Tue, May 14, 8:13 PM (73 days ago)
SeaStar Medical Holding Corporation's 10-Q for the quarter ended March 31, 2024, highlights significant financial changes and ongoing challenges. Key points include: 1. **Financial Position**: The company reported a net loss of $12.7 million, an increase from $7.1 million in the same period last year, driven by higher other expenses and losses on convertible notes and warrants. 2. **Revenue**: No revenue was generated as the company is still in the pre-revenue stage, focusing on product development and regulatory approvals. 3. **Operating Expenses**: Operating expenses decreased by 14% to $3.95 million, primarily due to reduced general and administrative costs. 4. **Cash Flow**: Net cash used in operating activities was $3.5 million, while financing activities provided $8.3 million, resulting in a cash balance of $5.0 million at the end of the quarter. 5. **Going Concern**: The report raises substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient cash reserves. 6. **Future Funding**: The company anticipates needing additional capital to fund operations, including clinical trials and potential commercialization efforts. These points indicate ongoing financial strain and the critical need for additional funding to sustain operations and achieve future growth.