0001628280-26-034100 | 10-Q | XBRL Viewer | Trisalus Life Sciences INC

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Plan Balances

As of March 31, 2026, the balances under the 2023 Plan were as follows:

March 31, 2026

Authorized

Outstanding (1)

Available for Issue

2023 Plan

13,685,930

8,710,925

4,439,939

(1)Outstanding excludes RSU releases and option exercises under the 2023 plan.

Schedule of Stock Option Activity

The following table summarizes activity for stock options under the 2009 Plan and 2023 Plan for the three months ended March 31, 2026:


	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2026	7,406,664	$	5.94	7.4	$	13,358
Granted	991,662	4.95
Exercised	(6,725)	4.76			1
Forfeited	(275,020)	5.58
Expired	(19,295)	5.94
Outstanding at March 31, 2026	8,097,286	$	5.84	7.3	$	2,255
Exercisable at March 31, 2026	3,394,293	$	6.01	4.9	$	2,185

Schedule of Performance Shares Activity

The following table summarize activity for RSUs and PSUs under the 2009 Plan and 2023 Plan for the three months ended March 31, 2026:


	Number of Stock Units	Weighted-Average Grant-Date Fair Value per Share
Unvested at January 1, 2026	1,826,613	$	6.18
Granted	183,376	4.14
Vested	(145,361)	7.04
Forfeited	(91,023)	5.91
Unvested at March 31, 2026	1,773,605	$	5.91

Schedule of Restricted Stock Unit Activity

The following table summarize activity for RSUs and PSUs under the 2009 Plan and 2023 Plan for the three months ended March 31, 2026:


	Number of Stock Units	Weighted-Average Grant-Date Fair Value per Share
Unvested at January 1, 2026	1,826,613	$	6.18
Granted	183,376	4.14
Vested	(145,361)	7.04
Forfeited	(91,023)	5.91
Unvested at March 31, 2026	1,773,605	$	5.91

Nature Of Business And Basis Of Presentation (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table summarizes the allowance for credit losses accounts activity for the three months ended March 31, 2026:


	March 31, 2026
Beginning Balance	$	24
Amount charged (reversed) to costs and expenses	60
Write-off of uncollectible receivables	(8)
Ending Balance	$	76

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Stock Options
Outstanding, beginning balance (in shares)	7,406,664
Granted (in shares)	991,662
Exercised (in shares)	(6,725)
Forfeiture (in shares)	(275,020)
Expired (in shares)	(19,295)
Outstanding, ending balance (in shares)	8,097,286	7,406,664
Exercisable, ending balance (in shares)	3,394,293
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 5.94
Granted (in dollars per share)	4.95
Exercised (in dollars per share)	4.76
Forfeiture (in dollars per share)	5.58
Expired (in dollars per share)	5.94
Outstanding, ending balance (in dollars per share)	5.84	$ 5.94
Exercisable, ending balance (in dollars per share)	$ 6.01
Weighted-Average Remaining Contractual Life (in years)
Options outstanding	7 years 3 months 18 days	7 years 4 months 24 days
Weighted average remaining contractual term, exercisable	4 years 10 months 24 days
Aggregate Intrinsic Value (in thousands)
Outstanding, Aggregate Intrinsic Value	$ 2,255	$ 13,358
Aggregate intrinsic value of options exercised	1
Aggregate intrinsic value for options exercisable	$ 2,185

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 1,316	$ 1,289
Finished goods	2,600	1,897
Reserve for obsolete inventory	(138)	(109)
Inventory, net	$ 3,778	$ 3,077

Dynavax Purchase (Details) - Dynavax Technologies $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2026 USD ($) milestone	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($) upfrontPayment
Asset Acquisition [Line Items]
Number of upfront payment \| upfrontPayment						1
Upfront payment						$ 9,000
Payments for milestone	$ 1,000	$ 1,000	$ 1,000	$ 0	$ 0
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				0.10
Royalties, sales threshold amount				$ 1,000,000
Royalties as a percentage of sales, over threshold amount				0.12
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
Maximum
Asset Acquisition [Line Items]
Payments for milestone				$ 10,000

Nature Of Business And Basis Of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended			3 Months Ended
	Feb. 25, 2026 USD ($)	Feb. 25, 2026 USD ($)	Feb. 23, 2026 USD ($)	Feb. 19, 2026 $ / shares shares	Aug. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2026 USD ($) segment $ / shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Jan. 01, 2025 USD ($)
Nature of Business [Line Items]
Restricted cash										$ 400
Payment terms								30 days
Accounts receivable, net of allowance for credit losses								$ 5,215		$ 6,558	$ 5,100
Rebates recognized								$ 200	$ 200
Number of reportable segments \| segment								1
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001		$ 0.0001
Underwriting Agreement
Nature of Business [Line Items]
Sale of stock (in shares) \| shares				9,756,100
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001
Sale of stock, price per share (in dollars per share) \| $ / shares				$ 4.10
Over-Allotment Option
Nature of Business [Line Items]
Sale of stock (in shares) \| shares				1,463,415
Option to purchase additional shares				30 days
Net proceeds on sale of stock		$ 5,600
Underwriting Offering
Nature of Business [Line Items]
Net proceeds on sale of stock			$ 37,000
Common stock issuance costs	$ 3,400
Dynavax Technologies
Nature of Business [Line Items]
Payments for milestone					$ 1,000	$ 1,000	$ 1,000	$ 0	$ 0

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

The components of inventory are summarized as follows:


	March 31, 2026		December 31, 2025
Raw materials	$	1,316	$	1,289
Finished goods	2,600		1,897
Reserve for obsolete inventory	(138)		(109)
Inventory, net	$	3,778	$	3,077

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Summary of Components of Inventory

The components of inventory are summarized as follows:


	March 31, 2026		December 31, 2025
Raw materials	$	1,316	$	1,289
Finished goods	2,600		1,897
Reserve for obsolete inventory	(138)		(109)
Inventory, net	$	3,778	$	3,077

Debt - Product Revenue Base Redemption Feature (Details) - Secured Debt $ in Thousands	Mar. 26, 2026 USD ($)
March 31, 2026
Debt Instrument [Line Items]
Product revenue base, minimum amount required	$ 43,500
June 30, 2026
Debt Instrument [Line Items]
Product revenue base, minimum amount required	46,000
September 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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+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary 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 and revenue base redemption liability for the three months ended March 31, 2026.


