Q2 2026 TriSalus Life Sciences Inc Earnings Call

August 6, 2026

Operator: Good day, and thank you for standing by. Welcome to the TriSalus Life Sciences Q2 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker, Caitlin Parrish. Please go ahead.

Caitlin Parrish: Good afternoon, and thank you all for participating in today's call. Joining me from TriSalus are Mary Szela, President and Chief Executive Officer, David Patience, Chief Financial Officer, and Dr. Richard Marshall, Chief Medical Officer, who will join for Q&A. Earlier today, TriSalus issued a press release announcing financial results for the quarter ended 30 June 2026. A copy of the press release is available on the investor relations section of the company's website. Before we begin, I'd like to remind you that management will make remarks during this call that include forward-looking statements within the meaning of federal securities laws, and these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

Caylene Parrish: Good afternoon, and thank you all for participating in today's call. Joining me from TriSalus are Mary Szela, President and Chief Executive Officer, David Patience, Chief Financial Officer, and Dr. Richard Marshall, Chief Medical Officer, who will join for Q&A. Earlier today, TriSalus issued a press release announcing financial results for the quarter ended 30 June 2026. A copy of the press release is available on the investor relations section of the company's website. Before we begin, I'd like to remind you that management will make remarks during this call that include forward-looking statements within the meaning of federal securities laws, and these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

Speaker #2: participating in today's call. Joining me from TriSalus are Mary Szela, President and Chief Executive Officer; David Patience, Chief Financial Officer; and Dr. Officer. Who will join for Richard Marshall, Chief Medical Q&A.

Speaker #2: company's website. Before we statements contained in this call that relate to expectations or predictions of future events result or performance are forward-looking statements. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Caitlin Parrish: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Forms 10-Q and 10-K on file with the SEC and available on EDGAR, as well as our other periodic filings. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, 6 August 2026. TriSalus disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I'll turn the call over to Mary.

Caylene Parrish: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Forms 10-Q and 10-K on file with the SEC and available on EDGAR, as well as our other periodic filings. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, 6 August 2026. TriSalus disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I'll turn the call over to Mary.

Speaker #2: Statements. For a description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Forms 10-Q and 10-K on file with the SEC and available on EDGAR, as well as our other periodic filings.

Speaker #2: This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 6, 2026. TriSalus disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements whether because of new information, future events, or otherwise.

Speaker #2: And with that, we'll turn the call over to Mary.

Speaker #3: Good afternoon, and thank you all for joining us. I'm pleased to report a strong second quarter, with total revenue of over $11.4 million. This reflects sequential and year-over-year growth as we continue to raise awareness of TriNav while building clinical evidence and strengthening our commercial foundation.

Mary Szela: Good afternoon, and thank you all for joining us. I'm pleased to report a strong Q2 with total revenue of over $11.4 million. This reflects sequential and year-over-year growth as we continue to raise awareness of TriNav while building clinical evidence and strengthening our commercial foundation. Our growth was driven by the continued execution of our team in the field and was underpinned by progress across our strategic priorities. Elevating our commercial team and infrastructure, investing in foundational clinical studies to validate the value of pressure-enabled drug delivery or PEDD, and lastly, innovating and evolving our PEDD technology and portfolio. Before we continue, I want to highlight why what we're doing at TriSalus is so important. There has been little innovation in catheter-assisted oncology drug delivery for the past several decades.

Speaker #3: Our growth was driven by the continued execution of our team in the field and was underpinned by progress across our strategic priorities. Elevating our commercial team and infrastructure, investing in foundational clinical studies, to validate the value of pressure-enabled drug delivery or PEDD, and lastly, innovating and evolving our PEDD technology and portfolio.

Speaker #3: Before we continue, I wanted to highlight why what we're doing at TriSalus in catheter-assisted oncology drug delivery for the past several decades. While this critical area of patient care has been stagnant, in that same stretch of time, we've seen significant leaps forward in therapeutic drug discovery and innovation.

Mary Szela: While this critical area of patient care has been stagnant, in that same stretch of time, we've seen significant leaps forward in therapeutic drug discovery and innovation. We developed the TriNav system to address this shortfall, enabling interventional radiologists to deliver any therapy to a tumor with enhanced perfusion, tightened precision, and greater concentration, and importantly, avoidance of off-target delivery. We remain excited about the opportunity ahead of us as we continue to educate clinicians and patients about the benefits of the TriNav system. As we outlined at the beginning of the year, our primary strategic focus has been on making a disciplined, intentional investment into our commercial infrastructure to deepen physician engagement and adoption of TriNav. As a reminder, we more than doubled our commercial footprint over the H1 to better capture the full scope of the opportunity ahead of us.

Speaker #3: We developed the Try-Nav system to address this shortfall, enabling interventional radiologists to deliver any therapy to a tumor with enhanced perfusion, tightened precision, in greater concentration, and, importantly, avoidance of off-target delivery.

Speaker #3: We

Speaker #1: We remain excited about the opportunity ahead of us as we continue to educate clinicians and patients about the benefits of . The NAF system .

Speaker #1: As we outlined at the beginning of the year , our primary strategic focus has been on making a disciplined , intentional investment into our commercial infrastructure to deepen physician engagement and adoption of NAF .

Speaker #1: As a reminder , we . More than doubled our commercial footprint over the first half of the year to better capture the full scope of the opportunity ahead of us This build out was deliberate and necessary , and we're excited about the caliber of talent that we've brought on board .

