TLSIW TriSalus Life Sciences, Inc. - Warrant
NASDAQ · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$0.85
· of 52w range
· above low
· to high
$0.4452w low
$1.8552w high
Market Cap (MRQ)
$52M
P/E (TTM)
-0.6
EPS (TTM)
$-1.31
Revenue (TTM)
$45M
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52W Range
$0–$2
Analyst Rating
·
Price Target
·
P/E
-0.6
ROE
438.3%
Net Profit Margin
-62.6%
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TLSIW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.85
Market Cap (MRQ)
$52M
P/E (TTM)
-0.6
EPS (TTM)
$-1.31
Revenue (TTM)
$45M
ROE (TTM)
438.3%
Debt/Equity (MRQ)
5.0
52W Range
$0–$2
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$45M2022-12-31 → 2025-12-31
EPS$-1.842022-12-31 → 2025-12-31
Free Cash Flow$-19M2023-12-31 → 2025-12-31
Net margin-62.6%2023-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TLSIW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -0.65Y avg ≈-0.5 | ≈-0.5 | · | · | |
| P/S (TTM) | 1.25Y avg ≈1.6 | ≈1.6 | · | · | |
| P/B (MRQ) | 8.05Y avg ≈-1.7 | ≈-1.7 | · | · | |
| EV / EBITDA | -2.4 | · | · | · | |
| Price / FCF (TTM) | -2.25Y avg ≈-1.9 | ≈-1.9 | · | · | |
| Price / Cash Flow (TTM) | -2.35Y avg ≈-2.0 | ≈-2.0 | · | · | |
| EV / Revenue | 1.4 | · | · | · | |
| EV / FCF | -3.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TLSIW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 85.8%5Y avg ≈85.5% | ≈85.5% | · | · | |
| Operating Margin (TTM) | -67.7%5Y avg ≈-158.4% | ≈-158.4% | · | · | |
| EBITDA Margin | -59.7%5Y avg ≈-158.4% | ≈-158.4% | · | · | |
| Pretax Margin (TTM) | -62.6%5Y avg ≈-169.3% | ≈-169.3% | · | · | |
| Net Profit Margin (TTM) | -62.6%5Y avg ≈-169.3% | ≈-169.3% | · | · | |
| ROA (TTM) | -54.4%5Y avg ≈-99.5% | ≈-99.5% | · | · | |
| ROE (TTM) | 438.3%5Y avg ≈182.9% | ≈182.9% | · | · | |
| ROIC | 3306.8%5Y avg ≈1121.0% | ≈1121.0% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TLSIW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 5.0 | · | · | · | |
| Current Ratio (MRQ) | 5.35Y avg ≈1.6 | ≈1.6 | · | · | |
| Quick Ratio | 2.35Y avg ≈1.2 | ≈1.2 | · | · | |
| Long-Term Debt / Equity (MRQ) | 5.0 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TLSIW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 53.4%5Y avg ≈53.9% | ≈53.9% | · | · | |
| Revenue CAGR 3Y | 53.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TLSIW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.55Y avg ≈1.2 | ≈1.2 | · | · | |
| Inventory Turnover | 2.05Y avg ≈1.5 | ≈1.5 | · | · | |
| Receivables Turnover | 7.85Y avg ≈7.2 | ≈7.2 | · | · | |
| Revenue / Employee | ≈$442.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $45M | $29M | $19M | $12M | |
| Cost of Revenue | $7M | $4M | $3M | $2M | |
| Gross Profit | $38M | $25M | $16M | $10M | |
| R&D Expense | $15M | $18M | $30M | $21M | |