Warrant Liabilities	Fair Value at December 31, 2025		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2026
Public Warrants - Level 1	$	2,908	$	(806)	$	—	$	2,102
Private Placement Warrants - Level 2	$	7,352	$	(2,037)	$	—	$	5,315
Working Capital Warrants - Level 2	$	1,660	$	(460)	$	—	$	1,200


Level 3 Liabilities	Fair Value at December 31, 2025		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2026
Contingent earnout liability	$	10,144	$	(7,402)	$	—	$	2,742

OrbiMed Warrant liability	$	972	$	(514)	$	—	$	458
Revenue base redemption liability	$	383	$	(83)	$	—	$	300

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 three months ended March 31, 2025:


Warrant Liabilities	Fair Value at December 31, 2024		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2025
Public Warrants - Level 1	$	1,927	$	193	$	—	$	2,120
Private Placement Warrants - Level 2	$	4,872	$	487	$	—	$	5,359
Working Capital Warrants - Level 2	$	1,100	$	110	$	—	$	1,210


Level 3 Liabilities	Fair Value at December 31, 2024		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2025
Contingent earnout liability	$	7,401	$	820	$	—	$	8,221
SEPA liability	$	55	$	(32)	$	—	$	23
OrbiMed Warrant liability	$	362	$	19	$	366	$	747
Revenue base redemption liability	$	507	$	57	$	—	$	564

Nature Of Business And Basis Of Presentation - Allowance for Credit Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 24
Amount charged (reversed) to costs and expenses	60
Write-off of uncollectible receivables	(8)
Ending Balance	$ 76

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Jul. 31, 2025 shares	Jul. 23, 2025 $ / shares shares	Jun. 23, 2025 $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 shares	Dec. 31, 2025 shares
Temporary Equity [Line Items]
Preferred stock, shares outstanding (in shares)					0	0
Actual undeclared dividends \| $				$ 4.7
Preferred stock, shares authorized (in shares)					10,000,000	10,000,000
Preferred stock available for future issuance (in shares)					10,000,000
Common stock, $0.0001 par value
Temporary Equity [Line Items]
Issuance of common stock for exchange warrants (in shares)	11,813,059
Preferred Stock Converted To Common Stock
Temporary Equity [Line Items]
Preferred stock converted (in shares)		42,500	3,551,502
Conversion of stock, shares issued (in shares)		93,103	11,719,956
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred stock, shares outstanding (in shares)				3,620,002	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
Conversion price (in dollars per share) \| $ / shares		$ 5.227	$ 4.00
Percentage of preferred stock that were tendered			0.988
Preferred stock, shares authorized (in shares)					10,000,000

Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Public Warrants \| Fair Value, Inputs, Level 1
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,908	$ 1,927
Change in Fair Value (Gains) Losses	(806)	193
Issuances (Settlements)	0	0
Ending balance	2,102	2,120
Private Warrants \| Fair Value, Inputs, Level 2
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	7,352	4,872
Change in Fair Value (Gains) Losses	(2,037)	487
Issuances (Settlements)	0	0
Ending balance	5,315	5,359
Working Capital Warrants \| Fair Value, Inputs, Level 2
Fair Value, Liabilities Measurement Reconciliation, Calculation [Roll Forward]
Beginning balance	1,660	1,100
Change in Fair Value (Gains) Losses	(460)	110
Issuances (Settlements)	0	0
Ending balance	1,200	1,210
Contingent earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,144	7,401
Change in Fair Value (Gains) Losses	(7,402)	820
Issuances (Settlements)	0	0
Ending balance	2,742	8,221
SEPA liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		55
Change in Fair Value (Gains) Losses		(32)
Issuances (Settlements)		0
Ending balance		23
OrbiMed Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	972	362
Change in Fair Value (Gains) Losses	(514)	19
Issuances (Settlements)	0	366
Ending balance	458	747
Revenue base redemption liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	383	507
Change in Fair Value (Gains) Losses	(83)	57
Issuances (Settlements)	0	0
Ending balance	$ 300	$ 564

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease expense	$ 75	$ 97
Finance lease expense:
Amortization of ROU assets	14	20
Interest on lease liabilities	3	1
Total finance lease expense	17	21
Total lease expense	$ 92	$ 118

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 56,553	$ 20,439
Accounts receivable (net of allowance of $76 and $24, respectively)	5,215	6,558
Inventory, net	3,778	3,077
Prepaid expenses	2,592	2,170
Total current assets	68,138	32,244
Property and equipment, net	1,942	1,808
Right-of-use assets	830	861
Other assets	69	418
Total assets	70,979	35,331
Current liabilities
Trade payables	4,232	3,002
Accrued liabilities	7,067	8,096
Short-term lease liabilities	218	167
Other current liabilities	269	234
Total current liabilities	11,786	11,499
Long-term debt	33,079	33,046
Revenue base redemption liability	300	383
Long-term lease liabilities	1,190	1,228
Contingent earnout liability	2,742	10,144
Warrant liabilities	9,075	12,892
Total liabilities	58,172	69,192
Commitments and Contingencies
Stockholders’ equity (deficit)
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.0001 par value, 400,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; 61,414,355 shares and 49,997,836 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	5	4
Additional paid-in capital	341,846	296,718
Accumulated deficit	(329,044)	(330,583)
Total stockholders’ equity (deficit)	12,807	(33,861)
Total liabilities and stockholders’ equity (deficit)	$ 70,979	$ 35,331

Net Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share

Basic net earnings (loss) per share is computed by dividing the net income (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, if any, 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 a loss to participating securities because they have no contractual obligation to share in our losses.

We computed diluted earnings (loss) per common share after giving consideration to the dilutive effect of stock options, RSUs, PSUs and warrants that are outstanding during the period, as well as potential common shares issuable under our Employee Stock Purchase Plan ("ESPP"), except where such nonparticipating securities would be antidilutive. As we have reported a net loss for the three months ended March 31, 2025, diluted net loss per common share is the same as basic net loss per common share for the period.

The following table provides the calculation of basic and diluted net earnings (loss) per share for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026		March 31, 2025
Numerator:
Net income (loss)	$	1,539	$	(10,375)
Undeclared dividends on Series A Preferred Stock	—		(712)
Net income (loss) attributable to common stockholders	$	1,539	$	(11,087)

Denominator:
Weighted average common shares outstanding, basic	51,539,682		28,527,453
Dilutive awards outstanding	774,728		—
Weighted average common shares outstanding, diluted	52,314,410		28,527,453

Earnings (loss) per share:
Basic	$	0.03	$	(0.39)
Diluted	$	0.03	$	(0.39)

The following potentially dilutive securities (in common stock equivalent shares) have been excluded from the computation of diluted earnings (loss) per share because such securities have an antidilutive impact:


	Three Months Ended
	March 31, 2026	March 31, 2025
Preferred stock	—	22,754,297
Common stock warrants	7,402,541	7,402,541
RSUs and PSUs	1,297,977	713,140
Stock options	7,043,683	5,501,567
Shares issuable under the SEPA	—	3,468,998
Shares issuable under ESPP	—	48,948
Total	15,744,201	39,889,491

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Revenue

$ 8,899

$ 9,167

Cost of goods sold

1,230

1,495

Gross profit

7,669

7,672

Operating expenses:

Research and development

^[1]

3,216

3,021

Sales and marketing

7,413

6,734

General and administrative

^[1]

5,451

5,246

Loss from operations

(8,411)

(7,329)

Other income (expense)

Interest income

164

Interest expense

(1,436)

(1,209)

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

3,900

(835)

Change in fair value of contingent earnout liability

7,402

(820)

Other expense, net

(76)

(251)

Income (loss) before income taxes

1,543

(10,370)

Income tax expense

(4)

(5)

Net income (loss)

1,539

(10,375)

Undeclared dividends on Series A Preferred Stock

(712)

Net income (loss) attributable to common stockholders

$ 1,539

$ (11,087)

Basic earnings (loss) per share (in dollars per share)

$ 0.03

$ (0.39)

Diluted earnings (loss) per share (in dollars per share)

$ 0.03

$ (0.39)

Weighted average common shares outstanding, basic (in shares)

51,539,682

28,527,453

Weighted average common shares outstanding, diluted (in shares)

52,314,410

28,527,453

[1]	(1)Amounts presented in the quarter ended March 31, 2025 have been revised to align expense classification for the 2025 fiscal year period.

