TriSalus Life Sciences Inc. Common Stock (TLSI)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach TriSalus as a Graham-style analyst: show me durable earnings, a margin of safety, and a balance sheet that can survive mistakes. The company sells Pressure-Enabled Drug Delivery systems, including TriNav, for difficult-to-treat liver and pancreatic cancers. Revenue has grown from $18.5M in fiscal 2023, the year ended 2023-12-31, to $29.4M in fiscal 2024, the year ended 2024-12-31, and $45.2M in fiscal 2025, the year ended 2025-12-31. That is real commercial progress. But the bottom line is harsher: net losses were $59.4M, $30.0M, and $39.2M in those same periods. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $11.4M and net loss was $9.2M. In fiscal Q1 2026, the quarter ended 2026-03-31, net income was $1.5M, but one quarter does not establish earning power. At the $4.00 close on 2026-10-13, FairStock calculates a negative P/E of -3.28, P/B of 36.36, ROCE of -36.75%, D/E of 5.26, and a FairStock Score of 25/100. TTM free cash flow is -$23.3M, a -9.5% FCF yield. Piotroski is 2/9 and Altman Z-Score is -4.34, which points to financial distress. The Lynch category is none because the company lost money in each of the last four years. I see no durable moat in these figures and no margin of safety; the price already assumes a successful turnaround. Until losses shrink and cash flow turns positive, this is a promising technology with speculative financials, not a Graham-style bargain.

In plain English: TriSalus makes medical devices and treatments that help deliver cancer drugs to liver and pancreatic tumors. Revenue is growing, but the company keeps losing money, burns cash, and carries a lot of debt, so the business looks financially weak. At $4.00 a share, the price does not look plainly cheap, because there are no profits and the accounting value is very small compared with the market value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer