TriSalus Life Sciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on drug delivery technology and immuno-oncology therapeutics, experienced a notable increase in revenue, with total revenue for the three months reaching $7.3 million, up from $5.2 million in the same period last year. For the nine months ended September 30, 2024, revenue rose to $21.2 million, compared to $12.8 million in the prior year, primarily driven by increased sales of its TriNav infusion system.

Gross profit for the third quarter was $6.3 million, reflecting a gross margin of 86.3%, slightly down from 88.7% in the previous year. The company reported a loss from operations of $8.7 million for the quarter, an improvement from a loss of $18.6 million in the same period of 2023. For the nine-month period, the loss from operations was $28.6 million, compared to $40.2 million in the prior year.

TriSalus's net loss available to common stockholders for the third quarter was $2.4 million, compared to $1.4 million in the same quarter of 2023. The nine-month net loss decreased to $19.9 million from $23.7 million year-over-year. The company’s accumulated deficit as of September 30, 2024, stood at $269.4 million.

The company’s total current assets increased to $23.8 million from $20.9 million at the end of 2023, while total liabilities decreased to $9.9 million from $14.7 million. This led to an improvement in total stockholders’ deficit to $(20.4 million) from $(27.1 million) at the end of 2023.

Strategically, TriSalus completed a merger with MedTech Acquisition Corporation on August 10, 2023, which has positioned it for growth in the medical device and pharmaceutical sectors. The company has also entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville, allowing it to raise up to $30 million through the sale of common stock. During the nine months ended September 30, 2024, TriSalus raised $12.4 million through this agreement.

Additionally, the company secured a Credit Agreement with OrbiMed in April 2024, providing up to $50 million in senior secured term debt, with an immediate draw of $25 million. This funding is intended to support the company’s strategic expansion plans.

Despite these positive developments, TriSalus continues to face challenges, including a history of operating losses and the need for substantial additional funding to support ongoing operations and product commercialization efforts. The company has expressed substantial doubt about its ability to continue as a going concern without generating sufficient cash flows or obtaining additional capital.