Mary Szela: This build-out was deliberate and necessary, and we're excited about the caliber of talent that we've brought on board. We're already seeing positive results from our commercial evolution in the form of ramping engagement and productivity, and we look forward to sharing more of this team's progress over the coming quarters. Turning to a significant development that will expand our commercial opportunity, in July, we received notification from CMS of a G-code that extends reimbursement of the TriNav system into the physician office setting, commonly referred to as an office-based lab, or OBL. At its core, moving into the OBL environment is a big win for patients and meaningfully expands the access for our platform once in effect.

Speaker #1: We're already seeing positive results from our commercial evolution in the form of ramping engagement and productivity , and we look forward to sharing more of this team's progress over the coming quarters Turning to a significant development that will expand our commercial opportunity in July , we received notification from CMS of a G code that extends reimbursement of the training system into the physician office , setting , commonly referred to as an office based lab or OBL At its core Moving into the OBL environment is a big win for patients and meaningfully expands the access for our platform .

Speaker #1: Once in effect As a reminder , Chrysalis holds two unique Hicks C codes established by CMS to specifically reimburse our technology of complex embolization procedures by using a pressure generating catheter in the outpatient environment , or hopd in the ambulatory Surgery center or ASC .

Mary Szela: As a reminder, TriSalus holds two unique HCPCS C codes established by CMS to specifically reimburse our technology of complex embolization procedures by using a pressure-generating catheter in the outpatient environment, or HOPD, in the ambulatory surgery center, or ASC, sites of service. These codes have been a foundational commercial driver for TriSalus and provide appropriate reimbursement for HOPDs and ASCs, yet we're seeing treatment for patients with certain liver cancers migrate from these traditional settings into the OBLs. This includes both TACE and TARE procedures. The rationale for this transition is simple. OBLs offer patients more accessible community-based settings versus large hospitals, with shorter wait times and more flexible scheduling. For a patient recently diagnosed with liver cancer, the ability to be seen and treated in weeks rather than months can be the difference between a treatable disease and potentially a fatal one.

Speaker #1: Sites of service These codes have been a foundational commercial driver for Chrysalis and provide appropriate reimbursement for Opds and ASCs . Yet we're seeing treatment for patients with certain liver cancers migrate from these traditional settings into the obls .

Speaker #1: This includes both case and tear procedures . The rationale for this transition is simple Obls offer patients more accessible based settings versus large hospitals with shorter wait times flexible scheduling for a patient .

Speaker #1: Recently diagnosed with liver cancer . The ability to be seen and treated in weeks rather than months can be the difference between a treatable disease and potentially a fatal one .

Speaker #1: The new G code facilitates patient access to PED , regardless of the treatment side of care . This marks a seminal moment for Trisolaris , as it expands our reach to an increasingly important and growing site of care and gives clinicians more flexibility in where and how they practice .

Mary Szela: The new G-code facilitates patient access to PEDD regardless of the treatment site of care. This marks a seminal moment for TriSalus as it expands our reach to an increasingly important and growing site of care and gives clinicians more flexibility in where and how they practice. We are genuinely excited about this rule, and we want to take a moment to express our gratitude to all of our constituents at CMS whom we've maintained a positive dialogue. Over the years, CMS has spent significant energy reviewing our clinical evidence and diligencing the benefits of the TriNav system. We're excited to continue our engagement with the agency. We also continue to anticipate 510 clearance near term from the U.S. Food and Drug Administration for TriNav Advance, which we believe will further expand our set of solutions for our customers.

Speaker #1: We are genuinely excited about this rule , and we want to take a moment to express our gratitude to all of our constituents at CMS , whom we've maintained a positive dialogue over the years .

Speaker #1: CMS has spent significant energy reviewing our clinical evidence and diligence . The benefits of the NAF system We're excited to continue our engagement with the agency .

Speaker #1: We also continue to anticipate 510 K clearance near term from the US Food and Drug Administration for trying to advance , which we believe will further expand our set of solutions for our customers As a reminder , we believe the trying to advance will expand our liver market access by extending PED to small distal vessels via Microcatheter that are currently not addressable .

Mary Szela: As a reminder, we believe the TriNav Advance will expand our liver market access by extending PEDD to small distal vessels via microcatheter that are currently not addressable with our existing TriNav technology. Moreover, the TriNav Advance will allow an interventional radiologist to use the microcatheter of their choice while still delivering the full benefit of pressure-enabled drug delivery to patients. Review is running past the MDUFA goal. We remain in close dialogue with the FDA and hope to receive clearance in the near future. Our second priority has been to demonstrate and validate the value of pressure-enabled drug delivery, PEDD, to drive greater future awareness and adoption. Our team is hard at work on this objective, and we now have 11 active studies underway across 27 clinical sites. There's data being generated and evaluated across more than 400 patients who have been treated with TriNav.

Speaker #1: With our existing TriNav technology, moreover, the timing of advance will allow an interventional radiologist to use the microcatheter of their choice.

Speaker #1: While still delivering the full benefit of pressure enabled drug delivery to patients Review is running past the Medusa goal , but we remain in close dialogue with the FDA and hope to receive clearance in the near future Our second priority has been to demonstrate and validate the value of pressure enabled drug delivery , PED to drive greater future awareness and adoption .

Speaker #1: Our team is hard at work on this objective, and we now have 11 active studies underway across 27 clinical sites. There's data being generated and evaluated across more than 400 patients who have been treated with TriAb.

Speaker #1: The completed Peter study , the investigator initiated randomized , multicenter trial conducted at Massachusetts General Hospital , evaluates how Triab improves the tumor to normal ratio in both hepatocellular carcinoma and hypovascular tumors has been submitted for publication in a peer reviewed journal .

Mary Szela: The completed PETER study, the investigator-initiated, randomized, multi-center trial conducted at Massachusetts General Hospital, evaluates how TriNav improves the tumor-to-normal ratio in both hepatocellular carcinoma and hypovascular tumors, has been submitted for publication in a peer-reviewed journal. We believe the PETER readout, once published, can be a meaningful catalyst for commercial momentum. The other completed investigator-initiated trial, TRI590 at MD Anderson, remains in data review. We look forward to sharing that news with you when it becomes available. The two retrospective studies we initiated last quarter examining TriNav-delivered TARE in HCC continue to progress. We're ultimately looking to generate cost-efficient evidence on outcomes and target populations. The findings here will directly inform the design of our larger prospective trials, which we look to initiate in H2 of the year. The PREDICTT study at MD Anderson officially launched in Q2 and is actively enrolling.

Speaker #1: We believe the Peter readout , once published , can be a meaningful catalyst for commercial momentum . The other completed investigator initiated trial , Tricine 90 , and MD Anderson remains in data review .

Speaker #1: We look forward to sharing that news with you when it becomes available The two retrospective studies we initiated last quarter , examining Triab delivered tear in HCC continue to progress .

Speaker #1: We're ultimately looking to generate cost efficient evidence on outcomes and target populations The findings here will directly inform the design of our larger prospective trials , which we look to initiate in the second half of the year .

Speaker #1: The Predict study at MD Anderson officially launched in the second quarter and is actively enrolling . This is a prospective study evaluating PEDs impact in hypovascular tumors , and we expect enrollment to take approximately 12 to 18 months to complete A second investigator initiated trial pressure at Stanford will enrollment in the third quarter .

Mary Szela: This is a prospective study evaluating PEDD's impact in hypovascular tumors. We expect enrollment to take approximately 12 to 18 months to complete. A second investigator-initiated trial, PRESSURE at Stingenfeld, will launch open enrollment in Q3. This is a randomized study of TriNav and TARE for liver metastases comparing tumor absorbed dose, response rate, and disease control against current standard delivery. Both are designed to generate exactly the kind of prospective head-to-head data that drives clinical adoption at top academic centers. In addition to PRESSURE, there are additional large studies we're looking to kick off in H2 2026. We have a new prospective TARE study designed specifically to prove TriNav's superiority over a microcatheter. We're evaluating liver metastases response to therapy prospectively, an important consideration for physicians to adopt TriNav.

Speaker #1: This is a randomized study of triab and tear for liver metastases , comparing tumor absorbed dose response rate and disease control against current standard delivery .

Speaker #1: Both are designed to generate exactly the kind of prospective head to head data that drives clinical adoption at top academic centers . In addition to pressure , there are additional large studies we're looking to kick off in the second half of 2026 .

Speaker #1: We have a new perspective tear study designed specifically to prove Triab superiority over a microcatheter . We are evaluating liver metastases response to therapy prospectively and important consideration for physicians to adopt .

Speaker #1: Triad . Second , we're undertaking a multicenter , prospective taste study in neuroendocrine tumors that is being conducted in collaboration with the University of Pennsylvania , a nationally recognized leader in both liver embolization and the treatment of neuroendocrine tumors .

Mary Szela: Second, we're undertaking a multicenter prospective TACE study in neuroendocrine tumors that is being conducted in collaboration with the University of Pennsylvania, a nationally recognized leader in both liver embolization and the treatment of neuroendocrine tumors. The trial will compare TriNav directly to a standard microcatheter in neuroendocrine tumor patients undergoing TACE and is designed to demonstrate TriNav's superiority in this indication. This study is an expansion of an existing pilot study that already showed TriNav's superiority over a microcatheter, giving us high confidence in the hypothesis we're testing at scale. At the recent American Society of Clinical Oncology meeting, AstraZeneca presented exciting data from their EMERALD-3 trial comparing TACE alone to TACE plus AstraZeneca's STRIDE immunotherapy regimen and to TACE plus STRIDE plus the tyrosine kinase inhibitor, nivolumab.

Speaker #1: The trial will compare tri nab directly to a standard Microcatheter and neuroendocrine tumor . Patients undergoing tastes , and is designed to demonstrate NAB superiority in this indication This study is an expansion of an existing pilot study that already showed Trinidad superiority over a microcatheter , giving us high confidence in the hypothesis we're testing at scale .

Speaker #1: At the recent American Society of Clinical Oncology meeting AstraZeneca presented exciting data from their Emerald three trial comparing taste alone to taste plus AstraZeneca stride immunotherapy regimen and to Taste , plus Stride plus the tyrosine kinase inhibitor lapatinib .

Speaker #1: This study showed that both combination arms showed meaningful improvements in progression free survival , and the still maturing overall survival data looks particularly promising .

Mary Szela: This study showed that both combination arms showed meaningful improvements in progression-free survival, and the still maturing overall survival data looks particularly promising. We believe that these important data will help drive medical oncologists to consider combinations of immunotherapy and liver-directed therapy. This could potentially expand the pool of patients receiving TACE and TARE procedures where we have a particularly strong foothold. Lastly, we're making concerted efforts to expand awareness and appreciation for the value of PEDD with our broader base of stakeholders. In June, we hosted a webinar to further contextualize the groundbreaking real-world evidence study of PEDD in liver cancer. The webinar highlighted findings from a real-world outcome study evaluating over 300 million patient lives, including 16,210 embolizations. Of those patients who went through embolization procedures, 1,200 patients were compared using sophisticated matching to produce the largest and the most robust PEDD data set to date.

Speaker #1: We believe that these important data will help drive medical oncologists to consider combinations of immunotherapy and liver directed therapy This could potentially expand the pool of patients receiving taste and tear procedures .

Speaker #1: Where we have a particularly strong foothold. Lastly, we're making concerted efforts to expand awareness and appreciation for the value of PED with our broader base of stakeholders. In June, we hosted a webinar to further contextualize the groundbreaking real-world evidence study of PED in liver cancer.

Speaker #1: The webinar highlighted findings from a real world outcome study evaluating over 300 million patient lives , including 16,210 Embolizations . Of those patients who went through embolization procedures , 1200 patients were compared using sophisticated matching to produce the largest and the most robust PED data set to date Doctor Alex Misono , chief of interventional radiology at Hoag Health System in California , joined our webinar as a speaker and reinforced a key finding from the study that I think deserves emphasis Data showed China had historically been employed in procedures with the most challenging patients .

Mary Szela: Dr. Alex Misono, Chief of Interventional Radiology, Hoag in California, joined our webinar as a speaker and reinforced a key finding from the study that I think deserves emphasis. Data showed TriNav had historically been employed in procedures with the most challenging patients, those who have the highest disease burden, and those with the most complex anatomy. For those patients, TriNav has proven its clinical benefit, particularly in scenarios where anticipated outcomes were poor. Given the clinical benefits and favorable reimbursement in place, Dr. Misono also discussed his approach to expanding TriNav usage with broader utilization across his practice. Additionally, the HEOR data is extremely compelling, with average cost savings in certain procedures of $7,700. We continue to believe that new evidence serves to validate our platform and catalyze adoption within the clinical community. Moving to our third strategic focus, innovating and expanding our indications and portfolio.

Speaker #1: Those who had the highest disease burden and those with the most complex anatomy For those patients trying to have has proven its clinical benefit , particularly in scenarios where anticipated outcomes were poor Given the clinical benefits and favorable reimbursement in place , Doctor Misono also discussed his approach to expanding , Trinidad usage with broader utilization across his practice Additionally , the higher data is extremely compelling , with average cost savings in certain procedures .

Speaker #1: $7,700 . We continue to believe that new evidence serves to validate our platform and catalyze adoption within the clinical community Moving to our third strategic focus innovating and expanding our indications and portfolio Our first focus liver embolization , is an area of significant opportunity for us , and we remain focused first and foremost on driving growth .

Mary Szela: Our first focus, liver embolization, is an area of significant opportunity for us, and we remain focused first and foremost on driving growth there. Meanwhile, indications outside of liver, including uterine, genicular, and thyroid artery embolization, present a vast additional growth opportunity. We believe that liver embolization and these additional indications collectively represent an addressable market in the United States of approximately $2.5 billion. I believe that the continued cultivation of our evidence base to validate our platform as a whole while executing our clinical strategy across multiple indications and physicians will expand our footprint materially across liver and non-liver indications alike. Beyond liver, we're building a pipeline of emerging markets for the PEDD platform. Uterine artery embolization, thyroid artery embolization, and genicular artery embolization mark greenfield opportunities for TriSalus, and each one can be a meaningful growth driver going forward.

Speaker #1: There Meanwhile , indications outside of liver , including uterine genicular and thyroid artery embolization , present a vast additional growth opportunity . We believe that liver embolization and these additional indications collectively represent an addressable market in the United States of approximately 2.5 billion .

Speaker #1: I believe that the continued cultivation of our evidence base to validate our platform as a whole, while executing our clinical strategy across multiple indications and physicians, will expand our footprint materially across liver and non-liver indications alike—beyond liver.

Speaker #1: We're building a pipeline of emerging markets for the PED platform , uterine artery embolization , thyroid artery embolization , and genicular artery embolization .

Speaker #1: Mark Greenfield Opportunities for trisolaris and each one can be a meaningful growth driver going forward . We're in the early innings with these three indications , but the clinical data we're generating is giving us increased confidence that PED can redefine treatment and patient outcomes on uterine artery embolization .

Mary Szela: We're in the early innings with these three indications, but the clinical data we're generating is giving us increased confidence that PEDD can redefine treatment and patient outcomes. On uterine artery embolization, momentum continues to build on the strong SIR data we shared last quarter. The expanded study we approved in Q1 is enrolling well, and we remain on track toward our 50-patient target. We continue to advance the design of a prospective trial to more formally evaluate TriNav's potential to streamline workflow, reduce procedure and fluoroscopy time, and improve outcomes in UAE. One additional note here that I think is worth highlighting is UAE is a procedure that is increasingly being performed in the OBL setting. The G-code I discussed earlier has the potential to be a meaningful accelerant for this indication, specifically by removing the reimbursement barrier that has historically limited TriNav use in the physician office-based labs.

Speaker #1: Momentum continues to build on the strong SIR data we shared last quarter. The expanded study we approved in Q1 is enrolling well, and we remain on track toward our 50-patient target.

Speaker #1: We continue to advance the design of a prospective trial to more formally evaluate Trina's potential to streamline workflow , reduce procedure , and fluoroscopy time , and improve outcomes in UAE One additional note here that I think is worth highlighting is UAE is a procedure that is increasingly being performed in the OB setting .

Speaker #1: The G code I discussed earlier has the potential to be a meaningful accelerant for this indication , specifically by removing the reimbursement barrier that has historically limited Trin use in the physician office based labs .

Speaker #1: We see UAE as one of those earlier beneficiaries of that expanded access , and we look forward to updating you on the progress in the coming quarters .

Mary Szela: We see UAE as one of those earlier beneficiaries of that expanded access, and we look forward to updating you on the progress in the coming quarters. On thyroid artery embolization, our PROTECT registry continues to gain momentum across multiple centers, evaluating PEDD for patients with thyroid nodules or goiters who are not candidates for conventional therapy. I'm pleased to report that we have achieved the enrollment cutoff required for the protocol's interim analysis and that we remain on track to deliver the first multi-center US data on TAE in Q1 2027. We believe that data set will position PEDD TAE as the leading approach for this procedure, as it is minimally invasive. On genicular artery embolization, we remain focused on executing our clinical strategy.

Speaker #1: On thyroid artery embolization, the PROTECT registry continues to gain momentum across multiple centers, evaluating PED for patients with thyroid nodules or goiters who are not candidates for conventional therapy.

Speaker #1: I'm pleased to report that we have achieved the enrollment cutoff required for the protocol's interim analysis, and that we remain on track to deliver the first multi-center U.S.

Speaker #1: data on Te in the first quarter of 2027 . We believe that data set will position PED T as the leading approach for this procedure .

Speaker #1: As it is minimally invasive and genicular artery embolization We remain focused on executing our clinical strategy , having concluded our pilot registry , we're actively advancing the formal clinical trial design and look forward to sharing additional updates as that program develops .

Mary Szela: Having concluded our pilot registry, we're actively advancing the formal clinical trial design and look forward to sharing additional updates as that program develops. In total, we view these emerging indications as gateways to significant expansion of our existing addressable market opportunity. We will continue to vigorously propel forward these trials and clinical initiatives as we secure a foothold in these markets. Finally, I'd like to provide a brief update on our nelitolimod and pancreatic programs. First, on nelitolimod, we remain on track to deliver our consolidated PERIO phase I data readout in H2 2026. Second, on a broader pancreatic strategy, there's been significant changes in the pancreatic cancer treatment landscape that we're currently evaluating. We will provide an update on our go-forward pancreatic strategy after we complete that analysis.

Speaker #1: In total , we view these emerging indications as gateways to significant expansion of our existing addressable market opportunity . We will continue to vigorously propel forward these trials and clinical initiatives as we secure our foothold in these markets Finally , I'd like to provide a brief update on our Nella and pancreatic programs .

Speaker #1: First , on We remain on track to deliver our consolidated perio phase one data readout in the second half of 2026 , and second , on a broader pancreatic strategy , there's been significant changes in the pancreatic cancer treatment landscape that we're currently evaluating .

Speaker #1: We will provide an update on our go forward pancreatic strategy after we complete that analysis . This last quarter was a period of continued focus and execution for us as we solidified our foundation for future growth We have a fully deployed , meaningfully expanded commercial organization that is ramping toward its full productivity potential .

Mary Szela: This last quarter was a period of continued focus and execution for TriSalus as we solidified our foundation for future growth. We have a fully deployed, meaningfully expanded commercial organization that is ramping toward its full productivity potential. We progressed our clinical trials and continued growing our evidence base, including the landmark real-world data study on PEDD. The proposed G-code extending reimbursement into office-based labs represents a key milestone that will contribute meaningfully to TriNav adoption. Driven by our Q2 results and the ongoing progress in the business, we are reiterating our full year 2026 revenue guidance of $54 million to 57 million, reflecting a 19% to 26% growth over full year 2025. We are excited about our growth trajectory and see a tremendous opportunity ahead for TriSalus.

Speaker #1: We progressed our clinical trials and continued growing our evidence base , including the landmark real world data study on PED in the proposed G code , extending reimbursement into office based labs represents a key milestone that will contribute meaningfully to China's adoption , driven by our Q2 results and the ongoing progress in the business .

Speaker #1: We are reiterating our full year 2026 revenue guidance of 54 million to 57 million , reflecting a 19 to 26% growth over full year 2025 .

Speaker #1: We are excited about our growth trajectory and see a tremendous opportunity ahead for trials With that , I'll turn the call over to David Patience , our CFO , to provide a review of the second quarter results in 2026 .

Mary Szela: With that, I'll turn the call over to David Patience, our CFO, to provide a review of the Q2 results and 2026 guidance.

Speaker #1: Guidance

Speaker #2: Thank you , Mary , and good afternoon , everyone Revenue for the second quarter was $11.4 million , up 1.7% compared to $11.2 million in the prior year period , driven by increasing demand for our innovative drug delivery technology Trinet gross margin for the quarter was 86.8% , compared to 83.9% in the prior year period .

David Patience: Thank you, Mary, and good afternoon, everyone. Revenue for Q2 was $11.4 million, up 1.7% compared to $11.2 million in the prior year period, driven by increasing demand for our innovative drug delivery technology, TriNav. Gross margin for the quarter was 86.8% compared to 83.9% in the prior year period. The improvement was driven by lower average unit costs on TriNav and our continuous manufacturing improvements. Research and development expenses were approximately $3.1 million, compared to $3.7 million in the prior year period. The decrease was primarily due to lower professional service costs and clinical trial expenses related to nelitolimod, which did not occur in the current year period. Sales and marketing expenses were $11.4 million, compared to $7.2 million in the prior year period.

