I
SeaStar Medical Holding Corp
ICUCIK 0001831868NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSurgical & Medical Instruments & ApparatusColoradoFY ends Dec 31
Period
FY 2025
Revenue
$1.20M
Net Income
$-12.15M
Total Assets
$14.20M
Equity
$10.42M
Shares Out
3.99M
Op. Cash Flow
$-13.60M
Business
SeaStar Medical Holding Corp is a commercial-stage healthcare company that develops and commercializes an immunomodulatory Selective Cytopheretic Device (SCD) to treat hyperinflammation and organ dysfunction in critically ill patients. Its primary product is the SCD therapy delivered via an extracorporeal membrane cartridge, with a pediatric HDE-approved product marketed as QUELIMMUNE and ongoing pivotal adult AKI trials. Key business areas include pediatric commercial operations, adult clinical development and regulatory programs, intellectual property and manufacturing/supply partnerships. The company sells and deploys its SCD through hospitals and ICUs in the United States, integrating into existing CRRT and dialysis systems and using direct sales and distribution agreements.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net revenue | 1 | 135,000 | 0 | — | — | |
| Cost of goods sold | 53,000 | 0 | 0 | — | — | |
| Gross profit | 1 | 135,000 | 0 | — | — | |
| Research and development | 8 | 9 | 6 | 3 | 3 | |
| General and administrative | 6 | 9 | 8 | 7 | 2 | |
| Total operating expenses | 13 | 18 | 14 | 12 | 4 | |
| Loss from operations | −12 | −18 | −14 | −12 | −4 | |
| Interest income | 325,000 | 101,000 | 0 | — | 11,820 | |
| Interest expense | −31,000 | −244,000 | — | — | — | |
| Other financing costs | −298,000 | 0 | — | — | — | |
| Change in fair value of convertible notes | 0 | −6 | — | — | — | |
| Change in fair value of warrants liability | 32,000 | −697,000 | 545,000 | 11 | −27,000 | |
| Total other income (expense), net | 28,000 | −7 | — | — | — | |
| Loss before provision for income taxes | −12 | −25 | −26 | −12 | −5 | |
| Provision for income taxes | 3,000 | 3,000 | 0 | 1,000 | −1,000 | |
| Net loss | −12 | −25 | — | — | — | |
| Net loss per share of common stock, basic and diluted (in dollars per share) | −5.86 | −66.33 | −30.26 | −1.48 | −0.63 | |
| Weighted-average shares outstanding, basic and diluted (in shares) | 2 | 374,356 | 866,813 | 8 | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-09-30 | FY 2023 2023-06-30 |
|---|---|---|---|---|---|---|
| Cash | 12 | 2 | 176,000 | 73,000 | 13,000 | |
| Accounts receivable, net of allowance for credit losses of $3 and $0, respectively | 237,000 | 112,000 | 0 | — | — | |
| Inventory | 66,000 | 0 | — | — | — | |
| Prepaid expenses | 1 | 2 | 2 | 1 | 1 | |
| Total current assets | 14 | 4 | 2 | 1 | 1 | |
| Other assets | 578,000 | 892,000 | — | — | — | |
| Total assets | 14 | 5 | 4 | 3 | 3 | |
| Accounts payable | 948,000 | 3 | 4 | 5 | 4 | |
| Accrued expenses | 2 | 3 | 2 | 2 | 1 | |
| Notes payable, net of deferred financing costs | 525,000 | 574,000 | 565,000 | — | 6 | |
| Liability classified warrants | 1,000 | 33,000 | — | — | — | |
| Total current liabilities | 4 | 7 | 13 | 13 | 14 | |
| Total liabilities | 4 | 7 | 17 | 19 | 14 | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| Preferred stock - $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | — | — | |
| Common stock - $0.0001 par value per share; 450,000,000 and 500,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 3,844,613 and 650,639 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 4,000 | 2,000 | 1,000 | 3,000 | 2,000 | |
| Additional paid-in capital | 162 | 137 | 101 | 89 | 86 | |
| Accumulated deficit | −152 | −140 | −115 | −105 | −98 | |
| Total stockholders equity/(deficit) | 10 | −2 | −14 | −16 | −12 | |
| Total liabilities and stockholders equity/(deficit) | 14 | 5 | 4 | 3 | 3 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of deferred financing costs | 18,000 | 102,000 | — | — | — | |
| Shares issued for the standby equity purchase agreement commitment fee | 298,000 | 0 | — | — | — | |
| Stock-based compensation | 624,000 | 887,000 | 2 | 1 | — | |
| Accounts receivables, net | −125,000 | −112,000 | 0 | — | — | |
| Inventory | −66,000 | 0 | — | 0 | 55,000 | |
| Prepaid expenses | 538,000 | 297,000 | −97,000 | −1 | 12,000 | |
| Other assets | 314,000 | 313,000 | 0 | — | — | |
| Accounts payable | −2 | −1 | 2 | 2 | −297,000 | |
| Accrued expenses | −920,000 | 2 | 517,000 | 2 | — | |
| Other liabilities | 0 | −100,000 | 0 | — | — | |
| Net cash used in operating activities | −14 | −16 | −10 | −8 | −5 | |
| Proceeds from issuance of convertible notes | 0 | 979,000 | 8 | 2 | 3 | |
| Payment of convertible notes | 0 | −700,000 | −400,000 | 0 | — | |
| Proceeds from issuance of shares, net of offering costs | 16 | 17 | 5 | 0 | — | |
| Proceeds from exercise of warrants | 2 | 853,000 | 592,000 | 0 | — | |
| Proceeds from pre-funded warrants | 6 | 4 | — | — | 6 | |
| Proceeds from issuance of notes payable | 767,000 | 713,000 | 800,000 | 2 | 0 | |
| Payment of notes payable | −834,000 | −5 | 0 | −63,000 | 0 | |
| Net cash provided by financing activities | 24 | 18 | 10 | 7 | 3 | |
| Net increase in cash | 10 | 2 | — | — | — | |
| Cash paid for interest | 0 | 553,000 | 1 | 6,000 | 0 | |
| Cash paid for income taxes | 3,000 | 3,000 | 0 | 1,000 | 0 | |
| Exercise of liability classified warrants | 0 | 3 | 0 | — | — | |
| Offering cost incurred but not paid | 0 | 45,000 | 0 | — | — | |
| Issuance of convertible note warrants | 0 | 586,000 | — | — | — |
Filings
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