The company's financial structure appears increasingly strained, evidenced by a surge in total debt to $34.5 million in 2026Q1 and a persistent negative equity position of $33.9 million as of 2025Q4.
| Total Current Assets | 68.14M | 32.24M | 20.67M | 20.86M | 17.21M | 35.13M | 6.08M |
| Cash & Short-Term Investments | 56.55M | 20.44M | 8.53M | 11.78M | 9.41M | 30.3M | 4.49M |
| Cash Only | 56.55M | 20.44M | 8.53M | 11.78M | 9.41M | 30.3M | 4.49M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.21M | 6.56M | 5.09M | 3.55M | 1.56M | 1.36M | 617K |
| Days Sales Outstanding | 45.43 | 53.01 | 63.09 | 70.08 | 45.84 | 58.96 | - |
| Inventory | 3.78M | 3.08M | 4.05M | 2.54M | 1.47M | 1.29M | 567K |
| Days Inventory Outstanding | 189.83 | 161.25 | 360.11 | 356.59 | 237.78 | 395.29 | - |
| Other Current Assets | 2.59M | 0 | 0 | 0 | 0 | 0 | 406K |
| Total Non-Current Assets | 2.84M | 3.09M | 3.3M | 3.74M | 4.78M | 2.71M | 2.05M |
| Property, Plant & Equipment | 2.77M | 2.67M | 2.88M | 3.27M | 3.61M | 1.8M | 1.26M |
| Fixed Asset Turnover | 16.36x | 16.92x | 10.22x | 5.66x | 3.43x | 4.68x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 802K | 794K | 736K |
| Long-Term Investments | 400K | 400K | 350K | 0 | 250K | 0 | 0 |
| Other Non-Current Assets | 69K | 18K | 73K | 466K | 117K | 115K | 50K |
| Total Assets | 70.98M | 35.33M | 23.97M | 24.6M | 22M | 37.84M | 8.13M |
| Asset Turnover | 0.98x | 1.28x | 1.23x | 0.75x | 0.56x | 0.22x | - |
| Asset Growth % | 255.46% | 47.39% | -2.55% | 11.83% | -41.87% | 365.51% | - |
| Total Current Liabilities | 11.79M | 11.5M | 10.23M | 14.69M | 32.36M | 6.37M | 54.75M |
| Accounts Payable | 0 | 3M | 2.27M | 3.39M | 4.95M | 1.3M | 612K |
| Days Payables Outstanding | 66.79 | 157.32 | 202.29 | 475.13 | 799.67 | 397.74 | - |
| Short-Term Debt | 218K | 167K | 0 | 0 | 370K | 0 | 42.18M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.57M | 8.23M | 383K | 420K | 23.57M | 104K | 5.22M |
| Current Ratio | 5.78x | 2.80x | 2.02x | 1.42x | 0.53x | 5.51x | 0.11x |
| Quick Ratio | 5.46x | 2.54x | 1.63x | 1.25x | 0.49x | 5.31x | 0.10x |
| Cash Conversion Cycle | 168.46 | 56.95 | 220.9 | -48.46 | -516.05 | 56.51 | - |
| Total Non-Current Liabilities | 46.39M | 57.69M | 39.64M | 36.98M | 1.96M | 561K | 3.54M |
| Long-Term Debt | 34.27M | 34.27M | 22.08M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.26M | 0 | 1.33M | 1.24M | 1.59M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.12M | 23.42M | 16.22M | 35.73M | 369K | 561K | 3.54M |
| Total Liabilities | 58.17M | 69.19M | 49.87M | 51.66M | 34.32M | 6.93M | 58.28M |
| Total Debt | 34.49M | 34.44M | 23.63M | 1.59M | 1.96M | 0 | 42.18M |
| Net Debt | -22.07M | 14M | 15.1M | -10.18M | -7.45M | -30.3M | 37.7M |
| Debt / Equity | 2.69x | - | - | - | - | - | - |
| Debt / EBITDA | -1.26x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.80x | - | - | - | - | - | - |
| Interest Coverage | -5.71x | -4.86x | -10.72x | -3708.63x | -47177.00x | -13.65x | - |
| Total Equity | 12.81M | -33.86M | -25.89M | -27.07M | -12.32M | 30.9M | -50.16M |
| Equity Growth % | 95.28% | -30.77% | 4.33% | -119.61% | -139.88% | 161.61% | - |
| Book Value per Share | 0.24 | -0.89 | -0.98 | -1.02 | -0.42 | 0.99 | -1.64 |
| Total Shareholders' Equity | 12.81M | -33.86M | -25.89M | -27.07M | -12.32M | 30.9M | -50.16M |
| Common Stock | 5K | 4K | 3K | 2K | 0 | 11K | 8K |
| Retained Earnings | -329.04M | -330.58M | -279.55M | -249.5M | -186.36M | -136.34M | -107.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and financing dependence
As reported in recent financial statements, TLSI's equity position has remained consistently negative over the last ten quarters, with the deficit reaching $33.9 million in 2025Q4, underscoring a trajectory defined by aggressive capital consumption rather than organic balance sheet accumulation or retained earnings growth.
The persistent negative equity position suggests that the company's accumulated losses have significantly outpaced its ability to generate internal capital. Investors should monitor whether the recent uptick in total assets in 2026Q1 represents a sustainable shift toward operational scale or merely a temporary expansion funded by external financing.
Based on the provided quarterly data, TLSI's debt load has surged from $1.6 million in 2023Q4 to $34.5 million by 2026Q1, indicating that the company is increasingly reliant on debt instruments to bridge the gap between its high operating expenses and its current revenue generation.
This rapid accumulation of debt, coupled with a debt-to-equity ratio of 2.69 in the most recent quarter, suggests that the company is leveraging its balance sheet to fund clinical development. Such a strategy warrants further investigation into the cost of capital and the potential for future debt-service burdens to constrain operational flexibility.
According to the latest balance sheet figures, TLSI's cash position fluctuated significantly, dropping to $4.0 million in 2024Q1 before recovering to $56.6 million in 2026Q1, highlighting a reliance on external capital injections to maintain a sufficient buffer against ongoing operational cash burn.
While the current ratio of 5.78 in 2026Q1 appears healthy on the surface, it is heavily influenced by the recent influx of cash, which may be transient. The company's liquidity profile remains vulnerable to the timing of clinical milestones and the ability to access capital markets under favorable terms.
Data from the company's historical filings reveals an accumulated deficit of $329.0 million as of 2026Q1, which serves as a stark reminder that the firm's valuation is predicated on future pipeline success rather than the current strength of its balance sheet or tangible asset base.
The absence of significant goodwill or intangible assets on the balance sheet suggests that the company's value is not currently anchored in acquired intellectual property, but rather in the ongoing, expensive development of its internal drug-device combination. This makes the balance sheet highly sensitive to any impairment of the R&D pipeline's perceived future value.
Quick answers to the most common questions about buying TLSI stock.
As of 2025, TriSalus Life Sciences, Inc. (TLSI) had total assets of $35.3M including $32.2M in current assets.
TriSalus Life Sciences, Inc. (TLSI) carries total debt of $34.4M, offset by $20.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TriSalus Life Sciences, Inc. (TLSI) has total shareholders' equity (book value) of $-33.9M ($-0.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TriSalus Life Sciences, Inc. (TLSI) reported a current ratio of 2.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.