MEDTECH ACQUISIT(MTAC) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue increased by $2.7 million, or 42.0$2.2 million, or 39.8%, for the three months ended March 31, 2025, with gross margin decreasing to 83.7% from 85.0% due to lower manufacturing efficiencies[241]. - The company incurred net losses of 10.4 million for the three months ended March 31, 2025, and expects to continue incurring net losses due to ongoing investments in R&D and sales[249]. - Net cash used in operating activities was 4.5 million for the three months ended March 31, 2025, compared to $10.9 million for the same period in 2024[251]. - Cash and cash equivalents were approximately$13.0 million at March 31, 2025, with a minimum cash requirement increased from $5.0 million to$10.0 million[250]. Research and Development - TriSalus completed Phase I clinical trials for nelitolimod and is seeking pharmaceutical partners for further development[218]. - Research and development expenses decreased by $2.5 million, or 43.6$400 million market opportunity[217]. - The company has paid Dynavax $12.0 million as of March 31, 2025, and may owe up to an additional$158 million upon achieving certain development and regulatory milestones for nelitolimod[265]. - The company is obligated to pay up to $80 million upon achieving certain commercial milestones for nelitolimod, subject to obtaining marketing approval[265]. Financing and Capital Structure - The company borrowed$10 million under a credit agreement after achieving a trailing 12-month product revenue base of $30 million in January 2025[221]. - A securities purchase agreement was entered into in April 2025, resulting in gross proceeds of approximately$22 million from the private placement of 5.5 million shares[225]. - The company raised gross proceeds of approximately 22.0 million through a Private Placement subsequent to March 31, 2025, to support liquidity requirements[250]. - The company expects to finance its cash needs through a combination of securities offerings, debt financings, collaborations, strategic alliances, and licensing arrangements[260]. - The company is subject to affirmative and restrictive covenants under the OrbiMed Credit Agreement, which may limit its ability to incur additional debt or make capital expenditures[260]. Operational Developments - TriSalus launched the TriNav LV Infusion System and TriGuide Guiding Catheter in 2024, expanding its portfolio of PEDD devices for larger vessels[215]. - The company received a permanent HCPCS code for the TriNav Infusion System effective January 1, 2024, enhancing reimbursement clarity[214]. - The MDACC Agreement was modified and extended, adding a sixth year to the collaboration for ongoing clinical studies[222]. - The company is focused on maintaining TriNav pricing and gross margins to support growth and R&D activities[219]. Risks and Concerns - There is substantial doubt regarding the company's ability to continue as a going concern as of March 31, 2025, due to its reliance on generating sufficient cash flows or obtaining additional capital[263]. - The company may need to delay or terminate product development if it is unable to raise additional capital when needed[261]. - The company may have to relinquish valuable rights to its technologies or grant licenses on unfavorable terms if it raises funds through collaborations or licensing arrangements[261]. - The fair value of the SEPA, warrant, and revenue base redemption liabilities changed by 3.4 million, resulting in a loss of $0.8 million for the three months ended March 31, 2025[247]. - The company does not currently have any off-balance sheet financing arrangements or relationships with unconsolidated entities[266].