SeaStar Medical Holding Corporation

SeaStar Medical Holding Corporation (ICU) reported FY 2025 net revenue of $1.23 million, a significant +814% YoY increase from $0.14 million in 2024, driven by initial commercialization of QUELIMMUNE pediatric SCD therapy following FDA HDE approval in February 2024, with first shipments in July 2024. Gross profit rose to $1.18 million (95.7% margin) from $0.14 million (100% margin), reflecting $0.05 million COGS. Operating loss improved to -$12.18 million from -$17.84 million, aided by R&D expense reduction to $7.52 million (-17%) and G&A to $5.84 million (-34%). Net loss narrowed to -$12.15 million (-51% YoY) from -$24.83 million, with EPS improving to -$5.86 from -$66.33. Balance sheet strengthened with cash at $12.0 million (up from $1.8 million), total assets $14.2 million, equity $10.4 million (from deficit -$2.2 million). Operating cash use was -$13.6 million, offset by $23.8 million financing inflows, yielding $10.2 million cash increase. Single-segment focus on SCD devices positions for adult AKI pivotal trial readout in 2027, amid going concern doubts and need for funding.

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