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DATE

Thursday, March 5, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

  • President and Chief Executive Officer — Mary T. Szela
  • Chief Financial Officer — David B. Patience
  • Medical Director — Richard Marshall
  • Investor Relations — Jeremy Feffer

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TAKEAWAYS

  • Revenue -- $13.2 million for the quarter, equating to a 60% year-over-year increase, and $45.2 million for the year, a 53% year-over-year rise.
  • Gross Margin -- 87% in the quarter, up from 85% in the prior-year period, attributed to improved manufacturing efficiency with new product launches.
  • Research and Development Expense -- $2.6 million in the quarter, down from approximately $3.0 million, mainly due to completion of nalotolimod clinical enrollment and study closure.
  • Sales and Marketing Expense -- $8.0 million in the quarter, compared to $7.0 million in the prior-year period, driven by higher performance-based compensation from commercial execution.
  • General and Administrative Expense -- $4.2 million in the quarter, down from $4.6 million, reflecting improved operational efficiency and tighter cost control.
  • Net Operating Loss -- $3.3 million for the quarter, improving from $7.6 million in the prior-year period due to higher revenue and gross margin contribution.
  • Adjusted EBITDA Loss -- Approximately $950,000 in the quarter, an improvement from $5.7 million loss previously reported.
  • Cash and Cash Equivalents -- $20.4 million as of December 31, 2025, prior to a $46.0 million gross proceeds equity offering completed in February 2026.
  • 2026 Revenue Guidance -- Reaffirmed at $60.0 million to $62.0 million, with approximately 40% expected in the first half and 60% in the second half due to commercial team expansion and product launch timing.
  • Commercial Organization Expansion -- "virtually doubling our commercial footprint," by broadening coverage, adding sales management, and targeting new opportunity-rich territories.
  • Product Portfolio Growth -- Portfolio expanding from two to seven core commercial products as of 2026, including significant launches such as TriNav LV, TriGUIDE, TriNav Flex, TriNet XP, and upcoming TriNet Advance.
  • TriNet Advance Launch -- Anticipated after 510(k) clearance with market evaluation preceding full launch in the second half of 2026.
  • Total Addressable Market (TAM) -- Liver embolization alone addressed at approximately $480.0 million; broader embolization procedures (thyroid, uterine, GAE, others) collectively representing a $2.3 billion addressable market in the United States.
  • Reimbursement Code Adoption -- CMS HCPCS code C8004 introduced, doubling reimbursable use of TriNet for simulation/mapping in radioembolization procedures and supporting broader commercial adoption.
  • PROTECT Registry Early Results -- 100% technical and clinical success in thyroid artery embolization, 73% thyroid size reduction, 81% mild/transient discomfort resolving within 2 weeks, 71% normalization of thyroid function.
  • Clinical Data Disclosure (nalotolimod) -- Clinical update delayed to 2026 to consolidate all PERIO phase 1 study data, with confirmation that the delay was not related to safety or efficacy issues.
  • Headcount and Sales Model -- Management confirmed a "clinical specialist with a representative" pairing model in the expanded commercial organization and is not disclosing specific rep figures.
  • Liver vs. Non-Liver Contribution -- Majority of 2026 revenue expected from liver, with potential non-liver contribution later in the year linked to new clinical data releases and product expansion.

SUMMARY

TriSalus Life Sciences (TLSI 1.44%) delivered robust quarterly and annual revenue growth, achieving full-year guidance and reporting sequential improvements in gross margin, operating loss, and adjusted EBITDA loss. The commercial portfolio entered 2026 with seven differentiated products targeting both liver and expanding non-liver indications, marking an evolution from the prior two-product core offering. Gross proceeds of $46.0 million from a February public offering, more than two times oversubscribed, were secured to fortify sales expansion, clinical studies, and new product launches including TriNet Advance, pending FDA 510(k) clearance. Strategic investments in foundational clinical studies and commercial organizational expansion are expected to drive backloaded 2026 revenue, with management reaffirming guidance of $60.0 million to $62.0 million. Recent market access developments, most notably the implementation of CMS code C8004, significantly broadened the reimbursable scope for the TriNet platform, underpinning further commercial adoption.

