$TLSI
TriSalus Life Sciences, Inc.

2024 Q4 Form 10-Q Financial Statement

#000182666724000051 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $7.349M
YoY Change 41.52%
Cost Of Revenue $1.004M
YoY Change 70.46%
Gross Profit $6.345M
YoY Change 37.81%
Gross Profit Margin 86.34%
Selling, General & Admin $10.87M
YoY Change -20.77%
% of Gross Profit 171.24%
Research & Development $4.219M
YoY Change -54.96%
% of Gross Profit 66.49%
Depreciation & Amortization $169.0K
YoY Change 1.81%
% of Gross Profit 2.66%
Operating Expenses $15.08M
YoY Change -34.65%
Operating Profit -$8.739M
YoY Change -52.7%
Interest Expense -$984.0K
YoY Change -24700.0%
% of Operating Profit
Other Income/Expense, Net -$13.00K
YoY Change 0.0%
Pretax Income -$2.402M
YoY Change 86.78%
Income Tax -$3.000K
% Of Pretax Income
Net Earnings -$2.399M
YoY Change 86.55%
Net Earnings / Revenue -32.64%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12
COMMON SHARES
Basic Shares Outstanding 30.49M shares 29.31M shares
Diluted Shares Outstanding 26.50M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.29M
YoY Change -47.21%
Cash & Equivalents $11.29M
Short-Term Investments
Other Short-Term Assets $3.609M
YoY Change 21.23%
Inventory $3.999M
Prepaid Expenses $3.609M
Receivables $4.912M
Other Receivables $0.00
Total Short-Term Assets $23.81M
YoY Change -18.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.818M
YoY Change -4.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $424.0K
YoY Change 15.53%
Total Long-Term Assets $3.669M
YoY Change -18.7%
TOTAL ASSETS
Total Short-Term Assets $23.81M
Total Long-Term Assets $3.669M
Total Assets $27.48M
YoY Change -18.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.446M
YoY Change -23.85%
Accrued Expenses $7.877M
YoY Change 19.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.918M
YoY Change 6.59%
LONG-TERM LIABILITIES
Long-Term Debt $21.68M
YoY Change
Other Long-Term Liabilities $16.32M
YoY Change 3.51%
Total Long-Term Liabilities $21.68M
YoY Change 37.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.918M
Total Long-Term Liabilities $21.68M
Total Liabilities $47.91M
YoY Change 91.13%
SHAREHOLDERS EQUITY
Retained Earnings -$269.4M
YoY Change 26.58%
Common Stock $3.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.43M
YoY Change
Total Liabilities & Shareholders Equity $27.48M
YoY Change -18.11%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.399M
YoY Change 86.55%
Depreciation, Depletion And Amortization $169.0K
YoY Change 1.81%
Cash From Operating Activities -$10.85M
YoY Change -49.45%
INVESTING ACTIVITIES
Capital Expenditures $169.0K
YoY Change -5.06%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$169.0K
YoY Change -87.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.823M
YoY Change -85.53%
NET CHANGE
Cash From Operating Activities -10.85M
Cash From Investing Activities -169.0K
Cash From Financing Activities 5.823M
Net Change In Cash -5.193M
YoY Change -129.71%
FREE CASH FLOW
Cash From Operating Activities -$10.85M
Capital Expenditures $169.0K
Free Cash Flow -$11.02M
YoY Change -49.08%

