David Patience
About David Patience
David B. Patience is Chief Financial Officer of TriSalus Life Sciences, Inc. (TLSI), effective July 1, 2025, with prior roles spanning CFO of Accelerate Diagnostics (since 2023), Morgan Stanley’s Investment Banking Division, Continental Advisors’ equity group, and financial research roles at Nuveen Investments. He holds a B.S. in Business Administration from the University of Colorado Leeds School of Business and an MBA from the University of Chicago Booth School of Business . During Q3 2025 under his tenure, TriSalus reported $11.6 million in revenue, up 57% year-over-year, and reaffirmed full-year revenue growth guidance of at least 50% ; adjusted EBITDA improved to a loss of $5.4 million versus a loss of $7.2 million in Q3 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Accelerate Diagnostics | Chief Financial Officer | Since 2023 | Led strategic product portfolio planning and M&A/partnership feasibility analysis |
| Morgan Stanley (IBD) | Investment Banking roles | Not disclosed | Capital markets and transaction advisory experience |
| Continental Advisors | Equity group roles | Not disclosed | Buy-side equity research and portfolio analysis |
| Nuveen Investments | Financial research roles | Not disclosed | Institutional research foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed in TLSI filings for Patience |
Fixed Compensation
| Component | Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $450,000 | May 27, 2025 (offer letter) | Initial offer terms |
| Base Salary (revised) | $550,000 | August 25, 2025 | Approved by Compensation Committee |
| Sign-on Bonus | $159,000 | Offer dated May 27, 2025 | One-time bonus |
| Target Annual Bonus | Up to 50% of base salary | Offer dated May 27, 2025 | Based on Board-determined financial goals/milestones |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting / Terms |
|---|---|---|---|---|---|---|
| Stock Options (granted) | Company revenue threshold | Not disclosed | Achieve ≥$75 million revenue over any consecutive 12-month period by 12/31/2027 | Not disclosed | 249,899 options | Vest upon revenue threshold; strike $5.11; granted 8/28/2025 |
| Annual Bonus (2025 eligibility) | Board-set financial goals/milestones | Not disclosed | Up to 50% of base salary | Not disclosed | Not disclosed | As determined by Board; eligibility per offer letter |
| Performance Equity Grant (future eligibility) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Eligible for a performance equity grant in Q1 2026 |
Equity Ownership & Alignment
- Option awards: 249,899 options granted at an exercise price of $5.11; vesting contingent on achieving ≥$75 million of revenue over any 12-month period ending on or before December 31, 2027 .
- Beneficial ownership: Patience does not appear in the March 31, 2025 beneficial ownership table; therefore, his share ownership as of that date is not disclosed .
- Hedging/Pledging: TLSI’s insider trading policy prohibits hedging, margin purchases/borrowing against company stock, and pledging of company stock by directors and officers .
- Stock ownership guidelines: The Compensation Committee has authority to establish and monitor stock ownership guidelines for executives; specific multiples or compliance status are not disclosed .
Employment Terms
- Role and start date: Appointed Chief Financial Officer effective July 1, 2025 .
- Offer Letter: Base salary $450,000; sign-on bonus $159,000; target annual bonus up to 50% of base salary; recommendation to grant stock options equal to 1% of issued and outstanding common stock; eligibility for a performance equity grant in Q1 2026 .
- Compensation Committee Action: Base salary increased to $550,000 on August 25, 2025; granted 249,899 stock options at $5.11 with performance vesting tied to the revenue threshold described above .
- Severance/Change-in-Control: Patience’s specific severance and change-in-control terms are not disclosed. Company baseline NEO terms (2024) provide 12 months base salary upon discharge without cause or resignation for good reason; and, if termination occurs within one year post-change-in-control, a lump sum equal to 12 months base salary, target annual bonus, one year of continued benefits, and full vesting of time-based equity, subject to release of claims; these baseline terms are disclosed for other NEOs and may not apply to Patience absent disclosure .
Performance & Track Record
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue ($USD millions) | $7.349 | $11.566 |
| Adjusted EBITDA ($USD millions) | $(7.174) | $(5.429) |
| Revenue Guidance (FY 2025) | Not disclosed | Reaffirmed ≥50% growth |
- Operational highlights included lowered quarterly cash burn by approximately 50% quarter-over-quarter and continued commercial momentum in TriNav liver embolization markets .
- Patience serves as investor relations contact in public releases and is the signatory on multiple filings and certifications (8-Ks and Q3 2025 10-Q) .
Investment Implications
- Pay-for-performance alignment: Option vesting tied to achieving ≥$75 million revenue over a rolling 12-month period by 12/31/2027 directly links compensation to top-line scale-up; this structure emphasizes commercial execution and revenue growth milestones .
- Retention and near-term cash cost: A sizable sign-on bonus ($159,000) and a swift base salary increase (to $550,000) indicate the Board’s priority on securing CFO leadership; total cash comp increased, but significant equity remains at risk pending revenue achievement .
- Trading/overhang dynamics: The 249,899 performance-vesting options at $5.11 represent potential future dilution and, upon vesting and being in-the-money, could contribute to supply; current vesting is contingent on revenue thresholds, delaying potential selling pressure until performance triggers are met .
- Governance and risk mitigants: Hedging and pledging prohibitions reduce misalignment and margin-call risk; clawback authority resides with the Compensation Committee, aiding recourse on improper pay, though specific clawback triggers are not detailed in filings .
- Disclosure gaps: Specific severance and change-in-control terms for Patience are not disclosed; beneficial ownership for Patience was not included as of March 31, 2025, limiting current visibility on his direct/indirect holdings .