Change
% of Gross Profit 3.93% 3.61%
Operating Expenses $19.26M $23.08M $1.356M
YoY Change 1320.32% 5239.98% 18.77%
Operating Profit -$14.12M -$18.48M
YoY Change 4174.86%
Interest Expense $59.00K $4.000K $1.629M
YoY Change -96.38% -99.61% 20470.45%
% of Operating Profit
Other Income/Expense, Net -$21.45M -$13.00K -$265.3K
YoY Change 7983.9% -101.01% -106.58%
Pretax Income -$35.51M -$1.286M $8.030K
YoY Change -442291.78% -251.16% -99.72%
Income Tax $1.000K $0.00 $351.4K
% Of Pretax Income 4375.72%
Net Earnings -$36.31M -$1.286M -$343.3K
YoY Change 10475.23% -295.01% -111.86%
Net Earnings / Revenue -634.66% -24.76%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.81 -$0.13 -$0.01
COMMON SHARES
Basic Shares Outstanding 26.32M shares 13.17M shares
Diluted Shares Outstanding 13.17M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.78M $21.38M $153.6K
YoY Change 7569.31% 10200.1% -23.56%
Cash & Equivalents $11.78M $21.38M $153.6K
Short-Term Investments
Other Short-Term Assets $5.972M $2.977M $206.3K
YoY Change 2794.39% 2918.35% -36.51%
Inventory $2.545M $1.629M $1.471M
Prepaid Expenses $2.986M $2.977M $206.3K
Receivables $3.554M $3.052M $1.557M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.86M $29.04M $359.9K
YoY Change 5696.74% 9383.61% -31.56%
LONG-TERM ASSETS
Property, Plant & Equipment $3.270M $1.897M $2.231M
YoY Change 46.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $466.0K $367.0K $19.83M
YoY Change -97.65% -99.85% -92.07%
Total Long-Term Assets $4.863M $4.513M $19.83M
YoY Change -75.47% -98.2% -92.07%
TOTAL ASSETS
Total Short-Term Assets $20.86M $29.04M $359.9K
Total Long-Term Assets $4.863M $4.513M $19.83M
Total Assets $25.73M $33.55M $20.19M
YoY Change 27.43% -86.65% -91.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.391M $1.899M $1.443M
YoY Change 135.01% 135.53% 36.43%
Accrued Expenses $10.88M $6.600M $6.377M
YoY Change 70.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.69M $9.305M $2.502M
YoY Change 487.01% 386.22% 56.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.341M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $36.98M $15.76M $9.811M
YoY Change 276.87% 65.12% -37.3%
Total Long-Term Liabilities $36.98M $15.76M $11.15M
YoY Change 231.55% 53.84% -28.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.69M $9.305M $2.502M
Total Long-Term Liabilities $36.98M $15.76M $11.15M
Total Liabilities $51.66M $25.07M $13.65M
YoY Change 278.36% 106.15% -20.85%
SHAREHOLDERS EQUITY
Retained Earnings -$248.4M -$212.9M -$13.27M
YoY Change 1772.11% 1725.65% -20.64%
Common Stock $2.000K $2.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.94M $8.487M -$13.27M
YoY Change
Total Liabilities & Shareholders Equity $25.73M $33.55M $20.19M
YoY Change 27.43% -86.65% -91.94%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$36.31M -$1.286M -$343.3K
YoY Change 10475.23% -295.01% -111.86%
Depreciation, Depletion And Amortization $202.0K $166.0K
YoY Change
Cash From Operating Activities -$8.849M -$21.46M -$1.266M
YoY Change 599.14% 6055.37% 85.88%
INVESTING ACTIVITIES
Capital Expenditures $372.0K $178.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$328.0K -$1.139M $232.8M
YoY Change -100.14% -496.86% 387933.57%
Cash From Investing Activities -$700.0K -$1.317M $232.8M
YoY Change -100.3% -558.89% 387933.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.00K 40.25M -231.6M
YoY Change -100.02% 20026.5% -42675.08%
NET CHANGE
Cash From Operating Activities -8.849M -21.46M -1.266M
Cash From Investing Activities -700.0K -1.317M 232.8M
Cash From Financing Activities 43.00K 40.25M -231.6M
Net Change In Cash -9.506M 17.48M -54.02K
YoY Change 17497.19% 12528.42% -29.77%
FREE CASH FLOW
Cash From Operating Activities -$8.849M -$21.46M -$1.266M
Capital Expenditures $372.0K $178.0K
Free Cash Flow -$9.221M -$21.63M
YoY Change

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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
94000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
73000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
54586000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7554000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11969000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17963000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21633000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12338000 usd
tlsi Class Of Warrant Or Right Transfer Of Warrant To Preferred Stock
ClassOfWarrantOrRightTransferOfWarrantToPreferredStock
25409000 usd
tlsi Class Of Warrant Or Right Transfer Of Warrant To Preferred Stock
ClassOfWarrantOrRightTransferOfWarrantToPreferredStock
0 usd
us-gaap Nature Of Operations
NatureOfOperations