| SG&A Expense | $21M | $18M | $24M | $12M | |
| Operating Income | $-27M | $-36M | $-54M | $-36M | |
| Interest Expense | · | · | $16.0K | $1.0K | |
| Interest Income | $555.0K | $404.0K | $431.0K | $180.0K | |
| Other Non-op | $-456.0K | $-312.0K | $-378.0K | $-420.0K | |
| Pretax Income | $-39M | $-30M | $-59M | $-47M | |
| Income Tax | $7.0K | $6.0K | $9.0K | $9.0K | |
| Net Income | $-39M | $-30M | $-59M | $-47M | |
| EPS (Basic) | $-1.84 | $-1.31 | $-6.77 | $-161.55 | |
| EPS (Diluted) | $-1.84 | $-1.31 | $-6.77 | $-161.55 | |
| Shares (Basic) | 37,897,785 | 25,331,753 | 9,395,748 | 309,609 | |
| Shares (Diluted) | 37,897,785 | 25,331,753 | 9,395,748 | 309,609 | |
| EBITDA | $-27M | $-36M | $-54M | $-3M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $20M | $9M | $12M | $9M | |
| Receivables | $7M | $5M | $4M | $2M | |
| Inventory | $3M | $4M | $3M | $1M | |
| Prepaid Expense | $2M | $3M | $3M | $5M | |
| Current Assets | $32M | $21M | $21M | $17M | |
| PP&E (Net) | · | · | $2M | $2M | |
| Intangibles | · | · | $0 | $802.0K | |
| Other Non-current Assets | $418.0K | $423.0K | $466.0K | $367.0K | |
| Total Assets | $35M | $24M | $25M | $22M | |
| Accounts Payable | · | · | · | $1M | |
| Accrued Liabilities | $8M | $7M | $11M | $6M | |
| Short-term Debt | · | · | · | $944.0K | |
| Current Liabilities | $11M | $10M | $15M | $32M | |
| Capital Leases | $1M | $1M | $1M | · | |
| Total Liabilities | $69M | $50M | $52M | $34M | |
| Total Debt | $33M | $22M | · | · | |
| Common Stock | $4.0K | $3.0K | $2.0K | $0 | |
| Paid-in Capital | $297M | $254M | $222M | $10M | |
| Retained Earnings | $-331M | $-280M | $-250M | $-186M | |
| Stockholders' Equity | $-34M | $-26M | $-27M | $-177M | |
| Liabilities + Equity | $35M | $24M | $25M | $22M | |
| Shares Outstanding | 49,997,836 | 31,279,264 | 26,413,213 | 347,926 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $626.0K | $744.0K | $684.0K | $398.0K | |
| Stock-based Comp | $9M | $5M | $1M | $368.0K | |
| Amort. of Intangibles | · | · | $18.0K | $122.0K | |
| Operating Cash Flow | $-18M | $-41M | $-51M | $-32M | |
| CapEx | $918.0K | $345.0K | $588.0K | $655.0K | |
| Investing Cash Flow | $-838.0K | $-345.0K | $-2M | $-2M | |
| Stock Issued | $22M | $15M | $0 | · | |
| Stock Repurchased | · | · | · | $232M | |
| Net Stock Activity | $22M | $16M | · | $-232M | |
| Financing Cash Flow | $31M | $38M | $55M | $13M | |
| Net Change in Cash | $12M | $-3M | $2M | $-21M | |
| Taxes Paid | $16.0K | $18.0K | $14.0K | $9.0K | |
| Free Cash Flow | $-19M | $-41M | $-51M | · | |
| Levered FCF | · | · | $-51M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | 84.6% | 86.1% | 85.9% | · | |
| Operating Margin | -59.7% | -122.9% | -292.5% | · | |
| Net Margin | -86.9% | -102.1% | -318.9% | · | |