Debt - Initial Term Loan Activity (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Feb. 18, 2025	Apr. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument, Activity [Roll Forward]
Proceeds from the issuance of debt			$ 0	$ 10,000
Debt issuance costs			(263)	(520)	$ (500)	$ (2,600)
Amortization of debt issuance costs			296	235
PIK interest			0	266
Term Loans \| Secured Debt
Debt Instrument, Activity [Roll Forward]
Long-term debt, beginning balance			33,046
Debt issuance costs			(263)
Amortization of debt issuance costs			221		766
PIK interest					800
Accretion of exit fee liability			75		283
Long-term debt, ending balance			$ 33,079		33,046
Loan Facility, Initial Commitment Amount \| Secured Debt
Debt Instrument, Activity [Roll Forward]
Long-term debt, beginning balance				$ 22,084	$ 22,084
Proceeds from the issuance of debt		$ 25,000
Long-term debt, ending balance						$ 22,084
Loan Facility, June 30, 2025 \| Secured Debt
Debt Instrument, Activity [Roll Forward]
Proceeds from the issuance of debt	$ 10,000
Debt issuance costs	(521)
Warrant liability	$ (366)

Contingent Earnout Liability - Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate (Details)	Mar. 31, 2026 $ / shares year	Dec. 31, 2025 $ / shares year
Current stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input \| $ / shares	4.00	6.98
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	0.038	0.035
Expected term (years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input \| year	2.4	2.6
Estimated dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liability, measurement input	0	0

Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

Our financial instruments consist of warrant liabilities, the contingent earnout liability, a Standby Equity Purchase Agreement ("SEPA"), and the revenue based redemption liability related to the Credit Agreement we entered into with OrbiMed (the "OrbiMed Credit Agreement"). The carrying values of cash and cash equivalents, accounts receivable, net and trade payables approximate fair value through the use of publicly available market prices as of March 31, 2026 and December 31, 2025. 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 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 "Nasdaq"). 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 Warrants (defined in Note 5), 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 a potential change in 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 consolidated statement of operations. The expected volatility was implied from a blend of the Company's own common shares and the average historical share volatilities of several public companies within the Company's industry that the Company considers to be comparable to its own business.

The estimated fair value of the contingent earnout 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 as further described in Note 4.

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. The fair value of our long-term debt was estimated using a discounted cash flow model, which utilizes Level 3 inputs. The fair value of our long-term debt was $34.6 million and $34.7 million at March 31, 2026 and December 31, 2025, respectively.

As of December 31, 2025 and March 31, 2026, there was no outstanding SEPA liability as the agreement expired on November 1, 2025. The following tables summarize the changes in fair value of our outstanding warrant liabilities, contingent earnout liability and revenue base redemption liability for the three months ended March 31, 2026.


Warrant Liabilities	Fair Value at December 31, 2025		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2026
Public Warrants - Level 1	$	2,908	$	(806)	$	—	$	2,102
Private Placement Warrants - Level 2	$	7,352	$	(2,037)	$	—	$	5,315
Working Capital Warrants - Level 2	$	1,660	$	(460)	$	—	$	1,200


Level 3 Liabilities	Fair Value at December 31, 2025		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2026
Contingent earnout liability	$	10,144	$	(7,402)	$	—	$	2,742

OrbiMed Warrant liability	$	972	$	(514)	$	—	$	458
Revenue base redemption liability	$	383	$	(83)	$	—	$	300


Warrant Liabilities	Fair Value at December 31, 2024		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2025
Public Warrants - Level 1	$	1,927	$	193	$	—	$	2,120
Private Placement Warrants - Level 2	$	4,872	$	487	$	—	$	5,359
Working Capital Warrants - Level 2	$	1,100	$	110	$	—	$	1,210


Level 3 Liabilities	Fair Value at December 31, 2024		Change in Fair Value (Gains) Losses		Issuances (Settlements)		Fair Value at March 31, 2025
Contingent earnout liability	$	7,401	$	820	$	—	$	8,221
SEPA liability	$	55	$	(32)	$	—	$	23
OrbiMed Warrant liability	$	362	$	19	$	366	$	747
Revenue base redemption liability	$	507	$	57	$	—	$	564

- 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)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-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
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-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
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Contingent Earnout Liability (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Assumptions used in the valuation are described below:


	March 31, 2026	December 31, 2025
Current stock price	$4.00	$6.98
Expected share price volatility	70.0%	70.0%
Risk-free interest rate	3.8%	3.5%
Expected term (years)	2.4	2.6
Estimated dividend yield	—%	—%

The key inputs used in the valuation of the Initial OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.1	5.3
Risk free interest rate	3.9%	3.8%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.1604	$8.8398
Stock price	$4.00	$6.98

The key inputs used in the valuation of the Subsequent OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.9	6.1
Risk free interest rate	4.0%	3.9%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.1556	$5.3322
Stock price	$4.00	$6.98

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 76	$ 24
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	0
Preferred stock, shares outstanding (in shares)	0	0
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)	61,414,355	49,997,836
Common stock, shares outstanding (in shares)	61,414,355	49,997,836

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 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 MTAC 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.

Stock-Based Compensation - Schedule of Plan Balances (Details) - 2023 Plan - shares	Mar. 31, 2026	Aug. 10, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized (in shares)		5,585,008
Stock Options and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized (in shares)	13,685,930
Outstanding (in shares)	8,710,925
Available for Issue (in shares)	4,439,939

- 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
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Net Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ 1,539	$ (10,375)
Undeclared dividends on Series A Preferred Stock	0	(712)
Net income (loss) attributable to common stockholders	1,539	(11,087)
Net income (loss) attributable to common stockholders, diluted	$ 1,539	$ (11,087)
Denominator:
Weighted average common shares outstanding, basic (in shares)	51,539,682	28,527,453
Dilutive awards outstanding (in shares)	774,728	0
Weighted average common shares outstanding, diluted (in shares)	52,314,410	28,527,453
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.03	$ (0.39)
Diluted (in dollars per share)	$ 0.03	$ (0.39)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective federal tax rate	0.26%	(0.05%)

