SeaStar Medical Holding (ICU)
NASDAQ:ICU
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SeaStar Medical Holding
(NASDAQ:ICU)
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Rating:47Neutral
Price Target:
$5.00
▲(117.39% Upside)
Action:ReiteratedDate:04/29/26
The score is held back primarily by weak financial performance—large net losses and sustained negative free cash flow despite improving revenue and strong gross margins. Technicals are neutral-to-slightly constructive with a positive MACD and price above key medium-term averages, while valuation remains constrained by unprofitability. The dismissal of the class action provides a modest positive offset by reducing legal uncertainty.
Positive Factors
Exceptionally high gross margins
SeaStar’s reported gross margins of roughly 96–100% indicate very strong unit economics for its SCD product line. Those margins imply that once fixed R&D and commercialization costs are covered, incremental sales can flow to the bottom line, supporting long‑term scalability and profitable operating leverage as adoption grows.
Negative Factors
Persistent negative free cash flow
SeaStar continues to burn cash heavily, with FCF roughly -$13.6M in 2025 and persistent negative operating cash flow. Ongoing cash burn requires external financing and risks dilution, constrains investment in commercialization and manufacturing scale, and limits runway absent material revenue growth or capital raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptionally high gross margins
SeaStar’s reported gross margins of roughly 96–100% indicate very strong unit economics for its SCD product line. Those margins imply that once fixed R&D and commercialization costs are covered, incremental sales can flow to the bottom line, supporting long‑term scalability and profitable operating leverage as adoption grows.
Read all positive factors
SeaStar Medical Holding (ICU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.45M
Dividend YieldN/A
Average Volume (3M)3.06M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth814.07%
EPS Growth89.12%
CountryUS
Employees19
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-7.60
Shares Outstanding3,993,719
10 Day Avg. Volume1,756,841
30 Day Avg. Volume3,057,972
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)4.78
Price to Sales (P/S)40.32
P/FCF Ratio-3.66
Enterprise Value/Market Cap0.11
Enterprise Value/Revenue1.72
Enterprise Value/Gross Profit1.80
Enterprise Value/Ebitda-0.17
Forecast
1Y Price Target
$6.00Price Target Upside160.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-2.93
Revenue Forecast (FY)$1.87M
SeaStar Medical Holding Business Overview & Revenue Model
Company Description
SeaStar Medical Holding Corporation, a medical device company, focuses on providing novel solutions and services to treat hyperinflammation and cytokine storm in critically ill patients. The company is developing and commercializing extracorporeal...
How the Company Makes Money
SeaStar Medical’s business model is centered on generating revenue from the commercialization of its device-based therapies, primarily the Selective Cytopheretic Device (SCD). The company’s potential revenue streams include (1) product sales of th...
SeaStar Medical Holding Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call showcased several positive developments, including impressive survival results from Quellimmune therapy, significant revenue growth, and a high gross profit margin. The expansion of clinical sites and a strengthened financial position further underline the company's potential. However, the variability in sales and the increased enrollment requirement for the pivotal trial pose challenges. Despite these, the overall sentiment is positive with a strategic focus on overcoming hurdles and continuing growth.Positive Updates
Impressive Survival Results for Quellimmune
Reported very impressive survival results for the use of Quellimmune therapy in 21 pediatric patients, with 76% surviving through 60 days and 71% through 90 days.
Negative Updates
Variable Quellimmune Sales
Sales continue to be variable quarter to quarter, with the requirement for a registry hampering the ability to add sites quickly.
Read all updates
Q3-2025 Updates
Positive
Negative
Impressive Survival Results for Quellimmune
Reported very impressive survival results for the use of Quellimmune therapy in 21 pediatric patients, with 76% surviving through 60 days and 71% through 90 days.
Read all positive updates
Company Guidance
During the SeaStar Medical Third Quarter Financial Results Conference Call for 2025, the company reported several key metrics indicating progress and future expectations. Net revenue for the third quarter was $183,000, reflecting a significant increase compared to $68,000 in the same period in 2024. The company anticipates full-year revenue for 2025 to exceed $1 million. SeaStar Medical achieved a gross profit margin of 92% for the quarter, comparable to branded pharmaceutical products. Enrollment in the neutralized AKI trial reached 146 out of a revised target of 339 patients, with plans to activate additional clinical sites to meet this goal by December 2026. Additionally, SeaStar Medical raised over $12 million to bolster its financial position. The company continues to focus on expanding its Quellimmune therapy to more pediatric hospital systems and is optimistic about capturing a significant portion of the estimated $100 million U.S. market.SeaStar Medical Holding Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
41
Neutral
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.23M | 135.00K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.18M | 135.00K | 0.00 | 0.00 | 0.00 |
| EBITDA | -12.18M | -24.58M | -11.14M | -11.56M | -4.38M |
| Net Income | -12.15M | -24.83M | -26.23M | -12.19M | -4.60M |
Balance Sheet | |||||
| Total Assets | 14.16M | 4.66M | 3.51M | 3.04M | 603.00K |
| Cash, Cash Equivalents and Short-Term Investments | 11.98M | 1.82M | 176.00K | 47.00K | 510.00K |
| Total Debt | 525.00K | 574.00K | 9.08M | 8.83M | 2.62M |
| Total Liabilities | 3.74M | 6.84M | 17.38M | 23.80M | 3.42M |
| Stockholders Equity | 10.42M | -2.18M | -13.87M | -20.76M | -2.82M |
Cash Flow | |||||
| Free Cash Flow | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Operating Cash Flow | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 23.76M | 17.65M | 10.41M | 7.33M | 2.82M |
SeaStar Medical Holding Technical Analysis
Positive
2.30
Price Trends
2.91
Positive
2.84
Positive
4.87
Negative
Market Momentum
0.39
Negative
62.26
Neutral
44.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICU, the sentiment is Positive. The current price of 2.3 is below the 20-day moving average (MA) of 3.53, below the 50-day MA of 2.91, and below the 200-day MA of 4.87, indicating a neutral trend. The MACD of 0.39 indicates Negative momentum. The RSI at 62.26 is Neutral, neither overbought nor oversold. The STOCH value of 44.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICU.
SeaStar Medical Holding Risk Analysis
SeaStar Medical Holding disclosed 57 risk factors in its most recent earnings report. SeaStar Medical Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SeaStar Medical Holding Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $23.41M | -1.15 | -112.05% | ― | ― | 99.89% | |
47 Neutral | $19.45M | -4.28 | -290.37% | ― | 814.07% | 89.12% | |
45 Neutral | $29.69M | -1.37 | -84.39% | ― | -83.00% | 20.34% | |
45 Neutral | $5.84M | >-0.01 | -389.34% | ― | ― | 98.91% | |
44 Neutral | $65.30M | -0.90 | -515.34% | ― | ― | 73.34% |
* Healthcare Sector Average
ICU
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4.87
-7.53
-60.73%
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SeaStar Medical Holding Corporate Events
Legal Proceedings
SeaStar Medical Securities Class Action Dismissed With Prejudice
Positive
Apr 28, 2026
On July 5, 2024, a purported stockholder filed a putative securities class action in the U.S. District Court for the District of Colorado against SeaStar Medical Holding Corporation, its CEO and former CFO, alleging material misstatements and omis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.