SeaStar Medical Holding CorpICU

SeaStar Medical is a clinical-stage medical-technology company chasing the cytokine-storm market with a pipeline of extracorporeal immunomodulation devices, led by QUELIMMUNE (SCD-PED), which received FDA clearance in 2024 for paediatric acute kidney-injury cases. The company’s public materials position its technology as a first-in-class disruption in critical care, with additional FDA Breakthrough Device Designations covering paediatric acute kidney injury and acute-on-chronic liver failure, giving the impression of a product portfolio on rapid regulatory fast-tracks.

The reality, as filed with the SEC on 31 March 2026, is a company that booked $495,000 of revenue from customers in the quarter while burning $3.5 million in net income losses and $2.8 million in operating cash. Total assets stood at $11.3 million against $3.9 million of liabilities, leaving $7.3 million of shareholders’ equity and a liquidity picture that looks less like a blockbuster launch and more like a cautious start-up still calibrating burn against runway. The firm’s inventory sat at just $57,000, down $9,000 from the prior quarter, a figure small enough to suggest either disciplined inventory management or evidence that commercial traction has yet to translate into shelf-ready product flow.

Filings show the company spent $2.3 million on research and development in the quarter, while diluted earnings per share clocked in at -$0.18 on 11.3 million diluted shares. The filings do not disclose any revenue segmentation, nor do they provide forward-looking guidance. Commercial progress for QUELIMMUNE is framed on the company’s product pages as a first-in-class medical device for paediatric acute kidney injury, but the 10-Q does not quantify units shipped, hospital contracts, or payer reimbursement milestones. The Breakthrough Device designations are regulatory achievements, not revenue achievements, and until the company files a Form 10-K or a subsequent 10-Q that discloses paid procedures or installed base metrics, the source requires readers to treat the pipeline as a potential pipeline rather than an operating business.

SeaStar’s most recent SEC document is an S-8 registration statement filed on 21 July 2026, a routine shelf-offering used to register shares for future issuance under its 2022 Omnibus Incentive Plan; the filing does not signal a near-term capital raise but does underscore that equity incentives remain central to the company’s compensation architecture. The firm’s investor-facing language stresses ‘disruptive thinking’ and ‘evidence-based solutions,’ yet the hard numbers-negative operating cash flow, sub-half-million revenue, and minimal inventory-paint a picture of a company still in the clinical-validation-to-commercial-launch gap, where science is ahead of sales and burn is ahead of break-even.

The company’s product pages and press materials highlight the regulatory milestones and patient promise, but the evidence that matters-revenue, cash, inventory, and operating loss-remains thin. Until the next 10-Q or investor update quantifies real-world usage, payer coverage, or hardware shipments, the gap between platform promise and balance-sheet reality remains the only metric that is unambiguously large.

The SEC filings for SeaStar Medical Holding Corp are publicly accessible via the SEC EDGAR index for CIK 1831868, and the latest 10-Q for the quarter ended 31 March 2026 is the primary source for revenue, loss, cash, and equity figures cited above. The S-8 filed on 21 July 2026 and the company’s product pages corroborate the regulatory and commercial narrative but do not alter the hard financial facts.

For readers seeking a chart route, the SEC filings and company facts JSON do not provide trading levels or volume data; those would require market-data sources beyond the evidence rail supplied here.