Nature Of Business And Basis Of Presentation (Policies)	3 Months Ended
Nature Of Business And Basis Of Presentation (Policies)	Mar. 31, 2026
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 the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain reclassifications have been made to the condensed consolidated statements of stockholders’ deficit for the three months ended March 31, 2025 to conform to current period and fiscal year 2025 presentation. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2026. 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, 2025.
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 $0.4 million was held in a separate account at our bank to support our corporate credit card program and was recorded in other assets on our condensed consolidated balance sheets as of December 31, 2025. This restricted cash account was closed during the first quarter of 2026, and the balance was transferred to our operating cash account. As of March 31, 2026, we had no restricted cash.
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 liabilities (see Note 5), the contingent earnout liability (see Note 4), the revenue base redemption liability (see Note 9) 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 receivables balance as of January 1, 2025 was $5.1 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.
Revenue Recognition	Revenue Recognition Our revenue is derived from the shipments of our PEDD infusion systems to our customers. Our customers are generally comprised of hospitals and clinics. Under ASC Topic 606, Revenue Recognition, we evaluate five steps to determine the appropriate timing and amount to recognize revenue. The five steps are: 1.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. 2.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. 3.Determine the transaction price — We maintain a single sales price for each of our products, which is generally fixed. For customers with rebate or discount agreements, the rebates and discounts are accounted for within a contra-revenue account at the time the rebate milestone is achieved or discount is given. 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. 4.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. 5.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 we are assured 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. Therefore, 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 $0.2 million and $0.2 million of rebates for the three months ended March 31, 2026 and 2025, respectively.
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 during the three months ended March 31, 2026 and 2025, respectively, (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. In Q1 2026, we obtained approval under the MDACC Agreement for a study related to the use of Yttrium-90 ("Y90") using our PEDD technology. 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 expended. 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.
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 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 November 2024, the FASB issued 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 adopted ASU 2024-04 on January 1, 2026. The adoption of this standard 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 consolidated financial statements. In November 2024, the FASB issued 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 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 stock-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 ASU will have on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of interim reporting guidance and interim disclosure requirements under ASC Topic 270, including the addition of a disclosure principle requiring disclosure of material events occurring since the most recent annual reporting period. ASU 2025-11 will become effective for us for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes targeted amendments to various topics within the ASC intended to clarify existing guidance and correct minor inconsistencies. ASU 2025-12 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 ASU will have on our consolidated financial statements.

- Definition

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stock-Based Compensation

Equity Incentive Plans

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, executive officers, directors and consultants. 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 been 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. As of March 31, 2026, there were 1,161,685 awards outstanding and no shares available for future grant under the 2009 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 ten 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 and 2026, the authorized shares under the 2023 Plan increased by 2,383,545 shares and shares 3,331,683 shares, respectively. The 2023 Plan will expire on August 10, 2033, unless modified by the Board of Directors or a duty authorized committee thereof.

Our Board may also delegate to one or more of our officers the authority to, among other things, (1) designate employees (other than officers) to receive specified stock awards and (2) determine the number of shares subject to such stock awards. Under the 2023 Plan, the Board has the authority to determine award recipients, grant dates, the numbers and types of stock awards to be granted, the applicable fair market value and exercise price, and the provisions of each stock award, including the exercise period and the vesting schedule applicable to a stock award, subject to the limitations of the 2023 Plan.

The Board delegated the authority to administer the 2009 Plan and the 2023 Plan our CEO and CFO, who act on the recommendation of managers of the Company to select the individuals to whom the awards will be granted and to determine the amount and vesting period for the grants. All grants are subject to approval by the Board.

As of March 31, 2026, the balances under the 2023 Plan were as follows:

March 31, 2026

Authorized

Outstanding (1)

Available for Issue

2023 Plan

13,685,930

8,710,925

4,439,939

(1)Outstanding excludes RSU releases and option exercises under the 2023 plan.

Stock Options

Historically, we have used stock 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. Stock options are granted with an exercise price equal to the fair market value of our common stock on the grant date. Stock options generally have a ten-year contractual term and typically have graded vesting over one to four years. We may grant stock options with a performance condition. The performance stock options vest upon meeting the stated performance metric(s) during the stated performance period(s). We assess the probability of the performance stock options meeting the performance metric(s), and if probable, we recognize compensation expense over the requisite service period. As of March 31, 2026, we had one performance stock option award outstanding.

The following table summarizes activity for stock options under the 2009 Plan and 2023 Plan for the three months ended March 31, 2026:


	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2026	7,406,664	$	5.94	7.4	$	13,358
Granted	991,662	4.95
Exercised	(6,725)	4.76			1
Forfeited	(275,020)	5.58
Expired	(19,295)	5.94
Outstanding at March 31, 2026	8,097,286	$	5.84	7.3	$	2,255
Exercisable at March 31, 2026	3,394,293	$	6.01	4.9	$	2,185

The fair value of each stock option granted during the three months ended March 31, 2026 was determined using the Black-Scholes option pricing model.

We recorded compensation expense for stock options during the three months ended March 31, 2026 and 2025 of $1.5 million and $1.1 million, respectively. As of March 31, 2026, there was $13.4 million of unrecognized compensation expense related to stock options and will be expensed over a weighted average period of 2.8 years.

Restricted and Performance Stock

Pursuant to both the 2009 and 2023 Plans, we issue restricted stock unit awards ("RSUs") and performance stock unit awards ("PSUs"). The estimated fair value of the awards at the time of grant was determined using the price of our common stock on the grant date for the RSUs and PSUs. All such grants are satisfied through the issuance of new shares. RSUs are share awards that, upon vesting, will deliver to the holder shares of our common stock at specified vesting dates. Typically, RSUs vest over four years, with 25% of the awarded units vesting at each annual anniversary of the grant date. PSUs are share awards that vest upon meeting the stated performance metric(s) during the stated performance period(s). We assess the probability of PSUs meeting the performance metric(s), and if probable, we recognize compensation expense over the requisite service period. As of March 31, 2026, we had two PSU awards outstanding.

The following table summarize activity for RSUs and PSUs under the 2009 Plan and 2023 Plan for the three months ended March 31, 2026:


	Number of Stock Units	Weighted-Average Grant-Date Fair Value per Share
Unvested at January 1, 2026	1,826,613	$	6.18
Granted	183,376	4.14
Vested	(145,361)	7.04
Forfeited	(91,023)	5.91
Unvested at March 31, 2026	1,773,605	$	5.91

We recorded compensation expense for RSUs and PSUs during the three months ended March 31, 2026 and 2025 of $0.9 million and $0.5 million, respectively. As of March 31, 2026, there was $8.4 million of unrecognized compensation expense related to RSUs and PSUs and will be expensed over a weighted-average period of 3.1 years.

Employee Stock Purchase Plan

We maintain an Employee Stock Purchase Plan ("ESPP"), which provides our eligible employees and certain designated companies 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. There were 2,350,530 shares of Common Stock initially 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 and 2026, the authorized shares under ESPP increased by 953,418 shares. and shares 1,332,673, respectively.

During the three months ended March 31, 2026, we recognized compensation expense of $0.1 million related to the ESPP, and no shares have been purchased. We record the issuance of 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.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's full pretax income (loss) for the three months ended March 31, 2026 and 2025 was from U.S. domestic operations. The Company's effective tax rate ("ETR") from continuing operations was 0.26% and (0.05)% for the three months ended March 31, 2026 and 2025, respectively. The discrete items recorded for the quarter primarily related to the tax impact of the change in the fair value of warrant and revenue base redemption liabilities and the change in fair value of contingent earnout liability.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Contingent Earnout Liability

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 Share (the "Sponsor Earnout Shares") become 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, for any 20 trading days within a period of 30 consecutive trading days, (i) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will vest if the volume weighted average price of our Common Stock equals or exceeds $15.00, (ii) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will vest if the volume weighted average price of our Common Stock equals or exceeds $20.00, (iii) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will vest if the volume weighted average price of our Common Stock equals or exceeds $25.00, and (iv) 25% of the shares of the unvested Common Stock held by the Sponsor Holders will vest if the volume weighted average price of our Common Stock equals or exceeds $30.00. 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 contingent earnout liability was remeasured to its fair value of $2.7 million and $10.1 million as of March 31, 2026 and December 31, 2025, respectively, based on a Monte Carlo simulation valuation model. This remeasurement resulted in recording a gain of $7.4 million and a loss of $0.8 million for the years ended March 31, 2026 and 2025, respectively, 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:


	March 31, 2026	December 31, 2025
Current stock price	$4.00	$6.98
Expected share price volatility	70.0%	70.0%
Risk-free interest rate	3.8%	3.5%
Expected term (years)	2.4	2.6
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 the Company 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.

