Trisalus Life Sciences (TLSI) Investor presentation summary

Business overview and growth strategy

• Focuses on improving drug delivery to solid tumors using Pressure Enabled Drug Delivery (PEDD) technology, targeting HCC, pancreatic cancer, and other solid tumors.

• Commercial-stage business with significant upside from market penetration in liver embolization and new product launches.

• Projects annual revenues of $60–$62 million for 2026, up from $45.2 million in 2025, with a 50% year-over-year growth.

• Addressable U.S. device market opportunity estimated at over $2.5 billion annually, with additional upside from nelitolimod if approved.

• Targeting expansion into multiple indications, including liver, thyroid, uterine, genicular, prostate, and pancreatic applications.

Technology and product portfolio

• PEDD opens collapsed tumor vessels, improving drug delivery and protecting normal tissue by reducing reflux.

• TriNav infusion system portfolio includes TriNav, TriNav LV, FLX, XP, and the upcoming Advance device, addressing a wide range of vessel anatomies.

• TriNav Advance, pending 510(k) clearance, is designed for selective therapy delivery to small, distal vessels and can be used with or without a microcatheter.

• Unique HCPCS reimbursement codes for TriNav system procedures, with 2026 reimbursement rates set at $11,794–$18,728 per procedure.

• Real-world data shows TriNav delivers 40% more doxorubicin in chemoembolizations and improves outcomes for higher disease burden patients.

Market opportunities and clinical applications

• Combined U.S. PEDD total addressable market estimated at ~$2.5B annually, spanning liver, multinodular goiter, uterine fibroids, genicular artery, prostate, and pancreatic cancer.

• Multinodular goiter (~$400M), uterine fibroids (~$200M), genicular artery embolization (~$800M), and locally advanced pancreatic cancer (~$400M) represent major market opportunities.

• TriNav system offers minimally invasive alternatives to current standards of care, aiming to reduce complications and improve patient outcomes.

• Ongoing PERIO trials with nelitolimod target uveal melanoma, hepatocellular cancer, cholangiocarcinoma, and pancreatic ductal adenocarcinoma, with data releases expected in Q1 2026.