Wed, Nov 13, 10:27 PM (123 days ago)
SeaStar Medical Holding Corporation (ICU) reported its Q3 2024 financial results, highlighting a modest revenue of $68,000 from its pediatric Selective Cytopheretic Device (SCD) following FDA approval in February 2024. The company incurred a net loss of $4.5 million for the quarter, an improvement from a $7.2 million loss in Q3 2023, attributed to increased operational efficiency despite operating expenses rising 54% to $4.5 million. The firm continues to face significant challenges, with an accumulated deficit of $135.1 million as of September 30, 2024, and cash reserves of $2.1 million, raising concerns about its ability to sustain operations over the next 12 months. The company is actively seeking additional funding and has initiated commercial sales of its pediatric SCD while developing its adult SCD, currently in clinical trials. Key risks include reliance on third-party suppliers for manufacturing components, potential delays in clinical trials, and uncertainties surrounding future capital raises. The recent termination of a distribution agreement with Nuwellis and subsequent settlement of $900,000 further complicate its operational landscape. Overall, while there are signs of progress in commercialization, significant financial and operational hurdles remain.