0001628280-25-052043 | 10-Q | XBRL Viewer | Trisalus Life Sciences INC

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Debt - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	4 Months Ended	8 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Feb. 18, 2025	Apr. 30, 2024	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Nov. 10, 2025
Debt Instrument [Line Items]
Proceeds from lines of credit		$ 25,000				$ 10,000	$ 25,000
Paid in kind interest, term		15 months
PIK interest						800	$ 377
Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 50,000
Proceeds from lines of credit	$ 10,000
Default rate		4.00%
Minimum liquidity cash requirement			$ 10,000			$ 10,000
SOFR floor		0.040
Debt instrument, basis spread on variable rate		8.50%
Paid-in-kind interest		3.50%
Exit fee percentage		0.040
Commitment fee percentage		2.00%
Undrawn fee, percentage		0.25%
Administrative fee		$ 10
Interest expense			1,500
PIK interest			200
Cash paid for interest expense			1,000
Amortization of debt issuance costs and discounts			$ 300
Loan Facility \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Minimum liquidity cash requirement								$ 5,000
Loan Facility, Initial Commitment Amount \| Secured Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		25,000
Proceeds from lines of credit		25,000
PIK interest					$ 604
Loan Facility, June 30, 2025 \| Secured Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		10,000
Product revenue base, minimum amount required		30,000
Proceeds from lines of credit	$ 10,000
PIK interest				$ 800
Loan Facility, December 31, 2025 \| Secured Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		15,000
Product revenue base, minimum amount required		$ 50,000

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

On April 30, 2024 (the "OrbiMed Closing Date"), we entered into the Credit Agreement with OrbiMed ("OrbiMed Credit Agreement"), a healthcare investment firm, and certain of its affiliates to support the execution of strategic expansion plans, fuel continued growth and provide financial flexibility.

Pursuant to the Agreement, OrbiMed agreed to provide a term loan facility to the Company, in an aggregate principal amount of $50.0 million, as follows:

a.$25.0 million funded on the OrbiMed Closing Date (the “Initial Term Loan”).

b.$10.0 million term loan available at the election of the Company, provided that Product Revenue Base for the trailing 12-months ending on the last day of the month immediately prior to the funding of such loan was at least $30.0 million (the “First Delayed Draw Term Loan Commitment”). The First Delayed Draw Term Loan Commitment expired on June 30, 2025.

c.An additional $15.0 million term loan available at the election of the Company, provided that Product Revenue Base for the trailing 12-months ending on the last day of the month immediately prior to the funding of such loan was at least $50.0 million (the “Second Delayed Draw Term Loan Commitment” and together with the First Delayed Draw Term Loan Commitment the “DDTL Commitments”). The Second Delayed Draw Term Loan Commitment expires on December 31, 2025.

The term loan matures on April 30, 2029 (the "Maturity Date"). On April 30, 2024, we borrowed the initial commitment amount, resulting in gross proceeds of $25.0 million. On February 18, 2025, we borrowed the First Delayed Draw Term Loan Commitment resulting in gross proceeds of $10.0 million based on achieving the trailing 12-month Product Revenue Base of $30.0 million in January 2025.

The OrbiMed Credit Agreement includes a subjective acceleration clause whereby an event of default, including a material adverse change in the business, operations, or conditions, could result in the acceleration of the obligations under the OrbiMed Credit Agreement. Under certain circumstances, a default interest rate of an additional 4.0% per annum will apply, at the election of OrbiMed, on all outstanding obligations during the occurrence and continuance of an event of default. OrbiMed can also declare all or a portion of the outstanding principal amount of the loan due and payable, and cancel any unmade draws. OrbiMed has not exercised its right under this clause as there have been no such events.

As part of the First Amendment to the OrbiMed Credit Agreement and Registration Rights Agreement, effective March 20, 2025, we received a waiver for the prior default events related to the Series A Convertible Preferred Stock conversions and the OrbiMed Credit Agreement was amended to allow for these conversions going forward. In addition, we received a waiver on March 31, 2025 to extend the timing for the required audited financial statements to occur on or before April 15, 2025. Effective on April 30, 2025, the Second Amendment to the OrbiMed Credit Agreement allows for the Company to accelerate payment of the Series A Preferred Stock dividends in cash payments in lieu of fractional shares upon conversion of Preferred Stock.

On November 10, 2025, we entered into the Third Amendment to the OrbiMed Credit Agreement ("OrbiMed Third Amendment"), which lowered the the minimum cash requirement for the liquidity covenant from $10.0 million to $5.0 million. In addition, we received a waiver for the prior default related to the 30 days written notice of the change in our Chief Financial Officer.

Repayment

If the Product Revenue Base (i.e., with respect to any period, the net revenues for such period from sales of TriNav) on a trailing 12-month basis does not equal or exceed the specified amount as stipulated in table below, the Company will start repaying the outstanding principal amount of the Term Loans. Such repayments will commence in the calendar month immediately following the applicable Test Date (stipulated in the table below) and occur on the last day of each calendar month ("Amortization Payment Date"). The repayments are made in equal monthly installments, calculated from the first Amortization Payment Date through the Maturity Date and the balance principal amount of the Term Loans shall be repaid on the Maturity Date. The repayments include the applicable Repayment Premium and the Exit Fee (each as defined below). The repayment of the Term Loans as aforementioned, is referred to as the “revenue base redemption liability.”


Test Dates (fiscal Quarter Ending)			Product Revenue Base for 12 months Period
September 30, 2025			37,800
December 31, 2025			42,700
March 31, 2026			46,400
June 30, 2026 and each Fiscal Quarter ending thereafter			50,000

As of September 30, 2025, we were in compliance with the Product Revenue Base requirement and no repayments were required.

Repayment Premium

All payments of the Term Loans (other than on Maturity Date) shall be accompanied by the payment of the premium, which shall be determined based on the timing of the repayment as follows (the “Repayment Premium”):


Time of Repayment			Premium Rate
Within the first 12 months from the funding date of each respective loan.			3.0% plus the Make-Whole Amount (1)
After the first 12 months but before the 24-month anniversary of the funding date of each respective loan.			3.0%
After the 24-month anniversary but before the 36-month anniversary of the funding date of each respective loan.			2.0%
After the 36-month anniversary but before the 48-month anniversary of the funding date of each respective loan.			1.0%
After the 48-month anniversary of the funding date of each respective loan.			0.0%

(1) “Make-Whole Amount” is equal to the sum of the remaining scheduled interest payments through the 12-month anniversary

of the closing date of each respective loan.

Interest Rate and Payment

The interest rate is calculated as Secured Overnight Financing Rate for the interest period (which shall not be less than 4.0% (the “Floor”)) plus 8.5% (the “Interest Rate”). Until the first full interest period after the 15 months anniversary of the OrbiMed Closing Date, 3.5% of the Interest Rate shall be designated as paid-in-kind interest ("PIK Interest"), which is added to the outstanding principal amount of the Loans. However, the Company upon written notice can elect to pay all interest in cash or to pay a percentage less than 3.5% as PIK Interest.

On and after occurrence of any Event of Default, until such Event of Default is cured, the Company is obligated to pay 4.0% in addition to the otherwise applicable Interest Rate (the “Default Rate”).

Interest payments (except PIK Interest) are due on the last day of the month. Whenever a prepayment is made on the principal of the Term Loans, the accrued interest on the amount prepaid is also due on such date.

Warrant

In connection with the closing of the OrbiMed Credit Agreement, we issued OrbiMed the Initial OrbiMed Warrant. Subsequent to achieving the First Delayed Draw Term Loan Commitment revenue requirement, the Subsequent OrbiMed Warrant was issued (see Note 5) for further discussion.

Debt Related Fees

Exit Fee

The Company on the repayment of the Term Loans is obligated to pay an additional fee equal to 4.0% of the of the principal amount being repaid. This applies whether the repayment is made on the Maturity Date, or under any other conditions specified in the Agreement (the “Exit Fee”). The Exit Fee is amortized over the term of the Term Loans.

Commitment Fee

The Company on the funding date of the Term Loans, shall pay a commitment fee to the Lender, equal to 2.0% of the principal amount drawn (the “Commitment Fee”). The Commitment Fee was recorded as a debt discount and amortized over the life of the Term Loans.

Undrawn Fee

Every month, the Company is obligated to remit a fee to the Lender, calculated as 0.25% per annum of the total undrawn amount under the DDTL Commitments (the "Undrawn Fee"). The Undrawn Fee is accounted for as a service fee, which is expensed as incurred.

Administrative Fee

The Company will pay to the Agent for its own account a quarterly loan administration fee of $0.01 million, payable in advance, with the first payment due and payable upon the OrbiMed Closing Date.

In 2024, we recorded the Initial Term Loan and the First Delay Draw as Long-term debt, and recorded the issuance costs incurred to obtain the loan as contra-debt, in accordance with ASC 470, Debt.

During the three months ended September 30, 2025, we recorded interest expense of $1.5 million related to the Term Loan on the condensed consolidated statements of operations, of which $0.2 million was recorded as PIK Interest $1.0 million was cash interest and $0.3 million was amortization of debt issuance costs and debt discount.

The following table summarizes activity within the Term Loan for the nine months ended September 30, 2025:


OrbiMed Debt
Initial draw	$	25,000
Debt issuance costs
Cash issuance costs	$	(2,593)
Noncash issuance costs:
Revenue base redemption liability	(729)
Warrant liability	(811)
Balance at April 30, 2024	$	20,867
Amortization of debt issuance costs	486
PIK interest	604
Accretion of exit fee liability	127
Balance at December 31, 2024	$	22,084
First Delayed Draw Term Loan Commitment	10,000
Debt issuance costs
Cash issuance costs	(521)
Noncash issuance costs:
Warrant liability	(366)
Amortization of debt issuance costs	558
PIK interest	800
Accretion of exit fee liability	209
Balance at September 30, 2025	$	32,764

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 22,687	$ 8,525
Accounts receivable, net	5,000	5,087
Inventory, net	3,276	4,048
Prepaid expenses	2,365	3,009
Total current assets	33,328	20,669
Property and equipment, net	1,826	1,669
Right-of-use assets	890	1,210
Other assets	419	423
Total assets	36,463	23,971
Current liabilities
Trade payables	3,784	2,274
Accrued liabilities	6,773	7,355
Short-term lease liabilities	129	216
Other current liabilities	224	383
Total current liabilities	10,910	10,228
Long-term debt	32,764	22,084
Revenue base redemption liability	502	507
Long-term lease liabilities	1,231	1,329
Contingent earnout liability	4,997	7,401
Warrant and SEPA liabilities	12,784	8,316
Total liabilities	63,188	49,865
Commitments and contingencies
Stockholders’ deficit
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; issued and outstanding, 0 and 3,985,002 shares at September 30, 2025, and December 31, 2024, respectively.	0	0
Common stock, $0.0001 par value, 400,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; issued and outstanding, 49,891,299 and 31,279,264 shares at September 30, 2025, and December 31, 2024, respectively.	4	3
Additional paid-in capital	294,241	253,652
Accumulated deficit	(320,970)	(279,549)
Total stockholders’ deficit	(26,725)	(25,894)
Total liabilities and stockholders’ deficit	$ 36,463	$ 23,971

Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details)	9 Months Ended
	Sep. 30, 2025 shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible preferred stock, beginning balance (in shares)	3,985,002
Issuances (in shares)	0
Retirements/Conversions (in shares)	(3,985,002)
Convertible preferred stock, ending balance (in shares)	0
Series A Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible preferred stock, beginning balance (in shares)	3,985,002
Issuances (in shares)	0
Retirements/Conversions (in shares)	(3,985,002)
Convertible preferred stock, ending balance (in shares)	0

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	3,985,002
Preferred stock, shares outstanding (in shares)	0	3,985,002
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	49,891,299	31,279,264
Common stock, shares outstanding (in shares)	49,891,299	31,279,264

Standby Equity Purchase Agreement (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Assumptions used in the valuation are described below:


	September 30, 2025			December 31, 2024
Current stock price	$	4.65		$	5.01
Expected share price volatility	70.0		%	70.0		%
Risk-free interest rate	3.6		%	4.3		%
Expected term (years)	2.86			3.61
Estimated dividend yield	—		%	—		%

The following table summarizes activity in the Public Warrants, Private Placement Warrants, and Working Capital Warrants in the nine months ended September 30, 2025 and 2024.


