SeaStar Medical Holding Corporation
ICU evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ICU—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ICU
SeaStar Medical Holding Corporation (ICU) is a medical device company developing selective cytopheretic devices (SCDs) for inflammatory and immune-mediated diseases, with one product (pediatric SCD) commercialized and an adult SCD in clinical development. The company faces ongoing financial challenges, including recurring losses and a going concern qualification, while seeking additional funding to support operations and clinical trials.
Key risk: Going concern uncertainty
BioSniper Score
Based on 4 of 6 signals
Market Cap
$13.6M
Cash Runway
—
Lead Asset
quelimmune (Approved)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 3 clinical trials for SeaStar Medical Holding Corporation.
SeaStar Medical Holding Corporation (ICU) is a medical device company developing selective cytopheretic devices (SCDs) for inflammatory and immune-mediated diseases, with one product (pediatric SCD) commercialized and an adult SCD in clinical development. The company faces ongoing financial challenges, including recurring losses and a going concern qualification, while seeking additional funding to support operations and clinical trials.
- As of June 30, 2026, SeaStar Medical had cash of $7.0 million, down from $12.0 million at December 31, 2025 [sec_mda · as of 2026-08-12].
- Latest reported financials (as of 2026-06-30) show total revenue of $0.6M, net loss of -$3.7M, shareholders' equity of $10.4M, and total debt of $0.1M [sec].
- The company has a pediatric SCD that is commercialized and an adult SCD in clinical development seeking FDA approval [sec_mda · as of 2026-03-25].
- SeaStar Medical has a going concern qualification, with recurring losses and a need for capital to fund operations and clinical trials [sec_mda · as of 2026-08-12].
- Future funding requirements depend on capital market conditions, clinical trial progress, and ability to secure new funding sources [sec_mda · as of 2026-03-25].
What works
- The company has a commercialized pediatric SCD product, providing a revenue stream ($0.6M as of 2026-06-30) [sec].
- SeaStar Medical is advancing an adult SCD through clinical development, targeting a larger market opportunity [sec_mda · as of 2026-03-25].
- The company has raised capital through equity offerings and an 'At-the-Market' program, demonstrating some access to funding [sec_mda · as of 2025-03-27].
What to weigh
- The company has recurring net losses and a working capital deficiency, with a going concern qualification in its financial statements [sec_mda · as of 2026-08-12].
- Cash reserves have been declining, from $12.0 million at December 31, 2025 to $7.0 million at June 30, 2026 [sec_mda · as of 2026-08-12].
- SeaStar Medical will need additional funding to continue clinical development and commercialization, with no guarantee of securing it [sec_mda · as of 2026-03-25].
- The company's future depends on regulatory approval for the adult SCD, which is uncertain and subject to clinical trial results [sec_mda · as of 2026-03-25].
From the filings
Quoted directly from source documents.
Cash position as of June 30, 2026
“As of June 30, 2026 and December 31, 2025, we had cash of $7.0 million and $12.0 million, respectively.”
SEC MD&A · August 12, 2026
Going concern qualification
“Our unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should we be unable to continue as a going concern.”
SEC MD&A · August 12, 2026
Need for additional funding
“We will need additional funding in connection with these activities.”
SEC MD&A · March 25, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Recurring losses and working capital deficiency raise substantial doubt about ability to continue as a going concern [sec_mda · as of 2026-08-12].
- Cash burn and funding needs — Cash declined from $12.0M to $7.0M in six months; additional funding required for operations and trials [sec_mda · as of 2026-08-12].
- Regulatory approval risk — Adult SCD requires FDA approval; failure to obtain would materially affect future revenue [sec_mda · as of 2026-03-25].
- Dependence on capital markets — Future funding depends on capital market conditions and ability to secure new sources [sec_mda · as of 2026-03-25].
What to watch
- Progress and results of the adult SCD clinical trial, which will influence FDA approval prospects [sec_mda · as of 2026-03-25].
- Ability to raise additional capital through equity offerings or other funding sources [sec_mda · as of 2026-03-25].
- Cash burn rate and whether the company can extend its runway beyond current reserves [sec_mda · as of 2026-08-12].
- Commercial traction of the pediatric SCD product and its contribution to revenue [sec].
Sources: SEC MD&A · Generated August 23, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.01
Lead: Approved
2 candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
14
Total value held
$588K
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 57,582 | $214K |
| geode capital management, llc | 55,642 | $207K |
| jane street group, llc | 27,960 | $104K |
| vanguard fiduciary trust co | 13,692 | $51K |
| pnc financial services group, inc. | 1,748 | $7K |
| blackrock, inc. | 913 | $3K |
| osaic holdings, inc. | 230 | $854 |
| vanguard global advisers, llc | 165 | $614 |
| td waterhouse canada inc. | 22 | $78 |
| morgan stanley | 20 | $74 |
Showing top 10 of 14 institutional holders of SeaStar Medical Holding Corporation. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 5.5%
- Days to cover
- 1.0
- Shares short
- 217,777
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ICU short interestGovernance
Frequently asked questions
What is the AI investment thesis for SeaStar Medical Holding Corporation?
SeaStar Medical Holding Corporation (ICU) is a medical device company developing selective cytopheretic devices (SCDs) for inflammatory and immune-mediated diseases, with one product (pediatric SCD) commercialized and an adult SCD in clinical development. The company faces ongoing financial challenges, including recurring losses and a going concern qualification, while seeking additional funding to support operations and clinical trials.
What is SeaStar Medical Holding Corporation's lead drug candidate?
SeaStar Medical Holding Corporation's most advanced tracked candidate is quelimmune (Approved) for Pediatric patients with acute kidney injury (AKI) due to sepsis or a septic condition requiring kidney replacement therapy.
Who is the CEO of SeaStar Medical Holding Corporation?
Mr. Eric Schlorff is the chief executive officer of SeaStar Medical Holding Corporation (ICU).
Where is SeaStar Medical Holding Corporation headquartered?
SeaStar Medical Holding Corporation (ICU) is headquartered in Denver, CO, United States.
What therapeutic areas does SeaStar Medical Holding Corporation focus on?
SeaStar Medical Holding Corporation develops therapies across Oncology, Cardiovascular, Infectious Disease, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.