  • Early clinical data from the PROTECT registry showed "100% technical and clinical success" for thyroid artery embolization using PEDD technology, suggesting potential penetration of new patient segments unresponsive to traditional surgical or ablative options.
  • Management stated the product portfolio for embolization now supports "virtually every vascular anatomy" encountered, enabling physicians to "confidently standardize on PEDD" and potentially consolidating TriSalus Life Sciences as a single-source commercial partner.
  • CEO Szela clarified the delay in nalotolimod clinical data was "not driven by safety concerns, efficacy signals, or changes in our strategic priorities," as all PERIO phase 1 studies are complete and comprehensive data are expected in 2026.
  • Management noted only about 10% market share in liver-directed therapies as of 2025, indicating ongoing white space for further penetration within the core indication.

INDUSTRY GLOSSARY

  • PEDD (Pressure-Enabled Drug Delivery): Proprietary microcatheter-based technology designed to enhance targeted drug delivery into solid tumors via vascular infusion, increasing intratumoral concentration while minimizing off-target exposure.
  • 510(k) Clearance: Regulatory pathway used by the U.S. Food and Drug Administration (FDA) to demonstrate a device is substantially equivalent to an existing legally marketed device, allowing market launch.
  • HCPCS Code C8004: A CMS-issued billing code enabling healthcare providers to seek reimbursement for mapping and simulation procedures using the TriNet infusion system.
  • GAE (Genicular Artery Embolization): A minimally invasive embolization technique targeting arteries supplying the knee joint, primarily for osteoarthritis pain management.
  • TheraSpheres, Sirtex: Commercially available radioembolization products used in liver cancer treatment, mentioned as comparator technologies in upcoming foundational studies.

Full Conference Call Transcript

Operator: Good day, and welcome to the TriSalus Life Sciences, Inc. fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press 11 again. Be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Jeremy Feffer, Investor Relations. Please go ahead.

Jeremy Feffer: Thank you, operator. And thank you all for participating in today's call. Joining me today from TriSalus Life Sciences, Inc. are Mary T. Szela, President and Chief Executive Officer, David B. Patience, Chief Financial Officer, and Dr. Richard Marshall, Medical Director. Ms. Szela will provide an overview of the company's fourth quarter results and strategy for the balance of the year, and then David will review the financial results for the quarter in detail. Following their prepared remarks, Dr. Marshall will join the call to help address questions from covering analysts. Earlier this afternoon, TriSalus Life Sciences, Inc. released its financial results for the quarter and year ended 12/31/2025.

A copy of this press release is available on the company’s website. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call other than the statements of historical fact are forward-looking statements. All forward-looking statements, including, without limitation, statements relating to our sales, operating trends, business and hiring prospects, financial and revenue expectations, and future product development and approvals, are based upon our current estimates and various assumptions.

These statements involve material risks and uncertainties, including the impact of macroeconomic conditions and global events, that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors sections of our Forms 10 and 10-Ks on file with the SEC and available on EDGAR and in our other reports filed periodically with the SEC.

TriSalus Life Sciences, Inc. disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, 03/05/2026. And with that, I will turn the call over to Mary.

Mary T. Szela: Thank you, Jeremy, and good afternoon, everyone. Thank you for joining us for a review of our 2025 fourth quarter and year-end financial results. I will begin with a high-level review of our results for the quarter and the year, recap some of the highlights from recent weeks, and then provide an overview of our longer-term strategy and expectations for 2026 and beyond. David will follow my remarks with a more in-depth review of our financial and operational results for the reporting periods, and we will be happy to open up the call for your questions. Let us begin. I am pleased to report that our results for both the fourth quarter and the full year were strong.

Fourth quarter revenues were $13,200,000 and full year revenues were $45,200,000, representing a 60% and 53% increase, respectively, over the prior-year period. Importantly, we achieved our revenue growth guidance for the 2025 fiscal year. Our strong commercial performance for the year was driven by consistent execution of our commercial strategy and our expansion of our TriNet product suite and proprietary PEDD platform across a broad range of indications beyond the liver. In recent weeks, we took significant steps to strengthen both our board and our balance sheet. In February, we announced the appointment of veteran healthcare investor Michael Stansky to our board of directors.

Michael has a strong track record as an investor and board member across the healthcare landscape, with deep experience in capital markets, governance, and value creation. We believe he will be a meaningful asset to TriSalus Life Sciences, Inc. as we continue to execute on our growth objectives. Also in February, we announced the completion of a public offering through which we raised $46,000,000 in gross proceeds from fundamental healthcare investors. The financing was more than two times oversubscribed and was supported by experienced healthcare investors who share our conviction in the long-term value of the PEDD platform. Importantly, these investors understand that building a category-defining company requires disciplined investment in commercial infrastructure, clinical evidence, and product innovation.