| Pretax Margin | -86.9% | -102.1% | -318.9% | · | |
| EBITDA Margin | -59.7% | -122.9% | -292.5% | · | |
| ROA | -132.3% | -123.7% | -247.4% | 4.1% | |
| ROE | 147.2% | 129.7% | 669.1% | -6.6% | |
| ROIC | 3306.8% | 949.4% | 208.8% | 18.8% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.8 | 2.0 | 1.4 | 0.1 | |
| Quick Ratio | 2.3 | 1.3 | 1.0 | 0.1 | |
| Debt / Equity | -1.0 | -0.9 | · | · | |
| LT Debt / Equity | -1.0 | -0.9 | · | · | |
| Interest Coverage | · | · | -3384.4 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 1.5 | 1.2 | 0.8 | · | |
| Inventory Turnover | 2.0 | 1.2 | 1.3 | · | |
| Receivables Turnover | 7.8 | 6.8 | 7.2 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $-0.68 | $-0.83 | $-0.98 | · | |
| Revenue / Share | $1.19 | $1.16 | $1.97 | · | |
| Cash Flow / Share | $-0.48 | $-1.61 | $-5.33 | · | |
| Cash / Share | $0.41 | $0.27 | $0.45 | · | |
| EPS (TTM) | $-1.84 | $-1.31 | $-6.77 | $-161.55 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 53.4% | 59.0% | 49.3% | · | |
| Revenue CAGR 3Y | 53.8% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $45M | $29M | $19M | $12M | |
| Net Income TTM | $-39M | $-30M | $-59M | $-47M | |
| Market Cap | $83M | $34M | $31M | · | |
| Enterprise Value | $96M | $48M | · | · | |
| P/E | -0.9 | -0.8 | -0.2 | -0.0 | |
| P/S | 1.8 | 1.2 | 1.7 | · | |
| P/B | -2.5 | -1.3 | -1.2 | · | |
| P / Cash Flow | -4.6 | -0.8 | -0.6 | · | |
| P / FCF | -4.4 | -0.8 | -0.6 | · | |
| EV / EBITDA | -3.5 | -1.3 | · | · | |
| EV / FCF | -5.1 | -1.2 | · | · | |
| EV / Revenue | 2.1 | 1.6 | · | · | |
| Earnings Yield | -110.8% | -119.1% | -568.9% | -215400.0% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11M | $9M | $13M | $12M | $11M | $9M | $8M | $7M | $7M | $6M | $6M | $5M | $5M | $3M | $3M | $4M | |
| Cost of Revenue | $2M | $1M | $2M | $2M | $2M | $1M | $1M | $1M | $912.0K | $971.0K | $582.0K | $589.0K | $772.0K | $662.0K | $816.0K | $701.0K | |
| Gross Profit | $10M | $8M | $11M | $10M | $9M | $8M | $7M | $6M | $6M | $5M | $5M | $5M | $4M | $2M | $2M | $3M | |
| R&D Expense | $3M | $3M | $3M | $5M | $4M | $3M | $3M | $4M | $5M | $6M | $8M | $10M | $7M | $6M | $6M | $5M | |
| SG&A Expense | $5M | $5M | $4M | $7M | $6M | $5M | $5M | $5M | $4M | $5M | $6M | $9M | $5M | $4M | $8M | $3M | |
| Operating Income | $-10M | $-8M | $-3M | $-9M | $-7M | $-7M | $-8M | $-9M | $-8M | $-12M | $-14M | $-19M | $-11M | $-10M | $-27M | $-8M | |
| Interest Expense | · | · | · | · | · | · | · | · | $877.0K | $3.0K | · | $4.0K | $4.0K | $5.0K | $1.0K | $0 | |
| Interest Income | $457.0K | $164.0K | $177.0K | $170.0K | $134.0K | $74.0K | $57.0K | $158.0K | $97.0K | $92.0K | $244.0K | $116.0K | $36.0K | $35.0K | $-240.9K | $49.0K | |
| Other Non-op | $90.0K | $-76.0K | $-71.0K | $-94.0K | $-40.0K | $-251.0K | $-102.0K | $-13.0K | $-44.0K | $-153.0K | $-321.0K | $-13.0K | $-25.0K | $-19.0K | $-7M | $-31.0K | |
