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ICU

SeaStar Medical Holding Corporation

ICU

SeaStar Medical Holding Corporation • NASDAQ
$0.32 ▲ 4.01% (+0.01)
Market Cap $8.83 M
52w High $3.07
52w Low $0.29
Dividend Yield 0%
P/E -0.28
Volume 1.18M
Outstanding Shares 27.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $183K ▼ $3.748M ▲ $-3.472M ▼ -1.897K% ▼ $-0.13 ▼ $-3.465M ▼
Q2-2025 $338K ▲ $2.067M ▼ $-2.002M ▲ -592.308% ▲ $-0.11 ▲ $-1.993M ▲
Q1-2025 $293K ▲ $4.115M ▼ $-3.772M ▲ -1.287K% ▲ $-0.44 ▲ $-3.758M ▲
Q4-2024 $67K ▼ $4.834M ▲ $-4.419M ▲ -6.596K% ▼ $-0.9 ▲ $-4.672M ▼
Q3-2024 $68K $4.524M $-4.478M -6.585K% $-1.1 $-4.206M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.763M ▲ $15.53M ▲ $4.066M ▼ $11.464M ▲
Q2-2025 $6.302M ▲ $8.383M ▲ $5.042M ▼ $3.341M ▲
Q1-2025 $5.296M ▲ $7.597M ▲ $7.032M ▲ $565K ▲
Q4-2024 $1.819M ▼ $4.658M ▲ $6.841M ▲ $-2.183M ▼
Q3-2024 $2.082M $4.586M $6.638M $-2.052M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.472M ▼ $-3.844M ▼ $0 $11.305M ▲ $7.461M ▲ $-3.844M ▼
Q2-2025 $-2.002M ▲ $-3.007M ▼ $0 $4.013M ▼ $1.006M ▼ $-3.007M ▼
Q1-2025 $-3.772M ▲ $-2.654M ▲ $0 $6.131M ▲ $3.477M ▲ $-2.654M ▲
Q4-2024 $-4.419M ▲ $-4.693M ▲ $0 $4.43M ▼ $-263K ▼ $-4.693M ▲
Q3-2024 $-4.478M $-5.002M $0 $5.905M $902.999K $-5.002M

Five-Year Company Overview

Income Statement

Income Statement SeaStar Medical is still a pre‑revenue company: it has not yet generated meaningful product sales over the last several years. The income statement is driven almost entirely by research, clinical development, and corporate costs, which result in ongoing operating and net losses. While the absolute dollar losses appear modest, the very sharp swings in per‑share figures reflect heavy share count changes and the large reverse stock split, not a sudden collapse in the underlying business. Overall, the story here is simple: the company is spending to build and commercialize its technology, and that spending is not yet supported by revenue.

Balance Sheet

Balance Sheet Reported balance sheet figures are very thin and likely simplified, but they point to a historically fragile capital structure, with negative equity in some years and only minor debt. The pattern suggests that SeaStar has depended heavily on issuing equity and restructuring its share base rather than building up substantial asset reserves. The large reverse stock split in 2024 is another sign that the company has been managing listing and capital market constraints rather than operating from a position of financial strength. In practical terms, the balance sheet looks like that of an early‑stage biotech: light on hard assets, limited cash buffers in the data shown, and an ongoing need for external funding as the pipeline advances.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting a steady cash burn to fund R&D, clinical trials, and overhead. There is essentially no capital spending on physical assets, so almost all cash outflow is tied to people, trials, and regulatory work rather than equipment or facilities. Because there is no operating revenue yet, the company’s ability to keep going depends on raising fresh capital rather than generating internal cash. The cash‑flow profile is typical for a development‑stage biotech: manageable in size, but structurally negative until approvals and commercialization meaningfully ramp up.

Competitive Edge

Competitive Edge SeaStar’s competitive strength lies in being a first mover in a very specific and severe condition: pediatric acute kidney injury linked to sepsis, where its Quelimmune device holds a unique FDA humanitarian approval. The core SCD technology targets over‑active immune cells instead of simply filtering out inflammatory molecules, which sets it apart scientifically from many blood purification devices. Multiple breakthrough designations and a growing patent portfolio give it regulatory visibility and some protection against direct copycats. That said, it operates in a crowded critical‑care environment with established device players and other extracorporeal therapies, so real‑world adoption will depend on convincing intensive‑care teams and payers that the clinical benefit is meaningful and repeatable.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of SeaStar’s story. The SCD platform is a novel, cell‑directed way to rebalance the immune response, which could be applied to several inflammation‑driven conditions well beyond the first pediatric indication. The company is running or planning multiple trials in adult kidney injury, cardiac surgery‑related inflammation, cardiorenal and hepatorenal syndromes, and chronic kidney disease settings, showing an ambition to turn a single device concept into a broad platform. This strategy offers significant upside if the data are positive, but it also raises execution risk: each new indication must prove its value clinically, pass regulatory review, and win over hospital buyers. R&D spending will therefore need to remain elevated for years, with uncertain timing for any payoff.

Summary

SeaStar Medical is an early‑stage, pre‑revenue biotech/med‑tech company built around a single, differentiated platform for treating dangerous inflammation in critically ill patients. Financially, it runs with small but persistent losses, negative operating cash flow, a lean asset base, and a history of equity‑driven financing capped by a large reverse stock split, all of which point to continued funding dependence. Strategically, it has carved out a unique beachhead with its pediatric kidney indication and has a credible path to expand into much larger adult and multi‑organ markets if clinical results cooperate. The key trade‑off is clear: strong scientific differentiation, regulatory recognition, and a broad pipeline on one side, against concentrated product risk, commercialization uncertainty, and ongoing capital needs on the other. Outcomes will likely hinge on upcoming clinical data, real‑world uptake of Quelimmune, and the company’s ability to secure enough funding to see its pipeline through to maturity.

NEWS

November 20, 2025 · 9:52 AM UTC

SeaStar Medical to Present at Upcoming NobleCon21 Investor Conference

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November 20, 2025 · 8:30 AM UTC

ICU Medical to Participate at the Piper Sandler 37th Annual Healthcare Conference

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November 17, 2025 · 8:43 AM UTC

SeaStar Medical Announces Appointment of Michael Messinger as CFO

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November 13, 2025 · 4:05 PM UTC

SeaStar Medical Reports Third Quarter 2025 Financial Results and Provides Business Updates

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November 11, 2025 · 8:21 AM UTC

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