This capital enables us to lean into our strategic priorities from a position of strength. Our primary strategic priority is to expand our sales and commercial infrastructure, which we initiated at the beginning of the year to more effectively drive adoption and long-term success across our portfolio. Second, we are investing aggressively in foundational clinical studies to further demonstrate and validate the value of pressure-enabled drug delivery (PEDD). These studies are critical to reinforcing the clinical and economic differentiation of our PEDD platform and will fuel continued growth in 2027 and beyond.

And third, we are continuing to enhance and evolve our PEDD technology to strengthen physician adoption and utilization, not only in liver embolization, but also across our expanding set of new applications. The success of this upsized financing and the quality of investment brought into the company through the process are highly validating of our strategy and the growth opportunities before us. Based on our performance in 2025 and our visibility entering 2026, we are reaffirming our revenue guidance of $60,000,000 to $62,000,000.

As is typical for emerging growth companies investing ahead of a steep adoption curve, expanding our commercial footprint requires upfront hiring, onboarding, training, and current territory realignment, which will influence revenue cadence in the first half of the year to be approximately 40% and revenue in the back half of the year to be approximately 60%. We believe the significant investment in the sales force, virtually doubling our commercial footprint, positions us for meaningfully stronger productivity exiting 2026 and beyond. The revenue cadence will build meaningfully throughout the year as the realignment is completed, TriNet Advance is launched, and the increasing productivity of the significantly expanded sales organization progresses.

Importantly, this cadence should not be interpreted as a change in underlying demand trends. We continue to see strong physician engagement, utilization, and interest in the PEDD platform. The first-half weighting is instead a function of timing, specifically the onboarding, training, and territory development associated with our commercial expansion as well as the expected timing of new product contribution. We made a conscious decision to lean into these investments early in the year. Deploying growth capital to expand our sales infrastructure and accelerate clinical and commercial initiatives affects near-term revenue phasing modestly, but it meaningfully enhances our growth trajectory exiting 2026 and positions us for sustained acceleration beyond our long-range plan.

Now turning to our commercial strategy, we have assembled a comprehensive PEDD portfolio that enables interventional radiologists to address virtually every vascular anatomy that they encounter. With a complete solution set, physicians now can confidently standardize on PEDD across a broader range of cases, increasing utilization with existing accounts and accelerating adoption in new ones. At the beginning of 2025, we had two core commercial products. As we move into 2026, our portfolio will expand to seven differentiated offerings across the embolization spectrum.

This portfolio depth enhances the productivity of our sales organization by allowing each representative to drive more procedures per account, reduce selling complexity, and position TriSalus Life Sciences, Inc. as a single-source partner rather than a point-solution provider. To fully leverage this opportunity is why we are expanding our sales resources now and why we pursued the growth capital to increase our market coverage, improve our account penetration, and scale the commercial execution in a disciplined, high-return manner. Over the course of 2025, we launched TriNav LV, TriGUIDE, and TriNav Flex, each addressing a particular vascular anatomy challenge that the interventional radiologist encounters. The TriNav Flex improves trackability and access to tortuous anatomy.

Tortuous anatomy is commonly found in tougher-to-treat complex patients. During our fourth quarter, we launched the TriNet XP infusion system, which was engineered specifically for compatibility with larger embolic particles, a more flexible distal tip for improved trackability, and multiple lengths and vessel sizes. These features were also important to use in lobar liver procedures, mapping or simulation procedures, and for application in uterine artery embolization. Market reception of TriNav XP thus far has been outstanding. The KOLs we surveyed highlighted the exceptional trackability, enhanced visualization for precise targeting, and improved procedural efficiency. As I mentioned, our next expansion of the TriNet product suite will be TriNet Advance, which we anticipate launching in 2026.

TriNav Advance is an important addition to our embolization portfolio. This device is designed to facilitate selective therapy delivery to small distal vessels via a standard microcatheter, but still allow for PEDD to enhance therapeutic delivery to the tumor and protect against off-target delivery. The ability for an interventional radiologist to still use the microcatheter of their preference but also benefit from improved delivery opens up a significant market opportunity for the use of PEDD. We are currently awaiting 510(k) clearance and plan to conduct a rapid market evaluation before fully launching in the second half of the year.

