TriSalus Life Sciences, Inc., founded in 2009 and headquartered in Westminster, Colorado — Cyborg Score 6/10
Solid
Medical Devices & Oncology/Immuno-oncology
Strategic Profile
TriSalus has two FDA-cleared devices using proprietary Pressure-Enabled Drug Delivery (PEDD) approach that modulates pressure and flow to deliver more therapeutic to the tumor while reducing undesired delivery to normal tissue. The company is developing nelitolimod, an investigational immunotherapeutic designed to treat the immunosuppressive environment created by tumors, with patient data from PERIO clinical trials supporting favorable immune effects.
Cyborg Score Rationale
TriSalus has a market cap of $298M with trailing twelve month revenue of $40.2M, demonstrating early commercial traction. The company has reported revenue growth associated with increased use of its TriNav system in liver-directed therapies and expanding clinical adoption. However, the company shows negative operating income of -$36.2M, indicating it remains unprofitable despite revenue growth.
Top Insights
TriSalus is developing and marketing Pressure Enabled Drug Delivery (PEDD) infusion systems in use today, and an investigational agent, nelitolimod (SD-101), which shows potential to enhance immune system response in the treatment of hepatocellular cancer, pancreatic cancer and other liver solid tumors.
Investments in TriNav commercial efforts led the company to expect cash flow positivity in the first half of 2026.
The company works in partnership with leading cancer centers across the United States, collaborating with interventional radiologists and other specialists to support clinical trials, registry studies and evaluation of new embolization applications.
According to Wall Street analysts TriSalus Life Sciences's price is currently undervalued.
Named Competitors
Cell-based Immunotherapy Platform — Developing allogeneic CAR-NK therapies for cancer treatment
Recent Developments
(January 2025) Dr. Richard Marshak appointed Chief Commercial Officer
(January 2025) Jodi Devlin appointed Chief of Clinical Strategy and Operations
(August 2025) Company released Q2 2025 earnings results with -$0.27 earnings per share for the quarter
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