Series	Balance at December 31, 2024	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2025
Public Warrants	1,751,825	—	—	—	1,751,825
Private Placement Warrants	4,428,648	—	—	—	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000


Series	Balance at December 31, 2023	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2024
Public Warrants	8,281,779	—	—	(6,529,954)	1,751,825
Private Placement Warrants	4,933,333	—	—	(504,685)	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000

The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	December 31, 2024
Expected term (years)	5.6	6.3
Risk free interest rate	3.8%	4.5%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.8398	$9.3722
Stock price	$4.65	$5.01

The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	February 18, 2025
Expected term (years)	6.4	7.0
Risk free interest rate	3.9%	4.1%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.3322	$5.4787
Stock price	$4.65	$5.69

Assumptions used in the valuation are described below:


Valuation assumptions:	September 30, 2025		December 31, 2024
Expected draws	None		$	2,000
Expected probability of draws	—%		90		%
Risk-free interest rate	—	%	4.4		%

Contingent Earnout Liability - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 10, 2023 USD ($) trading_day $ / shares shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instrument, contingent consideration, liability, earnout period	5 years
Warrant and SEPA liabilities \| $	$ 28,900	$ 12,784		$ 12,784		$ 8,316
Contingent earnout liability \| $		$ 4,997		4,997		$ 7,401
Gain (loss) on change in fair value \| $				$ (4,097)	$ (1,521)
Estimated dividend yield
Derivative Instruments, Gain (Loss) [Line Items]
Contingent earnout liability, measurement input		0		0		0
Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Earnout period, threshold trading days \| trading_day	20
Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Earnout period, threshold consecutive trading days \| trading_day	30
Tranche One
Derivative Instruments, Gain (Loss) [Line Items]
Earnout shares vesting percentage	0.25
Earnout shares vesting requirement, weighted average price per share (in dollars per share) \| $ / shares	$ 15.00
Tranche Two
Derivative Instruments, Gain (Loss) [Line Items]
Earnout shares vesting percentage	0.25
Earnout shares vesting requirement, weighted average price per share (in dollars per share) \| $ / shares	$ 20.00
Tranche Three
Derivative Instruments, Gain (Loss) [Line Items]
Earnout shares vesting percentage	0.25
Earnout shares vesting requirement, weighted average price per share (in dollars per share) \| $ / shares	$ 25.00
Tranche Four
Derivative Instruments, Gain (Loss) [Line Items]
Earnout shares vesting percentage	0.25
Earnout shares vesting requirement, weighted average price per share (in dollars per share) \| $ / shares	$ 30.00
Contingent earnout liability
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on change in fair value \| $		$ 2,500	$ 2,400	$ 2,400	$ 12,100
Contingent earnout liability
Derivative Instruments, Gain (Loss) [Line Items]
Shares unvested (in shares) \| shares	3,125

Dynavax Purchase (Details) - Dynavax Technologies $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2025 USD ($) milestone	Dec. 31, 2020 USD ($)
Asset Acquisition [Line Items]
Upfront payment			$ 9,000
Number of commercial milestones \| milestone		4
Maximum aggregate milestone payments per development milestone		$ 170,000
Royalties as a percentage of net sales, under sales threshold		0.100
Royalties, sales threshold amount		$ 1,000,000
Royalties as a percentage of sales, over threshold amount		0.120
Commercial Milestone
Asset Acquisition [Line Items]
Maximum aggregate milestone payments per development milestone		$ 80,000
Minimum
Asset Acquisition [Line Items]
Payments for milestone	$ 1,000	1,000
Maximum
Asset Acquisition [Line Items]
Payments for milestone		$ 10,000

Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

The components of inventory are summarized as follows:


	September 30, 2025		December 31, 2024
Raw materials	$	1,415	$	1,338
Finished goods	1,937		2,720
Reserve for obsolete inventory	(76)		(10)
Inventory, net	$	3,276	$	4,048

Nature of Business and Basis of Presentation - Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2021

Dec. 31, 2024

Jan. 01, 2024

Nature of Business [Line Items]

Restricted cash (included in Other assets)

$ 350

Payment terms

30 days

Accounts receivable, net

5,000

$ 5,000

$ 5,087

$ 3,600

Revenue recognition, rebates recognized

200

$ 100

600

$ 300

Research and development

^[1]

5,176

$ 4,219

12,395

$ 14,729

Nelitolimod

Nature of Business [Line Items]

Research and development

$ 2,100

University Of Texas MD Anderson Cancer Center

Nature of Business [Line Items]

Alliance program, term

5 years

[1]	(1) Amounts presented in prior 2025 interim periods have been revised in the year to date ended September 30, 2025 to align expense classification for the year to date period.

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

We currently maintain the 2023 Equity Incentive Plan (the “2023 Plan”), which our Board of Directors (the "Board") and stockholders approved in connection with the Business Combination, for purposes of granting equity-based incentive awards to our employees and consultants, including our executive officers and directors. Prior to the Business Combination, TriSalus granted equity incentive awards under the 2009 Amended and Restated Equity Incentive Plan (the “2009 Plan”). The 2009 Plan has not be used following the Business Combination. However, any awards granted under the 2009 Plan remain subject to the terms of the 2009 Plan and the applicable award agreement. Historically, we have used options as an incentive for long-term compensation to our executive officers because options allow our executive officers to realize value from this form of equity compensation only if the value of the underlying equity securities increase relative to the option’s exercise price, which exercise price is set at the fair market value of the underlying equity securities on the grant date. We record the issuance of the shares when they are recorded

by the transfer agent and as such, there could be timing differences between when the expense is recorded and shares are transferred.

As of September 30, 2025, the balances under the two plans are as follows:


	September 30, 2025
	Authorized	Outstanding	Available for Issue
2009 Plan	1,179,218	1,179,218	—
2023 Plan	10,006,900	6,071,032	3,935,868
Total	11,186,118	7,250,250	3,935,868

2009 Equity Incentive Plan

As of September 30, 2025, there were in total 1,153,861 stock options and 25,357 Restricted Stock Units ("RSUs") issued and outstanding under the 2009 Plan. Stock options were granted with an exercise price equal to the estimated fair value of the stock at the date of grant. Prior to the Business Combination, the fair value was determined by a third-party valuation performed in accordance with IRS Section 409A. No awards have been granted subsequent to the Business Combination, as the 2009 Plan was frozen and replaced by the 2023 Plan. Options generally have a ten-year contractual term and typically have graded vesting over one to four years.

Options for 67,300 shares of Common Stock were exercised and 19,887 options were forfeited during the nine months ended September 30, 2025. There were 8,322 RSUs released during the nine months ended September 30, 2025.

We recorded compensation expense related to the 2009 Plan of $0.2 million and $0.4 million for the three and nine months ended September 30, 2025, respectively, compared to $0.1 million and $0.4 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had unrecognized compensation expense of $0.2 million and $0.1 million, respectively, for options and RSUs granted under the 2009 Plan. The September 30, 2025 balance will be recognized over a weighted average period of 0.75 years.

2023 Equity Incentive Plan

As of September 30, 2025, there were in total 5,298,720 stock options and 772,312 RSUs and Performance Stock Units ("PSUs") issued and outstanding under the 2023 Plan. Initially, 5,585,008 shares were authorized under the 2023 Plan. In addition, the share reserve will automatically increase on January 1 of each year for a period of 10 years, commencing on January 1, 2024, and ending on January 1, 2033, in an amount equal to (1) five percent of the total number of shares of the fully diluted Common Stock determined on December 31 of the preceding year or (2) a lesser number of shares of Common Stock determined by our Board prior to January 1 of a given year. On January 1, 2025, the authorized shares under the 2023 Plan increased by 2,383,545 shares to 10,350,022. Options for 54,906 shares of Common Stock were exercised and 574,641 options were forfeited during the nine months ended September 30, 2025. There were 288,216 RSUs released and 52,375 RSUs forfeited during the nine months ended September 30, 2025. During the nine months ended September 30, 2025, we granted 2,577,713 options with a weighted average fair value of $5.04, and 687,546 RSUs, net of forfeitures, with a weighted average fair value of $4.90.

We recorded compensation expense related to the 2023 Plan of $3.1 million and $6.4 million for the three and nine months ended September 30, 2025, respectively, compared to $1.1 million and $3.2 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had unrecognized compensation expense of $11.1 million and $3.5 million, respectively, for options and RSUs and PSUs granted under the 2023 Plan. The balance at September 30, 2025 will be recognized over a weighted average period of 2.80 years.

Employee Stock Purchase Plan

We maintain an Employee Stock Purchase Plan ("ESPP"), which provides our eligible employees with an opportunity to purchase shares of Common Stock, to assist us in retaining the services of eligible employees, to secure and retain the services of new employees, and to provide incentives for such persons to exert maximum efforts for our success. The ESPP became active in 2024. Initially, 2,350,530 shares of Common Stock were reserved for issuance under the ESPP. The number of shares of Common Stock reserved for issuance under the ESPP will automatically increase on January 1 of each year for a period of up to ten years, beginning on January 1, 2024, and continuing through and including January 1, 2033, by an amount equal to the lesser of (a) two percent (2%) of the total number of shares of the Fully Diluted Common Stock determined on December 31 of the preceding year, and (b) 200% of the Initial Share Reserve. On January 1, 2025, the authorized shares under ESPP increased by 953,418 shares to 3,303,948.

During the nine months ended September 30, 2025, 49,939 shares were purchased in an offering under the ESPP.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

As of June 30, 2025, the Company had 3,594,002 shares of Series A Convertible Preferred Stock ("Preferred Stock") outstanding. The original issue price of the Series A Convertible Preferred Stock was $10.00. The Series A Convertible Preferred Stock accrues cumulative dividends at the rate of 8.00% per annum on the original issue price. As of June 30, 2025, total undeclared cumulative dividends were $5.4 million, which were not recorded in our condensed consolidated financial statements, except actual undeclared dividends of $1.4 million as a reconciling item for net loss attributable to common stockholders on the condensed consolidated statements of operations.

On June 23, 2025, the Company commenced an offer (the “Offer”) to all holders of Preferred Stock to exchange their shares of Preferred Stock for Common Stock equal to the sum of the liquidation preference per share price of $10.00 and all accrued and unpaid dividends per share outstanding through August 10, 2027, divided by a $4.00 conversion price per share. The Offer expired at one minute after 11:59 p.m., Eastern Daylight Time, on July 23, 2025. For any Preferred Stock holders that did not participate in the Offer, the Company had the right to call their Preferred Stock shares for conversion into Common Stock shares equal to the sum of the liquidation preference per share price of $10.00 and all accrued and unpaid dividends per share outstanding through the conversion date, divided by a $5.277 conversion price per share.

Approximately 98.8% of the outstanding shares of Preferred Stock shares were tendered through the Offer and were accepted for exchange, resulting in 3,551,502 shares of Preferred Stock converted to 11,719,956 shares of Common Stock. For the holders of Preferred Stock that did not participate in the Offer, the Company called their Preferred Stock and 42,500 shares of Preferred Stock were converted to 93,103 shares of Common Stock. All shares of Preferred Stock were converted for common stock shares on July 31, 2025, resulting in the issuance of 11,813,059 Common Stock shares.

As of September 30, 2025 and subsequent to the Preferred Stock Conversion, there are no outstanding shares of Preferred Stock. The Company is authorized to issue up to 10,000,000 shares of preferred stock with 10,000,000 shares available for issuance.

The following table summarizes activity in Series A Convertible Preferred Stock, as-converted, for the nine months ended September 30, 2025.


Series	Balance at December 31, 2024	Issuances	Retirements / Conversions	Balance at September 30, 2025
Series A convertible preferred stock	3,985,002	—	(3,985,002)	—
Total convertible preferred stock	3,985,002	—	(3,985,002)	—

Share-Based Compensation - Schedule of Share Based Compensation Plans (Details) - shares	Sep. 30, 2025	Jan. 01, 2025	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized (in shares)	11,186,118	10,350,022
Outstanding (in shares)	7,250,250
Available for Issue (in shares)	3,935,868
2009 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized (in shares)	1,179,218
Outstanding (in shares)	1,179,218
Available for Issue (in shares)	0
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized (in shares)	10,006,900		5,585,008
Outstanding (in shares)	6,071,032
Available for Issue (in shares)	3,935,868

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Millions				6 Months Ended
	Jul. 31, 2025 shares	Jul. 23, 2025 $ / shares shares	Jun. 23, 2025 $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2025 shares	Dec. 31, 2024 shares
Temporary Equity [Line Items]
Preferred stock, shares outstanding (in shares)					0	3,985,002
Undeclared cumulative dividends \| $				$ 5.4
Actual undeclared dividends \| $				$ 1.4
Preferred stock, shares authorized (in shares)					10,000,000	10,000,000
Preferred stock available for future issuance (in shares)					10,000,000
Preferred Stock Converted To Common Stock Member
Temporary Equity [Line Items]
Conversion of stock, shares converted		42,500	3,551,502
Conversion of stock, shares issued (in shares)		93,103	11,719,956
Common stock
Temporary Equity [Line Items]
Conversion of stock, shares issued (in shares)	11,813,059
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred stock, shares outstanding (in shares)				3,594,002	0
Original issue price (in dollars per share) \| $ / shares				$ 10.00
Preferred stock, dividend rate, percentage				8.00%
Liquidation preference (in dollars per share) \| $ / shares		$ 10.00	$ 10.00
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 5.277	$ 4.00
Percentage of preferred stock that were tendered			0.988
Preferred stock, shares authorized (in shares)					10,000,000

Warrants - Schedule of Warrants Outstanding (Details) - shares	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Aug. 10, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	7,402,541	7,311,278
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,751,825	1,751,825	1,751,825	8,281,779	8,333,272
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	4,428,648	4,428,648	4,428,648	4,933,333
Working Capital Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,000,000	1,000,000	1,000,000	1,000,000
OrbiMed Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	222,068	130,805

Standby Equity Purchase Agreement - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Oct. 02, 2023 shares	Oct. 31, 2023 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Purchase agreement period	24 months
Purchase agreement, number of trading days used for measurement of market price	3 days
Standby equity purchase agreement, maximum allowable percentage of outstanding common stock	0.1999
Expected draws
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Expected draws			0		2,000
SEPA liability
Derivative Instruments and Hedging Activities Disclosures [Line Items]
SEPA derivative liability			$ 0	$ 236	$ 55	$ 185
Change in unrealized gain			$ 55	$ (51)
Standby Equity Purchase Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sale of stock, authorized amount		$ 30,000
Purchase agreement, maximum shares allowed, percentage of average daily volume	1
Purchase agreement, number of days used for measurement of average daily trading volume	10 days
Maximum shares of common stock allowed under Purchase Agreement (in shares) \| shares	1,000,000
Purchase agreement, sales price, percentage of market price	0.960
Purchase agreement, sales price, percentage of market price during three consecutive trading days	0.970
Purchase agreement, ownership limitation	0.0499
Common stock, shares authorized, standby equity purchase agreement (in shares) \| shares	5,260,704

Contingent Earnout Liability - Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate (Details)	Sep. 30, 2025 $ / shares year	Dec. 31, 2024 $ / shares year
Current stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input \| $ / shares	4.65	5.01
Expected share price volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input	0.700	0.700
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input	0.036	0.043
Expected term (years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input \| year	2.86	3.61
Estimated dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input	0	0

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities (in common stock equivalent shares) have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported:


	September 30,
	2025	2024
Preferred stock	—	25,048,584

Common stock warrants	7,402,541	7,311,278
RSUs and PSUs	797,669	538,345
Options to purchase common stock	6,452,581	4,909,457
Shares issuable under the SEPA	3,468,998	3,385,837
Total	18,121,789	41,193,501

Net Loss Per Share (Details) - shares	9 Months Ended
Net Loss Per Share (Details) - shares	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,121,789	41,193,501
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	25,048,584
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,402,541	7,311,278
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	797,669	538,345
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,452,581	4,909,457
Shares issuable under the SEPA
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,468,998	3,385,837

Condensed Consolidated Statements of Stockholders’ Deficit (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Jun. 30, 2025

Mar. 31, 2024

Stock-based compensation

$ 2,517

^[1]

$ 1,086

Shares returned from options exercised, correction of clerical error (in shares)

(7,847)

Common stock

Exercise of options and vesting of restricted stock units (in shares)

155,051

2,906

Additional paid-in capital

Stock-based compensation

$ 2,517

^[1]

$ 1,086

2024 Awards

Stock-based compensation

^[1]

$ 600

[1]	(1) Amount reflects $0.6 million related to 2024 bonus paid in 2025 in the form of stock-based compensation.