With the launch of TriNav Advance, we will have a complete portfolio of products that support all aspects of liver embolization procedures, which alone represents a total addressable market of approximately $480,000,000. Additionally, this portfolio of embolization devices supports embolization procedures in thyroid, uterine artery embolization, genicular artery embolizations (GAE), along with other embolization procedures, collectively representing a $2,300,000,000 U.S. addressable market. Commercial adoption of the platform was bolstered earlier in 2025 by the introduction of the Centers for Medicare and Medicaid Services (CMS) HCPCS code C8004. This code expanded coverage to include simulation or mapping procedures using TriNet, enabling interventional radiologists to utilize TriNet for other treatment planning and delivery using radioembolization.

As a result, the reimbursable use of our technology within the radioembolization market has effectively doubled, supporting the broader adoption we are observing. Now interventional radiologists are able to use TriNav across a full spectrum of radioembolization care. Early feedback from key accounts and users highlights the clinical and economic advantages of the expanded reimbursement, which we expect to continue driving adoption throughout 2026. In December, we hosted a second in a series of key opinion leader events focused on our platform's potential and new clinical applications. The event featured Dr. Juan Camacho of Florida State University, discussing the unmet needs and current treatment landscape in multinodular goiter thyroid disease.

In 2026, we intend to continue this program further to educate stakeholders on the advantages of the TriNet platform for our multiple indications. Enrollment continues in our PROTECT registry, a multicenter initiative evaluating PEDD for patients with thyroid nodules or goiters who are not candidates for surgery, radioiodine, or ablation. This study is designed to assess disease-related quality of life, thyroid function, and outcomes following PEDD-based thyroid artery embolization. Preliminary results published in the Journal of the Endocrine Society were highly encouraging, showing 100% technical and clinical success, no neurovascular complications, mild and transient discomfort in 81% of patients, all resolved within two weeks, a 73% reduction in thyroid size, and normalization of thyroid function in 71% of participants.

These findings reinforce the promise of this minimally invasive alternative to thyroidectomy. In 2025, we also initiated a pilot registry in GAE. This is an emerging field which offers a novel, minimally invasive approach to pain management and mobility preservation for patients with knee osteoarthritis. GAE has the potential to delay or avoid total knee arthroplasty in select patients. In parallel, we are preparing to launch a clinical trial registry evaluating GAE as a treatment option for knee osteoarthritis, a condition affecting more than 30 million adults in the United States. This study aims to determine whether GAE can effectively reduce pain and delay the need for knee replacement surgery. Now turning to our nalotolimod program.

Last year, we communicated our intention to release updated clinical data in 2025. We did not meet that timeline, and I want to address that directly. As the PERIO-3 study progressed towards completion, it became clear that the most responsible and strategically valuable approach would be to consolidate data across all three PERIO phase 1 studies into a comprehensive update rather than releasing partial datasets sequentially. In addition, we evaluated the potential inclusion of emerging data from an ongoing investigator-initiated study to provide a more complete view of the program's clinical potential.

Final database lock and report preparation for PERIO-3 extended beyond our original expectations, and as a result, we elected to delay disclosure to ensure the data package is thorough, internally validated, and positioned appropriately for potential partners. We now anticipate releasing a consolidated clinical update in 2026. Importantly, this timing shift is not driven by safety concerns, efficacy signals, or changes in our strategic priorities. All three PERIO phase 1 dose escalation studies are complete. Enrollment in PERIO-3 has concluded, and clinical study reports are in preparation. The decision to delay reflects our commitment to presenting a complete, cohesive dataset that we believe will better support partnership discussions and maximize long-term value.

As previously discussed, we have substantially reduced internal development spending related to nalotolimod following study completion. This allows us to preserve the program's optionality while maintaining capital discipline and focusing our resources on the near-term growth opportunities within our PEDD platform. We continue to advance partnership discussions and to support ongoing investigator-initiated studies.

Before turning the call over to David for a review of our financial results, I want to reiterate that TriSalus Life Sciences, Inc. remains focused on executing on our near-term milestones, including achieving our 2026 annual revenue in the range of $60,000,000 to $62,000,000, with growth weighted toward the second half of the year, launching TriNav Advance in 2026, publishing ATOR data on TriNet use in complex liver patients, and delivering differentiated clinical data across the liver, UAE, TAE, and GAE indications. As we look ahead to the balance of 2026, our strategy is fully funded, we are executing on our commitments of the recently raised growth capital, and we are confident in the commercial opportunities before us.