| Pretax Income | $-9M | $2M | $-10M | $-11M | $-8M | $-10M | $-10M | $-2M | $-4M | $-13M | $-36M | $-1M | $-14M | $-8M | $-44M | $-8M | |
| Income Tax | $4.0K | $4.0K | $0 | $5.0K | $-3.0K | $5.0K | $-1.0K | $-3.0K | $7.0K | $3.0K | $1.0K | $0 | $13.0K | $-5.0K | $-19.2K | $0 | |
| Net Income | $-9M | $2M | $-10M | $-11M | $-8M | $-10M | $-10M | $-2M | $-4M | $-13M | $-36M | $-1M | $-14M | $-8M | $-23M | $-8M | |
| EPS (Basic) | $-0.16 | $0.03 | $-0.22 | $-0.96 | $-0.27 | $-0.39 | $-0.38 | $-0.12 | $-0.21 | $-0.60 | $29.78 | $-0.14 | $-35.84 | $-0.57 | $-79.38 | $-25.95 | |
| EPS (Diluted) | $-0.16 | $0.03 | $-0.22 | $-0.96 | $-0.27 | $-0.39 | $-0.38 | $-0.12 | $-0.21 | $-0.60 | $29.78 | $-0.14 | $-35.84 | $-0.57 | $-79.38 | $-25.95 | |
| Shares (Basic) | 58,296,711 | 51,539,682 | · | 43,057,632 | 32,899,297 | 28,527,453 | · | 26,501,597 | 23,903,659 | 23,323,045 | · | 13,173,422 | 446,287 | 16,166,581 | · | 311,823 | |
| Shares (Diluted) | 58,296,711 | 52,314,410 | · | 43,057,632 | 32,899,297 | 28,527,453 | · | 26,501,597 | 23,903,659 | 23,323,045 | · | 13,173,422 | 446,287 | 16,166,581 | · | 311,823 | |
| EBITDA | $-10M | $-8M | · | $-9M | $-7M | $-7M | · | $-9M | $-8M | $-12M | · | $-18M | $-1M | $-843.3K | · | $-432.2K |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $46M | $57M | $20M | $23M | $26M | $13M | $9M | $11M | $16M | $4M | $12M | $21M | $104.0K | $136.8K | $9M | $207.6K | |
| Receivables | $6M | $5M | $7M | $5M | $6M | $5M | $5M | $5M | $5M | $4M | $4M | $3M | · | · | $2M | · | |
| Inventory | $4M | $4M | $3M | $3M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | · | · | $1M | · | |
| Prepaid Expense | $3M | $3M | $2M | $2M | $2M | $2M | $3M | $4M | $3M | $2M | $3M | $3M | $57.5K | $164.1K | $5M | $98.6K | |
| Current Assets | $60M | $68M | $32M | $33M | $38M | $25M | $21M | $24M | $28M | $13M | $21M | $29M | $161.5K | $300.9K | $17M | $306.2K | |
| PP&E (Net) | · | · | · | · | · | · | · | $2M | $2M | $2M | · | $2M | · | · | · | · | |
| Intangibles | · | · | · | · | · | · | · | · | $1M | $1M | $0 | $997.0K | · | · | $802.0K | · | |
| Other Non-current Assets | $69.0K | $69.0K | $418.0K | $419.0K | $419.0K | $424.0K | $423.0K | $424.0K | $424.0K | $424.0K | $466.0K | $367.0K | · | · | $367.0K | · | |
| Total Assets | $62M | $71M | $35M | $36M | $41M | $29M | $24M | $27M | $32M | $18M | $25M | $34M | $12M | $21M | $22M | $251M | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | $3M | $2M | · | · | |
| Accrued Liabilities | $7M | $7M | $8M | $7M | $7M | $8M | $7M | $8M | $9M | $11M | $11M | $7M | · | · | $6M | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | · | · | |
| Current Liabilities | $11M | $12M | $11M | $11M | $9M | $12M | $10M | $10M | $12M | $14M | $15M | $9M | $6M | $5M | $32M | $2M | |
