TriSalus Life Sciences Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Carl Burns - Northland Capital Markets - Analyst : Congratulations on the progress and the results. And thanks for the question. With respect to the launch of TriNav large vessels, where are you seeing an uptake? In TACE, are you seeing it in HCC and ICC procedures? And with TARE, are you seeing it in segmental artery procedures? And if you can break it out in terms of what percent is going to TACE and TARE. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 12:00PM, TLSI.OQ - Q4 2024 TriSalus Life Sciences Inc Earnings Call

Question: Carl Burns - Northland Capital Markets - Analyst : Got it. Great day. Thank you. That's very helpful. And then I'm wondering if you can qualify or quantify at all what you're seeing in terms of current mapping with TARE and how you see the code that was issued yesterday.

Question: Carl Burns - Northland Capital Markets - Analyst : Absolutely, and that's great. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 12:00PM, TLSI.OQ - Q4 2024 TriSalus Life Sciences Inc Earnings Call

Question: Justin Walsh - Jones Trading - Analyst : Hi. Thanks for taking the question. Can you provide us with some color on what we should be looking for in the PERIO-03 data? And related to this, should we be comparing these results to systemic chemo? Or are there other benchmarks that make more sense?

Question: Justin Walsh - Jones Trading - Analyst : Yes. Yes, it does. And I'm just wondering if you can provide any commentary, obviously, not specific details, but just the level of interest that you're seeing in your partnership discussions for nelitolimod in the UMLM patients.

Question: Justin Walsh - Jones Trading - Analyst : Great. Thanks for taking the question.

Question: Frank Takkinen - Lake Street Capital Markets, LLC - Analyst : Alright. Thanks for taking the question. I was hoping to start with one on the guide. I appreciate the reiteration of greater than 50% growth for the year. But just given we're pretty much through Q1, any color you can provide on that? Obviously, the OrbiMed drawdown gives us some insight into that. But given we're pretty close to the end of the quarter, any help on Q1 and then the cadence throughout the rest of the year?

Question: Frank Takkinen - Lake Street Capital Markets, LLC - Analyst : Okay. That's helpful. And then maybe just on the second one, I was hoping to get a little more color around account openings. I think if you look at Q3 year-to-date in 2024, it was about 101, and then you mentioned 103 for the full year. Can you give us some information kind of in the background, maybe new sites versus closed sites? And then any insight to kind of why that was only two new additions quarter-over-quarter from Q3 to Q4?

Question: Frank Takkinen - Lake Street Capital Markets, LLC - Analyst : Okay. That's helpful. Makes sense. Thank you.

Question: William Plavonik - Canaccord Genuity - Analyst : Great. Thanks. Good morning. Just first question for me. Just you talked about the mapping being upside. Kind of what is the attachment rate of mapping the cases today in commercial?

Question: William Plavonik - Canaccord Genuity - Analyst : Great. Thanks. And then on pancreas, so we'll get the data sometime probably around the third quarter, it sounds like. And then is the next step, to Mary, a pivotal trial? Or is it a Phase II kind of have to do another trial to figure out somewhat more specifics on whether it's dosing or treatments or what have you? And then is that something that you're going to go alone or you plan on partnering?

Question: William Plavonik - Canaccord Genuity - Analyst : Okay. And then -- thanks for that. And then, just on the 10-K delay. So you're working through, Jim, with the non-cash stock-based comp and then some of the R&D. Just where are you in that process? It sounds like you're right at the end of it. It was something that came up in the final year audit, and you've kind of been working on this a while. But how do we think about just where you are in the process on that? And then in terms of -- obviously, you have disclosed it because of the delay. But in terms of materiality, is this something REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 12:00PM, TLSI.OQ - Q4 2024 TriSalus Life Sciences Inc Earnings Call that's less than 10% of your operating expenses or more -- I mean, what's the magnitude of kind of the changes we might expect to see for the year?

Question: William Plavonik - Canaccord Genuity - Analyst : Yes. And then just to kind of circle back on one of the other questions asked. I mean you've guided to 50% year-over-year growth. We've seen a deceleration into kind of the 40s for the past couple of quarters. Is it kind of that's what you -- is there some reason that it sounds like you're kind of back half loading the year for '25? Is this because all the accounts you brought on in the first three quarters, it takes them 6 months or 9 months, 12 months to get going? I'm just trying to kind of understand, go back to that cadence question.

Question: William Plavonik - Canaccord Genuity - Analyst : Great. Thanks for taking my question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 12:00PM, TLSI.OQ - Q4 2024 TriSalus Life Sciences Inc Earnings Call