We believe TriSalus Life Sciences, Inc. PEDD technology represents a transformative opportunity with substantial long-term value across a wide range of solid tumors and interventional treatment approaches. With that, I will turn the call over to David.

David B. Patience: As Mary mentioned earlier, our results for both the fourth quarter and 2025 fiscal year were strong. Turning first to our results for the quarter. Revenue was $13,200,000, representing a 60% year-over-year increase over the $8,300,000 recorded in the prior period. Gross margin for the quarter was 87%, compared to 85% in the prior-year period. The increase in gross margin for the quarter was driven by improving manufacturing efficiency associated with our newly launched products. Research and development expenses were $2,600,000, compared to approximately $3,000,000 in 2024. The decrease was largely attributable to the completion of the enrollment and closure of our PERIO clinical studies for nalotolimod, as Mary alluded to earlier.

Sales and marketing expenses were approximately $8,000,000, compared to $7,000,000 in the prior-year period. The increase was primarily due to higher performance-based compensation reflecting our strong commercial execution. General and administrative expenses were $4,200,000, down from $4,600,000 in the prior-year period. The reduction is primarily due to improving operational efficiency and tighter cost discipline related to corporate overhead. Net operating loss for the quarter was $3,300,000, compared to $7,600,000 in the prior-year period. The decrease was primarily driven by increases in revenue and margin contribution for the quarter. Adjusted EBITDA loss for the quarter was approximately $950,000, an improvement versus adjusted EBITDA loss of $5,700,000 in the prior-year period. Turning to the results for the full year.

Revenue, all from the TriNav system, was $45,000,000 for the year ended 12/31/2025, an increase of 53% compared to the same period in 2024. Revenue growth was primarily driven by increased TriNav units sold within liver-directed therapies. Gross profit increased by $12,900,000 for the year ended 12/31/2025 as compared to the year ended 12/31/2024, while gross margin decreased from 86% to 85% year over year. The increase in gross profit was primarily driven by the increase in TriNav units sold, while the year-over-year decline in gross margin was primarily driven by lower manufacturing efficiencies associated with our newly launched products throughout the second and third quarters, a dynamic which we improved in the fourth quarter.

Research and development expenses decreased by $2,700,000 for the year ended 12/31/2025 as compared to the year ended 12/31/2024. The decrease was primarily due to the closeout of clinical trial expenses related to nalotolimod. Sales and marketing expenses increased by $2,900,000 for the year ended 12/31/2025 as compared to the year ended 12/31/2024. The increase was primarily due to an increase in performance-related compensation driven by the increase in sales during the year ended 12/31/2025 compared to the prior-year period. General and administrative expenses increased by $3,500,000 for the year ended 12/31/2025 as compared to the year ended 12/31/2024.

The increase was primarily due to a one-time charge during the third quarter relating to $1,600,000 of accelerated non-cash stock-based compensation vesting, along with the reclassification of approximately $700,000 of certain patent-related expenses from R&D to general and administrative expenses. Operating losses were $26,900,000, compared to operating losses of $36,200,000 for the same period in the prior year. The decrease was primarily driven by the increase in revenue and strong margin contribution, highlighting our strong operating leverage. The basic and diluted loss per share was $1.84, compared to $1.31 for the same period in 2024. The increase was primarily due to the conversion of preferred stock to common stock. As of December 31, 2025, cash and cash equivalents totaled $20,400,000.

As previously discussed, in February, we raised $46,000,000 in gross proceeds via a public offering we concluded with fundamental healthcare investors. With that, operator, we are ready to open the line for questions.

Operator: Thank you. To withdraw your question, press 11 again. Due to time restraints, we ask you please limit yourself to one question and one follow-up question. You may then return to the queue. We will now open for questions. Our first question will come from the line of Frank Takkinen with Lake Street Capital Markets. Your line is open.

Frank Takkinen: Great. Thank you for taking the questions and congrats on the solid finish to the year. I was hoping to start with one on kind of components to growth in 2026. More specifically, how should we think about kind of contribution from liver versus non-liver? Obviously, liver has been the primary growth driver up until recently, and there are obviously a lot of exciting developments occurring in some of the non-liver areas. So curious if you could kind of talk through how much growth contribution could come from some of the non-liver areas, then as an extension to that, just talk through maybe some of the clinical development you are going to pursue in some of the non-liver areas?

