Bryan F. Cox, who serves as Chief of Research at TriSalus Life Sciences, Inc. (NASDAQ: TLSI), completed the sale of 3,184 shares of common stock in three separate transactions over a six-day span in March 2026. The collective proceeds from those sales totaled approximately $13,085.
The individual transactions were executed as follows: on March 11 Cox sold 1,138 shares at $4.13 per share; on March 12 he sold 1,467 shares at $4.09 per share; and on March 16 he sold 579 shares at $4.12 per share. According to the filing, the sales were made to meet tax obligations associated with vested restricted stock units and were not discretionary in nature.
After these transactions, Cox is listed as directly owning 163,415 shares of TriSalus common stock.
Market context and valuation signals
TriSalus shares are trading at $3.92 and are down 45% year-to-date, with a market capitalization of $238 million. An InvestingPro analysis cited in the filing indicates that the company appears undervalued based on the service's Fair Value assessment. An InvestingPro Tip also highlights that analysts do not expect the company to be profitable this year - one of several analyst-oriented data points made available to subscribers.
Recent operating results and research updates
TriSalus announced a 60% year-over-year increase in revenue for the fourth quarter of 2025, reporting $13.2 million in revenue. Management attributed that improvement to gains in manufacturing efficiency and a strategic enlargement of the company's product portfolio. Despite top-line growth, TriSalus recorded a net operating loss of $3.3 million for the quarter, an improvement from a $7.6 million loss in the same period a year earlier.
For fiscal 2025 the company reported revenue of $45 million, a 53% increase versus fiscal 2024.
On the research front, TriSalus published preclinical work in Frontiers in Oncology assessing its Pressure-Enabled Drug Delivery technology. That study examined the delivery and biological activity of nelitolimod in liver tumor models and compared the company’s delivery approach with conventional methods.
Analyst response
Following the earnings announcement, Jones Trading reiterated a Buy rating on TriSalus and kept a price target of $11.00. The firm also conducted a follow-up call with TriSalus management to review the results.
What the filing shows
The insider sale filing indicates the disposals were mechanistic - intended to satisfy tax obligations stemming from vested restricted stock units - rather than discretionary divestitures. The company-level disclosures included operational performance, recent research publication, and continued analyst coverage with an affirmed Buy and $11.00 target.