- Definition

The entire disclosure for business combination.

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+ Details

Net Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides the calculation of basic and diluted net earnings (loss) per share for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026		March 31, 2025
Numerator:
Net income (loss)	$	1,539	$	(10,375)
Undeclared dividends on Series A Preferred Stock	—		(712)
Net income (loss) attributable to common stockholders	$	1,539	$	(11,087)

Denominator:
Weighted average common shares outstanding, basic	51,539,682		28,527,453
Dilutive awards outstanding	774,728		—
Weighted average common shares outstanding, diluted	52,314,410		28,527,453

Earnings (loss) per share:
Basic	$	0.03	$	(0.39)
Diluted	$	0.03	$	(0.39)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended
	March 31, 2026	March 31, 2025
Preferred stock	—	22,754,297
Common stock warrants	7,402,541	7,402,541
RSUs and PSUs	1,297,977	713,140
Stock options	7,043,683	5,501,567
Shares issuable under the SEPA	—	3,468,998
Shares issuable under ESPP	—	48,948
Total	15,744,201	39,889,491

Warrants - Schedule of Fair Value Assumptions (Details)	Mar. 31, 2026 $ / shares year	Feb. 23, 2026 $ / shares	Dec. 31, 2025 $ / shares year	Feb. 18, 2025 $ / shares	Apr. 30, 2024 $ / shares
Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise price of warrants (in dollars per share)	$ 8.1604	$ 8.1604			$ 9.5562
Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise price of warrants (in dollars per share)	$ 5.1556	$ 5.1556		$ 5.4787
Expected term (years) \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input \| year	5.1		5.3
Expected term (years) \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input \| year	5.9		6.1
Risk-free interest rate \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0.039		0.038
Risk-free interest rate \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0.040		0.039
Expected share price volatility \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0.700		0.700
Expected share price volatility \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0.700		0.700
Dividend yield \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0		0
Dividend yield \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	0		0
Exercise price \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise price of warrants (in dollars per share)	$ 8.1604		$ 8.8398
Exercise price \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise price of warrants (in dollars per share)	$ 5.1556		$ 5.3322
Stock price \| Initial OrbiMed Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	4.00		6.98
Stock price \| Subsequent OrbiMed Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability, measurement input	4.00		6.98

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease expense	$	75	$	97
Finance lease expense:
Amortization of ROU assets	14		20
Interest on lease liabilities	3		1
Total finance lease expense	17		21
Total lease expense	$	92	$	118

Nature Of Business And Basis Of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain reclassifications have been made to the condensed consolidated statements of stockholders’ deficit for the three months ended March 31, 2025 to conform to current period and fiscal year 2025 presentation. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2026. 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, 2025.

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 $0.4 million was held in a separate account at our bank to support our corporate credit card program and was recorded in other assets on our condensed consolidated balance sheets as of December 31, 2025. This restricted cash account was closed during the first quarter of 2026, and the balance was transferred to our operating cash account. As of March 31, 2026, we had no restricted cash.

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 liabilities (see Note 5), the contingent earnout liability (see Note 4), the revenue base redemption liability (see Note 9) 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 receivables balance as of January 1, 2025 was $5.1 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.

The following table summarizes the allowance for credit losses accounts activity for the three months ended March 31, 2026:


	March 31, 2026
Beginning Balance	$	24
Amount charged (reversed) to costs and expenses	60
Write-off of uncollectible receivables	(8)
Ending Balance	$	76

Revenue Recognition

Our revenue is derived from the shipments of our PEDD infusion systems to our customers. Our customers are generally comprised of hospitals and clinics. Under ASC Topic 606, Revenue Recognition, we evaluate five steps to determine the appropriate timing and amount to recognize revenue. The five steps are:

1.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.

2.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.

3.Determine the transaction price — We maintain a single sales price for each of our products, which is generally fixed. For customers with rebate or discount agreements, the rebates and discounts are accounted for within a contra-revenue account at the time the rebate milestone is achieved or discount is given. 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.

4.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.

5.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 we are assured 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. Therefore, 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 $0.2 million and $0.2 million of rebates for the three months ended March 31, 2026 and 2025, respectively.

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 during the three months ended March 31, 2026 and 2025, respectively, (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. In Q1 2026, we obtained approval under the MDACC Agreement for a study related to the use of Yttrium-90 ("Y90") using our PEDD technology.

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 expended. 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.

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 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.

Common Stock

On February 19, 2026, we entered into an underwriting agreement (the “Underwriting Agreement”) with Lake Street Capital Markets, LLC (“LSCM”), as representative of the underwriters named therein (the “Underwriters”), relating to the public offering (the “Offering”) of 9,756,100 shares (the “Shares”) of common stock of the Company, par value $0.0001 per share (the “Common Stock”), at a price to the public of $4.10 per Share (the “Offering Price”). Pursuant to the terms of the Underwriting Agreement, the Company also granted the Underwriters a 30-day option to purchase up to an additional 1,463,415 shares of Common Stock (the “Option Shares” and together with the Shares, the “Securities”) to cover over-allotments, if any, at the Offering Price less the underwriting discounts and commissions.

On February 23, 2026, the Offering closed, which resulted in the issuance of the Shares for net proceeds of approximately $37.0 million. On February 25, 2026, the Underwriters purchased the Option Shares which resulted in additional net proceeds of approximately $5.6 million. The Company recognized $3.4 million in offering costs directly attributable to the Offering, which were recorded as a reduction of additional paid-in capital on the condensed consolidated balance sheets.

Recently Adopted Accounting Pronouncements

In November 2024, the FASB issued 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 adopted ASU 2024-04 on January 1, 2026. The adoption of this standard 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 consolidated financial statements.

In November 2024, the FASB issued 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 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 stock-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 ASU will have on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of interim reporting guidance and interim disclosure requirements under ASC Topic 270, including the addition of a disclosure principle requiring disclosure of material events occurring since the most recent annual reporting period. ASU 2025-11 will become effective for us for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes targeted amendments to various topics within the ASC intended to clarify existing guidance and correct minor inconsistencies. ASU 2025-12 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 ASU will have on our consolidated financial statements.