Speaker #2: The improvement was driven by lower average unit costs on trial , and our continuous manufacturing improvements . Research and development expenses were approximately 3.1 million , compared to 3.7 million in the prior year period .

Speaker #2: The decrease was primarily due to . Lower professional service costs and clinical trial expenses related to Motolimod , which did not occur in the current year period Sales and marketing expenses were 11.4 million , compared to 7.2 million in the prior year period .

Speaker #2: The increase reflects our deliberate investment in expanding our commercial footprint , which includes elevated expenses related to recruiting , onboarding and training . Our expanded organization , general and expenses were approximately 5.1 million , compared to 5.9 million in the prior year period .

David Patience: The increase reflects our deliberate investment in expanding our commercial footprint, which includes elevated expenses related to recruiting, onboarding, and training our expanded organization. General and administrative expenses were approximately $5.1 million, compared to $5.9 million in the prior year period. The decrease was primarily due to lower professional service costs related to legal and audit-related expenses. Adjusted EBITDA loss for the quarter was approximately $7.1 million, compared to $5.3 million in Q2 2025. The increase in adjusted EBITDA loss reflects our deliberate investment in our expanded sales organization to build out our commercial infrastructure for longer-term sustainable growth. We ended the quarter with approximately $46.3 million in cash, which we believe fully funds our strategic growth plan.

Speaker #2: The decrease was primarily due to lower professional service costs related to legal and audit related expenses Adjusted EBITDA loss for the quarter was approximately 7.1 million , compared to 5.3 million in the second quarter of 2025 .

Speaker #2: The increase in adjusted EBITDA loss reflects our deliberate investment in our expanded sales organization to build out our commercial infrastructure for longer term sustainable growth .

Speaker #2: We ended the quarter with approximately 46.3 million in cash , which we believe fully funds our strategic growth plan . As Mary mentioned , we are reiterating our full year 2026 revenue guidance of 54 million to 57 million , reflecting 19 to 26% growth over the full year 2025 .

David Patience: As Mary mentioned, we are reiterating our full-year 2026 revenue guidance of $54 million to $57 million, reflecting 19% to 26% growth over the full-year 2025. We expect sequential improvement in growth from Q2 to Q3, followed by a stronger Q4. We also expect sales and marketing expenses to decline sequentially in Q3 and Q4 as we move past the elevated cost of the H1 sales force expansion. Taken together, we're confident in the path ahead. A ramping growth trajectory paired with disciplined cost control and cash management through the H2 2026 and into 2027. Thank you all for your continued support. With that, operator, we're ready to open the line for questions.

Speaker #2: And we expect sequential improvement in growth from Q2 to Q3 , followed by a stronger Q4 . We also expect sales and marketing expenses to decline sequentially in the third and fourth quarter as we move past the elevated costs of the first half , sales force expansion Taken we're confident in the path ahead .

Speaker #2: A ramping growth trajectory paired with disciplined cost control and cash management through the back half of 2026 and into 2027 . Thank you all for your continued support .

Speaker #2: With that, operator, we're ready to open the line for questions.

Speaker #3: Thank you . As a reminder , if you would like to ask a question , please press star one on your telephone . You will hear an automated message advising your hand is raised .

Operator: Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. You'll hear an automated message advising your hand is raised. We also ask that you wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. First question I have will be coming from the line of Frank Takkinen of Lake Street Capital Markets. Please go ahead.

Speaker #3: We also ask that you wait for your name and company to be announced before proceeding with your question . One moment while we compile the Q&A roster .

Speaker #3: First question I have will be coming from the line of Franck Pinkerton of Lake Street Capital Markets . Please go ahead .

Speaker #4: Great, thank you for taking the questions. I wanted to start with a follow-up on the sales force. I appreciate the comments on the call.

Frank Takkinen: Great. Thank you for taking the questions. Wanted to start with a follow-up on the sales force. Appreciate the comments on the call. Specific to the new reps that you hired in Q1, can you maybe talk a little bit more about some of the metrics they're putting up as far as productivity improvement, where they are in their launch trajectory, and how impactful they can be in Q3, Q4?

Speaker #4: Specific to the new reps that you hired in the first quarter . Can you talk a little bit more about some of the metrics they're putting up as far as productivity improvement , where they are in their launch trajectory and how impactful they can be in kind of Q3 , Q4

Speaker #5: Hi , Frank . How are you Good question . So we did the we initiated the expansion in February , and all our reps were hired by April .

Mary Szela: Hi, Frank. How are you? Good question. We initiated the expansion in February, and all our reps were hired by April. Now you're seeing our reps in the back half of the year. They have two quarters under their belt, and we're starting to see that contribution increase pretty substantially in H2. I think, we've shared previously with everyone, we're really excited about the talent and the caliber of reps that have come into the organization. Frankly, historically, we've never been able to attract this type of talent to the company, and we're really pleased to see how they're hitting the ground running, and a number of our reps are really exceeding our internal metrics.

Speaker #5: So now you're seeing our reps in the back half of the year . They have two quarters under their belt . And we're starting to see that contribution .

