TriSalus Life Sciences, Inc. · NASDAQ:TLSI
TriSalus Life Sciences — Investor Presentation (December 2025)
28 slides from TriSalus Life Sciences's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025 1
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. The words “anticipate,” “conti
Slide 3: TriSalus at a Glance
TriSalus at a Glance • Pressure Enabled Drug Delivery (PEDD ) infusion improves delivery of therapeutics to HCC, Improving Drug Delivery for pancreatic cancer, and other solid tumors to Solid Tumors • Nelitolimod, a TLR9 agonist, delivered via PEDD to liver and pancreatic tumors High Growth, Commerc
Slide 4: Tumor Microenvironment Limits Drug in Solid Tumors
Tumor Microenvironment Limits Drug in Solid Tumors High intra-tumoral pressure in solid tumors limits efficient drug delivery to tumor Limited drug uptake due to collapsed vessel Elevated interstitial fluid pressures reduce movement of fluid from vessel into tissue Lymphatic system within tumors is
Slide 5: PEDD Opens Collapsed Vessels for Improved Drug Delivery
PEDD Opens Collapsed Vessels for Improved Drug Delivery Angiogram of liver tumor vessels demonstrating PEDDTM method in High Pressure Tumors1: Opens collapsed tumor vessels Wider than conventional catheter Delivers increased contrast dye Surrogate for therapeutic to tumor Traditional Catheter PEDDTM
Slide 6: Increased Drug Delivery to Tumor Correlates with Improved Survival Rates (OS)
Increased Drug Delivery to Tumor Correlates with Improved Survival Rates (OS) 6
Slide 7: Platform: Pressure Enabled Drug Delivery for Improved Drug Delivery
Platform: Pressure Enabled Drug Delivery for Improved Drug Delivery TriNav® Infusion Platform 510(k) product portfolio for vascular access throughout the body except the heart and brain Validated in multiple clinical and HEOR studies Unique HCPCS reimbursement codes (both mapping and treatment) for
Slide 8: Complete Product Offering to Support IR Liver Embolization
Complete Product Offering to Support IR Liver Embolization Standard Tortuous Liver June ’25 Launch Embolization Cases Lobar February ’25 Launch Selective December ’26 Launch 2026 will focus market penetration with a complete portfolio
Slide 9: TriNav Infusion System Portfolio
TriNav Infusion System Portfolio A portfolio of tools to address a wide range of vessel anatomy Thyroid Artery Uterine Artery Genicular Artery Liver Embolization Embolization Embolization 2025E Market ~$480 million ~$400 million ~$200 million ~$800 million Key Products Future TAE Guiding Innovation*
Slide 10: Improved Health and Economic Outcomes
Improved Health and Economic Outcomes Real-World Data Analysis Supports TriNav® Treatment in Complex Liver Cancer Patients1 POPULATION/SETTING COMPARATIVE FINDINGS Retrospective analysis of 300 million patient In chemoembolizations, TriNav® delivered 40% more doxorubicin claims over 3 years Higher d
Slide 11: TriSalus Specific Procedural Reimbursement for PEDD
TriSalus Specific Procedural Reimbursement for PEDD Procedure code secures long-term access for TriSalus technology PEDD Specific PEDD Specific Private Payer 01 Simulation Code 02 Treatment Code 03 Patients CMS issued New CMS HCPCS Code CMS issued HCPCS procedural code Commercial payers generally fo
Slide 12: Focused Call Point Fuels Standard of Care Momentum for Locoregional Delivery
Focused Call Point Fuels Standard of Care Momentum for Locoregional Delivery Growth Drivers Targeting ~400 hospitals vast majority of procedure volume Clinical Evidence HEOR Data Expanded Mapping Reimbursement Targeting ~450 of 1,000 Interventional Radiologists who perform embolizations Launch of Tr
Slide 13: Interventional Radiologist: Central Access Point for Full Value of Platform Portfolio
Interventional Radiologist: Central Access Point for Full Value of Platform Portfolio Liver Tumors (~62K patients) Multinodular Goiter (~50K patients) Uterine Fibroid Embolization (~20K Patients) Genicular Artery Embolization (~100K Patients) Prostate Embolization (~25K Patients) Single, Accessible
Slide 14: Combined U.S. PEDD TAM Estimated ~$2.5B Annually
Combined U.S. PEDD TAM Estimated ~$2.5B Annually Efficient expansion opportunity with minimal spend on R&D, Salesforce Indication(s) # Patients Market/timing Liver (HCC + Colorectal Liver Mets + Neuro Endocrine) 62,0001,2,3 Current Multinodular Goiter 50,0002 Adjacent Applications within Current Ute
