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ICUCW

SeaStar Medical Holding Corporation

ICUCW

SeaStar Medical Holding Corporation • NASDAQ
$0.01 ▲ 11.11% (+0.00)
Market Cap $6.78 M
52w High $0.04
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 25.16K
Outstanding Shares 484.61M

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. The financials show no meaningful sales yet, so all activity flows through as development and overhead costs. As a result, the company has been posting steady operating and net losses year after year. The losses themselves appear relatively small in absolute terms but are persistent, which is typical for an early-stage biotech / med‑device business focused on clinical trials rather than commercial scale. Earnings per share look very volatile and deeply negative, which is more a reflection of SPAC-related capital structure changes and a small equity base than a sign of massive underlying cash burn. Overall, the income statement tells the story of a company still firmly in the investment and validation phase, with profitability entirely dependent on successful commercialization of its technology in the future.

Balance Sheet

Balance Sheet The reported balance sheet is extremely lean and, in this summary, largely shows minimal assets and cash, small amounts of debt, and equity that has dipped into negative territory at times. Negative or near-zero equity suggests that accumulated losses have overtaken the capital invested so far, which is a sign of financial fragility. Debt appears modest, which reduces financial leverage risk, but also underscores that the company probably relies mainly on new equity or similar instruments to fund operations. Given the unusual, near-zero values reported, it’s likely that this dataset is highly simplified or incomplete, so caution is warranted when interpreting balance sheet strength. Conceptually, though, this looks like a small, development-stage company with a thin financial cushion and a high dependence on ongoing external funding.

Cash Flow

Cash Flow Cash flow patterns match the development story: the company consistently spends cash on operations and generates none from sales. Operating and free cash flow have been negative every year, reflecting clinical development, regulatory work, and overhead. There is no meaningful capital spending on physical assets, which is typical for a device company that can often outsource manufacturing or is still pre‑scale. The implication is that SeaStar’s survival and progress are closely tied to its ability to raise fresh capital periodically, whether via equity, warrants, grants, or partnerships. Without new funding, the recurring operating cash outflows would quickly become a constraint. Runway and financing plans are therefore key issues to monitor, even though they are not fully visible in this simplified data.

Competitive Edge

Competitive Edge SeaStar’s competitive position is built around a focused, differentiated technology rather than current commercial scale. Its Selective Cytopheretic Device takes a targeted, cell-directed approach to calming dangerous inflammation, which sets it apart from more generic blood-filtering approaches. The technology appears well protected by patents, giving the company legal barriers against direct copycats. Multiple FDA Breakthrough Device Designations add another layer of advantage: they can speed development, facilitate dialogue with regulators, and eventually support reimbursement discussions. The first product, QUELIMMUNE, has a foothold in a very rare pediatric condition where there is little direct competition, giving SeaStar a first-mover role in that niche. However, the company is still early in commercialization, focused on a narrow initial market, and must prove its value to hospitals and intensivists. Larger device and biotech players could eventually target the same inflammatory pathways or adjacent indications. So the moat today is promising—built on IP, regulatory status, and unique mechanism—but still needs to be converted into broad clinical adoption and commercial scale.

Innovation and R&D

Innovation and R&D Innovation is the core strength of SeaStar Medical. The company is advancing a first‑in‑class platform, the SCD, that aims to modulate the immune system in a precise way rather than simply filtering blood indiscriminately. This “cell-directed” immunomodulation, if consistently validated, could represent a meaningful clinical advance in managing hyperinflammatory states like septic acute kidney injury. The device is designed to plug into equipment that ICUs already use, which reduces practical barriers to adoption. On the R&D front, SeaStar is not just pursuing one indication; it is building a pipeline around the same technology, spanning pediatric and adult acute kidney injury, cardiorenal and hepatorenal syndromes, chronic dialysis patients, cardiac surgery patients, and even severe burn and sepsis scenarios. The multiple Breakthrough Device Designations and a Department of Defense–backed project highlight external recognition of the platform’s potential. The central uncertainty is execution: the company must run rigorous pivotal trials, generate clear outcome benefits, and scale manufacturing and support without overstretching its limited resources. But from an innovation and R&D standpoint, SeaStar is clearly ambitious and science‑driven, with a broad and coherent roadmap centered on a single, versatile technology.

Summary

SeaStar Medical is an early-stage, innovation-led medical device company in critical care, not yet a commercial-scale business. The financials show a familiar pattern for such firms: no revenue so far, recurring but modest operating losses, negative operating cash flow, and a thin equity base that makes the company highly dependent on fresh funding. There is little balance‑sheet debt, which reduces financial strain, but also means that future progress likely hinges on equity raises, grants, or partnerships. Where the story is strongest is on the technology and pipeline side. The Selective Cytopheretic Device offers a novel, targeted way to address life‑threatening hyperinflammation and has already achieved a rare pediatric approval and several FDA Breakthrough Device Designations across multiple indications. The platform is designed to fit into existing ICU workflows, and the company is actively advancing pivotal and feasibility studies in both kidney-related and broader inflammatory conditions. This creates a wide opportunity set, but also concentrates risk: SeaStar’s fortunes largely rest on one core technology and the clinical, regulatory, and commercial proof it can deliver. Overall, ICUCW represents a small, financially delicate but scientifically ambitious player in the biotech/med‑device space. The key things to watch are its ability to: (1) generate convincing clinical evidence in adult and additional indications, (2) translate regulatory advantages into hospital adoption and reimbursement, and (3) secure sufficient, non‑disruptive financing to carry the platform through to broader commercialization.