Speaker #5: You know , increase pretty substantially in the back half of the year . I think we've shared previously with everyone . We're really excited about the talent and the caliber of reps that have come into the organization .

Speaker #5: Frankly , historically , we've never been able to attract this type of talent to the company , and we're really pleased to see how they're hitting the ground running .

Speaker #5: And a number of reps are really exceeding our internal metrics . We have , you know , quite a number of leading indicators and metrics and an internal operational model that we've developed over the years .

Mary Szela: We have quite a number of leading indicators and metrics in an internal operational model that we've developed over the years, and so we have really good understanding of how that progresses throughout the year. Essentially, we're right on track. I think Q2 came in exactly on our internal model and exactly as we expected. We feel really good about where we're at.

Speaker #5: And so we have a really good understanding of how that progresses throughout the year. And essentially, we're right on track. I mean, I think Q2 came in exactly on our internal model and exactly as we expected.

Speaker #5: So we feel really good about where we're at

Speaker #4: Got it . Very helpful . And then I wanted to follow up on the new office based lab reimbursement , maybe talk a little bit more specifically on which new indications that could be most impactful for and when you might start to allocate more sales and marketing resource into those to capitalize on that .

Frank Takkinen: Got it. Very helpful. Wanted to follow up on the new office-based lab reimbursement. Maybe talk a little bit more specifically on which new indications that could be most impactful for, and when you might start to allocate more sales and marketing resource into those to capitalize on that.

Speaker #5: Oh , thank you Frank . That's , that's a really good question . So we've been talking to CMS for quite some time about extending reimbursement for China into the ob .

Mary Szela: Thank you, Frank. That's a really good question. We've been talking to CMS for quite some time about extending reimbursement for TriNav into the OBL, and it was really intended to cover a number of different dimensions. One of the things we're seeing in the liver embolization market is we are seeing patients migrate out of the hospital into the OBL, primarily just to help reduce some of the congestion in the hospital. IRs in the hospital often get called to other procedures, so patients who are scheduled for these procedures get bumped, and then they have to be rescheduled, and they wait quite a long time, and their treatment can delay. There's actually a number of publications on it that we shared with CMS.

Speaker #5: L and , and it was really intended to cover a number of different dimensions . One of the things we're seeing in the liver embolization market is we are seeing patients migrate out of the hospital into the OBL primarily just to help reduce some of the congestion in the hospital .

Speaker #5: IRs in the hospital often get called to other procedures, so patients who are scheduled for these procedures get bumped, and then they have to be rescheduled.

Speaker #5: And they wait quite a quite a long time . And so their treatment can delay . There's actually a number of publications on it that we shared with CMS , and we also saw that a lot of big institutions , they'll do some of their mappings in the O , B , L , and then they'll do their treatments in the hospital and vice versa .

Mary Szela: We also saw that a lot of big institutions, they'll do some of their mappings in the OBL, and then they'll do their treatments in the hospital and vice versa. We shared all that data with CMS, and I just wanted to take a moment and say just how appreciative we are about the level of collaboration and engagement from CMS, because they looked at this data, and that's really why they moved forward with the G-code so rapidly. They wanted to make sure that these patients could have literally the opportunity to go to any site of care and get TriNav because the benefits were so significant. Number one, we see liver embolization, still small, but growing, moving into that environment.

Speaker #5: So we shared all that data with CMS , and I think I just wanted to take a moment and say just how much , how appreciative we are about the level of collaboration and engagement from CMS , because they looked at this data and that's really why they moved forward with the G code .

Speaker #5: So rapidly . They wanted to make sure that these patients could have literally the opportunity to go to any site of care and get trinerve , because the benefits were so significant .

Speaker #5: So number one , we think we see liver embolization still small , but growing , moving into that environment . But there's also a lot of other embolization procedures where uterine artery embolization , prostate artery embolization , genicular , artery embolization , uterine artery embolization , these are a lot of those procedures that are done in that side of care .

Mary Szela: There's also a lot of other embolization procedures where uterine artery embolization, prostate artery embolization, genicular artery embolization, uterine artery embolization, these are a lot of those procedures that are done in that site of care. Now we'll have the opportunity to have TriNav. We're obviously very excited on that. We're putting together all our planning on that right now, more to come on that. This actually came a little bit earlier than what we even anticipated. We were really surprised and excited about this.

Speaker #5: And so now we'll have the opportunity to have China . So we're we're obviously very excited on that . We're putting together all our planning on that right now .

Speaker #5: So more to come on that . But this actually came a little bit earlier than what we even anticipated . So we were really surprised and excited about this

Speaker #4: Got it . That's very helpful . Thank you

Frank Takkinen: Got it. That's very helpful. Thank you.

Speaker #3: Thank you . One moment for the next question And our next question will be coming from the line of Justin Walsh of Jones Trading .

Operator: Thank you. One moment for the next question. Our next question will be coming from the line of Justin Walsh of JonesTrading. Please go ahead.

Speaker #3: Please go ahead .

Speaker #6: Hi . Thanks for taking the question . I think you alluded to this a little bit in your last answer with the reimbursement .

Justin Walsh: Hi. Thanks for taking the question. I think you alluded to this a little bit in your last answer with the reimbursement, I'm wondering if you could remind us where there's overlap in call points for the current liver market and the adjacent markets that you're working to expand into.

Speaker #6: But I'm wondering if you could remind us where there's overlap in call points for the current liver market and the adjacent markets that you're working to expand into.

