In a recent transaction, George Kelly, a director of TriSalus Life Sciences, Inc. (NASDAQ:TLSI), sold shares of the company's common stock. The sale, completed on August 28, 2024, involved 9 shares at a price of $5.50 each, totaling approximately $49.
The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. According to the filing, the shares sold are held indirectly by Varka LLC, with the reporting person, George Kelly, being deemed to have beneficial ownership of the shares.
Following the sale, the ownership stake of Varka LLC in TriSalus Life Sciences, Inc. now amounts to 247,176 shares. The transaction was signed off by Sean Murphy, Attorney-in-Fact, on September 10, 2024.
TriSalus Life Sciences, headquartered in Westminster, Colorado, operates in the medical instruments and apparatus sector. The company, formerly known as MedTech Acquisition Corp, is known for its focus on innovative treatments in the healthcare industry.
In other recent news, TriSalus Life Sciences has maintained a Buy rating from both Jones Trading and Canaccord Genuity. Jones Trading has set a price target of $11 based on the expected clinical benefits of Nelitolimod, a product delivered through the TriNav system, while Canaccord Genuity has set a target of $12, citing the company's growth prospects. The outcomes of the PERIO-01 and PERIO-03 trials are expected to provide insights into Nelitolimod's potential, which is anticipated to be well-received by investors.
Additionally, TriSalus plans to expand its market reach by introducing a larger-sized version of its medical device by the end of 2024, potentially increasing its addressable market by approximately 25%. The company also anticipates announcing results from its three Phase 1 PERIO trials and deciding on the next steps for the Phase 2/3 trials of Nelitolimod.
Furthermore, TriSalus has secured a $50 million credit facility with healthcare investment firm OrbiMed, extending its cash runway through 2025. The company also launched an exchange offer to streamline its capital structure, providing greater financial flexibility for future operations. Finally, TriSalus has welcomed Liselotte Hyveled, a veteran in pharmaceutical research and development, to its Board of Directors. These developments underscore the company's growth potential and strategic initiatives in the oncology sector.
InvestingPro Insights
TriSalus Life Sciences Inc. (NASDAQ:TLSI) has been navigating a challenging financial landscape, as indicated by recent data from InvestingPro. With a market capitalization of $146.26 million, the company's financial health is under scrutiny, particularly given its rapid cash consumption. InvestingPro Tips highlight the company's impressive gross profit margins, which stood at a remarkable 87.65% over the last twelve months as of Q2 2024. However, the company's stock performance has been underwhelming, with a significant 50.1% drop over the last six months.
Despite the gross profit margins, TriSalus Life Sciences has not been profitable over the past year, and analysts do not expect profitability within this fiscal year. Moreover, the company does not pay dividends, which could be a factor for investors seeking income-generating stocks. On a positive note, the company's liquid assets surpass its short-term obligations, providing some financial flexibility in the near term. With a moderate level of debt, TriSalus Life Sciences operates with a degree of leverage that is manageable, yet it is important for potential investors to consider the company's cash burn rate and the lack of expected profitability in the near future.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, which may provide further insights into TLSI's financial position and stock performance. Visit https://www.investing.com/pro/TLSI for a comprehensive analysis and more tips to inform your investment decisions.
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