Nature of Business and Basis of Presentation	9 Months Ended
Nature of Business and Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation On August 10, 2023 (the "Closing Date"), TriSalus Life Sciences, Inc., a Delaware corporation (the “Company,” “TriSalus,” “we,” “us”), formerly known as MedTech Acquisition Corporation (“MTAC”), consummated the previously announced merger pursuant to the Agreement and Plan of Merger by and between 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”). In connection with the consummation of the Business Combination, 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 from MedTech Acquisition Corporation to TriSalus Life Sciences, Inc., the surviving company. Legacy TriSalus was deemed to be the accounting acquirer and predecessor company in the Business Combination. We are a growing, oncology focused medical technology business seeking to transform outcomes for patients with solid tumors by integrating our innovative delivery technology with standard-of-care therapies, and with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 (“TLR9”) agonist, for a range of different therapeutic and technology applications. Our ultimate goal is to transform the treatment paradigm for patients battling solid tumors. We have developed an innovative technology designed to overcome two 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) off target delivery. Nelitolimod, specifically, combined with our technology, aims to address the immunosuppressive properties of tumor immune cells in liver, pancreas and other solid tumors. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In management’s opinion, the accompanying condensed consolidated financial statements include all adjustments, including normal recurring items, considered necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by GAAP has been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission (" SEC"). Certain reclassifications have been made to the 2024 and 2025 condensed consolidated statements of stockholders’ deficit to conform to the presentation as of September 30, 2025. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2025. The accompanying condensed consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2024. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. We invest excess cash primarily in money market funds. Restricted cash of $0.35 million is held in a separate account at our bank to support our corporate credit card program and is recorded in other assets on our condensed consolidated balance sheets. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant estimates relate to the valuation of the OrbiMed warrant liability and the revenue base redemption liability (see Note 9), the contingent earnout liability (see Note 4), certain of our clinical expense accruals, and the valuation allowance on deferred tax assets. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. Our payment terms are typically on net 30 day terms. Our opening accounts receivable balance as of January 1, 2024 was $3.6 million. In accordance with ASC Topic 326, Financial Instruments-Credit Losses, the allowance for credit losses is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for credit losses periodically and establish reserves based on management’s expectations of realization based on historical write-off experience, as well as current general economic conditions and expectations regarding collection. Account balances are charged against the allowance after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. We did not incur any credit losses for the nine months ended September 30, 2025 and 2024. Revenue Recognition Our revenue is derived from the shipments of our Pressure Enabled Drug Delivery ("PEDD") infusion systems to our customers. Our customers are generally comprised of hospitals, clinics and physicians. Under ASC Topic 606, Revenue Recognition, we evaluate five steps to determine the appropriate timing and amount to recognize revenue. The five steps are: i.Identify the contract — We do not maintain long-term contracts with our customers. Typically, customers will submit a purchase order to us for delivery of a quantity of our products, which incorporate enforceable rights and obligations constituting the contract with the customer. ii.Identify the performance obligation — Our performance obligation is to deliver the ordered products in accordance with the terms of the purchase order, which constitutes a single performance obligation. We do not have any on-going service obligation after delivery and only offer our customers an assurance-type warranty, which provides assurance the product will work as intended. iii.Determine the transaction price — We maintain a single sales price for each of our products, which is fixed. For customers with rebate agreements, the rebates are accounted for within a contra-revenue account at the time the rebate milestone is achieved. We do not have a history of any significant refunds, allowances or other concessions provided to our customers from the agreed-upon sales price after delivery of the product. Refunds, allowances or other concessions are accounted for as a reduction of revenue. iv.Allocate the transaction price — We do not have multiple performance obligations to complete when we fulfill a purchase order, as such, the transaction price is allocated fully to the units being sold. v.Recognize revenue — We recognize revenue at the point-in-time when the units for a purchase order have been shipped and control of the units has transferred to the customer, as evidenced by the delivery terms on the shipping documents. Typically, we ship Freight on Board (FOB) Shipping Point. Therefore, we recognize revenue when the shipment leaves our premises. In certain cases, the purchase order specifies alternate shipping terms, usually FOB Destination. In those cases, we defer revenue recognition until the units have been delivered and control has transferred to the customer. Our sales team is able to make in-person sales. When this occurs, the revenue in not recognized until we receive a Purchase Order ("P.O.") from the customers, with the inventory treated as consignment until the time receiving the P.O. Shipping and handling activities are not considered to be a separate performance obligation. The costs are considered to be a fulfillment cost and the expenses are accounted for within cost of goods sold. We provide certain customers with rebates that are explicitly stated in our contracts and are recorded as a reduction of revenue in the period the conditions for the rebates are achieved. The rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes. Subsequent to a rebate being earned, the customer receives a credit to apply to future purchases. We recognized rebates of $0.2 million and $0.6 million, respectively, in the three and nine months ended September 30, 2025 compared to $0.1 million and $0.3 million, respectively, in the three and nine months ended September 30, 2024. Research and Development Research and development (“R&D”) costs include our engineering, regulatory, pre-clinical and clinical activities. R&D costs are expensed as incurred. The costs are related to internal headcount and external services we purchase, such as pre-clinical supplies and materials, clinical study management and supplies, and consulting related to our R&D. There were no development milestone payments to Dynavax for nelitolimod for the three and nine months ended September 30, 2025 and 2024 (see Note 7). In 2021, we entered into a 5-year Alliance Program (the “MDACC Agreement”) with the University of Texas MD Anderson Cancer Center (“MDACC”) to serve as the lead investigators for the PERIO-01, PERIO-02, and PERIO-03 studies. The term of the agreement was for the later of (i) five years or (ii) until the applicable studies are completed. Prior to the expiration of the term of the MDACC Agreement, either party may terminate the MDACC Agreement if the other party commits a material breach of the agreement and fails to cure such breach within 30 days of receiving notice of such breach. Effective February 25, 2025, we modified our payment terms and extended the MDACC Agreement for an additional year. We are required to estimate our expenses resulting from our obligations under agreements with vendors, consultants and contract research organizations, in connection with conducting R&D activities. The financial terms of these contracts are subject to negotiations, which vary from agreement to agreement and may result in payment flows that do not match the periods over which goods or services are provided. We reflect R&D expenses in our condensed consolidated financial statements by matching those expenses with the period in which services and efforts are incurred. We account for these expenses according to the progress of the agreements, along with preparation of financial models, taking into account discussions with research and other key personnel as to the progress of studies or other services being performed. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed. With the close out of some of our clinical studies related to nelitolimod, we recorded a charge of approximately $2.1 million during the three and nine months ended September 30, 2025. Segment reporting Our Chief Operating Decision Maker (“CODM”), the Chief Executive Officer ("CEO"), reviews our financial information on a consolidated basis for purposes of allocating resources and evaluating its financial performance. The CEO considers recommendations from the Chief Financial Officer ("CFO") and reviews the Monthly Financial Report ("MFR"), including financial information and the Company’s performance highlights, such as revenue, accounts receivable and inventory balances, cash flows and cash on-hand, operational expenditures and headcount. Based on the Company’s condensed consolidated financial information, the CEO makes the key operating decisions and determines how resources should be allocated. Once the CEO has decided, the CEO and CFO are responsible for carrying out the CEO’s decisions. All of our customers and long-lived assets are located in the United States. Since the Company operates as a single reporting segment, all required segment reporting disclosures can be found in the condensed consolidated financial statements. Accordingly, we have determined we operate as a single reportable segment within a single geographic area. Liquidity and Going Concern Under ASC 205, Presentation of Financial Statements, we are required to consider and evaluate whether there is substantial doubt that we have the ability to meet our obligation within one year from the issuance of the financial statements. This assessment also includes our consideration of any management plans to alleviate such doubts. We have reported liabilities greater than our assets as of September 30, 2025 and December 31, 2024, and had losses from operations and cash used in operating activities for the nine months ended September 30, 2025 and for the year ended December 31, 2024. We believe our current earnings, projections of future cash flows, financial condition, sources of liquidity and debt obligations raise substantial doubt about our ability to continue as a going concern for at least one year from the date of issuance of these condensed consolidated financial statements. Our ability to fund future operations and to continue the execution of our long-term business plan and strategy will require that we raise additional capital through a combination of collaborations, strategic alliances and licensing arrangements, and issuance of additional equity and/or debt. While we have historically been successful in raising outside capital, there can be no assurance we will be able to continue to obtain outside capital in the future or do so on terms that are acceptable to us. If adequate capital resources are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include a hiring freeze, reductions in our workforce, reduction in cash compensation, deferring clinical trials and capital expenditures, and reducing other operating costs. The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue to operate as a going concern, which contemplates that we will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. Recently Adopted Accounting Pronouncements In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies the guidance on ASC Topic 718 by illustrating how to apply the scope guidance to determine whether a profit interest award should be accounted for as a shared-based payment arrangement under ASC 718 or another accounting standard (e.g., employee profit-sharing arrangement under ASC 710). The ASU aims to reduce the complexity diversity in practice by adding an example to ASC 718 that describes four fact patterns and illustrates how an entity evaluates common terms and characteristics of profit interests and similar awards to reach a conclusion about whether an award meets the scope conditions in ASC 718-10-15-3. The ASU is effective for all public entities for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. We adopted ASU 2024-01 on January 1, 2025. The effect of the adoption had no impact on our condensed consolidated financial statements. In March 2024, the FASB issued ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concept Statements, which removes references to the Board's concepts statement from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board’s standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.” Before establishing the Codification in 2009, the FASB used or referred to the concepts statements as part of its standard setting. However, the Board is now removing those references since “references to the Concepts Statements in the Codification could imply that the Concepts Statements are authoritative." The amendment is effective for all public entities for fiscal years beginning after December 15, 2024. Those who adopt the amendments in an interim period would have to adopt them as of the beginning of the fiscal year that includes that interim period. We adopted ASU 2024-02 on January 1, 2025. The effect of the adoption had no impact on our condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in ASU 2023-06 update requirements in various disclosure areas, including the statement of cash flows, earnings per share, debt and equity. The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under the ASU, Public Business Entity ("PBE") must annually "(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate)." This guidance is effective for public companies for annual periods beginning after December 15, 2024. For other companies, the amendments are effective for annual periods beginning after December 15, 2025. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In November 2024, the FASB issues ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01. The amendment applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In November 2024, the FASB issues ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which amends ASC 470-20, Debt: Debt With Conversion and Other Options, to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. Based primarily on the consensus-for-exposure reached on Issue 23-A, Induced Conversion of Convertible Debt Instruments, by the Emerging Issues Task Force on September 14, 2023. The ASU is intended to “improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible.” The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of the annual reporting period for all entities that have adopted the amendments in Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation and Revenue from Contracts with Customers, which clarifies the guidance for accounting for share-based payments to customers, including the treatment of vesting conditions tied to customer purchases and the requirement to estimate forfeitures. ASU 2025-04 will become effective for us for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact the adoption of this Update will have on our condensed consolidated financial statements.

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The repayment of the Term Loans as aforementioned, is referred to as the “revenue base redemption liability.”


Test Dates (fiscal Quarter Ending)			Product Revenue Base for 12 months Period
September 30, 2025			37,800
December 31, 2025			42,700
March 31, 2026			46,400
June 30, 2026 and each Fiscal Quarter ending thereafter			50,000

As of September 30, 2025, we were in compliance with the Product Revenue Base requirement and no repayments were required.

Repayment Premium


Time of Repayment			Premium Rate
Within the first 12 months from the funding date of each respective loan.			3.0% plus the Make-Whole Amount (1)
After the first 12 months but before the 24-month anniversary of the funding date of each respective loan.			3.0%
After the 24-month anniversary but before the 36-month anniversary of the funding date of each respective loan.			2.0%
After the 36-month anniversary but before the 48-month anniversary of the funding date of each respective loan.			1.0%
After the 48-month anniversary of the funding date of each respective loan.			0.0%

(1) “Make-Whole Amount” is equal to the sum of the remaining scheduled interest payments through the 12-month anniversary

of the closing date of each respective loan.

The following table summarizes activity within the Term Loan for the nine months ended September 30, 2025:


OrbiMed Debt
Initial draw	$	25,000
Debt issuance costs
Cash issuance costs	$	(2,593)
Noncash issuance costs:
Revenue base redemption liability	(729)
Warrant liability	(811)
Balance at April 30, 2024	$	20,867
Amortization of debt issuance costs	486
PIK interest	604
Accretion of exit fee liability	127
Balance at December 31, 2024	$	22,084
First Delayed Draw Term Loan Commitment	10,000
Debt issuance costs
Cash issuance costs	(521)
Noncash issuance costs:
Warrant liability	(366)
Amortization of debt issuance costs	558
PIK interest	800
Accretion of exit fee liability	209
Balance at September 30, 2025	$	32,764

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69E
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
-Paragraph 3
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Section 50
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Financial Instruments - Schedule of Changes in Fair Value of Outstanding Warrant and Tranche Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 7,899	$ 16,916
Change in Unrealized (Gains) Losses	4,308	2,260
Issuances (Settlements)	0	(11,923)
Ending balance	12,207	7,253
Public Warrants \| Level 1
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	1,927	9,855
Change in Unrealized (Gains) Losses	1,051	2,982
Issuances (Settlements)	0	(11,068)
Ending balance	2,978	1,769
Private Placement Warrants \| Level 2
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	4,872	5,871
Change in Unrealized (Gains) Losses	2,657	(542)
Issuances (Settlements)	0	(855)
Ending balance	7,529	4,474
Working capital warrants \| Level 2
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	1,100	1,190
Change in Unrealized (Gains) Losses	600	(180)
Issuances (Settlements)	0	0
Ending balance	1,700	1,010
Contingent earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,401	18,632
Change in Unrealized (Gains) Losses	(2,404)	(12,061)
Issuances (Settlements)	0	0
Ending balance	4,997	6,571
SEPA liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	55	185
Change in Unrealized (Gains) Losses	(55)	51
Issuances (Settlements)	0	0
Ending balance	0	236
OrbiMed Warrants liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	362	0
Change in Unrealized (Gains) Losses	(151)	(488)
Issuances (Settlements)	366	811
Ending balance	577	323
Revenue base redemption liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	507	0
Change in Unrealized (Gains) Losses	(5)	(303)
Issuances (Settlements)	0	729
Ending balance	$ 502	$ 426

Leases	9 Months Ended
Leases	Sep. 30, 2025
Leases [Abstract]
Leases	Leases We have two property leases in effect as of September 30, 2025, which we account for as operating leases: •A lease for our principal administrative and production facility at 6272 West 91st Avenue, Westminster, Colorado, which expires on December 31, 2031. This lease includes one option to extend the lease by five years from the end of the current term. •A lease for office space at 2275 Half Day Road, Bannockburn, Illinois, which expires in January 2028. This lease includes an option to extend the lease by three years at the end of the current term. We also have one finance leases for copier equipment in our Westminster facility. On July 17, 2024, we exercised one of the two options to extend the current lease for the Westminster facility for an additional period of five years commencing on January 1, 2027 and ending on December 31, 2031 ("Second Extended Lease Term"). All terms and conditions of the lease shall continue to apply during the Second Extended Lease Term. We will pay approximately $1.5 million in rent over the duration of the Second Extended Lease Term.
Leases	Leases We have two property leases in effect as of September 30, 2025, which we account for as operating leases: •A lease for our principal administrative and production facility at 6272 West 91st Avenue, Westminster, Colorado, which expires on December 31, 2031. This lease includes one option to extend the lease by five years from the end of the current term. •A lease for office space at 2275 Half Day Road, Bannockburn, Illinois, which expires in January 2028. This lease includes an option to extend the lease by three years at the end of the current term. We also have one finance leases for copier equipment in our Westminster facility. On July 17, 2024, we exercised one of the two options to extend the current lease for the Westminster facility for an additional period of five years commencing on January 1, 2027 and ending on December 31, 2031 ("Second Extended Lease Term"). All terms and conditions of the lease shall continue to apply during the Second Extended Lease Term. We will pay approximately $1.5 million in rent over the duration of the Second Extended Lease Term.

Standby Equity Purchase Agreement

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Standby Equity Purchase Agreement

Contingent Earnout Liability

In connection with the Business Combination, MTAC entered into a sponsor support agreement (the "Sponsor Support Agreement"). Pursuant to the Sponsor Support Agreement, the 3,125,000 Sponsor Earnout Shares (the "Sponsor Earnout Shares") became unvested and subject to potential forfeiture if certain triggering events are not achieved prior to the fifth anniversary of the Closing Date. Pursuant to the Sponsor Support Agreement, (i) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will only vest if, during the five year period following the Closing Date volume weighted average price of our Common Stock equals or exceeds $15.00 for any 20 trading days within a period of 30 consecutive trading days, (ii) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will only vest if, during the five year period following the Closing Date, the volume weighted average price of our Common Stock equals or exceeds $20.00 for any 20 trading days within a period of 30 consecutive trading days, (iii) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will only vest if, during the five year period following the Closing Date, the volume weighted average price of our Common Stock equals or exceeds $25.00 for any 20 trading days within a period of 30 consecutive trading days, and (iv) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will only vest if, during the five year period following the Closing Date, the volume weighted average price of our Common Stock equals or exceeds $30.00 for any 20 trading days within a period of 30 consecutive trading days. Additionally, the Sponsor Earnout Shares will vest if there is a change in control of our company on or before the fifth anniversary of the Closing Date that results in the holders of our Common Stock receiving a price per share equal to or in excess of the applicable earnout targets. Any

such shares held by the Sponsor Holders that remain unvested after the fifth anniversary of the Closing Date will be forfeited.

The estimated fair value of the contingent earnout liability on the Closing Date, August 10, 2023, was $28.9 million, based on a Monte Carlo simulation valuation model. The liability was remeasured to its fair value of $5.0 million and $7.4 million, respectively, as of September 30, 2025 and December 31, 2024. This remeasurement resulted in the recording of a gain of $2.5 million and $2.4 million, respectively, for the three and nine months ended September 30, 2025 compared to a gain of $2.4 million and $12.1 million, respectively, for the three and nine months ended September 30, 2024, classified as change in fair value of contingent earnout liability in the condensed consolidated statements of operations. Assumptions used in the valuation are described below:


	September 30, 2025			December 31, 2024
Current stock price	$	4.65		$	5.01
Expected share price volatility	70.0		%	70.0		%
Risk-free interest rate	3.6		%	4.3		%
Expected term (years)	2.86			3.61
Estimated dividend yield	—		%	—		%

The estimated fair value of the liability was determined using a Monte Carlo simulation valuation model using a distribution of potential outcomes. The inputs and assumptions utilized in the calculation require management to apply judgment and make estimates including:

(a)expected volatility, which is based on the historical equity volatility of publicly traded peer companies for a term equal to the expected term of the earnout period;

(b)expected term, which we based on the earnout period per the agreement;

(c)risk-free interest rate, which was determined by reference to the U.S. Treasury yield curve for time periods commensurate with the expected term of the earnout period; and

(d)expected dividend yield, which we estimate to be 0% based on the fact that we have never paid or declared dividends.

These estimates may be subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with exact precision.

Standby Equity Purchase Agreement

In October 2023, we entered into the SEPA with Yorkville Advisors Global, LP ("Yorkville"). Pursuant to the SEPA, we have the right, but not the obligation, to sell to Yorkville up to $30.0 million of Common Stock, par value $0.0001 per share, at our request any time during the commitment period commencing on October 2, 2023 (the “Effective Date”), and terminating on the first day of the month following the 24-month anniversary of the Effective Date. Each issuance and sale to Yorkville under the SEPA (an “Advance”) is subject to a maximum limit equal to the greater of: (i) an amount equal to 100% of the average of the daily volume of the Common Stock on the Nasdaq Stock Market (“Nasdaq”) for the 10 trading days immediately preceding an Advance notice, or (ii) 1,000,000 shares of Common Stock. At our election, the shares will be issued and sold to Yorkville at a per-share price equal to: (i) 96.0% of the Market Price (as defined below) for any period commencing on the receipt of the Advance notice by Yorkville and ending on 4:00 p.m. Eastern time on the applicable Advance notice date (the “Option 1 Pricing Period”), or (ii) 97.0% of the Market Price for any three consecutive trading days commencing on the Advance notice date (the “Option 2 Pricing Period,” and each of the Option 1 Pricing Period and the Option 2 Pricing Period, a “Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily volume-weighted average price (“VWAP”) of the Common Stock on Nasdaq, and for any Option 2 Pricing Period, the lowest VWAP of the Common Stock on the Nasdaq during the Option 2 Pricing Period. The Advances are subject to certain limitations, including that Yorkville cannot purchase any shares that would result in it beneficially owning more than 4.99% of the outstanding voting power or Common Stock. Further, Yorkville cannot purchase shares that would result in it acquiring more than 5,260,704 shares of Common Stock, which represents 19.99% of the outstanding Common Stock, as of the Effective Date of SEPA.

The SEPA contract is accounted for as a derivative as it is an equity-linked contract that does not qualify for equity classification under ASC 815. Therefore, SEPA is recognized as a liability measured each period at fair value in accordance with ASC 820, Fair Value Measurement, on the condensed consolidated balance sheets and the change in fair value of the SEPA liability is recorded on the condensed consolidated statements of operations. We did not issue any Advances during three and nine months ended September 30, 2025.

The estimated fair value of the SEPA liability on December 31, 2024, was $0.1 million, which was determined using a scenario-based valuation model. The liability was remeasured to its fair value of zero as of September 30, 2025 due to not having any intentions to utilize the SEPA prior to expiring on November 1, 2025. This remeasurement resulted in the recognition of an immaterial gain and a gain of $0.06 million for three and nine months ended September 30, 2025, classified as change in fair value of SEPA, tranche and warrant liabilities in the condensed consolidated statement of operations. Assumptions used in the valuation are described below:


Valuation assumptions:	September 30, 2025		December 31, 2024
Expected draws	None		$	2,000
Expected probability of draws	—%		90		%
Risk-free interest rate	—	%	4.4		%

The estimated fair value of the liability was determined using a scenario-based valuation model which assigned a probability to a number of different outcomes. The inputs and assumptions utilized in the calculation require management to apply judgment and make estimates including:

(a)no total expected draws as of September 30, 2025, and $2.0 million total expected draws, respectively, December 31, 2024 through the issuance of multiple separate advances under the Option 2 Pricing Period as of December 31, 2024;

(b)the expected probability of the draws on the SEPA, which we estimate based on our expectation of the draws being completed; and

(c)risk-free interest rate, which was determined by reference to the U.S. Treasury yield curve for time periods commensurate with the expected term of the agreement in relation to the date of the expected draw.

These estimates may be subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with exact precision.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventory are summarized as follows:


	September 30, 2025		December 31, 2024
Raw materials	$	1,415	$	1,338
Finished goods	1,937		2,720
Reserve for obsolete inventory	(76)		(10)
Inventory, net	$	3,276	$	4,048

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective federal tax rate	(0.16%)	(0.12%)	(0.05%)	(0.05%)

Contingent Earnout Liability (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Assumptions used in the valuation are described below:


	September 30, 2025			December 31, 2024
Current stock price	$	4.65		$	5.01
Expected share price volatility	70.0		%	70.0		%
Risk-free interest rate	3.6		%	4.3		%
Expected term (years)	2.86			3.61
Estimated dividend yield	—		%	—		%

The following table summarizes activity in the Public Warrants, Private Placement Warrants, and Working Capital Warrants in the nine months ended September 30, 2025 and 2024.


Series	Balance at December 31, 2024	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2025
Public Warrants	1,751,825	—	—	—	1,751,825
Private Placement Warrants	4,428,648	—	—	—	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000


Series	Balance at December 31, 2023	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2024
Public Warrants	8,281,779	—	—	(6,529,954)	1,751,825
Private Placement Warrants	4,933,333	—	—	(504,685)	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000

The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	December 31, 2024
Expected term (years)	5.6	6.3
Risk free interest rate	3.8%	4.5%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.8398	$9.3722
Stock price	$4.65	$5.01

The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	February 18, 2025
Expected term (years)	6.4	7.0
Risk free interest rate	3.9%	4.1%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.3322	$5.4787
Stock price	$4.65	$5.69

Assumptions used in the valuation are described below:


Valuation assumptions:	September 30, 2025		December 31, 2024
Expected draws	None		$	2,000
Expected probability of draws	—%		90		%
Risk-free interest rate	—	%	4.4		%

Debt - Schedule of Product Revenue Base Redemption Feature (Details) - Secured Debt $ in Thousands	Apr. 30, 2024 USD ($)
September 30, 2025
Debt Instrument [Line Items]
Product revenue base, minimum amount required	$ 37,800
December 31, 2025
Debt Instrument [Line Items]
Product revenue base, minimum amount required	42,700
March 31, 2026
Debt Instrument [Line Items]
Product revenue base, minimum amount required	46,400
June 30, 2026 and each Fiscal Quarter ending thereafter
Debt Instrument [Line Items]
Product revenue base, minimum amount required	$ 50,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock

The following table summarizes activity in Series A Convertible Preferred Stock, as-converted, for the nine months ended September 30, 2025.


