TriSalus Reports Q2 2024 Financial Results and Business Update
-
Reported revenues of
$7.4 million in Q2 2024 and$13.8 million for six months endedJune 30, 2024 , up 60% and 82%, respectively, compared to prior year periods
-
Reported gross margin of 88% in Q2 2024 and 86% for the six months ended
June 30, 2024 , compared to 83% and 81%, respectively, in the prior year periods
- Announces plan to launch the “DELIVER” Program in Q3 2024, clinical trials leveraging the TriNav® Infusion System (TriNav) in complex patient types and aiming to significantly expand the addressable market
- Expects to report data from phase 1 trials of nelitolimod in uveal melanoma liver metastases and locally advanced pancreatic cancer via its pancreatic infusion technology in Q4 2024
- Following demonstrated tolerability and efficacy in a limited number of patients in the checkpoint doublet cohort studying nelitolimod in hepatocellular cancer and intrahepatic cholangiocarcinoma (PERIO-2), Company intends to proceed with only investigator-initiated studies in combination with regionally delivered chemotherapy or radiation embolic therapies
-
Closed up to
$50 million of debt financing with OrbiMed to support the TriNav system growth initiatives
- Completed warrant exchange offer to simplify capital structure
-
Management to host earnings conference call on
August 15th at9:00 a.m. EDT
“Additionally, we have successfully advanced development of nelitolimod, having treated 100 patients in four indications and three clinical trials using our PEDD technology. Our progress to date indicates that nelitolimod can be delivered to the liver and pancreas with minimal systemic exposure and shows early promise of benefit in heavily pretreated patients with advanced disease,” added
Second Quarter Business Update
DELIVER Program
- TriSalus is excited to unveil the DELIVER program, a series of clinical trials designed to significantly expand the addressable market by evaluating the use of the TriNav system across a diverse range of complex patient populations, with the intent to further validate prior clinical studies that demonstrated the favorable clinical effects of the PEDD technology. This initiative aims to generate comprehensive data and solidify the evidence supporting TriNav's application in patients who might not be suitable candidates for traditional transarterial chemotherapy and radioembolization treatments. A key focus of the DELIVER program is to investigate the potential of combining use of the TriNav system with these therapies to enhance effectiveness and address resistance mechanisms in challenging cancers.
- The Company expects to launch the program with its first clinical study, named "PROTECT" (Pressure Enabled Retrograde Occlusive Therapy with Embolization for Control of Thyroid Disease). The goal of the trial is to highlight the advantages of this novel approach compared to conventional surgical methods.
Nelitolimod Clinical Studies in Uveal Melanoma Liver Metastases, Hepatocellular Carcinoma, Intrahepatic Cholangiocarcinoma, and Locally Advanced Pancreatic Cancer via the Pressure-Enabled Regional Immuno-Oncology (PERIO) Clinical Program
-
In
November 2023 , TriSalus presented initial Phase 1 results for the PERIO-01 and PERIO-03 studies at theSociety of Immunotherapy for Cancer annual meeting, and inJune 2024 , it presented top-line results for PERIO-02 at theAmerican Society of Clinical Oncology (ASCO) annual meeting. - PERIO-01 is a Phase 1 trial evaluating hepatic arterial delivery of nelitolimod via the PEDD technology in patients with uveal melanoma liver metastases. The trial includes dose-escalation cohorts with monotherapy and in combination with checkpoint inhibitors. The preliminary data show a tolerable safety profile, evidence of liver metastases myeloid-derived suppressor cells (MDSC) depletion with T cell infiltration, and promising indications of activity, including ctDNA responses, disease control, and survival beyond historical benchmarks in predominantly pre-treated patients. The final results for the PERIO-01 Phase 1 trial are expected in Q4 2024.
-
PERIO-02 focuses on the hepatic arterial delivery of nelitolimod via the PEDD technology for patients with hepatocellular carcinoma or intrahepatic cholangiocarcinoma. The study has been completed, and recent findings presented by investigators from
MD Anderson Cancer Center at ASCO demonstrated consistent safety and immunologic effects, along with encouraging survival times in a subset of patients treated with a systemic checkpoint inhibitor doublet. The Company expects further investigation into these indications to continue only through investigator-initiated studies. - PERIO-03 is a Phase 1 dose-escalation study of nelitolimod in locally advanced pancreatic cancer. Nelitolimod is administered through outpatient interventional radiology procedures using the Pancreatic TriSalus Infusion System™ PEDD device. Phase 1 results for this study are anticipated in Q4 2024.