| Capital Leases | · | · | $1M | · | · | · | $1M | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $56M | $58M | $69M | $63M | $61M | $63M | $50M | $48M | $57M | $53M | $52M | $25M | $15M | $14M | $34M | $12M | |
| Total Debt | $33M | $33M | · | $33M | $32M | $32M | · | $22M | $21M | · | · | · | $2M | · | · | · | |
| Common Stock | $5.0K | $5.0K | $4.0K | $4.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | · | · | $0 | · | |
| Paid-in Capital | $345M | $342M | $297M | $294M | $279M | $256M | $254M | $249M | $242M | $227M | $222M | $221M | · | · | $10M | · | |
| Retained Earnings | $-338M | $-329M | $-331M | $-321M | $-298M | $-290M | $-280M | $-269M | $-266M | $-262M | $-250M | $-213M | $-15M | $-14M | $-186M | $-12M | |
| Stockholders' Equity | $7M | $13M | $-34M | $-27M | $-19M | $-34M | $-26M | $-20M | $-24M | $-35M | $-27M | $8M | $-15M | $-14M | $-176M | $-12M | |
| Liabilities + Equity | $62M | $71M | $35M | $36M | $41M | $29M | $24M | $27M | $32M | $18M | $25M | $34M | $12M | $21M | $22M | $251M | |
| Shares Outstanding | 61,469,572 | 61,414,355 | 49,997,836 | 49,891,299 | 37,983,259 | 32,272,462 | 31,279,264 | 30,469,664 | 27,159,463 | 26,758,272 | 26,413,213 | 26,316,681 | · | · | 347,926 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $136.0K | $135.0K | $126.0K | $163.0K | $165.0K | $172.0K | $193.0K | $169.0K | $181.0K | $175.0K | $194.0K | $156.0K | $150.0K | $184.0K | $-54.0K | · | |
| Stock-based Comp | $3M | $2M | $2M | $3M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $260.0K | $68.0K | $74.0K | $117.0K | · | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | $0 | $13.0K | · | · | $0 | $22.0K | · | · | |
| Operating Cash Flow | $-10M | $-6M | $-2M | $-4M | $-7M | $-4M | $-6M | $-11M | $-13M | $-11M | $-9M | $-40M | $-19M | $-11M | $-8M | $-23M | |
| CapEx | $82.0K | $141.0K | $41.0K | $216.0K | $-93.0K | $754.0K | $50.0K | $169.0K | $60.0K | $66.0K | $372.0K | $178.0K | $31.0K | $7.0K | $204.0K | · | |
| Investing Cash Flow | $-82.0K | $-141.0K | $-41.0K | $-176.0K | $93.0K | $-714.0K | $-50.0K | $-169.0K | $-60.0K | $-66.0K | $-372.0K | $-9M | $130.4K | $-74.0K | $-272.0K | $-2M | |
| Stock Issued | $0 | $43M | $-211.0K | $0 | $22M | $0 | $3M | $6M | $4M | $3M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $43M | · | · | · | $0 | · | · | · | $3M | · | · | · | · | · | · | |
| Financing Cash Flow | $-54.0K | $42M | $277.0K | $82.0K | $21M | $10M | $3M | $6M | $26M | $3M | $43.0K | $62M | $13M | $8M | $6M | $7M | |
| Net Change in Cash | $-10M | $36M | $-2M | $-4M | $13M | $4M | $-3M | $-5M | $13M | $-8M | $-10M | $12M | $-5M | $-3M | $-3M | $-18M | |
| Taxes Paid | $0 | $0 | $0 | $0 | $15.0K | $1.0K | $14.0K | $0 | $4.0K | $0 | · | · | · | · | $-47.0K | · | |
