TriSalus Life Sciences Inc. (TLSI) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, TLSI scores 31 out of 100, a letter grade of E, with the verdict "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are:

• Fundamental cash engine: 9 / 20. Per the RQD rating, this reflects ROIC of -35% and an FCF yield of -7.96%. For a prospective investor, the core issue is that the business is not currently generating cash returns on invested capital; any valuation case must rest on future improvement rather than present earnings power.
• Whale / 13F flow: 4 / 20. Per the RQD rating, this pillar covers institutional accumulation and options positioning. The source data provides no further detail on the composition of this signal, so its weight in the overall score should be read as a weak institutional endorsement.
• Insider conviction: 3 / 20. Per the RQD rating, this covers SEC Form 4 and Congressional PTR cluster flow. This is the lowest pillar and indicates limited insider-side confidence as measured by this framework.
• Macro regime fit: 4 / 20. Per the RQD rating, beta is 1.0 with sector sensitivity noted. The stock is assessed as moving in line with the market, without a defensive offset, and its fit with the current macro regime scores poorly.
• Forensic balance sheet: 11 / 20. Per the RQD rating, Altman Z is 2.5, Piotroski F is 4/9, and Debt/Equity is 0.5. This is the strongest pillar, but it is still below half credit and does not offset the cash-engine and insider weaknesses.

Taken together, the rating frames TLSI as a high-risk, cash-consuming profile where the balance sheet is the relative bright spot. Upside drivers would need to come from a sustained reversal of operating losses; valuation tradeoffs are sharp given negative margins and negative FCF yield. This is an analytical framing, not personalized financial advice.

TriSalus Life Sciences Inc. is listed on NASDAQ under ticker TLSI and is classified in the Health Care sector, Medical Specialities industry, per the company profile. The source data does not describe its specific products, customers, or revenue model beyond reported financial totals. Revenue reported for FY 2025 is $45.2M, per the SEC financials. The business profile in the source data is limited to sector and market classification.

Per the SEC financials, revenue grew from $18.5M to $29.4M to $45.2M across the three reported years, while operating losses narrowed from $-54.5M to $-36.2M to $-26.9M. Per the market data, gross margin is 84.6%, operating margin is -59.7%, and net margin is -60%, and ROIC is -35%. Per the RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 4/9. Per the RQD rating, Debt/Equity is 0.5; reported debt has risen from $22.1M to $33.0M while cash rose from $8.5M to $20.4M over FY 2024 to FY 2025.

• Per the news feed, multiple market-wire items reference TLSI, including a Yahoo! Finance Canada profile, a TradingView estimates page, and a Benzinga transcript of the Q2 2026 earnings call. These are labeled as market-wire items with yellow signal lights.
• Per the news feed, a Stock Titan item reports that 296 shares were sold for taxes by a research chief, described as a non-discretionary sale; this is a yellow item.
• Per the news feed, a Yahoo Finance item references an upcoming Third Quarter 2026 financial results conference call, a scheduled catalyst.
• Per the news feed, a Simply Wall St item discusses oncology biotechs on retail investors' radar in relation to a Moderna stock surge, the only item flagged green as a catalyst.
• Per the Butterfly Supply-Chain Graph, there are no proprietary signals and no butterfly links recorded.

Risk watch items: the recurring pattern of yellow market-wire items with no proprietary signals, and the scheduled Q3 2026 results call as the nearest verifiable event.

Per the Butterfly Supply-Chain Graph, supply_chain is recorded as NONE, and no butterfly links or proprietary signals are present. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks cannot be mapped from the source data. The only sector context available is the Health Care / Medical Specialities classification. An investor should treat this section as an absence of mapped ripple effects rather than evidence that none exist.

• What are TLSI's specific products, customers, and revenue drivers, given that the source data gives only sector classification and reported totals?
• What drives the reported negative operating margin and negative FCF, and what is the path to positive cash generation?
• What are the terms, maturities, and covenants behind reported debt of $33.0M, and does the $20.4M cash position fund near-term operations?
• What does the Q3 2026 results call disclose, and does it update guidance or the earnings trajectory?
• Which institutional holders and insiders are behind the RQD whale and insider pillar scores, given that the holders and analyst sections are empty in the source data?