Speaker #5: So, when you overlap within the sales organization, is that what you're saying, or...

Mary Szela: When you overlap within the sales organization, is that what you're saying?

Speaker #6: Yes , like , yeah , like , and if there's any , I guess a interventional radiologist who , who maybe do all of these different procedures and I'm , I'm kind of thinking , as you're expanding here , how much your , your current sales force will be able to kind of leverage what's been done in liver as you're looking to get some of these other indications

Justin Walsh: Yes. If there's any interventional radiologists who maybe do all of these different procedures and I'm thinking as you're expanding here, how much your current sales force will be able to kind of leverage what's been done in liver as you're looking to get some of these other indications going?

Speaker #5: Yeah , that's a really good question , Justin . You know , what we're seeing in the marketplace right now ? You know , and a lot of the large academic centers , you know , like I mentioned in my earlier question , seeing them actually establish these obls .

Mary Szela: Yeah, that's a really good question, Justin. What we're seeing in the marketplace right now, in a lot of the large academic centers, like I mentioned in my earlier discussion, we're seeing them actually establish these OBLs. They surround the hospital, or they're kind of located strategically around the hospital so they can feed patients into those locations. We see interventional radiologists who work in the hospital, but then they also work in the OBL. Some of these OBLs can be owned jointly with the hospital and the physicians, and some can just be physician-owned. You do see a lot of back and forth with the same physician going from one institution to another site of care. For example, at Columbia University, where TriNav is used pretty aggressively, they map in the OBL and treat in the hospital, but they can't use TriNav in the OBL.

Speaker #5: So they surround the hospital or they're kind of located strategically around the hospital so they can feed patients into those locations . And then we see I , you know , interventional radiologists who work in the hospital , but then they also work in the OB .

Speaker #5: And some of these Obls can be owned jointly with the hospital and the physicians , and some can just be physician owned . But you do see a lot of back and forth with the same physician going from one institution to another site of care .

Speaker #5: For example , like Columbia , we're trying to have is used pretty aggressively . You know , they , they treat and , you know , they map in the OB and treat in the hospital .

Speaker #5: But they can't use triads in the OB , and so this is why the G code is really going to help facilitate that treatment pattern much more significantly .

Mary Szela: This is why the G-code is really going to help facilitate that treatment pattern much more significantly. Right now, based on everything we've seen, and we're still early in terms of assessing this, we think our current reps can handle the majority of it right now just because a lot of those physicians are the same. I think as we expand into some of the newer indications, I think we'll get better clarity on whether any additional sales resources would be required. As we look at it, initially we don't believe that there's going to be any incremental sales resources required.

Speaker #5: So right now , based on everything we've seen and we're still early in terms of assessing this , we think our current reps can handle the majority of it right now just because a lot of those physicians are the same .

Speaker #5: I think as we expand into some of the other the newer indications , I think we'll get better clarity on whether any additional sales resources would be required .

Speaker #5: But as we look at it , you know , initially we don't we don't believe that there's going to be any incremental sales resource required .

Speaker #7: Mary , I can comment a little bit on some of the specialization of interventional radiologists . So in general , most interventional radiologists have a pretty broad practice diversity .

Richard Marshall: Mary, I can comment a little bit on some of the specialization of interventional radiologists. In general, most interventional radiologists have a pretty broad practice diversity. There are certainly exceptions to that rule in larger academic centers where, let's say, someone is considered a liver specialist, but in general, they take call, and therefore do perform other procedures. The overlap here is really quite broad. A physician such as myself, and many of the people that I know will perform Y90, TACE, and uterine artery embolization. The same truth applies to biopsies and drainages. You're kind of there in a hospital-based practice to do everything that comes in. The call point is really the same. There's not a whole lot of difference between physicians. Now, there are certainly physicians who have been able to specialize but still do have some reach into other areas.

Speaker #7: There are certainly exceptions to that rule in larger academic centers where , let's say someone is considered a liver specialist . But in general , they take call and therefore do perform other procedures .

Speaker #7: So the overlap here is really quite broad . So a physician such as myself and many of the people that I know will perform , Y-90 tapes , uterine artery embolization , they'll also be , you know , the same applies to biopsies and drainages .

Speaker #7: You're kind of there in a hospital based practice to do everything that comes in . So the call point is really the same .

Speaker #7: There's not a whole lot of difference between physicians . Now , there are certainly physicians who have been able to specialize , but still do have some some reach into other areas .

Speaker #7: But if physicians understand the value of training in one area , and we have certainly seen this , the best example is uterine artery embolization .

Richard Marshall: If physicians understand the value of TriNav in one area, and we have certainly seen this, the best example is uterine artery embolization. We have physicians come to us and say, We've been using this in the liver, but we've actually started using it in uterine artery embolization, and it's working really well. That kind of drove our investment in uterine artery embolization to see those results. I hope that answers your question.

Speaker #7: We have physicians come to us and say, "We've been using this in the liver, but we've actually started using it in uterine artery embolization."

Speaker #7: And it's working really well . And that kind of drove our investment in uterine artery embolization to see those results . So I hope that answers your question .

Speaker #6: Yes . Thank you guys for taking the question

Justin Walsh: Yes. Thank you guys for taking the question.

Speaker #3: Thank you. And there are no more questions in the queue. This does conclude today's programming. Thank you all for joining.

Operator: Thank you. There are no more questions in the queue. This does conclude today's programming. Thank you all for joining. You may now disconnect and enjoy your evening.

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