Debt - Prepayment Premium (Details) - Secured Debt	Mar. 26, 2026
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

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net income (loss)	$ 1,539	$ (10,375)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation	135	172
Non-cash lease expense	31	173
Change in fair value of SEPA, warrant and revenue base redemption liabilities	(3,900)	835
Change in fair value of contingent earnout liability	(7,402)	820
PIK interest	0	266
Stock-based compensation expense	2,472	1,620
Allowance for credit losses	52	39
Loss on disposal of property and equipment	1	117
Amortization of debt issuance costs	296	235
Changes in operating assets and liabilities
Accounts receivable	1,291	(366)
Inventory, net	(701)	(114)
Prepaid expenses and other assets	(423)	511
Operating lease liabilities	(31)	(56)
Trade payables and accrued liabilities	160	1,624
Net cash used in operating activities	(6,480)	(4,499)
Cash flows from investing activities
Purchases of property and equipment	(141)	(754)
Proceeds from disposal of property and equipment	0	40
Net cash used in investing activities	(141)	(714)
Cash flows from financing activities
Proceeds from the issuance of common stock, net of issuance costs	42,625	0
Proceeds from the exercise of stock options for common stock	32	279
Debt issuance costs	(263)	(520)	$ (500)	$ (2,600)
Proceeds from the issuance of debt	0	10,000
Payments on finance lease liabilities	(9)	(71)
Net cash provided by financing activities	42,385	9,688
Increase in cash, cash equivalents and restricted cash	35,764	4,475
Cash, cash equivalents and restricted cash, beginning of period	20,789	8,875	8,875
Cash, cash equivalents and restricted cash, end of period	56,553	13,350	$ 20,789	$ 8,875
Supplemental disclosures of cash flow information
Cash paid for interest	1,140	709
Cash paid for income taxes	0	1
Supplemental disclosure of noncash items
Right-of-use assets obtained in exchange for new finance lease liabilities	57	0
Non-cash capital expenditures included in trade payables	70	87
Fixed assets purchased through exchange of finance lease right-of-use asset	0	85
Derecognition of finance lease right-of-use asset	0	(85)
Fair value of warrants issued with OrbiMed debt	$ 0	$ 366

Warrants - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) day $ / shares shares	Mar. 31, 2025 USD ($)	Feb. 23, 2026 $ / shares	Dec. 31, 2025 USD ($) shares	Feb. 18, 2025 USD ($) $ / shares shares	May 24, 2024 shares	Aug. 10, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		7,402,541			7,402,541
Class of warrant or right, threshold number of days for warrants to be transferable		30 days
Warrant liabilities \| $		$ 9,075			$ 12,892
Proceeds from the issuance of debt \| $		$ 0	$ 10,000
Loan Facility, Initial Commitment Amount \| Secured Debt
Class of Warrant or Right [Line Items]
Proceeds from the issuance of debt \| $	$ 25,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		1,751,825			1,751,825			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 and rights outstanding, term								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
Class of warrant or right, conversion terms, business days redemption notice period \| day		3
Warrant liabilities \| $		$ 2,100			$ 2,900
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			4,933,333
Warrant liabilities \| $		$ 5,300			$ 7,400
Working Capital Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		1,000,000			1,000,000			1,000,000
Warrant liabilities \| $		$ 1,200			$ 1,700
Initial OrbiMed Warrant
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 9.5562	$ 8.1604		$ 8.1604
Outstanding warrant liabilities \| $	$ 1,300	$ 1,100
Warrants to purchase common stock (in shares)	130,805
Initial OrbiMed Warrant \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrant liability, measurement input		0			0
OrbiMed Warrant liability
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		222,068			222,068
Warrants and rights outstanding, term	7 years
Warrants issued, delayed draw commitment amount, percentage	0.050
Class of warrant or right, 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		$ 5.1556		$ 5.1556		$ 5.4787
Outstanding warrant liabilities \| $		$ 500				$ 500
Subsequent OrbiMed Warrants \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrant liability, measurement input		0			0

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

We have two property leases in effect as of March 31, 2026, which we account for as operating leases. We lease office, manufacturing and warehouse space under these leases. Both leases contain options to extend the respective lease terms, which were excluded in determining the expected lease term as it was not reasonably certain we would exercise these options. We also have three finance leases for copier equipment and computers in our facilities, including one entered into during the three months ended March 31, 2026.

The components of lease expense for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease expense	$	75	$	97
Finance lease expense:
Amortization of ROU assets	14		20
Interest on lease liabilities	3		1
Total finance lease expense	17		21
Total lease expense	$	92	$	118

Leases

The components of lease expense for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease expense	$	75	$	97
Finance lease expense:
Amortization of ROU assets	14		20
Interest on lease liabilities	3		1
Total finance lease expense	17		21
Total lease expense	$	92	$	118

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrants Outstanding

Warrants that have not been tendered for exchange and outstanding as of March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026	December 31, 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
OrbiMed Warrants	222,068	222,068
Total warrants	7,402,541	7,402,541

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Assumptions used in the valuation are described below:


	March 31, 2026	December 31, 2025
Current stock price	$4.00	$6.98
Expected share price volatility	70.0%	70.0%
Risk-free interest rate	3.8%	3.5%
Expected term (years)	2.4	2.6
Estimated dividend yield	—%	—%

The key inputs used in the valuation of the Initial OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.1	5.3
Risk free interest rate	3.9%	3.8%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.1604	$8.8398
Stock price	$4.00	$6.98

The key inputs used in the valuation of the Subsequent OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.9	6.1
Risk free interest rate	4.0%	3.9%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.1556	$5.3322
Stock price	$4.00	$6.98

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Inputs, Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of long term debt	$ 34.6	$ 34.7

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
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+ Details

Convertible Preferred Stock	3 Months Ended
Convertible Preferred Stock	Mar. 31, 2026
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock As of March 31, 2025, the Company had 3,620,002 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 March 31, 2025, total undeclared cumulative dividends were $4.7 million. We have not recorded the undeclared dividends in our condensed consolidated financial statements, except the statement 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 $5.227 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 March 31, 2026, 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.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The repayment of the loans under the OrbiMed Credit Agreement as aforementioned, is referred to as the “revenue base redemption liability.” The OrbiMed Fourth Amendment modified the Product Revenue Base thresholds to the following:


Test Dates (fiscal Quarter Ending)						Product Revenue Base for 12 Month Period
March 31, 2026						$43,500
June 30, 2026						$46,000
September 30, 2026 and each Fiscal Quarter ending thereafter						$50,000

As of March 31, 2026, we were in compliance with the Product Revenue Base requirement and no repayments were required.

Repayment Premium

All repayments and prepayments of the loans under the OrbiMed Credit Agreement (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.

The following table summarizes activity within the Term Loan for the three months ended March 31, 2026 and for the year ended December 31, 2025:


OrbiMed Debt
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	766
PIK interest	800
Accretion of exit fee liability	283
Balance at December 31, 2025	$	33,046
Debt issuance costs (cash)	(263)
Amortization of debt issuance costs	221
Accretion of exit fee liability	75
Balance at March 31, 2026	$	33,079

- 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

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+ Details

Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

Warrants that have not been tendered for exchange and outstanding as of March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026	December 31, 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
OrbiMed Warrants	222,068	222,068
Total warrants	7,402,541	7,402,541

Public, Private Placement and Working Capital Warrant Liabilities

In connection with consummation of the Business Combination, the Company 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 March 31, 2026 and December 31, 2025, 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 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 the Company sends 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, or 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.

On May 24, 2024, we entered into Amendment No. 1 to Warrant Agreement (the "Warrant Amendment") into with respect to the Public Warrants. As a result all of the outstanding Public Warrants may be exchanged, at our 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 rate 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).

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 March 31, 2026 and December 31, 2025, 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 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 Public Warrants, Private Placement Warrants and Working Capital Warrants do not meet the criteria for equity classification.