Closed up to
In April, TriSalus announced the closing of a debt financing facility with OrbiMed, a healthcare investment firm. Under the terms of the credit agreement with OrbiMed, the Company borrowed
Cash and cash equivalents on hand totaled
Completion of Warrant Exchange Offer
-
On
May 24, 2024 , TriSalus announced an exchange offer of 0.30 shares of Common Stock for each publicly traded and private warrant tendered. - The offer’s purpose was to simplify the Company’s capital structure and reduce the potential dilutive impact of the warrants, thereby providing the Company with more flexibility for financing its operations in the future.
-
On
July 1 st, the Company issued 2,110,366 shares of common stock in exchange for 6,529,954 (or 79%) of its publicly traded warrants and 504,685 (or 10%) of its private warrants.
Financial Results for Q2 2024
Revenue, all of which is from the sale of the TriNav system, was
Gross margins were 88% and 86% for the three and six months ended
Operating losses were
Net losses available to common stockholders were
The basic and diluted loss per share for the three and six months ended
Conference Call
TriSalus will host a webcast to discuss its second quarter 2024 financial results and business highlights on
About
In partnership with leading cancer centers across the country – and by leveraging deep immuno-oncology expertise and inventive technology development – TriSalus is committed to advancing innovation that improves outcomes for patients. Learn more at trisaluslifesci.com and follow us on Twitter and LinkedIn.
Forward Looking Statements
Statements made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav system and nelitolimod investigational immunotherapy, the expected timing for reporting results from the Company’s clinical trials for nelitolimod, the Company’s expectation that the development of nelitolimod for the indications covered by PERIO-02 will continue through investigator led trials, the Company’s ability to achieve the revenue milestones under the credit facility, the Company’s expectations about its cash runway, the Company’s expectations about its revenue growth for 2024, the expected benefits from the Company’s DELIVER program, the Company’s expected timing to launch PROTECT study and any future studies, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the
Financials
|
|
|||||||||||||||||
| Condensed Consolidated Statement of Operations (unaudited, in thousands) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
|
|
|
||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
| Revenue |
$ |
7,364 |
|
$ |
4,612 |
|
$ |
13,821 |
|
$ |
7,596 |
|
|||||
| Cost of goods sold |
|
912 |
|
|
772 |
|
|
1,883 |
|
|
1,434 |
|
|||||
| Gross Profit |
|
6,452 |
|
|
3,840 |
|
|
11,938 |
|
|
6,162 |
|
|||||
| Operating expenses: | |||||||||||||||||
| Research and development |
|
4,666 |
|
|
6,886 |
|
|
10,523 |
|
|
12,504 |
|
|||||
| Sales and marketing |
|
6,004 |
|
|
3,492 |
|
|
12,691 |
|
|
6,741 |
|
|||||
| General and administrative |
|
3,956 |
|
|
4,896 |
|
|
8,583 |
|
|
8,472 |
|
|||||
| Loss from operations |
|
(8,174 |
) |
|
(11,434 |
) |
|
(19,859 |
) |
|
(21,555 |
) |
|||||
| Other income (expense): | |||||||||||||||||
| Interest income |
|
97 |
|
|
36 |
|
|
189 |
|
|
71 |
|
|||||
| Interest expense |
|
(877 |
) |
|
(4 |
) |
|
(880 |
) |
|
(9 |
) |
|||||
| Loss on equity issuance |
|
(4,225 |
) |
|
(4,189 |
) |
|||||||||||