Nature of Business<div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 10, 2023 (the "Closing Date"), TriSalus Life Sciences, Inc., a Delaware corporation (the “Company,” “TriSalus,” “we,” “us”), formerly known as MedTech Acquisition Corporation (“MTAC”), consummated the previously announced merger pursuant to the Agreement and Plan of Merger, dated as of November 11, 2022, as amended by that certain First Amendment to Agreement and Plan of Merger, dated as of April 4, 2023, the Second Amendment to Agreement and Plan of Merger, dated as of May 13, 2023, and the Third Amendment to Agreement and Plan of Merger, dated as of July 5, 2023 (as amended, the “Merger Agreement”), by and between MTAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of MTAC (“Merger Sub”) and TriSalus Operating Life Sciences, Inc. (formerly known as TriSalus Life Sciences, Inc.), a Delaware corporation (“Legacy TriSalus”), whereby Merger Sub merged with and into Legacy TriSalus with the separate corporate existence of Merger Sub ceasing (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”) and TriSalus Life Sciences, Inc. becoming the surviving company. The closing of the Business Combination is herein referred to as “the Closing.” In connection with the consummation of the Merger, on August 10, 2023, Legacy TriSalus changed its name from TriSalus Life Sciences, Inc. to TriSalus Operating Life Sciences, Inc., and MTAC changed its name from MedTech Acquisition Corporation to TriSalus Life Sciences, Inc., the surviving company ("New TriSalus”). As further described in Note 3, Legacy TriSalus was deemed to be the accounting acquirer and predecessor company in the Business Combination. Thus, the prior periods presented in these consolidated financial statements are of Legacy TriSalus.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of the Business</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are engaged in the research, development, and sales of innovative drug delivery technology and immune-oncology therapeutics to improve outcomes in difficult to treat liver and pancreatic cancer. Our technology is utilized in the delivery of our therapeutics and administered by interventional radiologists. We are developing and marketing two product lines — Pressure Enabled Drug Delivery (“PEDD™) infusion systems, in use today, and an investigational agent, SD-101, which shows potential to enhance immune system response in the treatment of hepatocellular cancer, pancreatic cancer and other liver solid tumors. The combination of our PEDD technology with SD-101, is focused on solving the two main barriers in the tumor micro environment that inhibits the success of immunotherapy. The first barrier (mechanical) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is comprised of high intratumoral pressure within tumors that limits drug uptake and the second barrier (biological) is the reversal of intratumoral immunosuppression. Our PEDD with SmartValve™ is the only technology designed to work in synchrony with the cardiac cycle to open collapsed vessels in the tumor to enable deeper perfusion and improve therapeutic drug delivery in tumors with high intratumoral pressure. PEDD with SmartValve has been shown in prospective and retrospective clinical studies and in multiple pre-clinical models to improve therapy uptake and tumor response.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TriNav™ is the newest therapy delivery device with SmartValve technology for the proprietary PEDD approach. Current sales consist of the TriNav Infusion System, introduced in 2020, and a family of related guiding catheters. In 2020, we gained transitional pass-through payments (“TPT”) approval from the Centers for Medicare &amp; Medicaid Services (“CMS”), which allows hospitals to cover the cost of using TriNav. The approval is scheduled to expire at the end of 2023. On June 1, 2023, TriSalus applied for a new technology Ambulatory Payment Classifications ("APC”) code with CMS and met with CMS on June 26, 2023, to review the application. If granted, the new technology APC code would allow for continuing reimbursement for the TriNav device at similar reimbursement rates for the period beginning January 1, 2024, but there can be no assurance that such code will be granted or that continuing reimbursement will be available at similar reimbursement rates, or at all.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SD-101 has a dual mechanism of action in solid tumors which includes the alteration of the tumor microenvironment by reducing immunosuppressive myeloid derived suppressor cells while simultaneously activating immune response and recruiting T cells to the tumor, allowing checkpoint inhibitors to work more effectively. </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe the full potential of our technology can be realized through the combination of our drug delivery technology with immune-oncology drugs. In July 2020, we acquired our first immune-oncology drug, SD-101, and began clinical development of SD-101 for treatment of liver and pancreatic cancers.