As of March 31, 2026, the fair values of the Public Warrants, Private Placement Warrants and Working Capital Warrants were $2.1 million, $5.3 million, and $1.2 million, respectively. As of December 31, 2025, the fair values of the Public Warrants, Private Placement Warrants and Working Capital Warrants were $2.9 million, $7.4 million, and $1.7 million, respectively. The fair value of the Public Warrants has been measured based on the quoted price of such warrants on the Nasdaq. 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 Warrants is equivalent to that of each Public Warrant.

There was no activity related to the Public Warrants, Private Placement Warrants and Working Capital Warrants for the three months ended March 31, 2026 and 2025.

OrbiMed Warrant

In connection with the closing of our initial $25.0 million borrowing under the OrbiMed Credit Agreement, we also issued OrbiMed a warrant to purchase 130,805 shares of our common stock (the "Warrant Shares"), with the initial exercise price of $9.5562, (as adjusted from time to time the "Exercise Price") per share, or approximately $1.3 million in the aggregate. As of March 31, 2026, the Exercise Price was $8.1604 per share pursuant to the terms of the Initial OrbiMed Warrant, or approximately $1.1 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 borrowed 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 SPAC Warrants, the “Warrants”). The Subsequent 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 March 31, 2026, the Exercise Price was $5.1556 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 Warrant 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 Warrant; or

b.instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of the OrbiMed Warrant 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 Warrant (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 Warrant 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 holder in any circumstance cannot exercise the OrbiMed Warrant 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.” As a result of the Offering Price being lower than the Exercise Price for shares issued in the Offering on February 23, 2026, the Exercise Price for the Initial OrbiMed Warrant was adjusted to $8.1604 per share and the Exercise Price of the Subsequent OrbiMed Warrant was adjusted to $5.1556 per share.

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 Warrant

The OrbiMed Warrant 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.

Fair Value

The estimated fair value of the OrbiMed Warrant liabilities were determined using the Black-Scholes option pricing model. The inputs and assumptions utilized in the calculation require management to apply judgment and make estimates including:

(a)expected term, based on the Initial Term Loan maturity date;

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

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

(d)expected dividend yield, which we estimate to be 0% based on the fact that we have never paid or declared dividends on the Company's common stock;

(e)exercise price, which we calculate as prescribed by the OrbiMed Credit Agreement; and

(f)our stock price, as of the closing price per the Nasdaq on the last day of the reporting period.

The key inputs used in the valuation of the Initial OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.1	5.3
Risk free interest rate	3.9%	3.8%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$8.1604	$8.8398
Stock price	$4.00	$6.98

The key inputs used in the valuation of the Subsequent OrbiMed Warrant were as follows:


	March 31, 2026	December 31, 2025
Expected term (years)	5.9	6.1
Risk free interest rate	4.0%	3.9%
Expected volatility	70.0%	70.0%
Dividend yield	—%	—%
Exercise price	$5.1556	$5.3322
Stock price	$4.00	$6.98

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

Warrants - Schedule of Warrants Outstanding (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Aug. 10, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	7,402,541	7,402,541
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,751,825	1,751,825	8,333,272
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	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
OrbiMed Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	222,068	222,068

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

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

Total

Preferred stock

Common stock

Additional paid-in capital

Accumulated deficit

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 income (loss)

(10,375)

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

^[1]

159,699

Exercise of options and vesting of restricted stock units

^[1]

279

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

^[1]

55,670

Issuance of common stock through employee stock purchase plan

^[1]

Stock-based compensation

1,620

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, 2025

Balance, beginning of period at Dec. 31, 2025

$ (33,861)

$ 0

$ 4

296,718

(330,583)

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

49,997,836

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

Net income (loss)

$ 1,539

1,539

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

^[1]

152,877

Exercise of options and vesting of restricted stock units

^[1]

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

^[1]

44,127

Issuance of common stock through employee stock purchase plan

^[1]

Stock-based compensation

2,472

Proceeds from the issuance of common stock, net of issuance costs (in shares)

11,219,515

Proceeds from the issuance of common stock, net of issuance costs

$ 42,625

$ 1

42,624

Ending balance (in shares) at Mar. 31, 2026

Balance, end of period at Mar. 31, 2026

$ 12,807

$ 0

$ 5

$ 341,846

$ (329,044)

Balances, end of period (in shares) at Mar. 31, 2026

61,414,355

[1]	(1) 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.

Standby Equity Purchase Agreement	3 Months Ended
Standby Equity Purchase Agreement	Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Standby Equity Purchase Agreement	Standby Equity Purchase Agreement In October 2023, we entered into a SEPA with Yorkville Advisors Global, LP ("Yorkville"). Pursuant to the SEPA, the Company had 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 (the "Commitment Period"), which was November 1, 2025. Each issuance and sale to Yorkville under the SEPA (an “Advance”) was 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 for the 10 trading days immediately preceding an Advance notice, or (ii) 1,000,000 shares of Common Stock. During the Commitment Period, the Company had the option to issue and sell shares to Yorkville at a per-share price equal to: (i) 96% 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. New York City time on the applicable Advance notice date (the “Option 1 Pricing Period”), or (ii) 97% 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 were subject to certain limitations, including that Yorkville could not purchase any shares that would result in it beneficially owning more than 4.99% of the outstanding voting power or Common Stock. Further, Yorkville could not purchase shares that would result in it acquiring more than 5,260,704 shares of Common Stock, which represented 19.99% of the outstanding Common Stock, as of the effective date of SEPA. The SEPA expired on November 1, 2025. The SEPA contract was accounted for as a derivative as it was an equity-linked contract that did not qualify for equity classification under ASC 815. Therefore, the SEPA was 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. As of December 31, 2025 and March 31, 2026, there was no outstanding derivative liability as the SEPA expired. See Note 2 for information regarding changes in fair value during the three months ended March 31, 2025.

- 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

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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
City Area Code	(888)
Local Phone Number	321-5212
Entity Address, Postal Zip Code	80031
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,416,535
Entity Central Index Key	0001826667
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common stock, $0.0001 par value
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	TLSI
Security Exchange Name	NASDAQ
Warrant [Member]
Document 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

Stock-Based Compensation - Narrative (Details) $ in Millions			3 Months Ended
	Jan. 01, 2026 shares	Jan. 01, 2025 shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 shares	Dec. 31, 2024 shares	Aug. 10, 2023 shares
Share-Based Payment Arrangement, Performance-Based Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding (in shares)			1
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding (in shares)			8,097,286		7,406,664
Recognized compensation expense \| $			$ 1.5	$ 1.1
Unrecognized compensation expense \| $			$ 13.4
Compensation expense, period for recognition			2 years 9 months 18 days
RSUs and PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, graded vesting period			4 years
Shares vesting at each annual anniversary, percent			25.00%
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares outstanding			2
Restricted Stock Units (RSUs) And Performance Share Units (PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized compensation expense \| $			$ 0.9	$ 0.5
Unrecognized compensation expense \| $			$ 8.4
Compensation expense, period for recognition			3 years 1 month 6 days
Shares issuable under ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of additional shares authorized	1,332,673	953,418
Recognized compensation expense \| $			$ 0.1
Total common stock available 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)			0
2009 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, contractual term			10 years
2009 Plan \| Stock Options and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (in shares)			1,161,685
Stock options available for future grant (in shares)			0
2009 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, graded vesting period			1 year
2009 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, graded vesting period			4 years
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options and RSUs outstanding (in shares)							5,585,008
Share-based compensation arrangement by share-based payment award, expiration period			10 years
Share reserve increase, percent of fully diluted shares in previous year			0.05
Number of additional shares authorized	3,331,683	2,383,545
2023 Plan \| Stock Options and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (in shares)			8,710,925
Stock options available for future grant (in shares)			4,439,939
Options and RSUs outstanding (in shares)			13,685,930