| Extinguishment of tranche liability |
|
621 |
|
||||||||||||||
| Change in fair value of SEPA, warrant, and | |||||||||||||||||
| revenue base redemption liabilities |
|
(9,016 |
) |
|
1,070 |
|
|
(6,495 |
) |
|
3,491 |
|
|||||
| Change in fair value of contingent earnout liability |
|
13,689 |
|
|
9,701 |
|
|||||||||||
| Other expense, net |
|
(44 |
) |
|
(25 |
) |
|
(197 |
) |
|
(43 |
) |
|||||
| Loss before income taxes |
|
(4,325 |
) |
|
(13,961 |
) |
|
(17,541 |
) |
|
(22,234 |
) |
|||||
| Income tax expense |
|
(7 |
) |
|
(13 |
) |
|
(10 |
) |
|
(8 |
) |
|||||
| Net loss available to common stockholders |
$ |
(4,332 |
) |
$ |
(13,974 |
) |
$ |
(17,551 |
) |
$ |
(22,242 |
) |
|||||
| Deemed dividend related to Series B-2 preferred stock down | |||||||||||||||||
| round provision |
|
(2,022 |
) |
|
(2,981 |
) |
|||||||||||
| Undeclared dividends on Series A preferred stock |
|
(801 |
) |
|
(1,602 |
) |
|||||||||||
| Net loss attributable to common stockholders |
$ |
(5,133 |
) |
$ |
(15,996 |
) |
$ |
(19,153 |
) |
$ |
(25,223 |
) |
|||||
| Net loss per common share, basic and diluted |
$ |
(0.21 |
) |
$ |
(35.84 |
) |
$ |
(0.81 |
) |
$ |
(59.79 |
) |
|||||
| Weighted average common shares outstanding, basic and diluted |
|
23,903,659 |
|
|
446,287 |
|
|
23,613,243 |
|
|
421,861 |
|
|||||
|
|
||||||||
| Condensed Consolidated Balance Sheets (unaudited, in thousands) | ||||||||
|
|
|
|||||||
|
2024 |
2023 |
|||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents |
16,481 |
|
11,777 |
|
||||
| Accounts receivable |
4,706 |
|
3,554 |
|
||||
| Inventory, net |
3,443 |
|
2,545 |
|
||||
| Prepaid expenses |
3,311 |
|
2,986 |
|
||||
| Total current assets |
27,941 |
|
20,862 |
|
||||
| Property and equipment, net |
1,830 |
|
2,091 |
|
||||
| Right-of-use assets |
1,123 |
|
1,179 |
|
||||
| Intangible assets, net |
1,113 |
|
1,127 |
|
||||
| Other assets |
424 |
|
466 |
|
||||
| Total assets |
32,431 |
|
25,725 |
|
||||
| Liabilities and Stockholders' Deficit | ||||||||
| Current liabilities: | ||||||||
| Trade payables |
1,976 |
|
3,391 |
|
||||
| Accrued liabilities |
9,407 |
|
10,556 |
|
||||
| Short-term lease liabilities |
323 |
|
351 |
|
||||
| Other current liabilities |
291 |
|
389 |
|
||||
| Total current liabilities |
11,997 |
|
14,687 |
|
||||
| Long-term debt, net of unamortized discount and debt issuance costs |
21,286 |
|
||||||
| Revenue base redemption feature |
715 |
|
||||||
| Long-term lease liabilities |
1,154 |
|
1,244 |
|
||||
| Contingent earnout liability |
8,931 |
|
18,632 |
|
||||
| Warrant and SEPA liabilities |
12,497 |
|
17,100 |
|
||||
| Total liabilities |
56,580 |
|
51,663 |
|
||||
| Stockholders' deficit: | ||||||||
| Preferred Stock, Series A, |
||||||||
| per share. Authorized 10,000,000 shares at |
||||||||
|
|
||||||||
| shares at |
||||||||
| Common stock, |
||||||||
| at |
||||||||
| 27,159,463 and 26,413,213 shares at |
||||||||
| respectively |
2 |
|
2 |
|
||||
| Additional paid-in capital |
241,777 |
|
222,437 |
|
||||
| Accumulated deficit |
(265,928 |
) |
(248,377 |
) |
||||
| Total stockholders' deficit |
(24,149 |
) |
(25,938 |
) |
||||
| Total liabilities and stockholders' deficit |
32,431 |
|
25,725 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814956646/en/
For Media Inquiries:
610.420.3049
TriSalus@argotpartners.com
For Investor Inquiries:
SVP-Investor Relations/Treasurer
847.337.0655
james.young@trisaluslifesci.com
Source:
