TriSalus Life Sciences, Inc. Common Stock H.C. Wainwright 28th Annual Global Investment Conference

First of all, thank you so much for the opportunity to be here. I am delighted to share the TriSalus story with you. We are a mission-driven company. Our goal is to infuse more therapy into solid tumors. If you look at oncology outcomes, solid tumors have really struggled with improvement in overall outcomes for patients. What we are starting to see in the oncology arena is incorporation of a lot of different combinatorial therapies, where delivery to the tumor, in addition to systemic therapy, is happening more and more. 5 years ago, that was in the nascent delivery. They are now recognizing that the challenge of the reason why we are not getting those outcomes is oftentimes the drug does not get into the tumor. What led me to the company was my own personal experience. I am a cancer survivor. My sister and I were both diagnosed with breast cancer.

We lost my sister to breast cancer liver mets. When she was dying, we had put her on a systemic tyrosine kinase inhibitor, and Roche asked us could we do a rapid autopsy. We wanted to see what the concentration of the drug in her tumors were, and it was zero. What we saw was none of the therapy systemically was getting into the tumor. Why is that? What TriSalus is solving is often these tumors have very high pressure inside them. Cells are rapidly dividing. There are very leaky new vessels that fluid leaks into the area of the tumor. There is not a good lymphatic system. What happens is the pressure in the tumor is much higher than the heart can pump at, and so you do not get any therapy into the tumor. We developed a technology that we think is quite unique.

Balloon catheters were used in the early approach to try to modulate pressure and overcome that, but they did not really do it in the way that we needed to. Because these vessels are so new and fragile, oftentimes you could rupture them, or you really did not get the penetration of the therapy into the tumor because it stops flow. You use the balloon catheter, actually stop the therapy and the flow. What ours does is it is a valve-like structure that modulates pressure and flow, and it is very physiologic. When you place it in a vessel, it beats in synchrony with diastole and systole. So it gently opens up these collapsed vessels, and it allows forward flow. So it keeps the blood flowing, moving, so you can get deep into the tumor. But it also prevents off-target delivery because it has anti-reflux capability.

We have been using it primarily today, and where we are selling it is for liver-directed therapy. In 2020, when we got it cleared by the FDA, we got a designation called Transitional Pass-Through Payment. It was the first interventional radiology product in a long time to actually get that type of designation, demonstrating that it was statistically better, that we got more therapy into the drug other than a normal catheter. When you think about a normal catheter, think of it just like your garden hose. It is hard to kind of direct where flow is, particularly if there is a stricture or whatever. Sometimes when you undo that, you know what? It can get very wild. That is kind of how a catheter is. It really does not have a lot of control. It does not have the ability to influence pressure.

It doesn't have the ability to overcome any type of significant back pressure. We're very excited about this because we've demonstrated not only clinical outcomes, but Health Economics and Outcomes Research outcomes that are quite persuasive, and we've been growing very rapidly, about 50% a year since we launched the product. We made a decision this year because of the growth and the significant potential of the company to expand the sales organization quite significantly, so we doubled that in size, and to set us up for the future growth in the coming years.

I think there's a couple things. One of the things that we as a company feel very proud of is that we want to be an evidence-driven company. So we want to produce comparative clinical trials to really demonstrate the value of the product. We want to show Health Economics and Outcomes Research. We just completed the largest one ever for our technology in over 1,200 patients. We also do registries. So we want to correct the right evidence. Part of that moving that market share and with our goal to be standard of care, and we define that as over 50%, is how do we create the right cadre of evidence in each of the areas that we participate in that give physicians the confidence to do that?

Right now, with the 10% market share, we get all those early adopters, people who can see that very clearly. One of the challenges that we have is interventional radiologists really weren't educated about the tumor microenvironment, some of the challenges with delivery and flow and treatment outcomes. They do know that if they get more drug into the tumor, just based on extensive data in multiple different studies, not TriSalus data, but other data, if you get more drug into the tumor, you tend to get an overall response that is substantially better, that can correlate with overall survival. So that concept is well-known by the interventional radiologist, but they weren't really taught about some of the physiological challenges in getting drug to tumor and how to think about it and why our device could be a better solution. So that's really about education.

It's really about teaching those physicians, and that takes some time.