TriSalus Life Sciences is an oncology-focused medical device company whose core product is the TriNav Infusion System, a catheter used by interventional radiologists to deliver cancer-fighting agents directly into liver tumors. The key problem TriNav solves is that solid tumors have high internal pressure and collapsed blood vessels that prevent drugs from penetrating effectively through standard catheters. TriNav uses TriSalus' proprietary Pressure-Enabled Drug Delivery (PEDD) technology, built around a self-expanding "SmartValve" that modulates blood pressure and flow to physically open collapsed vessels, creating more uniform drug distribution and delivering more dose to the tumor with less damage to healthy tissue. TriNav is primarily used in two procedures: transarterial radioembolization (TARE), which delivers radioactive microspheres into liver tumors, and transarterial chemoembolization (TACE), which delivers chemotherapy-loaded beads. TriSalus sells exclusively through a direct U.S. sales force targeting hospital interventional radiology departments. The business model is per-catheter, with each TriNav unit priced at roughly $7,983. Revenue scales with the number of hospital accounts using TriNav and utilization per account. Gross margins run ~84–86% as TriNav is a single-use disposable catheter manufactured in-house. TriSalus is pre-profitability but targeting adjusted EBITDA breakeven in the first half of 2026. Beyond liver cancer, TriSalus is expanding TriNav into uterine artery embolization, thyroid artery embolization, genicular artery embolization for knee osteoarthritis, and prostate artery embolization. TriSalus also holds rights to nelitolimod, an investigational drug targeting the immune environment in liver and pancreatic tumors, which it intends to out-license rather than develop independently.