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TriSalus Life Sciences, Inc.

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 5, 2026

TLSI$3.22-0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Table of Contents

Page
Part I
Item 1.Business1
Item 1A.Risk Factors24
Item 1B.Unresolved Staff Comments70
Item 1C.Cybersecurity70
Item 2.Properties71
Item 3.Legal Proceedings71
Item 4.Mine Safety Disclosures71
Part II
Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities72
Item 6.[ Reserved ]72
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations72
Item 7A.Quantitative and Qualitative Disclosures About Market Risk82
Item 8.Financial Statements and Supplementary Data83
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosures118
Item 9A.Controls and Procedures118
Item 9B.Other Information119
Item 9CDisclosure Regarding Foreign Jurisdiction that Prevent Inspections119
Part III
Item 10.Directors, Executive Officers and Corporate Governance120
Item 11.Executive Compensation120
Item 12.Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters120
Item 13.Certain Relationships and Related Transactions, and Director Independence120
Item 14.Principal Accounting Fees and Services120
Part IV
Item 15.Exhibits, Financial Statement Schedules121
Signatures127

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K for the year ending December 31, 2025, ("Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This includes, without limitation, statements regarding the financial position, business strategy, the plans and objectives of management for future operations, statements regarding future economic conditions or performance and statements of belief and any statement of assumptions underlying any of the foregoing. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. We have based these forward-looking statements on our current expectations and projections about future events. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Annual Report.

We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Some factors that could cause actual results to differ include:

our ability to raise financing in the future;

our ability to service our indebtedness and to access additional delayed draws that may in the future become available to us;

changes in applicable laws or regulations;

our ability to retain or recruit, or changes required in, our officers, key employees or directors;

our ability to successfully commercialize any product candidates that we successfully develop and that are approved by applicable regulatory authorities;

our expectations for the timing and results of data from clinical trials and regulatory approval applications;

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

our business, operations and financial performance including:

our history of operating losses and expectations of significant expenses and continuing losses for the foreseeable future;

our ability to execute our business strategy, including the growth potential of the markets for our products and our ability to serve those markets;

our ability to grow market share in our existing markets or any new markets we may enter;

our ability to develop and maintain our brand and reputation;

our ability to partner with other companies;

the size of the addressable markets for our product candidates;

our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;

our ability to manage our growth effectively;

our ability to maintain the listing of our securities in the Nasdaq Global Market, and the potential liquidity and trading of such securities;

the outcome of any legal proceedings that may be instituted against us; and

unfavorable conditions in our industry, the global economy or global supply chain, including financial and credit market fluctuations, international trade relations, pandemics, political turmoil, natural catastrophes, warfare and terrorist attacks.

Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Should one or more of the risks or uncertainties described in this Annual Report occur or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. For a further discussion of these and other factors that could cause our future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled “Risk Factors” in this Annual Report.

Except to the extent required by applicable law, we are under no obligation (and expressly disclaim any such obligation) to update or revise their forward-looking statements whether as a result of new information, future events or otherwise. You should read this Annual Report completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.