Slide 15: Addressable Markets
Addressable Markets ATriSalus
Slide 16: Uterine Fibroid Care: ~$200 million U.S. Market Opportunity
Uterine Fibroid Care: ~$200 million U.S. Market Opportunity U.S. Market characterized by high unmet need with continued expected growth1,2 Standard Microcatheter TriNav XP Opportunity Significant unmet need to improve fibroid targeting, reduce ovarian off target embolization and post operative pain
Slide 17: Multinodular Goiter: ~$400 million U.S. Market Opportunity
Multinodular Goiter: ~$400 million U.S. Market Opportunity High unmet need for minimally invasive treatment option for Multinodular Goiter ~5% of population affected Current Standard of Care Risk factors Watchful waiting Iodine deficiency Medical therapy Female sex Surgery (Thyroidectomy) Radioactiv
Slide 18: Locally Advanced Pancreatic Cancer: ~$400 Million U.S. Market Opportunity
Locally Advanced Pancreatic Cancer: ~$400 Million U.S. Market Opportunity High unmet need for Significant Unmet Clinical Need Current Standard of Care improved treatments Locally Advanced Adenocarcinoma ~30-50% Multi-agent chemotherapy patients ineligible primary treatment for for surgery most patie
Slide 19: TriSalus Developed a Separate, Novel PEDD Method for the Pancreas
TriSalus Developed a Separate, Novel PEDD Method for the Pancreas, currently being assessed in Phase 1 studies • Poor blood flow limits drug access to pancreas1,2,3 • Pancreatic arteries difficult to access4,5 • Innovative retrograde venous approach eliminates need for balloons that eliminate blood
Slide 20: Unique Technology for Pancreatic Tumors Demonstrates Potential of PEDD Platform
Unique Technology for Pancreatic Tumors Demonstrates Potential of PEDD Platform Key ongoing studies Significant additional upside PERIO-3 Ph1 trial at MDACC administering nelitolimod via PEDD Early data indicate successful immunomodulation On-track for data read-out Q3 2025 Y90 Study with Boston Sci
Slide 21: Genicular Artery Embolization: ~$800 million U.S. Market Opportunity
Genicular Artery Embolization: ~$800 million U.S. Market Opportunity U.S. Market1 Population Affected Current Standard of Care Opportunity ~Market anticipated to grow to ~167,000 by 2030 Total knee arthroplasty (TKA) is 37 % Patients over 60 the SOC for individuals with Significant opportunity to re
Slide 22: Overview of PERIO trials & Investigator Initiated Studies with Nelitolimod
Overview of Pressure-enabled regional immuno-oncology (PERIO) trials & Investigator Initiated Studies with Nelitolimod Seeking Partnership INDICATION TRIAL DESIGN PHASE 1 PHASE 2 PHASE 3 1a Enrollment concluded PERIO – 1: Nelitolimod + Phase 1/1b PERIO-01 Trial Uveal Melanoma PEDD HAI + CPI Liver Me
Slide 23: Corporate
Corporate ATriSalus’
Slide 24: TriSalus at a Glance
TriSalus at a Glance Nasdaq TLSI Shares Outstanding:* ~49.9 million common shares outstanding Q3 2025 Ending Cash Balance: $22.7 Million Runway: Adjusted EBITDA Positivity Early to Mid 2026 Financial Highlights Q3 2025 Revenue: $11.6 million Q3 Adjusted EBITDA: ($5.5 million) Guidance: 50% Revenue G
Slide 25: Forecasted Milestones And Financial Highlights
Forecasted Milestones And Financial Highlights PROGRAM MILESTONE STATUS • Launch of TriNav Flex in June Q2 2025 • UFE dedicated TriNav Q3 2025 TriNav • Thyroid Data publication Q3 2025 • Initiation of GAE Pilot Q3 2025 • TriNav Advance launch Q4 2025 • Initiation of UAE Study with XP Q4 2025 Nelitol
Slide 26: Multi-Layered Patents and Exclusivity Provides Long Term Protection
Multi-Layered Patents and Exclusivity Provides Long Term Protection Overview of Parent Multi-Layered Protection and PEDD Portfolio Market Exclusivity between 2030-2040 PEDD Devices 79 Registered Patents* PEDD Platform IP PEDD Device & Drug Class IP 95 Methods of Treatment (MoT): Pending patent appli
Slide 27: Veteran Industry Leadership
Veteran Industry Leadership Jodi Devlin Mary Szela David Patience Richard Marshak, VMD Jennifer Stevens Bryan Cox, PHD Richard Marshall, MD Chief of Clinical CEO & President Chief Financial Officer Chief Commercial Officer Chief Regulatory Officer Chief of Research Medical Director Strategy & Operat
Slide 28: Thank You
Thank You trisaluslifesci.com 25
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