TriSalus Life Sciences, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TriSalus Life Sciences, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

TriSalus Life Sciences, Inc. (TLSIW) filed a Annual Report (10-K) with the SEC on April 11, 2024. TriSalus Life Sciences, Inc. filed its 2023 Form 10-K on April 11, 2024. The company was formerly known as MedTech Acquisition Corp. and changed its name on September 30, 2020. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 6272 West 91st Avenue, Westminster, CO 80031. The SIC code for TriSalus Life Sciences, Inc. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking TriSalus Life Sciences, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TriSalus Life Sciences' financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors within the 10-K are essential for stakeholders to understand the company's market position, potential challenges, and regulatory compliance.

Risk Assessment

Risk Level: — TriSalus Life Sciences, Inc. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine disclosures and does not indicate any immediate or significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand TriSalus Life Sciences' performance and potential challenges in the surgical and medical instruments sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-11 — Filing Date (Filed as of date)
• 001-39813 — SEC File Number (SEC file number)

Key Players & Entities

• TriSalus Life Sciences, Inc. (company) — Filer name
• MedTech Acquisition Corp. (company) — Former company name
• Westminster, CO (location) — Business address city and state
• 3841 (industry_code) — Standard Industrial Classification code

FAQ

Industry Context

TriSalus Life Sciences operates within the Surgical & Medical Instruments & Apparatus industry (SIC 3841). This sector involves the design, manufacture, and distribution of medical devices and equipment used in surgical procedures and healthcare settings.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (Form 10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section to identify potential challenges and uncertainties facing TriSalus Life Sciences.
3. Examine any disclosures related to business strategy, product development, or market expansion.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-11: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for TriSalus Life Sciences, Inc. as a standalone entity, following its name change from MedTech Acquisition Corp.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value TLSI Nasdaq Global Market
• $11.50 — 's common stock at an exercise price of $11.50 per share TLSIW Nasdaq Global Market
• $10.48 — quarter), based on the closing price of $10.48 as reported on the Nasdaq Global Market
• $18.5 million — rimarily TACE and TARE. TriNav achieved $18.5 million in revenue in 2023 with fourth quarter

Filing Documents

• tlsi-20231231.htm (10-K) — 2671KB
• ex41trisalus-descriptionof.htm (EX-4.1) — 75KB
• ex1019amendmenttomarshakar.htm (EX-10.19) — 23KB
• ex311ceo302certification1.htm (EX-31.1) — 10KB
• ex312cfo302certification1.htm (EX-31.2) — 10KB
• ex321ceo906certification1.htm (EX-32.1) — 8KB
• ex322cfo906certification1.htm (EX-32.2) — 8KB
• ex971trisalus-clawbackpoli.htm (EX-97.1) — 44KB
• image_1.jpg (GRAPHIC) — 30KB
• image_2.jpg (GRAPHIC) — 33KB
• tlsi-20231231_g1.jpg (GRAPHIC) — 313KB
• tlsi-20231231_g2.jpg (GRAPHIC) — 80KB
• ex231auditorconsentapril11.htm (EX-23.1) — 3KB
• picture1a.jpg (GRAPHIC) — 2KB
• 0001826667-24-000005.txt (&nbsp;) — 12601KB
• tlsi-20231231.xsd (EX-101.SCH) — 86KB
• tlsi-20231231_cal.xml (EX-101.CAL) — 93KB
• tlsi-20231231_def.xml (EX-101.DEF) — 478KB
• tlsi-20231231_lab.xml (EX-101.LAB) — 825KB
• tlsi-20231231_pre.xml (EX-101.PRE) — 672KB
• tlsi-20231231_htm.xml (XML) — 1439KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 81

Cyber Security

Item 1C. Cyber Security 81 Item 2.

Properties

Properties 83 Item 3.

Legal Proceedings

Legal Proceedings 83 Item 4. Mine Safety Disclosures 83 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 84 Item 6. [ Reserved ] 84 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 84 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 97 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 98 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 128 Item 9A.

Controls and Procedures

Controls and Procedures 128 Item 9B. Other Information 129 Item 9C Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 129 Part III Item 10. Directors, Executive Officers and Corporate Governance 130 Item 11.

Executive Compensation

Executive Compensation 140 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 155 Item 13. Certain Relationships and Related Transactions, and Director Independence 157 Item 14. Prin cipal Accounting Fees and Services 161 Part IV Item 15. Exhibits, Financial Statement Schedules 163 Item 16. Form 10-K Summary 167

Signatures

Signatures 168 INTRODUCTORY NOTE TriSalus Life Sciences, Inc., a Delaware corporation (the "Company", "TriSalus", "we", "us"), formerly known as MedTech Acquisition Corp. ("MTAC"), was originally incorporated in the State of Delaware on September 11, 2020, as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more target businesses or entities. On August 10, 2023 (the "Closing Date"), we consummated the transactions contemplated by 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, 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 to TriSalus Life Sciences, Inc. Table of Contents Unless the context indicates otherwise, references in this Annual Report on Form 10-K for the year ending December 31, 2023, ("Annual Re

Business

Item 1. Business Overview We are a growing, oncology focused medical technology business bringing disruptive drug delivery technology with the goal of improving therapeutic delivery to liver and pancreatic tumors. Additionally, we are exploring the integration of our technology with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of liver and pancreatic indications. Our ultimate goal is to transform the treatment paradigm for patients battling liver and pancreatic tumors. We have developed an innovative organ-specific platform that is designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) the immunosuppressive properties of liver and pancreatic tumor immune cells. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes. Background Liver and pancreatic cancers are among the world's most lethal diseases. Depending on the disease stage, many patients have no curative treatment options and have poor outcomes, with 5-year survival rates ranging from 8-20% for patients with advanced disease. While immunotherapy represents one of the greatest advancements in cancer treatment over the past 50 years, patients with primary or secondary tumors in the liver or pancreas are less likely to respond to treatment relative to most other cancer types that do not involve these sites of disease. These patients need new treatment options designed to address the unique challenges specific to liver and pancreatic tumors that limit the success of immunotherapy. We have developed a platform approach to address the unique challenges of treating tumors in the liver and pancreas by integrating our innovative drug delivery techn

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View this 10-K filing on SEC EDGAR