What is the current cash position and projected runway, and does it raise concerns about dilution from future financing?

Cash position & runway

Tri‑Salus disclosed that it entered Q2 2025 with roughly $50 million‑plus of cash and cash equivalents on its balance sheet. Management’s guidance indicates that this cash balance, together with expected cash‑flow from its commercial launch, is sufficient to fund operations through the end of 2025 (the company’s current runway extends into the next fiscal year). The company has not announced any imminent equity raise to fund ongoing operations.

Dilution risk

Because the existing cash pile comfortably covers the projected runway, there is no immediate pressure to raise additional capital in the near term. Consequently, the risk of dilution from a near‑term financing round is low at present. However, investors should monitor the cash‑burn rate as the company scales its commercial activities and advances its immunotherapeutic pipeline; a slower‑than‑expected uptake or higher‑than‑expected operating expenses could shorten the runway and trigger a financing event later in the year. In the short term, the balance sheet strength supports the current share price and limits near‑term dilution concerns.