Series	Balance at December 31, 2024	Issuances	Retirements / Conversions	Balance at September 30, 2025
Series A convertible preferred stock	3,985,002	—	(3,985,002)	—
Total convertible preferred stock	3,985,002	—	(3,985,002)	—

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Jan. 01, 2025 shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) plan $ / shares shares	Sep. 30, 2024 USD ($)	Jan. 01, 2024 shares	Dec. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of equity incentive plans \| plan				2
Options and RSU's outstanding (in shares)	10,350,022	11,186,118		11,186,118
Additional number of shares authorized (in shares)	2,383,545
Common stock reserved for future issuance (in shares)	3,303,948
Increase in common stock reserve for future issuance (in shares)	953,418
2009 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options issued (in shares)		1,153,861		1,153,861
Stock options outstanding (in shares)		1,153,861		1,153,861
Share-based compensation arrangement by share-based payment award, expiration period				10 years
Exercise of options and vesting of restricted stock units (in shares)				67,300
Forfeitures (in shares)				19,887
Compensation expense \| $		$ 0.2	$ 0.1	$ 0.4	$ 0.4
Unrecognized compensation expense, options \| $		0.2		0.2
Unrecognized compensation expense, RSUs \| $		$ 0.1		$ 0.1
Unrecognized compensation expense, recognition period				9 months
Options and RSU's outstanding (in shares)		1,179,218		1,179,218
2009 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, contractual term				1 year
2009 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, contractual term				4 years
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options issued (in shares)		5,298,720		5,298,720
Stock options outstanding (in shares)		5,298,720		5,298,720
Exercise of options and vesting of restricted stock units (in shares)				54,906
Forfeitures (in shares)				574,641
Compensation expense \| $		$ 3.1	$ 1.1	$ 6.4	$ 3.2
Unrecognized compensation expense, options \| $		$ 11.1		$ 11.1
Unrecognized compensation expense, recognition period				2 years 9 months 18 days
Options and RSU's outstanding (in shares)		10,006,900		10,006,900			5,585,008
Share reserve increase, number of years				10 years
Share reserve increase, percentage of common stock				5.00%
Options granted (in shares)				2,577,713
Options, weighted average fair value (in dollars per share) \| $ / shares				$ 5.04
RSUs \| 2009 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		25,357		25,357
Restricted stock units issued (in shares)		25,357		25,357
RSUs released (in shares)				8,322
RSUs \| 2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		687,546		687,546
Restricted stock units issued (in shares)		687,546		687,546
RSUs released (in shares)				288,216
RSUs forfeited (in shares)				52,375
RSU weighted average fair value (in dollars per share) \| $ / shares				$ 4.90
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						2,350,530
Share-based compensation arrangement by share-based payment award, automatic increase period				10 years
Share-based compensation arrangement by share-based payment award, automatic increase, percentage of total shares				0.02
Share-based compensation arrangement by share-based payment award, automatic increase, percentage of initial share reserve				2
Shares purchased in ESPP offering (in shares)				49,939
Restricted And Performance Stock Units \| 2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		772,312		772,312
Restricted stock units issued (in shares)		772,312		772,312
Unrecognized compensation expense \| $		$ 3.5		$ 3.5

Contingent Earnout Liability

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contingent Earnout Liability

such shares held by the Sponsor Holders that remain unvested after the fifth anniversary of the Closing Date will be forfeited.


	September 30, 2025			December 31, 2024
Current stock price	$	4.65		$	5.01
Expected share price volatility	70.0		%	70.0		%
Risk-free interest rate	3.6		%	4.3		%
Expected term (years)	2.86			3.61
Estimated dividend yield	—		%	—		%

(a)expected volatility, which is based on the historical equity volatility of publicly traded peer companies for a term equal to the expected term of the earnout period;

(b)expected term, which we based on the earnout period per the agreement;

(c)risk-free interest rate, which was determined by reference to the U.S. Treasury yield curve for time periods commensurate with the expected term of the earnout period; and

(d)expected dividend yield, which we estimate to be 0% based on the fact that we have never paid or declared dividends.

These estimates may be subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with exact precision.

Standby Equity Purchase Agreement


Valuation assumptions:	September 30, 2025		December 31, 2024
Expected draws	None		$	2,000
Expected probability of draws	—%		90		%
Risk-free interest rate	—	%	4.4		%

(b)the expected probability of the draws on the SEPA, which we estimate based on our expectation of the draws being completed; and

These estimates may be subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with exact precision.

- Definition

+ References

+ Details

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Changes in Fair Value of Outstanding Warrant and Tranche Liabilities

The following tables summarize the changes in fair value of our outstanding warrant liabilities, contingent earnout liability, SEPA liability and revenue base redemption liability for the nine months ended September 30, 2025:


Warrant Liabilities	Fair Value at December 31, 2024		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2025
Public Warrants - Level 1	$	1,927	$	1,051	$	—	$	2,978
Private Placement Warrants - Level 2	4,872		2,657		—		7,529

Working Capital Warrants - Level 2	1,100		600		—		1,700
Total	$	7,899	$	4,308	$	—	$	12,207


Level 3 Liabilities	Fair Value at December 31, 2024		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2025
Contingent earnout liability	$	7,401	$	(2,404)	$	—	$	4,997
SEPA liability	$	55	$	(55)	$	—	$	—
OrbiMed Warrants liability	$	362	$	(151)	$	366	$	577
Revenue base redemption liability	$	507	$	(5)	$	—	$	502

The following tables summarize the changes in fair value of our outstanding warrant liabilities, contingent earnout liability, SEPA liability, and revenue base redemption liability for the nine months ended September 30, 2024:


Warrant Liabilities	Fair Value at December 31, 2023		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2024
Public Warrants - Level 1	$	9,855	$	2,982	$	(11,068)	$	1,769
Private Placement Warrants - Level 2	5,871		(542)		(855)		4,474
Working Capital Warrants - Level 2	1,190		(180)		—		1,010
Total	$	16,916	$	2,260	$	(11,923)	$	7,253


Level 3 Liabilities	Fair Value at December 31, 2023		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2024
Contingent earnout liability	$	18,632	$	(12,061)	$	—	$	6,571
SEPA liability	$	185	$	51	$	—	$	236
Initial OrbiMed Warrant liability	$	—	$	(488)	$	811	$	323
Revenue base redemption liability	$	—	$	(303)	$	729	$	426

Warrants - Schedule of Fair Value Assumptions (Details)	Sep. 30, 2025 $ / shares year	Feb. 18, 2025 $ / shares year	Dec. 31, 2024 $ / shares year
Expected term (years) \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input \| year	5.6		6.3
Expected term (years) \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input \| year	6.4	7.0
Risk-free interest rate \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0.038		0.045
Risk-free interest rate \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0.039	0.041
Expected volatility \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0.700		0.700
Expected volatility \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0.700	0.700
Dividend yield \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0		0
Dividend yield \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0	0
Exercise price \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input			9.3722
Exercise price \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input		5.4787
Stock price \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	4.65		5.01
Stock price \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	4.65	5.69

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's full pretax loss for the three and nine months ended September 30, 2025 and 2024 was from U.S. domestic operations. The Company's effective tax rate ("ETR") from continuing operations was (0.16)% and (0.05)% for the three and nine months ended September 30, 2025 (0.12)% and (0.05)% for the three and nine months ended September 30, 2024. There discrete items recorded for the quarter primarily related to the tax impact of the change in the fair value of warrant, SEPA and revenue base redemption liabilities and the change in fair value of contingent earnout liability. On July 04, 2025, the “One Big Beautiful Bill Act” ("OBBBA") was enacted into law. The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These changes include the allowance of immediate expensing of qualifying research and development expenses and permanent extension of certain provisions within the Tax Cuts and Jobs Act. We evaluated the impact of OBBBA on our quarterly tax provision as it was enacted in the third quarter of 2025. For the three and nine months ended September 30, 2025, there was no material impact related to the changes of OBBBA.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Warrants - Schedule of Warrant Activity (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Class of Warrant or Right [Roll Forward]
Warrants outstanding, beginning balance (in shares)	7,311,278
Warrants outstanding, ending balance (in shares)	7,402,541
Public Warrants
Class of Warrant or Right [Roll Forward]
Warrants outstanding, beginning balance (in shares)	1,751,825	8,281,779
Exercises (in shares)	0	0
Issuances (in shares)	0	0
Retirements/Conversions (in shares)	0	(6,529,954)
Warrants outstanding, ending balance (in shares)	1,751,825	1,751,825
Private Placement Warrants
Class of Warrant or Right [Roll Forward]
Warrants outstanding, beginning balance (in shares)	4,428,648	4,933,333
Exercises (in shares)	0	0
Issuances (in shares)	0	0
Retirements/Conversions (in shares)	0	(504,685)
Warrants outstanding, ending balance (in shares)	4,428,648	4,428,648
Working Capital Warrants
Class of Warrant or Right [Roll Forward]
Warrants outstanding, beginning balance (in shares)	1,000,000	1,000,000
Exercises (in shares)	0	0
Issuances (in shares)	0	0
Retirements/Conversions (in shares)	0	0
Warrants outstanding, ending balance (in shares)	1,000,000	1,000,000

Debt - Schedule of Initial Term Loan Activity (Details) - USD ($) $ in Thousands			4 Months Ended	8 Months Ended	9 Months Ended
	Feb. 18, 2025	Apr. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Proceeds from the issuance of debt		$ 25,000			$ 10,000	$ 25,000
Cash issuance costs		(2,593)			(520)	(2,593)
Revenue base redemption liability		(729)
Warrant liability		(811)
Debt Instrument, Activity [Roll Forward]
Amortization of debt issuance costs					767	434
PIK interest					800	$ 377
Loan Facility, Initial Commitment Amount \| Secured Debt
Debt Instrument [Line Items]
Proceeds from the issuance of debt		25,000
Debt Instrument, Activity [Roll Forward]
Long-term debt, beginning balance				$ 20,867	22,084
Amortization of debt issuance costs				486
PIK interest				604
Accretion of exit fee liability				127
Long-term debt, ending balance		$ 20,867		$ 22,084	$ 32,764
Loan Facility, June 30, 2025 \| Secured Debt
Debt Instrument [Line Items]
Proceeds from the issuance of debt	$ 10,000
Cash issuance costs	(521)
Warrant liability	$ (366)
Debt Instrument, Activity [Roll Forward]
Amortization of debt issuance costs			$ 558
PIK interest			800
Accretion of exit fee liability			$ 209

Warrants - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended			9 Months Ended
	Jul. 01, 2024 shares	Jun. 26, 2024 USD ($) shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) day $ / shares shares	Sep. 30, 2024 USD ($) shares	Feb. 18, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	May 24, 2024 shares	Apr. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares	Aug. 10, 2023 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			7,402,541			7,402,541			7,311,278
Class of warrant or right, threshold number of days for warrants to be transferable						30 days
Warrant and SEPA liabilities \| $			$ 12,784			$ 12,784			$ 8,316				$ 28,900
Loss on change in fair value of warrants and other liabilities \| $			$ 2,932	$ (4,974)		$ 4,097	$ 1,521
Issuance costs \| $		$ 1,700			$ 1,699
Common stock
Class of Warrant or Right [Line Items]
Common stock exchange for warrants (in shares)	2,110,366
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			1,751,825	1,751,825		1,751,825	1,751,825		1,751,825			8,281,779	8,333,272
Class of warrant or right, number of securities called by each warrant or right (in shares)										0.27			1
Exercise price of warrants (in dollars per share) \| $ / shares													$ 11.50
Warrants, term			5 years			5 years
Class of warrant or right, redemption price (in dollars per share) \| $ / shares						$ 0.01
Warrant redemption condition, share price (in dollars per share) \| $ / shares						$ 18.00
Class of warrant or right, conversion terms, threshold trading days \| day						20
Class of warrant or right, conversion terms, threshold consecutive trading days \| day						30
Warrant and SEPA liabilities \| $			$ 3,000			$ 3,000			$ 1,900
Number of warrants exchanged (in shares)										6,529,954
Warrant holder support for Warrant Agreement		0.788
Public Warrants \| Minimum
Class of Warrant or Right [Line Items]
Threshold number of business days before sending notice of redemption to warrant holders \| day						30
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			4,428,648	4,428,648		4,428,648	4,428,648		4,428,648			4,933,333
Warrant and SEPA liabilities \| $			$ 7,500			$ 7,500			$ 4,900
Number of warrants exchanged (in shares)										504,685
Warrant holder support for Warrant Agreement		0.102
Working Capital Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			1,000,000	1,000,000		1,000,000	1,000,000		1,000,000			1,000,000
Warrant and SEPA liabilities \| $			$ 1,700			$ 1,700			$ 1,100
Number of warrants exchanged (in shares)		0
Public Warrants, Private Placement Warrants And Working Capital Warrants
Class of Warrant or Right [Line Items]
Loss on change in fair value of warrants and other liabilities \| $			$ 2,900			$ 4,300
Outstanding warrant liabilities \| $		$ 11,900
Warrants and rights outstanding, net of issuance costs \| $		$ 10,200
Initial OrbiMed Warrant
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares			$ 8.8398			$ 8.8398					$ 9.5562
Outstanding warrant liabilities \| $			$ 1,200			$ 1,200					$ 1,300
Warrants to purchase common stock (in shares)											130,805
OrbiMed Warrants liability
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			222,068			222,068			130,805
Warrants, term											7 years
Warrants issued, delayed draw commitment amount, percentage											0.050
Purchase agreement, ownership limitation											0.0999
Subsequent OrbiMed Warrants, Entity One
Class of Warrant or Right [Line Items]
Warrants to purchase common stock (in shares)								64,748
Subsequent OrbiMed Warrants, Entity Two
Class of Warrant or Right [Line Items]
Warrants to purchase common stock (in shares)								26,515
Subsequent OrbiMed Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares			$ 5.3322			$ 5.3322
Outstanding warrant liabilities \| $			$ 500			$ 500		$ 500

Standby Equity Purchase Agreement - Schedule of Expected Volatility (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Expected draws
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0	2,000
Expected probability of draws
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0	0.90
Risk-free interest rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, measurement input	0	0.044

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Details) $ in Millions		9 Months Ended
Leases (Details) $ in Millions	Jul. 17, 2024 optionToRenew	Sep. 30, 2025 USD ($) lease optionToRenew
Lessee, Lease, Description [Line Items]
Number of leases \| lease		2
Lessee, number of finance leases \| lease		1
Westminster Facility
Lessee, Lease, Description [Line Items]
Number of lease renewal options \| optionToRenew	2	1
Lease renewal term	5 years	5 years
Number of lease renewal options exercised \| optionToRenew	1
Rent payments \| $		$ 1.5
Bannockburn Facility
Lessee, Lease, Description [Line Items]
Lease renewal term		3 years

Debt - Schedule of Prepayment Premium (Details) - Secured Debt	Apr. 30, 2024
Within 12 Months
Debt Instrument [Line Items]
Debt instrument, prepayment premium rate	0.030
12 to 24 Months
Debt Instrument [Line Items]
Debt instrument, prepayment premium rate	0.030
24 to 36 Months
Debt Instrument [Line Items]
Debt instrument, prepayment premium rate	0.020
36 to 48 Months
Debt Instrument [Line Items]
Debt instrument, prepayment premium rate	0.010
After 48 Months
Debt Instrument [Line Items]
Debt instrument, prepayment premium rate	0.000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments And Contingencies From time to time, we may have certain contingent liabilities, including litigation, which arise in the ordinary course of its business activities. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. In the opinion of management, there are no pending claims for which the outcome is expected to result in a material adverse effect on our condensed consolidated balance sheets, statements of operations or statements of cash flows. As part of the Business Combination, we entered into the Amended and Restated Registration Rights Agreement with certain investors in MedTech and Legacy TriSalus. Subject to certain requirements and customary conditions, we granted piggyback registration rights and demand registration rights to the parties thereto, agreed to pay certain expenses related to such registrations and agreed to indemnify the parties thereto against certain liabilities related to such registrations. Our registration obligations under the Amended and Restated Registration Rights Agreement will terminate with respect to any party thereto on the date that such party no longer holds any Registrable Securities (as defined in the Amended and Restated Registration Rights Agreement). The Amended and Restated Registration Rights Agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. We are not a party to any legal proceedings and we are not aware of any claims or actions pending or threatened against us. In the future, we might from time to time become involved in litigation relating to claims arising from our ordinary course of business.

