aibioTriSalus Life Sciences delays 10-K after finding errors and material weaknesses
Tickers TLSI
The company found errors in the timing of stock-based compensation and clinical trial expenses. It expects to file its annual report within fifteen calendar days of the due date.
Key facts
- Company
- TriSalus Life Sciences, Inc. (NASDAQ: TLSI)
- News type
- Distress
- Primary source
- TriSalus Life Sciences, Inc. NT 10-K (2025-03-28)
TriSalus Life Sciences, Inc. has told the Securities and Exchange Commission that it cannot file its annual report for the year ended December 31, 2024 on time.
The company filed a notification of late filing on Form 12b-25. This form gives a company a short grace period when a report cannot be finished by the due date. For an annual report, the grace period is fifteen calendar days, and TriSalus expects to file within that window.
TriSalus said it needs more time to finish its financial reporting and close procedures. It also needs to assess errors it found in quarterly results it filed earlier. The errors involve the timing of stock-based compensation expense, clinical trial related research and development expenses, and the use of incorrect assumptions.
The company is evaluating whether the errors are material and whether its 2024 quarterly results need correcting. It is also reviewing newly identified deficiencies that relate to material weaknesses in stock compensation and in clinical trial prepaids and accruals. A material weakness is a gap in internal controls that could let a significant error go undetected.
TriSalus repeated preliminary unaudited results released on March 27, 2025. Total revenue was $29.4 million for 2024, and the operating loss was $36.2 million. Net loss available to common stockholders was $30.0 million. The company said it does not expect material changes to those figures, though they remain subject to change.