Mary T. Szela: Sure. Hey, Frank. How are you? Good to hear your voice. So this year in 2026, the majority of our top-line revenue will still be associated with liver. But we hope to, in the second half, see some meaningful progress on the new applications. And that is really tied to data release. As you know, we have, in thyroid, over 10 clinical sites that are enrolling patients, and we will have some data released in the second half. We will have data releases beginning at SIR around uterine fibroids and then data releases on both other new applications in the latter part of the year. So that is when we will start to see some uptake in those indications.

Frank Takkinen: Got it. That is helpful. And then for my second one, I was hoping to talk a little bit more about EBITDA. A lot of progress made to get the EBITDA that you produced in Q4. A lot of exciting things to invest in and new capital on the balance sheet. How should we balance kind of your growth cadence and that EBITDA pathway as you build the foundation for growth?

David B. Patience: Thanks, Frank. This is David. I will take that one. At this time, we are not providing specific timing or guidance on cash flow breakeven or adjusted EBITDA breakeven, as we are just at the early stages of investing in our commercial expansion. We are very focused and excited about the investments that we are making because they are intended to really position us to scale the company in a very meaningful way. And so we are very focused on investing to fit the organization for procedural volume. We anticipate essentially providing more visibility later in the year. It is just a little early for us to give that type of guidance right now.

Frank Takkinen: Okay. Fair enough. Thanks for taking the questions.

Operator: Thank you. One moment for our next question. And that will come from the line of John Young with Canaccord. Your line is open.

John Young: I wanted to start first on the strategy shift with the increased financial flexibility. You spoke a lot about the accelerated investments in the commercial footprint. Just some more color details there might be helpful. What will the sales organization structure look like after these investments? What is that around? I heard you say doubling of reps. So would 120 reps be right exiting 2026? And maybe some color on have they all been hired and when, and perhaps are you doing, like, a junior rep, a senior rep pairing, or anything like that would be helpful? Thanks.

Mary T. Szela: Sure. Hi, John. How are you? It is good to hear your voice as well. We are not providing any details on the numbers of representatives and clinicians right now, but we are meaningfully doubling the size of the commercial organization, and that includes adding a layer of management because what was happening with our sales organization was the ratio of rep to manager was getting too high, and that was limiting our opportunity. So we added in a layer of management. We also have expanded into significantly more coverage, and we also targeted areas where we really believe some of the new applications are going to add substantial growth.

So this is a pretty significant organizational upgrade and change across the organization. I think it is going to meaningfully drive acceleration in sales beginning in the second half of the year and forward. And your concept of kind of a junior rep, senior rep is—what we have found that really has worked for us is we have this pairing of a clinical specialist with a representative.

And what that allows us to do is if a rep pursues a new account and they garner a physician who has interest, the rep will begin to work with the physician, and then the clinical specialist will come in and work in the case with the physician until he gets comfortable and he can do it independently. Many of those clinical specialists have become reps. So I guess in a way, it could be kind of a junior, senior rep. But we feel that type of approach allows us to have a lot of depth clinically with the representative.

And maybe I can even have the doctor talk about that because he has been pretty instrumental with us in terms of how we define the right architecture for our product. Now that we have a new portfolio, the expertise of the rep and the clinical specialist is going to be quite deep in terms of helping the physician choose the right product for whatever type of vascular situation that physician may encounter. Dr. Marshall, would you want to jump in and provide some color on that? I do not know if we can hear you, Jack. Marshall, you are still on mute. Oh, we lost him. So I apologize.

He was on, and then all of a sudden, he is gone. But he has been very instrumental in helping us design this. The portfolio that we have is quite broad, and it allows us to address virtually every situation. That is why we feel like the clinical specialist and the rep is a better model for us right now.

John Young: Great. Thanks, Mary. And then, David, for the 2026 guidance, it sounds like most of it is predicated on continued use in liver. How much mapping growth is factored into that guidance, as you annualize the code being rolled out? Do you still expect continued mapping growth? Just maybe walk us through that. Thank you.

David B. Patience: Yeah. No. Thank you. And a great question. And, you know, I have to say thank you again for your help with us achieving a mapping and simulation code, yet again. As we look at it, we think XP can make a meaningful impact on our mapping. The larger interior diameter is going to be extremely helpful. And with that, we think we can meaningfully bring up growth within XP as well. And then with Advance, which is still pending FDA clearance, we think that could be even more meaningful from an imaging and mapping perspective as well.