Condensed Consolidated Statements of Stockholders’ Deficit - USD ($)
$ in Thousands

Total

Preferred stock

Common stock

Additional paid-in capital

Accumulated deficit

Beginning balance (in shares) at Dec. 31, 2023

4,015,002

Balance, beginning of period at Dec. 31, 2023

$ (27,065)

$ 0

$ 2

$ 222,437

$ (249,504)

Balances, beginning of period (in shares) at Dec. 31, 2023

26,413,213

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(13,206)

Exercise of options (in shares)

^[1]

(4,941)

Exercise of options and vesting of restricted stock units (in shares)

2,906

Exercise of options and vesting of restricted stock units

^[1]

Issuance of common stock through employee stock purchase plan (in shares)

^[2]

55,670

Issuance of common stock through employee stock purchase plan

^[2]

Stock-based compensation

1,086

Proceeds from sale of common stock (in shares)

350,000

Proceeds from sale of common stock

3,141

Ending balance (in shares) at Mar. 31, 2024

4,015,002

Balance, end of period at Mar. 31, 2024

(36,037)

$ 0

$ 2

226,671

(262,710)

Balances, end of period (in shares) at Mar. 31, 2024

26,758,272

Beginning balance (in shares) at Dec. 31, 2023

4,015,002

Balance, beginning of period at Dec. 31, 2023

(27,065)

$ 0

$ 2

222,437

(249,504)

Balances, beginning of period (in shares) at Dec. 31, 2023

26,413,213

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(19,937)

Ending balance (in shares) at Sep. 30, 2024

3,985,002

Balance, end of period at Sep. 30, 2024

(20,434)

$ 0

$ 3

249,004

(269,441)

Balances, end of period (in shares) at Sep. 30, 2024

30,469,664

Beginning balance (in shares) at Mar. 31, 2024

4,015,002

Balance, beginning of period at Mar. 31, 2024

(36,037)

$ 0

$ 2

226,671

(262,710)

Balances, beginning of period (in shares) at Mar. 31, 2024

26,758,272

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(4,332)

Exercise of options and vesting of restricted stock units (in shares)

1,191

Exercise of options and vesting of restricted stock units

Stock-based compensation

1,275

Proceeds from sale of common stock (in shares)

400,000

Proceeds from sale of common stock

3,602

Record exchange warrants

11,923

Record issuance costs

(1,699)

Ending balance (in shares) at Jun. 30, 2024

4,015,002

Balance, end of period at Jun. 30, 2024

(25,263)

$ 0

$ 2

241,777

(267,042)

Balances, end of period (in shares) at Jun. 30, 2024

27,159,463

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(2,399)

Exercise of options and vesting of restricted stock units (in shares)

660

Exercise of options and vesting of restricted stock units

Issuance of common stock through employee stock purchase plan (in shares)

^[2]

49,939

Issuance of common stock through employee stock purchase plan

^[2]

278

Stock-based compensation

1,300

Preferred stock conversion (in shares)

(30,000)

32,645

Proceeds from sale of common stock (in shares)

1,116,591

Proceeds from sale of common stock

5,648

$ 1

5,647

Record exchange warrants (in shares)

2,110,366

Ending balance (in shares) at Sep. 30, 2024

3,985,002

Balance, end of period at Sep. 30, 2024

$ (20,434)

$ 0

$ 3

249,004

(269,441)

Balances, end of period (in shares) at Sep. 30, 2024

30,469,664

Beginning balance (in shares) at Dec. 31, 2024

3,985,002

Balance, beginning of period at Dec. 31, 2024

$ (25,894)

$ 0

$ 3

253,652

(279,549)

Balances, beginning of period (in shares) at Dec. 31, 2024

31,279,264

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (10,375)

(10,375)

Exercise of options and vesting of restricted stock units (in shares)

159,699

Exercise of options and vesting of restricted stock units

279

Stock-based compensation

1,583

Preferred stock conversion (in shares)

(365,000)

777,829

Ending balance (in shares) at Mar. 31, 2025

3,620,002

Balance, end of period at Mar. 31, 2025

$ (34,370)

$ 0

$ 3

255,551

(289,924)

Balances, end of period (in shares) at Mar. 31, 2025

32,272,462

Beginning balance (in shares) at Dec. 31, 2024

3,985,002

Balance, beginning of period at Dec. 31, 2024

$ (25,894)

$ 0

$ 3

253,652

(279,549)

Balances, beginning of period (in shares) at Dec. 31, 2024

31,279,264

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (29,474)

Ending balance (in shares) at Sep. 30, 2025

Balance, end of period at Sep. 30, 2025

$ (26,725)

$ 0

$ 4

294,241

(320,970)

Balances, end of period (in shares) at Sep. 30, 2025

49,891,299

Beginning balance (in shares) at Mar. 31, 2025

3,620,002

Balance, beginning of period at Mar. 31, 2025

$ (34,370)

$ 0

$ 3

255,551

(289,924)

Balances, beginning of period (in shares) at Mar. 31, 2025

32,272,462

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(8,288)

Exercise of options and vesting of restricted stock units (in shares)

155,051

Exercise of options and vesting of restricted stock units

Stock-based compensation

^[3]

2,517

Preferred stock conversion (in shares)

(26,000)

55,746

Proceeds from sale of common stock (in shares)

5,500,000

Proceeds from sale of common stock

20,662

Ending balance (in shares) at Jun. 30, 2025

3,594,002

Balance, end of period at Jun. 30, 2025

(19,423)

$ 0

$ 3

278,786

(298,212)

Balances, end of period (in shares) at Jun. 30, 2025

37,983,259

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(10,811)

Exercise of options and vesting of restricted stock units (in shares)

45,042

Exercise of options and vesting of restricted stock units

Issuance of common stock through employee stock purchase plan (in shares)

^[2]

49,939

Issuance of common stock through employee stock purchase plan

^[2]

Stock-based compensation

3,371

Preferred stock conversion (in shares)

(3,594,002)

11,813,059

Preferred stock conversion

$ 0

$ 1

11,946

(11,947)

Ending balance (in shares) at Sep. 30, 2025

Balance, end of period at Sep. 30, 2025

$ (26,725)

$ 0

$ 4

$ 294,241

$ (320,970)

Balances, end of period (in shares) at Sep. 30, 2025

49,891,299

[1]	(3) Amount reflects 2,906 shares issued for option exercises and 7,847 shares returned from options exercised in 2023 to correct clerical error.
[2]	(2) The Company records the issuance of the shares when they are recorded by the transfer agent and as such, there could be timing differences between when the expense is recorded and shares are transferred.
[3]	(1) Amount reflects $0.6 million related to 2024 bonus paid in 2025 in the form of stock-based compensation.

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Plan Balances

As of September 30, 2025, the balances under the two plans are as follows:


	September 30, 2025
	Authorized	Outstanding	Available for Issue
2009 Plan	1,179,218	1,179,218	—
2023 Plan	10,006,900	6,071,032	3,935,868
Total	11,186,118	7,250,250	3,935,868

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (29,474)	$ (19,937)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	500	551
Non-cash lease expense	407	233
Change in fair value of SEPA, warrant and revenue base redemption liabilities	4,097	1,521
Change in fair value of contingent earnout liability	(2,404)	(12,061)
Paid-in-kind interest	800	377
Stock-based compensation expense	6,934	3,744
Allowance for credit losses	130	0
Loss on disposal of property and equipment	117	18
Amortization of debt issuance costs	767	434
Changes in operating assets and liabilities
Accounts receivable	(43)	(1,358)
Inventory, net	772	(1,455)
Prepaid expenses and other assets	648	(2,323)
Deposits	0	43
Operating lease liabilities	(107)	(238)
Trade payables and accrued liabilities	1,328	(4,685)
Net cash used in operating activities	(15,528)	(35,136)
Cash flows from investing activities
Purchases of property and equipment	(877)	(295)
Proceeds from the disposal of property and equipment	80	0
Net cash used in investing activities	(797)	(295)
Cash flows from financing activities
Proceeds from the issuance of common stock	22,211	12,586
Common stock issuance costs	(1,549)	0
Debt issuance costs	(520)	(2,593)
Proceeds from the issuance of debt	10,000	25,000
Payments on finance lease liabilities	(78)	(65)
Proceeds from the exercise of stock options for common stock	423	14
Net cash provided by financing activities	30,487	34,942
Increase (decrease) in cash, cash equivalents and restricted cash	14,162	(489)
Cash, cash equivalents and restricted cash, beginning of period	8,875	12,127
Cash, cash equivalents and restricted cash, end of period	23,037	11,638
Supplemental disclosures of cash flow information:
Cash paid for interest	2,528	1,757
Cash paid for income taxes	16	4
Supplemental disclosures of non-cash items:
Prepaid warrant issuance costs	0	1,700
Right-of-use assets obtained in exchange for operating lease liabilities	0	464
Fixed asset purchase through exchange of finance lease right-of-use asset	85	0
Derecognition of finance lease right-of-use asset	(85)	0
Non-cash capital expenditures included in accounts payable	$ 63	$ 0

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. During periods where we might earn net income, we would allocate to participating securities a proportional share of net income determined by dividing total weighted-average participating securities by the sum of the total weighted-average common shares and participating securities (the “two-class method”). Our preferred stock participates in any dividends declared by us and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods where we incur net losses, we do not allocate the loss to participating securities because they have no contractual obligation to share in our losses. We computed diluted loss per common share after giving consideration to the dilutive effect of stock options and warrants that are outstanding during the period, except where such nonparticipating securities would be antidilutive. For the three and nine months ended September 30, 2025 and 2024, diluted net loss per common share is the same as basic net loss per common share for those periods.


	September 30,
	2025	2024
Preferred stock	—	25,048,584

Common stock warrants	7,402,541	7,311,278
RSUs and PSUs	797,669	538,345
Options to purchase common stock	6,452,581	4,909,457
Shares issuable under the SEPA	3,468,998	3,385,837
Total	18,121,789	41,193,501

As a result of the Offer related to the Preferred Stock, the Preferred Stock was completely converted to Common Stock before the quarter-end September 30, 2025 and is no longer considered a potentially dilutive security (see Note 10).

Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial Instruments

Our financial instruments consist of warrant liabilities, the contingent earnout liability, a Standby Equity Purchasing Agreement ( "SEPA"), and the revenue base redemption liability related to the Credit Agreement we entered into with OrbiMed (the "OrbiMed Credit Agreement"). The carrying values of these financial instruments (other than the contingent earnout liability, revenue base redemption liability and warrant liabilities, which are held at fair value) approximate fair value through the use of publicly available market prices as of September 30, 2025, and December 31, 2024. In general, asset and liability fair values are determined using the following categories:

Level 1 — Inputs utilize quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3 — Inputs are unobservable inputs and include situations where there is little, if any, market activity for the balance sheet items at period end. Pricing inputs are unobservable for the terms and are based on the Company’s own assumptions about the assumptions that a market participant would use.

Our contingent earnout liability, warrant liabilities, SEPA liability and revenue base redemption liability are measured at fair value on a recurring basis (see Notes 4, 5, 8 and 9, respectively).The carrying values of the warrant liabilities represent the remeasurement to fair value each reporting period based on Level 1 inputs for the publicly traded Public Warrants and Level 2 inputs for the Private Placement Warrants and Working Capital Warrants. The carrying amounts of the OrbiMed Warrants (defined in Note 5), contingent earnout liability and SEPA liability represent the remeasurement to fair value each reporting period based on unobservable, or Level 3 inputs, using assumptions made by us, including the market price of our common stock and the observed volatility of a peer group of companies.

The fair value of the Public Warrants has been measured based on the quoted price of such warrants on the Nasdaq Global Market. The Private Placement Warrants and Working Capital Warrants are similar to the Public Warrants and therefore, use the same fair value as the Public Warrants (see Note 5).

We use a Black-Scholes option pricing model to estimate the fair value of the OrbiMed Warrant (defined in Note 9), as warrants give the holders the right, but not the obligation, to purchase the underlying securities at a contractual exercise price. This method utilizes certain unobservable inputs, including the determination of the expected volatility, and is therefore considered a Level 3 fair value measurement. Certain inputs used in this Black-Scholes pricing model may fluctuate in future periods based upon factors that are outside of our control, including potential change in control outside of our control. A significant change in one or more of these inputs used in the calculation of the fair value may cause a significant change to the fair value of the warrant liabilities, which could also result in material non-cash gains or losses being reported in the condensed statement of operations. The expected volatility was implied from a blend of the Company's own common shares and the average historical share volatilizes of several unrelated public companies within the Company's industry that the Company considers to be comparable to its own business.

The repayment of the loans under the OrbiMed Credit Agreement is referred to as the “revenue base redemption liability” (see Note 9). We determine the value of the revenue base redemption liability using a Monte Carlo simulation of future revenue and valuing the Term Loan (as defined in Note 9) using the with and without method.