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have funded operations to date principally with proceeds from the sale of preferred stock, from the issuance of debt and convertible debt, and the closing of the Business Combination. Since inception of the Company in 2009 through September 30, 2023, we have issued for cash $164,364 of preferred stock (of which $36,854 was raised at the closing of the Business Combination, including issuance of Series A convertible preferred stock), which, along with </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$551 from common stock and $44,692 from convertible notes and warrants, has funded our accumulated deficit of $212,867. During the nine months ended September 30, 2023, we raised $9,189 in cash through the issuance of Series B-2 preferred stock, $9,630 in cash through the issuance of Series B-3 preferred stock, $94 from the exercise of stock options, and $36,854 from the Business Combination. </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023, we had cash and cash equivalents of $21,383. The Company is still in its early stage, has yet to generate revenues sufficient to create positive cash flow and has an accumulated deficit of $212,867 as of September 30, 2023. We are currently undergoing a strategic transformation from a company focused solely on the sale of our infusion systems to a therapeutics company whereby our medical devices will be marketed in combination with the pharmaceutical drugs and other treatments that the devices deliver to patients. This transformation requires that we restructure our operating infrastructure, resulting in an increase in operating expenses — including the development of a candidate pharmaceutical — that, in the short term, will not be fully offset by increased revenues. Without additional financing and based on our sales, operations and research and development plans, our management estimates that our existing cash and cash equivalents will be insufficient to fund our projected liquidity requirements for the next 12 months.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC Topic 205-40, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Presentation of Financial Statements, Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, we are required to evaluate whether there is substantial doubt about our ability to continue as a going concern each reporting period. In evaluating our ability to continue as a going concern, management projected our cash flow sources and needs and evaluated the conditions and events have raised substantial doubt about our ability to continue as a going concern within one year after the date that these consolidated financial statements were issued. Management’s plans to address the conditions and events have considered our current projections of future cash flows, current financial condition, sources of liquidity and debt obligations for at least one year from the date of issuance of these consolidated financial statements in considering whether we have the ability to fund future operations and meet our obligations as they become due in the normal course of business.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ability to fund future operations and to continue the execution of our long-term business plan and strategy, including our transformation into a therapeutics company, will require that we raise additional capital through a combination collaborations, strategic alliances and licensing arrangements, and issuance of additional equity and/or long-term debt. There can be no assurance that we will be able to raise such additional financing or, if available, that such financing can be obtained on satisfactory terms. If adequate capital resources are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include a hiring freeze, reductions in our workforce, reduction in cash compensation, deferring clinical trials and capital expenditures, and reducing other operating costs.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our current operating plan, which is in part determined based on our most recent results and trends, along with the items noted above, causes substantial doubt to exist about our ability to continue as a going concern and management’s plans do not alleviate the existence of substantial doubt. Our financial statements have been prepared assuming we will continue as a going concern, which contemplates the continuity of normal business activities and realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments that might be necessary should we be unable to continue as a going concern.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to various risks and uncertainties frequently encountered by companies in the early stages of growth, particularly companies in the rapidly evolving market for medical technology-based and pharmaceutical products and services. Such risks and uncertainties include, but are not limited to, a limited operating history, need for additional capital, a volatile business and technological environment, the process to test and obtain approval to market the candidate pharmaceutical, the process to obtain continuing CMS approval and application for a new ACS code for our PEDD product for reimbursement, an evolving business model, and demand for our products. To address these risks, we must, among other things, gain access to capital in sufficient amounts and on acceptable terms, maintain and increase our customer base, implement and successfully execute our business strategy, develop the candidate pharmaceutical, continue to enhance our technology, provide superior customer service, and attract, retain, and motivate qualified personnel. There can be no guarantee that we will succeed in addressing such risks.