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units And Performance Shares	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Stock Units
Beginning Outstanding (in shares) \| shares	1,826,613
Awarded (in shares) \| shares	183,376
Vested (in shares) \| shares	(145,361)
Forfeited (in shares) \| shares	(91,023)
Ending Outstanding (in shares) \| shares	1,773,605
Weighted-Average Grant-Date Fair Value per Share
Beginning Outstanding (in dollars per share) \| $ / shares	$ 6.18
Awarded (in dollars per share) \| $ / shares	4.14
Vested (in dollars per share) \| $ / shares	7.04
Forfeited (in dollars per share) \| $ / shares	5.91
Ending Outstanding (in dollars per share) \| $ / shares	$ 5.91

Net Earnings (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,744,201	39,889,491
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	22,754,297
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	7,402,541
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)	1,297,977	713,140
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,043,683	5,501,567
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)	0	3,468,998
Shares issuable under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	48,948

Standby Equity Purchase Agreement (Details) $ / shares in Units, $ in Millions	Oct. 02, 2023 USD ($) shares	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Derivative [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Standby equity purchase agreement term	24 months
Purchase agreement, number of trading days used for measurement of market price	3 days
Purchase agreement, ownership limitation	0.0499
Purchase agreement, exchange cap	0.1999
Standby Equity Purchase Agreement
Derivative [Line Items]
Sale of stock, authorized amount \| $	$ 30.0
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)	1,000,000
Purchase agreement, sales price, percentage of market price	0.96
Purchase agreement, sales price, percentage of market price during three consecutive trading days	0.97
Common stock, shares authorized for SEPA agreement (in shares)	5,260,704

Contingent Earnout Liability - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Aug. 10, 2023 trading_day $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Contingent earnout liability \| $		$ 2,742		$ 10,144
Change in fair value of SEPA, warrant and revenue base redemption liabilities \| $		$ (3,900)	$ 835
Estimated dividend yield
Derivative Instruments, Gain (Loss) [Line Items]
Contingent earnout liability, measurement input		0		0
Contingent earnout liability
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of SEPA, warrant and revenue base redemption liabilities \| $		$ (7,400)	$ 800
Derivative Instrument, Period 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)	$ 15.00
Derivative Instrument, Period 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)	$ 20.00
Derivative Instrument, Period 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)	$ 25.00
Derivative Instrument, Period 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)	$ 30.00
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
Contingent earnout liability
Derivative Instruments, Gain (Loss) [Line Items]
Shares unvested (in shares) \| shares	3,125

Debt - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 26, 2026	Feb. 18, 2025	Apr. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Nov. 10, 2025	Nov. 09, 2025
Debt Instrument [Line Items]
Proceeds from the issuance of debt				$ 0	$ 10,000
Paid in kind interest, term			15 months
Debt issuance costs				(263)	(520)	$ (500)	$ (2,600)
Cash paid for interest				1,140	$ 709
Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 50,000
Proceeds from the issuance of debt		$ 10,000
Default rate			4.00%
Minimum liquidity cash requirement								$ 5,000	$ 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
Debt issuance costs	$ (300)
Interest expense				1,400
Cash paid for interest				1,100
Amortization of debt issuance costs and discounts				$ 300
Loan Facility, Initial Commitment Amount \| Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			25,000
Proceeds from the issuance of debt			25,000
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 the issuance of debt		10,000
Debt issuance costs		$ (521)
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

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2026 lease
Leases [Abstract]
Number of leases	2
Number of finance leases	3
Number of leases entered into during period	1

Dynavax Purchase	3 Months Ended
Dynavax Purchase	Mar. 31, 2026
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) one 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 development 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 made a milestone payment of $1.0 million in September 2021, after initiating our clinical study of uveal melanoma liver metastases, $1.0 million in June 2022, after initiating our clinical study for primary liver tumors, and $1.0 million in 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% for aggregate annual net sales less than or equal to $1.0 billion and 12% 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 months ended March 31, 2026 and 2025, we made no payments to Dynavax.

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

On April 30, 2024 (the "OrbiMed Closing Date"), we entered into the Credit Agreement with OrbiMed, 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 to the OrbiMed Credit Agreement, OrbiMed agreed to provide a term loan facility to the borrower, 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 expired on December 31, 2025.

On April 30, 2024, we borrowed the Initial Term Loan, 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 Initial Term Loan and the First Delayed Draw Term Loan (collectively, the "Term Loan") mature on April 30, 2029 (the "Maturity Date").

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 allowed 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 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.

On March 26, 2026, we entered into the Fourth Amendment to the OrbiMed Credit Agreement (the "OrbiMed Fourth Amendment"), which reduced two of the Product Revenue Base (defined below) thresholds.

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 on 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 of the principal amount of the loans under the OrbiMed Credit Agreement 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 loans under the OrbiMed Credit Agreement as aforementioned, is referred to as the “revenue base redemption liability.” The OrbiMed Fourth Amendment modified the Product Revenue Base thresholds to the following:


Test Dates (fiscal Quarter Ending)						Product Revenue Base for 12 Month Period
March 31, 2026						$43,500
June 30, 2026						$46,000
September 30, 2026 and each Fiscal Quarter ending thereafter						$50,000

As of March 31, 2026, 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.

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 month anniversary of the OrbiMed Closing Date, 3.5% of the Interest Rate shall be designated as paid-in-kind interest, which is added to the outstanding principal amount of the loans under the OrbiMed Credit Agreement (the “PIK Interest”). However, the borrower 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 borrower 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 and any applicable Repayment Premium 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 Warrants were issued (see Note 5) for further discussion.

Debt Related Fees

Exit Fee

The borrower on the repayment of the loans under the OrbiMed Credit Agreement 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 borrower on the funding date of the loans under the OrbiMed Credit Agreement, 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 borrower 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 is accounted for as a service fee, which is expensed as incurred.

Administrative Fee

The borrower will pay to the agent under the OrbiMed Credit Agreement 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 as long-term debt, and recorded the issuance costs incurred to obtain the loan as contra-debt, in accordance with ASC 470, Debt. We incurred $2.6 million in legal, origination and other fees to acquire the OrbiMed Credit Agreement. In 2025, we recorded the First Delay Draw Term Loan as long-term debt and incurred $0.5 million in issuance costs, which were deferred financing costs on the condensed consolidated balance sheets. In connection with the OrbiMed Fourth Amendment, we incurred $0.3 million in fees which were deferred and will be amortized over the life of the Term Loans.

During the three months ended March 31, 2026, we recorded interest expense of $1.4 million related to borrowings under the OrbiMed Credit Agreement on the condensed consolidated statements of operations, of which $1.1 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 three months ended March 31, 2026 and for the year ended December 31, 2025:


OrbiMed Debt
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	766
PIK interest	800
Accretion of exit fee liability	283
Balance at December 31, 2025	$	33,046
Debt issuance costs (cash)	(263)
Amortization of debt issuance costs	221
Accretion of exit fee liability	75
Balance at March 31, 2026	$	33,079

- 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

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+ Details