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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n__________________________________\n\nFORM 10-Q\n\n__________________________________\n\n(Mark One)\n\nx\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ____ to ____\n\nCommission file number 001-39813\n\n__________________________________\n\nTriSalus Life Sciences, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n__________________________________\n\nDelaware85-3009869\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n6272 W 91st Ave, Westminster, CO\n\n80031\n\n(Address of Principal Executive Offices)\n(Zip Code)\n\n(888) 321-5212\n\n(Registrant's telephone number, including area code)\n\nN/A (Former name, former address and former fiscal year, if changed since last report)\n\n__________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, $0.0001 par valueTLSI\nNasdaq Global Market\n\nWarrants, each whole warrant exercisable for one share of registrant's common stock at an exercise price of $11.50 per shareTLSIW\nNasdaq Global Market\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.         Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyx\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o No x\n\nThe registrant had 61,416,535 outstanding shares of common stock as of May 8, 2026.\n\n[Table](#i7518dd10a2b34b6db57745f9a73f411c_942)[of](#i7518dd10a2b34b6db57745f9a73f411c_942)[Contents](#i7518dd10a2b34b6db57745f9a73f411c_942)\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I.](#i7518dd10a2b34b6db57745f9a73f411c_997)\n\n[FINANCIAL INFORMATION](#i7518dd10a2b34b6db57745f9a73f411c_997)\n\n[Item 1.](#i7518dd10a2b34b6db57745f9a73f411c_103)\n\n[Financial Statements](#i7518dd10a2b34b6db57745f9a73f411c_103)[(Unaudited)](#i7518dd10a2b34b6db57745f9a73f411c_103)\n\n[4](#i7518dd10a2b34b6db57745f9a73f411c_103)\n\n[Condensed Consolidated Balance Sheets](#i7518dd10a2b34b6db57745f9a73f411c_112)\n\n[4](#i7518dd10a2b34b6db57745f9a73f411c_112)\n\n[Condensed Consolidated Statements of Operations](#i7518dd10a2b34b6db57745f9a73f411c_115)\n\n[5](#i7518dd10a2b34b6db57745f9a73f411c_115)\n\n[Condensed Consolidated Statements of Stockholders’](#i7518dd10a2b34b6db57745f9a73f411c_1059)[Equity (](#i7518dd10a2b34b6db57745f9a73f411c_1059)[Deficit](#i7518dd10a2b34b6db57745f9a73f411c_1059))\n\n[6](#i7518dd10a2b34b6db57745f9a73f411c_1059)\n\n[Condensed Consolidated Statements of Cash Flows](#i7518dd10a2b34b6db57745f9a73f411c_121)\n\n[7](#i7518dd10a2b34b6db57745f9a73f411c_121)\n\n[Notes to Condensed Co](#i7518dd10a2b34b6db57745f9a73f411c_124)[nsolidated](#i7518dd10a2b34b6db57745f9a73f411c_124)[Financial Statements](#i7518dd10a2b34b6db57745f9a73f411c_124)\n\n[8](#i7518dd10a2b34b6db57745f9a73f411c_124)\n\n[Item 2.](#i7518dd10a2b34b6db57745f9a73f411c_49)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i7518dd10a2b34b6db57745f9a73f411c_49)\n\n[27](#i7518dd10a2b34b6db57745f9a73f411c_49)\n\n[Item 3.](#i7518dd10a2b34b6db57745f9a73f411c_97)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i7518dd10a2b34b6db57745f9a73f411c_97)\n\n[35](#i7518dd10a2b34b6db57745f9a73f411c_97)\n\n[Item 4.](#i7518dd10a2b34b6db57745f9a73f411c_193)\n\n[Controls and Procedures](#i7518dd10a2b34b6db57745f9a73f411c_193)\n\n[35](#i7518dd10a2b34b6db57745f9a73f411c_193)\n\n[PART II.](#i7518dd10a2b34b6db57745f9a73f411c_549755815024)\n\n[OTHER INFORMATION](#i7518dd10a2b34b6db57745f9a73f411c_549755815024)\n\n[Item 1.](#i7518dd10a2b34b6db57745f9a73f411c_34)\n\n[Legal Proceedings](#i7518dd10a2b34b6db57745f9a73f411c_34)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_34)\n\n[Item 1A.](#i7518dd10a2b34b6db57745f9a73f411c_549755815005)\n\n[Risk Factors](#i7518dd10a2b34b6db57745f9a73f411c_549755815005)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_549755815005)\n\n[Item 2.](#i7518dd10a2b34b6db57745f9a73f411c_549755815036)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i7518dd10a2b34b6db57745f9a73f411c_549755815036)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_549755815036)\n\n[Item 3.](#i7518dd10a2b34b6db57745f9a73f411c_549755815046)\n\n[Defaults Upon Senior Securities](#i7518dd10a2b34b6db57745f9a73f411c_549755815046)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_549755815046)\n\n[Item 4.](#i7518dd10a2b34b6db57745f9a73f411c_37)\n\n[Mine Safety Disclosures](#i7518dd10a2b34b6db57745f9a73f411c_37)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_37)\n\n[Item 