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Subsequent Event</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 2, 2023, we entered into a Standby Equity Purchase Agreement (the “Yorkville Purchase Agreement”) with YA II PN, Ltd. (“Yorkville”). Yorkville is a fund managed by Yorkville Advisors Global, LP, headquartered in Mountainside, New Jersey.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Yorkville Purchase Agreement, the Company shall have the right, but not the obligation, to sell to Yorkville up to $30,000 of common stock, par value $0.0001 per share of the Company (the “Common Stock”), at the Company’s request any time during the commitment period commencing on October 2, 2023 (the “Effective Date”), and terminating on the first day of the month following the 24-month anniversary of the Effective Date. Each issuance </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and sale by the Company to Yorkville under the Yorkville Purchase Agreement (an “Advance”) is subject to a maximum limit equal to the greater of: (i) an amount equal to 100% of the average of the daily volume traded of the Company’s Common Stock on the Nasdaq Stock Market (“Nasdaq”) for the 10 trading days immediately preceding an Advance notice, or (ii) 1,000,000 shares of Common Stock. The shares will be issued and sold to Yorkville at a per-share price equal to, at the election of the Company as specified in the relevant Advance notice: (i) 96% of the Market Price (as defined below) for any period commencing on the receipt of the Advance notice by Yorkville and ending on </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4:00</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> p.m. New York City time on the applicable Advance notice date (the “Option 1 Pricing Period”), and (ii) 97% of the Market Price for any <span style="-sec-ix-hidden:f-385">three</span> consecutive trading days commencing on the Advance notice date (the “Option 2 Pricing Period,” and each of the Option 1 Pricing Period and the Option 2 Pricing Period, a “Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily volume-weighted average price (“VWAP”) of the Common Stock on Nasdaq, and for any Option 2 Pricing Period, the lowest VWAP of the Common Stock on the Nasdaq during the Option 2 Pricing Period. The Advances are subject to certain limitations, including that Yorkville cannot purchase any shares that would result in it beneficially owning more than 4.99% of the Company’s outstanding Common Stock at the time of an Advance or acquiring since the Effective Date under the Yorkville Purchase Agreement more than 19.99% of the Company’s outstanding Common Stock, as of the date of the Yorkville Purchase Agreement.</span>
tlsi Number Of Product Lines In Development
NumberOfProductLinesInDevelopment
2 product_line
tlsi Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
36854000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
551000 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-212867000 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
9189000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
9630000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
94000 usd
tlsi Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
36854000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21383000 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-212867000 usd
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
tlsi Standby Equity Purchase Agreement Term
StandbyEquityPurchaseAgreementTerm
P24M
CY2023Q3 tlsi Purchase Agreement Ownership Limitation
PurchaseAgreementOwnershipLimitation
0.0499
CY2023Q3 tlsi Purchase Agreement Exchange Cap
PurchaseAgreementExchangeCap
0.1999
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentrations of Credit Risk and Other Risks and UncertaintiesOur cash and cash equivalents are deposited primarily with two financial institutions and one investment institution. At times, the deposits in these institutions may exceed the amount of insurance provided on such deposits. We have not experienced any losses in such accounts and believe that we are not exposed to any significant risk on these balances.
CY2023Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
40150000 usd
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
tlsi Preferred Stock Conversion Percentage Of Outstanding Shares
PreferredStockConversionPercentageOfOutstandingShares
0.992
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant estimates relate to the valuation of earnout, warrant and tranche liabilities, and the valuation allowance on deferred tax assets.