Warrant Liabilities	Fair Value at December 31, 2024		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2025
Public Warrants - Level 1	$	1,927	$	1,051	$	—	$	2,978
Private Placement Warrants - Level 2	4,872		2,657		—		7,529

Working Capital Warrants - Level 2	1,100		600		—		1,700
Total	$	7,899	$	4,308	$	—	$	12,207


Level 3 Liabilities	Fair Value at December 31, 2024		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2025
Contingent earnout liability	$	7,401	$	(2,404)	$	—	$	4,997
SEPA liability	$	55	$	(55)	$	—	$	—
OrbiMed Warrants liability	$	362	$	(151)	$	366	$	577
Revenue base redemption liability	$	507	$	(5)	$	—	$	502


Warrant Liabilities	Fair Value at December 31, 2023		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2024
Public Warrants - Level 1	$	9,855	$	2,982	$	(11,068)	$	1,769
Private Placement Warrants - Level 2	5,871		(542)		(855)		4,474
Working Capital Warrants - Level 2	1,190		(180)		—		1,010
Total	$	16,916	$	2,260	$	(11,923)	$	7,253


Level 3 Liabilities	Fair Value at December 31, 2023		Change in Unrealized (Gains) Losses		Issuances (Settlements)		Fair Value at September 30, 2024
Contingent earnout liability	$	18,632	$	(12,061)	$	—	$	6,571
SEPA liability	$	185	$	51	$	—	$	236
Initial OrbiMed Warrant liability	$	—	$	(488)	$	811	$	323
Revenue base redemption liability	$	—	$	(303)	$	729	$	426

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 1,415	$ 1,338
Finished goods	1,937	2,720
Reserve for obsolete inventory	(76)	(10)
Inventory, net	$ 3,276	$ 4,048

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Income Statement [Abstract]

Revenue

$ 11,566

$ 7,349

$ 31,946

$ 21,170

Cost of goods sold

1,906

1,004

5,203

2,887

Gross profit

9,660

6,345

26,743

18,283

Operating expenses

Research and development

^[1]

5,176

4,219

12,395

14,729

Sales and marketing

6,839

6,138

20,736

18,829

General and administrative

^[1]

6,659

4,727

17,287

13,310

Loss from operations

(9,014)

(8,739)

(23,675)

(28,585)

Other income (expense)

Interest income

170

158

378

347

Interest expense

(1,460)

(1,142)

(4,092)

(2,022)

Change in fair value of SEPA, warrant and revenue base redemption liabilities

(2,932)

4,974

(4,097)

(1,521)

Change in fair value of contingent earnout liability

2,524

2,360

2,404

12,061

Other expense, net

(94)

(13)

(385)

(210)

Loss before income taxes

(10,806)

(2,402)

(29,467)

(19,930)

Income tax benefit (expense)

(5)

(7)

Net loss

(10,811)

(2,399)

(29,474)

(19,937)

Series A Preferred Stock conversion inducement

(18,516)

Deemed dividend related to Series A Preferred Stock conversion

(11,947)

Undeclared dividends on Series A Preferred Stock

(803)

(2,405)

Net loss attributable to common stockholders

$ (41,274)

$ (3,202)

$ (59,937)

$ (22,342)

Net loss per common share, basic (in dollars per share)

$ (0.96)

$ (0.12)

$ (1.72)

$ (0.91)

Net loss per common share, diluted (in dollars per share)

$ (0.96)

$ (0.12)

$ (1.72)

$ (0.91)

Weighted average common shares outstanding, basic (in shares)

43,057,632

26,501,597

34,858,162

24,588,500

Weighted average common shares outstanding, diluted (in shares)

43,057,632

26,501,597

34,858,162

24,588,500

[1]	(1) Amounts presented in prior 2025 interim periods have been revised in the year to date ended September 30, 2025 to align expense classification for the year to date period.

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
Nature of Business and Basis of Presentation (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In management’s opinion, the accompanying condensed consolidated financial statements include all adjustments, including normal recurring items, considered necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by GAAP has been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission (" SEC"). Certain reclassifications have been made to the 2024 and 2025 condensed consolidated statements of stockholders’ deficit to conform to the presentation as of September 30, 2025. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2025. The accompanying condensed consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2024.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. We invest excess cash primarily in money market funds. Restricted cash of $0.35 million is held in a separate account at our bank to support our corporate credit card program and is recorded in other assets on our condensed consolidated balance sheets.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant estimates relate to the valuation of the OrbiMed warrant liability and the revenue base redemption liability (see Note 9), the contingent earnout liability (see Note 4), certain of our clinical expense accruals, and the valuation allowance on deferred tax assets.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. Our payment terms are typically on net 30 day terms. Our opening accounts receivable balance as of January 1, 2024 was $3.6 million. In accordance with ASC Topic 326, Financial Instruments-Credit Losses, the allowance for credit losses is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for credit losses periodically and establish reserves based on management’s expectations of realization based on historical write-off experience, as well as current general economic conditions and expectations regarding collection. Account balances are charged against the allowance after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. We did not incur any credit losses for the nine months ended September 30, 2025 and 2024.
Revenue Recognition	Revenue Recognition Our revenue is derived from the shipments of our Pressure Enabled Drug Delivery ("PEDD") infusion systems to our customers. Our customers are generally comprised of hospitals, clinics and physicians. Under ASC Topic 606, Revenue Recognition, we evaluate five steps to determine the appropriate timing and amount to recognize revenue. The five steps are: i.Identify the contract — We do not maintain long-term contracts with our customers. Typically, customers will submit a purchase order to us for delivery of a quantity of our products, which incorporate enforceable rights and obligations constituting the contract with the customer. ii.Identify the performance obligation — Our performance obligation is to deliver the ordered products in accordance with the terms of the purchase order, which constitutes a single performance obligation. We do not have any on-going service obligation after delivery and only offer our customers an assurance-type warranty, which provides assurance the product will work as intended. iii.Determine the transaction price — We maintain a single sales price for each of our products, which is fixed. For customers with rebate agreements, the rebates are accounted for within a contra-revenue account at the time the rebate milestone is achieved. We do not have a history of any significant refunds, allowances or other concessions provided to our customers from the agreed-upon sales price after delivery of the product. Refunds, allowances or other concessions are accounted for as a reduction of revenue. iv.Allocate the transaction price — We do not have multiple performance obligations to complete when we fulfill a purchase order, as such, the transaction price is allocated fully to the units being sold. v.Recognize revenue — We recognize revenue at the point-in-time when the units for a purchase order have been shipped and control of the units has transferred to the customer, as evidenced by the delivery terms on the shipping documents. Typically, we ship Freight on Board (FOB) Shipping Point. Therefore, we recognize revenue when the shipment leaves our premises. In certain cases, the purchase order specifies alternate shipping terms, usually FOB Destination. In those cases, we defer revenue recognition until the units have been delivered and control has transferred to the customer. Our sales team is able to make in-person sales. When this occurs, the revenue in not recognized until we receive a Purchase Order ("P.O.") from the customers, with the inventory treated as consignment until the time receiving the P.O. Shipping and handling activities are not considered to be a separate performance obligation. The costs are considered to be a fulfillment cost and the expenses are accounted for within cost of goods sold. We provide certain customers with rebates that are explicitly stated in our contracts and are recorded as a reduction of revenue in the period the conditions for the rebates are achieved. The rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes. Subsequent to a rebate being earned, the customer receives a credit to apply to future purchases.
Research and Development	Research and Development Research and development (“R&D”) costs include our engineering, regulatory, pre-clinical and clinical activities. R&D costs are expensed as incurred. The costs are related to internal headcount and external services we purchase, such as pre-clinical supplies and materials, clinical study management and supplies, and consulting related to our R&D. There were no development milestone payments to Dynavax for nelitolimod for the three and nine months ended September 30, 2025 and 2024 (see Note 7). In 2021, we entered into a 5-year Alliance Program (the “MDACC Agreement”) with the University of Texas MD Anderson Cancer Center (“MDACC”) to serve as the lead investigators for the PERIO-01, PERIO-02, and PERIO-03 studies. The term of the agreement was for the later of (i) five years or (ii) until the applicable studies are completed. Prior to the expiration of the term of the MDACC Agreement, either party may terminate the MDACC Agreement if the other party commits a material breach of the agreement and fails to cure such breach within 30 days of receiving notice of such breach. Effective February 25, 2025, we modified our payment terms and extended the MDACC Agreement for an additional year. We are required to estimate our expenses resulting from our obligations under agreements with vendors, consultants and contract research organizations, in connection with conducting R&D activities. The financial terms of these contracts are subject to negotiations, which vary from agreement to agreement and may result in payment flows that do not match the periods over which goods or services are provided. We reflect R&D expenses in our condensed consolidated financial statements by matching those expenses with the period in which services and efforts are incurred. We account for these expenses according to the progress of the agreements, along with preparation of financial models, taking into account discussions with research and other key personnel as to the progress of studies or other services being performed. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed. With the close out of some of our clinical studies related to nelitolimod, we recorded a charge of approximately $2.1 million during the three and nine months ended September 30, 2025.
Segment reporting	Segment reporting Our Chief Operating Decision Maker (“CODM”), the Chief Executive Officer ("CEO"), reviews our financial information on a consolidated basis for purposes of allocating resources and evaluating its financial performance. The CEO considers recommendations from the Chief Financial Officer ("CFO") and reviews the Monthly Financial Report ("MFR"), including financial information and the Company’s performance highlights, such as revenue, accounts receivable and inventory balances, cash flows and cash on-hand, operational expenditures and headcount. Based on the Company’s condensed consolidated financial information, the CEO makes the key operating decisions and determines how resources should be allocated. Once the CEO has decided, the CEO and CFO are responsible for carrying out the CEO’s decisions. All of our customers and long-lived assets are located in the United States. Since the Company operates as a single reporting segment, all required segment reporting disclosures can be found in the condensed consolidated financial statements. Accordingly, we have determined we operate as a single reportable segment within a single geographic area.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies the guidance on ASC Topic 718 by illustrating how to apply the scope guidance to determine whether a profit interest award should be accounted for as a shared-based payment arrangement under ASC 718 or another accounting standard (e.g., employee profit-sharing arrangement under ASC 710). The ASU aims to reduce the complexity diversity in practice by adding an example to ASC 718 that describes four fact patterns and illustrates how an entity evaluates common terms and characteristics of profit interests and similar awards to reach a conclusion about whether an award meets the scope conditions in ASC 718-10-15-3. The ASU is effective for all public entities for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. We adopted ASU 2024-01 on January 1, 2025. The effect of the adoption had no impact on our condensed consolidated financial statements. In March 2024, the FASB issued ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concept Statements, which removes references to the Board's concepts statement from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board’s standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.” Before establishing the Codification in 2009, the FASB used or referred to the concepts statements as part of its standard setting. However, the Board is now removing those references since “references to the Concepts Statements in the Codification could imply that the Concepts Statements are authoritative." The amendment is effective for all public entities for fiscal years beginning after December 15, 2024. Those who adopt the amendments in an interim period would have to adopt them as of the beginning of the fiscal year that includes that interim period. We adopted ASU 2024-02 on January 1, 2025. The effect of the adoption had no impact on our condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in ASU 2023-06 update requirements in various disclosure areas, including the statement of cash flows, earnings per share, debt and equity. The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under the ASU, Public Business Entity ("PBE") must annually "(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate)." This guidance is effective for public companies for annual periods beginning after December 15, 2024. For other companies, the amendments are effective for annual periods beginning after December 15, 2025. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In November 2024, the FASB issues ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01. The amendment applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In November 2024, the FASB issues ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which amends ASC 470-20, Debt: Debt With Conversion and Other Options, to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. Based primarily on the consensus-for-exposure reached on Issue 23-A, Induced Conversion of Convertible Debt Instruments, by the Emerging Issues Task Force on September 14, 2023. The ASU is intended to “improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible.” The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of the annual reporting period for all entities that have adopted the amendments in Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. We are currently evaluating the impact the adoption of this ASU will have on our condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation and Revenue from Contracts with Customers, which clarifies the guidance for accounting for share-based payments to customers, including the treatment of vesting conditions tied to customer purchases and the requirement to estimate forfeitures. ASU 2025-04 will become effective for us for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact the adoption of this Update will have on our condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 10, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39813
Entity Registrant Name	TriSalus Life Sciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3009869
Entity Address, Address Line One	6272 W 91st Ave
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80031
City Area Code	(888)
Local Phone Number	321-5212
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,964,311
Entity Central Index Key	0001826667
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock, $0.0001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	TLSI
Security Exchange Name	NASDAQ
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of registrant's common stock at an exercise price of $11.50 per share
Trading Symbol	TLSIW
Security Exchange Name	NASDAQ

Warrants

9 Months Ended

Sep. 30, 2025

Warrants and Rights Note Disclosure [Abstract]

Warrants

Warrants that have not been tendered for exchange and outstanding at September 30, 2025, and December 31, 2024, are as follows:


	September 30, 2025	December 31, 2024
Public Warrants	1,751,825	1,751,825
Private Placement Warrants	4,428,648	4,428,648
Working Capital Warrants	1,000,000	1,000,000
OrbiMed Warrants	222,068	130,805

Total warrants	7,402,541	7,311,278

Public, Private Placement and Working Capital Warrant Liabilities

In connection with consummation of the Business Combination, we assumed the warrant liabilities associated with 8,333,272 Public Warrants. Each Public Warrant is exercisable to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. As of September 30, 2025 and December 31, 2024, there were 1,751,825 Public Warrants outstanding. The Public Warrants expire on August 10, 2028 or earlier upon redemption or liquidation.

The Public Warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. We may redeem for cash the outstanding Public Warrants:

a.in whole and not in part;

b.at a price of $0.01 per Public Warrant;

c.upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

d.if, and only if, the reported closing price of the Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading day period ending three business days before we send the notice of redemption to the warrant holders.