Facts In Submission

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Nature of Business<div style="margin-top:9pt;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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(3) Business Combination</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, Legacy TriSalus was deemed to be the accounting acquirer and predecessor company in the Business Combination. Thus, the prior periods presented in these condensed 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 dedicated to the research, development, and commercialization of an innovative drug delivery technology platform and an immuno-oncology therapeutic, aimed at improving outcomes for patients with difficult-to-treat liver and pancreatic cancers. Our advanced technology is designed for use by interventional radiologists to enhance the delivery of therapeutics and improve patient outcomes. </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 market our cutting-edge Pressure Enabled Drug Delivery (PEDD™) infusion systems, which optimize therapeutic delivery for hepatocellular carcinoma, pancreatic cancer, and other solid liver tumors. 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. Additionally, we are developing a drug product candidate, nelitolimod (A TLR9 agonist), which has demonstrated a potential to enhance immune system response, when delivered via PEDD, in the treatment of pancreatic cancer and other liver solid tumors. The combination of our PEDD technology with nelitolimod is focused on solving the two main barriers in the tumor microenvironment that inhibits the success of systemic therapies. The first barrier (mechanical) is comprised of high intratumoral pressure within tumors that limits drug uptake and the second barrier (biological) is the reversal of intratumoral immunosuppression. Nelitolimod 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><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have initiated Phase 1 and Phase 1b clinical trials for this nelitolimod, each of which are focused on a different target indication, specifically: uveal melanoma, intrahepatic cholangiocarcinoma and hepatocellular carcinoma ("ICC" and "HCC"), and pancreatic cancer. Based on our review of the preliminary data regarding the ICC/HCC studies, we do not intend to proceed to Phase II trials for those indications. Based on the changing landscape for second line treatment of uveal melanoma, we do not intend to proceed to Phase II trials for that indication on our own, but we are looking for potential partners to advance that indication. Our PERIO-3 clinical trial in pancreatic cancer is continuing with additional patient enrollment and we anticipate data from the study will be available in sometime in 2025, depending on when patient enrollment and treatment is completed.</span></div><div style="margin-bottom:6pt;margin-top:6pt;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. 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 expired at the end of 2023. On June 1, 2023, </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">we applied for a new technology APC code with CMS. In December 2023, CMS granted a New Technology Healthcare Common Procedure Coding System ("HCPCS") code for both mapping and therapeutic procedures involving TriNav. This new code, HCPCS C9797, has been assigned to the Ambulatory Payment Classification ("APC") code 5194 - Level 4 </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Endovascular procedures. The new code became effective on January 1, 2024, and may be reported by hospital outpatient departments and ambulatory surgical centers.</span></div><div style="margin-bottom:6pt;margin-top:6pt;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 therapeutics. In July 2020, we acquired our first immune-oncology drug, nelitolimod, and began clinical development of nelitolimod for treatment of liver and pancreatic cancers.</span></div><div style="margin-bottom:6pt;margin-top:6pt;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, 2024, we have issued for cash $164,364 of preferred stock (of which $36,854 was raised at the closing of the Business Combination from issuance of Series A convertible preferred stock), which, along with $13,159 from common stock and $57,466 from convertible notes and warrants, has funded our accumulated deficit of $269,441. During the nine months ended September 30, 2024, we raised $12,390 in cash through the sale of common stock under the Standby Equity Purchase Agreement, which we entered into with YA II PN, Ltd. ("Yorkville") on October 2, 2023 (the "SEPA") and $14 from the exercise of stock options. See Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(12) Standby Equity Purchase Agreement</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for discussion of the SEPA.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2024 (the "OrbiMed Closing Date"), we entered into a Credit Agreement (the "Credit Agreement") with OrbiMed Royalty &amp; Credit Opportunities IV, LP ("OrbiMed"), a healthcare investment firm. Under the terms of the Credit Agreement, we may borrow up to $50,000, of which we immediately drew $25,000, before expenses. The remaining debt is available in two increments of $10,000 and $15,000, subject to the achievement of certain revenue targets. See Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(13) Debt</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion.</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, 2024, we had cash, cash equivalents, and restricted cash of $11,638. The Company is still in its early stage, has a history of recurring operating losses, has yet to generate revenues sufficient to create positive cash flow and has an accumulated deficit of $269,441 as of September 30, 2024. We expect that our existing cash and cash equivalents will not be sufficient to fund our projected liquidity requirements for the next 12 months from the issuance date of the condensed financial statements. If we are able to achieve certain targets specified in the Credit Agreement and are then able to draw the remainder of the funds available, and if market conditions allow us to sell additional shares under the SEPA, we believe we can fund our operations through the end of 2025.</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, Presentation of Financial Statements, Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, 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 that could raise substantial doubt about our ability to continue as a going concern within one year after the date that these condensed 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 condensed consolidated financial statements as to 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 of collaborations, strategic alliances and licensing arrangements, and issuance of additional equity and/or debt. As described in Note (12) Standby Equity Purchase Agreement, we have the right but not the obligation, to sell up to $30,000 of our Common Stock at our request under the SEPA, subject to terms and conditions specified in the agreement. During the nine months ended September 30, 2024, we sold 1,874,867 shares of common stock under the SEPA, raising $12,390. In addition, as described in Note (13) Debt, in April 2024, we drew $25,000, before expenses, under the Credit Agreement. Outside of these agreements, 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 </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%">additional capital, a volatile business and technological environment, the process to test and obtain approval to market the candidate pharmaceutical, 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>
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CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-269441000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11638000 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-269441000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1874867 shares
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
12390000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2023Q4 us-gaap Assets
Assets
24598000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-249504000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-27065000 usd