CY2023Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
4015002 shares
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q3 tlsi Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.02471853 shares
CY2023Q3 tlsi Stock Converted Reverse Recapitalization
StockConvertedReverseRecapitalization
21999886 shares
CY2023Q3 tlsi Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.02471853 shares
CY2023Q3 tlsi Proceeds From Reverse Recapitalization Transaction
ProceedsFromReverseRecapitalizationTransaction
42854000 usd
CY2023Q3 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
2704000 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
40150000 usd
CY2023Q3 tlsi Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
36854000 usd
CY2023Q3 tlsi Reverse Recapitalization Transaction Costs Incurred
ReverseRecapitalizationTransactionCostsIncurred
6069000 usd
CY2023Q3 tlsi Payments Of Reverse Recapitalization Transaction Costs
PaymentsOfReverseRecapitalizationTransactionCosts
1742000 usd
CY2023Q3 tlsi Reverse Recapitalization Transaction Costs Paid
ReverseRecapitalizationTransactionCostsPaid
4327000 usd
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
26316681 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2816224 shares
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
14266605 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
28927000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
16188000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21383000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9414000 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
250000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
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250000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21633000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9664000 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
250000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
250000 usd
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
289000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
753000 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1340000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
718000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
1629000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1471000 usd
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
43000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3404000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2905000 usd
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2706000 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2896000 usd
CY2023Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
475000 usd
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
329000 usd
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
15000 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
247000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6600000 usd
CY2023Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
28927000 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
14266605 shares
tlsi Class Of Warrant Or Right Threshold Number Of Days For Warrants To Be Transferable
ClassOfWarrantOrRightThresholdNumberOfDaysForWarrantsToBeTransferable
P30D
CY2023Q3 tlsi Class Of Warrant Or Right Repurchase Program Authorized Amount
ClassOfWarrantOrRightRepurchaseProgramAuthorizedAmount
4000000 usd
CY2023Q3 tlsi Share Based Compensation Arrangement Number Of Plans
ShareBasedCompensationArrangementNumberOfPlans
2 plan
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7500732 shares
CY2023Q3 tlsi Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesOutstanding
2816224 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4684508 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q3 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
5984998 shares
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
458000 usd
CY2023Q3 tlsi Preferred Stock Automatic Conversion Period
PreferredStockAutomaticConversionPeriod
P4Y
CY2023Q3 tlsi Preferred Stock Conversion Price Automatic Reset Duration First Reset
PreferredStockConversionPriceAutomaticResetDurationFirstReset
P18M
CY2023Q3 tlsi Preferred Stock Conversion Price Automatic Reset Duration Second Reset
PreferredStockConversionPriceAutomaticResetDurationSecondReset
P47M
CY2023Q3 tlsi Preferred Stock Conversion Price Floor
PreferredStockConversionPriceFloor
2.10
CY2023Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
706243 shares
CY2023Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
203974000 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
164006000 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
164006000 usd
us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
39968000 usd
tlsi Temporary Equity Value Conversion Of Convertible Securities
TemporaryEquityValueConversionOfConvertibleSecurities
203974000 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
160507000 usd
us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
3499000 usd
CY2022Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
164006000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2871084 shares
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
9630000 usd
tlsi Class Of Warrant Or Right Transfer Of Warrant To Preferred Stock
ClassOfWarrantOrRightTransferOfWarrantToPreferredStock
25409000 usd
tlsi Reverse Recapitalization Stock Value If Converted Amount
ReverseRecapitalizationStockValueIfConvertedAmount
220000000 usd
tlsi Gain Loss On Equity Issuance
GainLossOnEquityIssuance
-4171000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21097831 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13381126 shares
us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
PreferredStockConvertibleDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
2981000 usd
tlsi Income Loss From Preferred Stock Convertible Down Round Feature Per Basic Share
IncomeLossFromPreferredStockConvertibleDownRoundFeaturePerBasicShare
-0.72
tlsi Share Based Compensation Arrangement By Share Based Payment Award Automatic Increase Per Year Number Of Years
ShareBasedCompensationArrangementByShareBasedPaymentAwardAutomaticIncreasePerYearNumberOfYears
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1179480 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.66

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ex311ceo302certification.htm Edgar Link pending
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