5.](#i7518dd10a2b34b6db57745f9a73f411c_196)\n\n[Other Information](#i7518dd10a2b34b6db57745f9a73f411c_196)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_196)\n\n[Item 6.](#i7518dd10a2b34b6db57745f9a73f411c_223)\n\n[Exhibits](#i7518dd10a2b34b6db57745f9a73f411c_223)\n\n[37](#i7518dd10a2b34b6db57745f9a73f411c_223)\n\n[Signatures](#i7518dd10a2b34b6db57745f9a73f411c_1099511629129)\n\n[39](#i7518dd10a2b34b6db57745f9a73f411c_1099511629129)\n\n1\n\n[Table](#i7518dd10a2b34b6db57745f9a73f411c_942)[of](#i7518dd10a2b34b6db57745f9a73f411c_942)[Contents](#i7518dd10a2b34b6db57745f9a73f411c_942)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (\"Quarterly Report\") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This includes, without limitation, statements regarding the financial position, business strategy, the plans and objectives of management for future operations, statements regarding future economic conditions or performance and statements of belief and any statement of assumptions underlying any of the foregoing. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. We have based these forward-looking statements on our current expectations and projections about future events. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases.\n\nThese forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.\n\nWe caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Some factors that could cause actual results to differ include:\n\n•our ability to raise financing in the future;\n\n•our ability to service our indebtedness and to access additional delayed draws that may in the future become available to us;\n\n•changes in applicable laws or regulations;\n\n•our ability to retain or recruit, or changes required in, our officers, key employees or directors;\n\n•our ability to successfully commercialize any product candidates that we successfully develop and that are approved by applicable regulatory authorities;\n\n•our expectations for the timing and results of data from clinical trials and regulatory approval applications;\n\n•our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;\n\n•our business, operations and financial performance including:\n\n◦our history of operating losses and expectations of significant expenses and continuing losses for the foreseeable future;\n\n◦our ability to execute our business strategy, including the growth potential of the markets for our products and our ability to serve those markets;\n\n◦our ability to grow market share in our existing markets or any new markets we may enter;\n\n◦our ability to develop and maintain our brand and reputation;\n\n◦our ability to partner with other companies;\n\n◦the size of the addressable markets for our product candidates;\n\n◦our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;\n\n◦our ability to manage our growth effectively;\n\n◦our ability to maintain the listing of our securities in the Nasdaq Global Market, and the potential liquidity and trading of such securities;\n\n◦the outcome of any legal proceedings that may be instituted against us; and\n\n2\n\n[Table](#i7518dd10a2b34b6db57745f9a73f411c_942)[of](#i7518dd10a2b34b6db57745f9a73f411c_942)[Contents](#i7518dd10a2b34b6db57745f9a73f411c_942)\n\n◦unfavorable conditions in our industry, the global economy or global supply chain, including financial and credit market fluctuations, international trade relations, pandemics, political turmoil, natural catastrophes, warfare and terrorist attacks.\n\nGiven these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Should one or more of the risks or uncertainties described in this Quarterly Report occur or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. For a further discussion of these and other factors that could cause our future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled “Risk Factors” in our Annual Report and elsewhere in this Quarterly Report.\n\nExcept to the extent required by applicable law, we are under no obligation (and expressly disclaim any such obligation) to update or revise their forward-looking statements whether as a result of new information, future events or otherwise. You should read this Quarterly Report completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\n3\n\n[Table](#i7518dd10a2b34b6db57745f9a73f411c_942)[of](#i7518dd10a2b34b6db57745f9a73f411c_942)[Contents](#i7518dd10a2b34b6db57745f9a73f411c_942)\n\nPart I - Financial Information"}