CY2023Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9506000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-18616000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1425000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1883000 usd
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22066000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-40227000 usd
us-gaap Net Income Loss
NetIncomeLoss
-23724000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27163000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.72
CY2024Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5844000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11672000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-13206000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14007000 usd
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
us-gaap Net Income Loss
NetIncomeLoss
-23724000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
490000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-41401000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1216000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-13206000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
175000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10867000 usd
CY2023Q3 tlsi Derivative Instrument Contingent Consideration Liability Earnout Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriod
P5Y
CY2023Q4 tlsi Standby Equity Purchase Agreement Term
StandbyEquityPurchaseAgreementTerm
P24M
us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:8.01pt">Use of Estimates</span>The preparation of the condensed 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 condensed 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 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 tlsi Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.02471853 shares
CY2023Q3 tlsi Stock Converted Reverse Recapitalization
StockConvertedReverseRecapitalization
21999886 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
28927000 usd
CY2024Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
6571000 usd
CY2024Q3 tlsi Revenue Base Redemption Feature Amount
RevenueBaseRedemptionFeatureAmount
425000 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1699000 usd
CY2023Q4 tlsi Fair Value Measurement Reconciliation Liability Value
FairValueMeasurementReconciliationLiabilityValue
16916000 usd
tlsi Fair Value Liability Still Held Unrealized Gain Loss
FairValueLiabilityStillHeldUnrealizedGainLoss
-2260000 usd
tlsi Fair Value Measurement Reconciliation Liability Purchases Sales Issuances Settlements
FairValueMeasurementReconciliationLiabilityPurchasesSalesIssuancesSettlements
-11923000 usd
CY2024Q3 tlsi Fair Value Measurement Reconciliation Liability Value
FairValueMeasurementReconciliationLiabilityValue
7253000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11288000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11777000 usd
CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
350000 usd
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
350000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11638000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12127000 usd
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
350000 usd
CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
350000 usd
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1239000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
607000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2763000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2055000 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
117000 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
3999000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
2545000 usd
CY2024Q3 tlsi Accrued Clinical Trial Liability Current
AccruedClinicalTrialLiabilityCurrent
2452000 usd
CY2023Q4 tlsi Accrued Clinical Trial Liability Current
AccruedClinicalTrialLiabilityCurrent
3115000 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1643000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2790000 usd
CY2024Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2417000 usd
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3736000 usd
CY2024Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
360000 usd
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
327000 usd
CY2024Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
755000 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
557000 usd
CY2024Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
216000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
0 usd
CY2024Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
34000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
31000 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7877000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10556000 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
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 Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
28927000 usd
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
18632000 usd
CY2024Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
6571000 usd
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7311278 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
14215112 shares
tlsi Class Of Warrant Or Right Threshold Number Of Days For Warrants To Be Transferable
ClassOfWarrantOrRightThresholdNumberOfDaysForWarrantsToBeTransferable
P30D
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1699000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 tlsi Standby Equity Purchase Agreement Term
StandbyEquityPurchaseAgreementTerm
P24M
CY2023Q4 tlsi Standby Equity Purchase Agreement Maximum Allowable Percentage Of Outstanding Common Stock
StandbyEquityPurchaseAgreementMaximumAllowablePercentageOfOutstandingCommonStock
0.1999
CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1124867 shares
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1874867 shares
CY2024Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
5647000 usd
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
12390000 usd
CY2024Q2 tlsi Debt Instrument Paid In Kind Interest Term
DebtInstrumentPaidInKindInterestTerm
P15M
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2593000 usd
CY2024Q2 tlsi Warrant Liability
WarrantLiability
811000 usd
CY2024Q2 tlsi Revenue Base Redemption Feature Amount
RevenueBaseRedemptionFeatureAmount
729000 usd
CY2024Q3 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
664000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
25000000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2593000 usd
CY2024Q2 tlsi Revenue Base Redemption Feature Amount
RevenueBaseRedemptionFeatureAmount
729000 usd
CY2024Q2 tlsi Warrant Liability
WarrantLiability
811000 usd
CY2024Q3 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
5984998 shares
CY2024Q3 tlsi Preferred Stock Dividends Undeclared Cumulative Dividends
PreferredStockDividendsUndeclaredCumulativeDividends
3654000 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
CY2023Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
25237155 shares
tlsi Temporary Equity Shares Issued During Period
TemporaryEquitySharesIssuedDuringPeriod
0 shares
tlsi Temporary Equity Stock Retired Or Converted During Period Shares
TemporaryEquityStockRetiredOrConvertedDuringPeriodShares
188571 shares
CY2024Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
25048584 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41193501 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42319984 shares
tlsi Number Of Equity Incentive Plans
NumberOfEquityIncentivePlans
2 plan
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
9520997 shares
CY2024Q3 tlsi Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesOutstanding
5447802 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4073195 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2385694 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1178 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1657906 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1
CY2024Q1 tlsi Common Stock Period Increase Decrease In Capital Shares Reserved For Future Issuance
CommonStockPeriodIncreaseDecreaseInCapitalSharesReservedForFutureIssuance
954278 shares
CY2024Q3 tlsi Lessee Number Of Operating Leases
LesseeNumberOfOperatingLeases
4 lease

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