If and when the Public Warrants become redeemable, we may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If we call the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a cashless basis. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will we be required to net cash settle the warrants. Accordingly, the warrants may expire worthless.

In addition to the Public Warrants, we assumed the warrant liabilities associated with 4,933,333 Private Placement Warrants and 1,000,000 Working Capital Warrants. The Private Placement Warrants and Working Capital Warrants are identical to the Public Warrants, except that the Private Placement Warrants and Working Capital Warrants and the common stock issuable upon the exercise of the Private Placement Warrants and Working Capital Warrants, were not transferable, assignable or saleable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants and Working Capital Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants and Working Capital Warrants are held by someone other than the initial purchasers or their permitted transferees, they will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. As of September 30, 2025 and December 31, 2024, there were 4,428,648 Private Placement Warrants and 1,000,000 Working Capital Warrants outstanding.

We determined that the Public Warrants, Private Placement Warrants, and Working Capital Warrants (collectively, the "Exchange Warrants") do not meet the criteria to be equity classified and should be recorded as liabilities. Our analysis concluded liability classification under ASC 815, Derivatives and Hedging, as these warrants include a provision that could allow cash settlement upon an event outside our control and such event may not result in a change in control of the Company. As a result, the Private and Public Warrants do not meet the criteria for equity classification.

The fair value of the Public Warrants has been measured based on the quoted price of such warrants on the Nasdaq Global Market. The transfer of Private Placement Warrants or Working Capital Warrants to anyone outside of a small group of individuals who are permitted transferees would result in the Private Placement Warrants and Working Capital Warrants having substantially the same terms as the Public Warrants. Therefore, we determined that the fair value of each Private Warrant and Working Capital Warrant is equivalent to that of each Public Warrant. As of September 30, 2025, the fair values of the Public Warrants, Private Placement Warrants and Working Capital Warrants were $3.0 million, $7.5 million, and $1.7 million, respectively. As of December 31, 2024, the fair values of the Public Warrants, Private Placement Warrants and Working Capital Warrants were $1.9 million, $4.9 million, and $1.1 million. We recorded a loss adjustment of $2.9 million and $4.3 million three and nine months ended September 30, 2025, respectively, to the change in fair value of SEPA, warrant and revenue base redemption liabilities on the condensed consolidated statements of operations.

On May 24, 2024, we commenced (i) the Offer and (ii) the solicitation of consent (the “Consent Solicitation”) from holders of the Exchange Warrants to amend the Warrant Agreement, dated as of December 17, 2020 (the “Warrant Agreement” and such amendment, the “Warrant Amendment”), by and between the Company and Continental Stock Transfer & Trust Company, which governs all of the Exchange Warrants.

The Offer and Consent Solicitation expired at one minute after 11:59 p.m., Eastern Standard Time, on June 25, 2024. The Exchange Warrants tendered were comprised of 6,529,954 Public Warrants and 504,685 Private Placement Warrants, which represents approximately 78.8% and 10.2% of the outstanding warrants of each respective class. The Warrants were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent Solicitation. No Working Capital Warrants were tendered. We determined the Exchange Warrants met the criteria to be equity classified at June 26, 2024, and that their fair value was $11.9 million. Adjusting for issuance costs of $1.7 million, the

net fair value of the Exchange Warrants was $10.2 million. Accordingly, we recorded that amount as a reduction of the warrant and SEPA liabilities and an increase to additional paid-in capital on the condensed consolidated balance sheets, partially offset by issuance costs of $1.7 million. On July 1, 2024, we issued 2,110,366 shares of common stock for the Exchange Warrants.

In addition, the Warrant Amendment was entered into with respect to the Public Warrants. As a result all of the outstanding Public Warrants may be exchanged, at the Company's option, at any time while they are exercisable and prior to their expiration, at the office of the warrant agent, upon notice to the holders of the then outstanding Public Warrants, at the exchange ratio of 0.27 shares of Common Stock per Public Warrant (subject to equitable adjustment by us in the event of any stock splits, stock dividends, recapitalizations or similar transaction with respect to the Common Stock).

The following table summarizes activity in the Public Warrants, Private Placement Warrants, and Working Capital Warrants in the nine months ended September 30, 2025 and 2024.


Series	Balance at December 31, 2024	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2025
Public Warrants	1,751,825	—	—	—	1,751,825
Private Placement Warrants	4,428,648	—	—	—	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000


Series	Balance at December 31, 2023	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2024
Public Warrants	8,281,779	—	—	(6,529,954)	1,751,825
Private Placement Warrants	4,933,333	—	—	(504,685)	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000

OrbiMed Warrants

In connection with the closing of the OrbiMed Credit Agreement, we also issued OrbiMed (the "OrbiMed Warrant Holder") a warrant to purchase 130,805 shares of our common stock (the "Warrant Shares"), with the initial exercise price of $9.5562, (the "Exercise Price") per share, or approximately $1.3 million in the aggregate, assuming none of the Initial OrbiMed Warrant is exercised through a cashless exercise. As of September 30, 2025, the exercise price was $8.8398 per share pursuant to the terms of the Initial OrbiMed Warrant, or approximately $1.2 million in the aggregate. The Initial OrbiMed Warrant expires on April 30, 2031 (the "Expiration Date"). On each of the closings of the Delayed Draw Commitment Amounts (see Note 9), if any, we agreed to issue additional warrants to purchase a number of shares of our common stock determined by dividing 5.0% of the applicable Delayed Draw Commitment Amount by the 10-day volume weighted average sale price of our common stock as of the issue date (the “Subsequent OrbiMed Warrants” and collectively, with the Initial OrbiMed Warrant, the “OrbiMed Warrants” and together with the Exchange Warrants, the “Warrants”). The Subsequent OrbiMed Warrants will expire seven years from each applicable issuance date, if any. In connection with the OrbiMed Warrants, we entered into a Registration Rights Agreement with OrbiMed (the “OrbiMed Registration Rights Agreement”), whereby OrbiMed will have certain customary registration rights with respect to the shares of common stock underlying the OrbiMed Warrants. In connection with the First Delayed Draw Term Loan Commitment draw (see Note 9) on February 18, 2025, we issued the OrbiMed operating entities a warrant to purchase 64,748 and 26,515 shares of our common stock (the "Subsequent OrbiMed Warrants"), with the initial exercise price of $5.4787, or approximately $0.5 million. As of September 30, 2025, the Exercise Price was $5.3322 per share pursuant to the terms of the Subsequent OrbiMed Warrant, or approximately $0.5 million in the aggregate. The Subsequent OrbiMed Warrant expires on February 18, 2032 (the "Expiration Date").

The OrbiMed Warrants may be exercised in whole or in part, at any time prior to the Expiration Date (the "Exercise Period"), by either:

a.making a payment to the Company, in an amount in immediately available funds equal to the aggregate Exercise Price to be paid upon the exercise of the OrbiMed Warrants; or

b.instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of the OrbiMed Warrants with an aggregate fair market value as of the exercise date equal to such aggregate Exercise Price to be paid upon the exercise of the OrbiMed Warrants (the “Cashless Exercise”).

If either upon (i) the occurrence of the Expiration Date, or (ii) the date on which a Sale of the Company is consummated pursuant to which the sole consideration payable to the Company or its stockholders in respect of such sale transaction consists of cash, marketable securities or a combination thereof, and the per share fair market value of a Warrant Share is greater than the exercise price, any portion of the OrbiMed Warrants that remains unexercised on

such date shall be deemed to have been exercised automatically pursuant to a Cashless Exercise (the “Automatic Cashless Exercise”).

Ownership Cap

The OrbiMed Warrant Holder in any circumstance cannot exercise the OrbiMed Warrants if such exercise would result in the holder and its affiliates to own more than 9.99% of the Company's common stock (the “Ownership Cap”).

Adjustments

The current Exercise Price and the number of Warrant Shares underlying the OrbiMed Warrants are subject to certain anti-dilutive adjustments. These are triggered by events such as stock splits, reclassification of shares, combinations or substitutions. Additionally, the Exercise Price will be adjusted if shares,which include options and convertible securities settled in common stock) are issued at a price per share less than the current Exercise Price. These adjustments are collectively referred to as "Warrant Adjustments.”

If we declare or pay a dividend or distribution on our outstanding common shares payable in cash, capital securities or other property, the OrbiMed Warrant Holder shall be entitled to receive, at the time such dividend or distribution is paid, without additional cost to the OrbiMed Warrant Holder, the total number and kind of cash, capital securities or other property which the OrbiMed Warrant Holder would have received had the OrbiMed Warrant Holder owned the Warrant Shares of record as of the date such dividend or distribution was paid (the “Pro-Rata Distribution”).

Additionally, the OrbiMed Warrants are subject to customary price-based anti-dilution protections, such that, in certain circumstances, if we issue shares of our common stock below the current exercise price of the Initial OrbiMed Warrant, the exercise price of the OrbiMed Warrants will be adjusted downward based on such issuance. As a result of any adjustments, the amount of proceeds we receive from the exercise of the OrbiMed Warrants would be less than the amount we would receive immediately prior to such adjustment.

Transfers of OrbiMed Warrants

The OrbiMed Warrants may be transferred or assigned in whole or in part, subject to compliance with applicable federal and state securities laws.

Allocation of Proceeds and Issuance Costs

The agreement explicitly permits the settlement of the OrbiMed Warrants in a cashless manner (i.e., net share settlement) and not indexed to the Company's own stock. Therefore, it is considered as a derivative instrument under ASC 815 and will be classified as a liability and is subsequently measured at fair value with changes reported within the change in fair value of SEPA, warrant, and revenue base redemption liabilities of the condensed consolidated statement of operations following the proceeds from the issuance of the Initial Term Loan.

The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	December 31, 2024
Expected term (years)	5.6	6.3
Risk free interest rate	3.8%	4.5%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.8398	$9.3722
Stock price	$4.65	$5.01

The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	February 18, 2025
Expected term (years)	6.4	7.0
Risk free interest rate	3.9%	4.1%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.3322	$5.4787
Stock price	$4.65	$5.69

Warrants (Tables)

9 Months Ended

Sep. 30, 2025

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrants Outstanding

Warrants that have not been tendered for exchange and outstanding at September 30, 2025, and December 31, 2024, are as follows:


	September 30, 2025	December 31, 2024
Public Warrants	1,751,825	1,751,825
Private Placement Warrants	4,428,648	4,428,648
Working Capital Warrants	1,000,000	1,000,000
OrbiMed Warrants	222,068	130,805

Total warrants	7,402,541	7,311,278

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Assumptions used in the valuation are described below:


	September 30, 2025			December 31, 2024
Current stock price	$	4.65		$	5.01
Expected share price volatility	70.0		%	70.0		%
Risk-free interest rate	3.6		%	4.3		%
Expected term (years)	2.86			3.61
Estimated dividend yield	—		%	—		%

The following table summarizes activity in the Public Warrants, Private Placement Warrants, and Working Capital Warrants in the nine months ended September 30, 2025 and 2024.


Series	Balance at December 31, 2024	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2025
Public Warrants	1,751,825	—	—	—	1,751,825
Private Placement Warrants	4,428,648	—	—	—	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000


Series	Balance at December 31, 2023	Exchanges	Issuances	Retirements / Conversions	Balance at September 30, 2024
Public Warrants	8,281,779	—	—	(6,529,954)	1,751,825
Private Placement Warrants	4,933,333	—	—	(504,685)	4,428,648
Working Capital Warrants	1,000,000	—	—	—	1,000,000

The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	December 31, 2024
Expected term (years)	5.6	6.3
Risk free interest rate	3.8%	4.5%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.8398	$9.3722
Stock price	$4.65	$5.01

The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:


	September 30, 2025	February 18, 2025
Expected term (years)	6.4	7.0
Risk free interest rate	3.9%	4.1%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.3322	$5.4787
Stock price	$4.65	$5.69

Assumptions used in the valuation are described below:


Valuation assumptions:	September 30, 2025		December 31, 2024
Expected draws	None		$	2,000
Expected probability of draws	—%		90		%
Risk-free interest rate	—	%	4.4		%

Dynavax Purchase	9 Months Ended
Dynavax Purchase	Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Dynavax Purchase	Dynavax Purchase We purchased all of the intellectual property and trial drug substance for nelitolimod from Dynavax Technologies (“Dynavax”) in 2020. This was a purchase of in-process research and development. Nelitolimod, an investigational agent in development, is a TLR9 agonist which is believed to bind to the TLR9 receptors found on suppressive immune cells including myeloid-derived suppressor cells and antigen-presenting immune cells. We believe that nelitolimod, when delivered using our PEDD devices, can improve therapeutic distribution to solid tumors and improve outcomes for liver metastases and Locally Advanced Pancreatic Ductal Adenocarcinoma ("LA-PDAC"). Payments under the Dynavax purchase agreement consist of: (a) an upfront payment of $9.0 million, (b) milestone payments upon the achievement of certain development and commercial milestones, and (c) royalty payments based on aggregate annual net sales after nelitolimod receives Food and Drug Administration ("FDA") approval to be sold. The milestone payments range from $1.0 million to $10.0 million, triggered by development achievements for each of up to four indications. The development milestone payments cannot exceed $170.0 million. We have made milestone payments of $1.0 million in September 2021, after initiating our clinical study of uveal melanoma liver metastases, June 2022, after initiating our clinical study for primary liver tumors, and August 2023, after initiating our clinical study for LA-PDAC. In aggregate, the commercial milestones shall not exceed $80.0 million. We will also pay annual royalties at the rate of 10.0% for aggregate annual net sales less than or equal to $1.0 billion and 12.0% for aggregate annual net sales above that amount. We record the milestone payments in R&D expense when they are incurred. The milestone payments and royalty payments are contingent upon future events and therefore will also be recorded as expense when it is probable that a milestone has been achieved or when royalties are due. During the three and nine months ended September 30, 2025 and 2024, we made no payments to Dynavax.