And so, not only are we confident we can grow it just with some studies that we will be releasing, concordant studies in the first part of the year, but XP and Advance will also make meaningful impact in the growth there as well.

Mary T. Szela: John, one of the things that we found with Advance—and as you know, this is where a physician still gets the benefit of pressure-enabled drug delivery, but they can use their own microcatheter—some of the feedback that we have heard from physicians is it actually allows them to be even more trackable. And the way that we have designed the technology, the visualization is just superb.

So we think the TriNet Advance is going to meaningfully help us in mapping because this is where they really want to interrogate the vascular structure and make sure they do not have any feeder vessels, and they really want to get a lot of clarity around what they are encountering and what they want to deliver the dose on. So between those two products as well as TriNav, we now feel once we get Advance FDA-cleared, we will have a portfolio that can penetrate mapping in a very meaningful way.

Richard Marshall: I would like to add that the TriNet Advance is going to allow us to capture cases that were not previously captured with TriNet because we can get into much smaller arteries. Those are cases that we are going to be able to add to our portfolio that were not there in 2025.

Operator: Thank you. As a reminder, one moment for our next question. That will come from the line of Justin Walsh with Jones Trading. Your line is open.

Justin Walsh: Hi. Thanks for taking the question. Can you provide any commentary on use patterns for your TriNet product portfolio? Just wondering if you see the same physicians and accounts wanting access to the full portfolio to allow clinical optionality, or if some users focus on their favorite TriNet product and do not necessarily order the others.

Mary T. Szela: Dr. Marshall, if you want to jump in, then I will comment after you.

Richard Marshall: It is kind of all over the board. One trend that we have seen is when users get their hands on our TriNet Flex, which is the much more flexible tip that has enhanced trackability, meaning we can get it into smaller arteries easier or around turns easier, we have seen a trend where some users say, I want that for every case. And then we still have other sites where they like the different opportunities with different catheters. So, yes, it is varied.

Justin Walsh: Got it. Thanks. And maybe one follow-up. You talked a little bit about the expectations on non-liver growth in the near term. I am just wondering what your thoughts are on kind of the medium to long-term opportunities.

Mary T. Szela: In liver-directed therapies, we are at roughly 10% share, so we have enormous opportunity to penetrate that. And one of the things that we talked about in my opening comments was that we had physicians come to us in the latter part of last year, and this was really one of the reasons why they pushed us and why we went to pursue the growth capital, as we had leading KOLs come to us and say, now is the time to really do those foundational studies to prove the superiority of your technology versus the microcatheter.

We are going to be doing foundational studies in the liver both with TheraSpheres and the Sirtex product to prove how our technology in liver embolization is superior. And we think that is going to be a very important driver of long-term liver penetration. Now, in regard to the new applications, each one is a little bit different, so it is hard to size them out collectively. But I think it is going to be driven by the data. This year, you are going to see more than seven publications on the thyroid. I mean, thyroid embolization is an opportunity that we think just makes sense for the patient in many dimensions. It is an easier procedure for the patient.

It preserves thyroid function. It prevents them from having to take long-term thyroid medication. It is less costly. So, depending on the value proposition, each of these are very significant opportunities that we want to pursue. And I think one of the things that we are starting to see—and I will have Dr. Marshall talk about it—is if a physician begins to use the technology in the liver, we do see them starting to use the technology for other applications. In fact, that is where all these new applications came from. These were physicians who used our product, innovated it in a different procedure, and then came to us to collaborate with us on how to develop that further.

So, Dr. Marshall, do you want to make any further comments on that?

Richard Marshall: No. I think that captured it. The one thing I will add is there is a lot of excitement around thyroid artery embolization. There continues to be. And this is a market that we are building. It is an unmet need for a lot of patients who do not have other options. So I do see that right now. That is a growth area that is potentially exploding in 2026. Uterine artery embolization is something that our XP is designed for. That is a market that already exists. And we are seeing adoption with that. And I think that is going to continue to grow.

Justin Walsh: Thanks for taking the questions.

Operator: Thank you. I am showing no further questions in the queue at this time. I would now like to turn the call back over to Mary T. Szela for any closing remarks.

Mary T. Szela: Well, just thank you again. Thank you for the phenomenal questions and all the interest in TriSalus Life Sciences, Inc. I really appreciate it. Thank you.

Operator: This concludes today’s program. Thank you all for participating. You may now disconnect.