| Free Cash Flow | · | $-7M | · | · | · | $-5M | · | · | · | $-11M | · | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-11M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | 86.2% | · | 83.5% | 83.9% | 83.7% | · | 86.3% | 87.6% | 85.0% | · | 88.7% | · | · | · | · | |
| Operating Margin | -86.0% | -94.5% | · | -77.9% | -65.4% | -80.0% | · | -118.9% | -111.0% | -181.0% | · | -355.8% | · | · | · | · | |
| Net Margin | -80.5% | 17.3% | · | -93.5% | -73.9% | -113.2% | · | -32.6% | -58.8% | -204.7% | · | -24.8% | · | · | · | · | |
| Pretax Margin | -80.5% | 17.3% | · | -93.4% | -73.9% | -113.1% | · | -32.7% | -58.7% | -204.7% | · | -24.8% | · | · | · | · | |
| EBITDA Margin | -86.0% | -94.5% | · | -77.9% | -65.4% | -80.0% | · | -118.9% | -111.0% | -181.0% | · | -355.8% | · | · | · | · | |
| ROA | -17.7% | 3.1% | · | -33.8% | -22.5% | -44.6% | · | -7.9% | -19.4% | -68.8% | · | -0.90% | -0.76% | -0.33% | · | 0.26% | |
| ROE | 142.7% | -14.3% | · | 45.9% | 38.0% | 29.9% | · | 40.2% | 22.1% | 54.2% | · | 81.1% | 7.5% | 3.2% | · | -4.2% | |
| ROIC | -24.8% | -18.3% | · | -149.3% | -57.0% | 274.5% | · | -701.6% | 286.0% | 33.5% | · | -217.7% | 11.0% | 6.5% | · | 2.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.3 | 5.8 | · | 3.1 | 4.1 | 2.1 | · | 2.4 | 2.3 | 0.9 | · | 3.1 | 0.0 | 0.1 | · | 0.2 | |
| Quick Ratio | 4.7 | 5.2 | · | 2.5 | 3.4 | 1.6 | · | 1.6 | 1.8 | 0.6 | · | 2.6 | 0.0 | 0.0 | · | 0.1 | |
| Debt / Equity | 5.0 | 2.6 | · | -1.2 | -1.7 | -0.9 | · | -1.1 | -0.9 | · | · | · | -0.1 | · | · | · | |
| LT Debt / Equity | 5.0 | 2.6 | · | -1.2 | -1.7 | -0.9 | · | -1.1 | -0.9 | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -9.3 | -3895.0 | · | -4619.2 | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.4 | 0.3 | 0.4 | · | 0.2 | 0.3 | 0.3 | · | 0.0 | · | · | · | · | |
| Inventory Turnover | 0.4 | 0.3 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.5 | 0.7 | · | 0.7 | · | · | · | · | |
| Receivables Turnover | 1.9 | 1.7 | · | 2.3 | 2.2 | 1.9 | · | 1.8 | 3.1 | 3.0 | · | 3.4 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.11 | $0.21 | · | $-0.54 | $-0.51 | $-1.06 | · | $-0.67 | $-0.89 | $-1.31 | · | $0.32 | · | · | · | · | |
| Revenue / Share | $0.20 | $0.17 | · | $0.27 | $0.34 | $0.32 | · | $0.28 | $0.31 | $0.28 | · | $0.39 | · | · | · | · | |
| Cash Flow / Share | · | $-0.12 | · | · | · | $-0.16 | · | · | · | $-0.47 | · | · | · | · | · | · | |
| Cash / Share | $0.75 | $0.92 | · | $0.45 | $0.70 | $0.40 | · | $0.37 | $0.61 | $0.15 | · | $0.81 | · | · | · | · | |
| EPS (TTM) | $-1.31 | $-1.42 | · | $-2.00 | $-1.16 | $-1.10 | · | $28.85 | $28.83 | $-6.80 | · | $-115.93 | $-141.74 | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $45M | $45M | · | $40M | $36M | $32M | · | $27M | $25M | $22M | · | $16M | $15M | · | · | · | |
