Dilution profile // every instrument, one screen, from SEC filings

TriSalus Life Sciences, Inc. (TLSIW)

CIK 1826667 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$150M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
LOWwarrants = 12% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+134% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOW~30.8 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2023-11-122026-08-04

Latest: 61.6M shares as of Aug 4, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Private Warrants4.4Mnot tagged
Public Warrants1.8M$11.55y
Working Capital Warrants1.0Mnot tagged
Orbi Med Warrants222,068not tagged7y
Initial Orbi Med Warrant130,805$8.1604FV $1.1M
Subsequent Orbi Med Warrants Entity One64,748not tagged
Subsequent Orbi Med Warrants Entity Two26,515not tagged
Subsequent Orbi Med Warrantsnot tagged$5.1556FV $500,000

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 6, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 7.4M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $11.5 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 69.0M = 61.6M O/S + 7.4M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 6, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding61.6MAug 4, 2026
+ Private Warrants (if exercised)4.4MJun 30, 2026
+ Public Warrants (if exercised)1.8MJun 30, 2026
+ Working Capital Warrants (if exercised)1.0MJun 30, 2026
+ Orbi Med Warrants (if exercised)222,068Jun 30, 2026
+ Initial Orbi Med Warrant (if exercised)130,805Apr 30, 2024
+ Subsequent Orbi Med Warrants Entity One (if exercised)64,748Feb 18, 2025
+ Subsequent Orbi Med Warrants Entity Two (if exercised)26,515Feb 18, 2025
Fully diluted estimate69.2M+12.4% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $150.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Nov 13, 2025$150.0M registeredfiling →
S-3May 30, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3Apr 28, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 1 registered.

EXECUTEDFeb 26, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 20, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 19, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEDec 4, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDNov 13, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EFFECTIVEJul 22, 2025SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJun 11, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 30, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EFFECTIVEMay 30, 2025SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEMay 2, 2025SEC declared a registration effective — selling can beginEFFECT
EXECUTEDApr 30, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDApr 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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