Seastar Medical Holding Corporation ( (ICU) ) has released its Q4 earnings. Here is a breakdown of the information Seastar Medical Holding Corporation presented to its investors.
SeaStar Medical Holding Corporation is a commercial-stage healthcare company specializing in innovative treatments for critically ill patients, particularly those with organ failure. The company operates in the healthcare sector and is known for its Selective Cytopheretic Device (SCD) therapy and QUELIMMUNE product, which target acute kidney injury (AKI) and other inflammatory conditions.
In its latest earnings report, SeaStar Medical announced financial results for the fourth quarter and full year of 2024, highlighting significant achievements such as the FDA approval of its QUELIMMUNE therapy for pediatric patients with AKI and the expansion of clinical trials for its SCD therapy. The company also secured additional capital and received recognition from the National Kidney Foundation for its contributions to pediatric AKI treatment.
Key financial metrics revealed that SeaStar Medical generated net revenue of $0.1 million in 2024, marking its first revenue generation following the commercial launch of QUELIMMUNE. Research and development expenses increased to $9.1 million, driven by clinical trial activities, while general and administrative expenses rose to $8.9 million due to expanded operations. The net loss for 2024 was $24.8 million, a slight improvement from the previous year’s loss of $26.2 million.
Strategically, SeaStar Medical made strides in its NEUTRALIZE AKI pivotal trial, enrolling 94 patients and activating additional trial sites. The company also received a $3.6 million NIH grant for further clinical trials and expanded its intellectual property portfolio with new patents. These developments position SeaStar Medical for potential growth and increased market presence in 2025.
Looking ahead, SeaStar Medical’s management remains optimistic about the company’s trajectory, focusing on expanding its customer base for QUELIMMUNE and advancing its clinical trials. The company aims to continue leveraging its breakthrough designations to expedite regulatory processes and enhance its financial performance.