| Net Income TTM | $-28M | $-27M | · | $-40M | $-31M | $-27M | · | $-56M | $-55M | $-64M | · | $-46M | $-53M | $-48M | · | $-22M | |
| Market Cap | $49M | $74M | · | $85M | $49M | $39M | · | $31M | $44M | $27M | · | $10M | · | · | · | · | |
| Enterprise Value | $36M | $50M | · | $95M | $55M | $58M | · | $41M | $49M | · | · | · | · | · | · | · | |
| P/E | -0.6 | -0.8 | · | -0.8 | -1.1 | -1.1 | · | 0.0 | 0.1 | -0.1 | · | -0.0 | -0.0 | · | · | · | |
| P/S | 1.1 | 1.6 | · | 2.1 | 1.4 | 1.2 | · | 1.1 | 1.8 | 1.2 | · | 0.6 | · | · | · | · | |
| P/B | 7.5 | 5.8 | · | -3.2 | -2.5 | -1.1 | · | -1.5 | -1.8 | -0.8 | · | 1.2 | · | · | · | · | |
| P / Tangible Book | 7.5 | 5.8 | · | · | · | · | · | · | · | · | · | 1.3 | · | · | · | · | |
| P / Cash Flow | · | -11.4 | · | · | · | -8.7 | · | · | · | -2.5 | · | · | · | · | · | · | |
| EV / Revenue | 0.8 | 1.1 | · | 2.4 | 1.5 | 1.8 | · | 1.5 | 2.0 | · | · | · | · | · | · | · | |
| Earnings Yield | -163.8% | -118.3% | · | -117.7% | -89.9% | -90.9% | · | 2856.4% | 1768.7% | -680.0% | · | -30507.9% | -337476.2% | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $45M | $29M | $19M | $12M | · |
| Gross Margin % | 84.6% | 86.1% | 85.9% | · | · |
| Operating Margin % | -59.7% | -122.9% | -292.5% | · | · |
| Net Income | $-39M | $-30M | $-59M | $-47M | $5M |
| Diluted EPS | $-1.84 | $-1.31 | $-6.77 | $-161.55 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | -1.0 | -0.9 | · | · | · |
| Current Ratio | 2.8 | 2.0 | 1.4 | 0.1 | · |
| Quick Ratio | 2.3 | 1.3 | 1.0 | 0.1 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-19M | $-41M | $-51M | · | · |
Institutional owners (13F) 6 filers · $1.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
6
Value held
$1.8M
New positions
0
Exited positions
2
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 (-1 vs prior Q) | 2 (0 vs prior Q) | 1 (0 vs prior Q) | 0 (-2 vs prior Q) | -19K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| JNB Advisors LLC | $1,075,867 | 827,590 | 59.12% | Shares |
| Cerity Partners LLC | $662,072 | 827,590 | 36.38% | Shares |
| ARISTEIA CAPITAL, L.L.C. | $56,872 | 74,826 | 3.13% | Shares |
| Fort Baker Capital Management LP | $21,100 | 26,374 | 1.16% | Shares |
| TORONTO DOMINION BANK | $3,929 | 5,170 | 0.22% | Shares |
| Vestcor Inc | $54 | 70,832 | 0.00% | Shares |
Company insiders 4 insiders · 4 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mary T Szela | CEO and President | June 30, 2026 A | 1,077,683 | 0 | 0 | $0 |
| David Patience | Chief Financial Officer | July 1, 2026 F | 261,107 | 0 | 0 | $0 |
| Richard Marshak | Chief Commercial Officer | June 30, 2026 A | 128,319 | 0 | 0 | $0 |
| Richard Henry Marshall | Chief Medical Officer | June 29, 2026 A | 90,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
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Source: SEC 10-Q filed Aug 6, 2026