SeaStar Medical Holding (ICU) AI Stock Analysis

• Market Cap: $9.08M
• Dividend Yield: N/A
• Average Volume (3M): 3.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: 1195.59%
• EPS Growth: 87.66%
• Country: US
• Employees: 19
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.30
• Shares Outstanding: 3,800,000
• 10 Day Avg. Volume: 1,756,841
• 30 Day Avg. Volume: 3,057,972
• PEG Ratio: <0.01
• Price to Book (P/B): -3.33
• Price to Sales (P/S): 53.80
• P/FCF Ratio: -0.45
• Enterprise Value/Market Cap: -0.78
• Enterprise Value/Revenue: -8.09
• Enterprise Value/Gross Profit: -8.48
• Enterprise Value/Ebitda: 0.51
• 1Y Price Target: $1.00
• Price Target Upside: -56.52% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $2.50 ▲(8.70% Upside)

The score is held down primarily by weak financial fundamentals—large ongoing losses and significant cash burn despite early revenue traction—alongside a bearish technical setup with the stock below major moving averages. Offsetting factors include strong gross margins, a debt-free TTM balance sheet, positive earnings-call progress on revenue outlook and financing, and reduced delisting risk after regaining Nasdaq bid compliance.

Positive Factors

High Gross Margin

Sustained ~92% gross margin demonstrates strong unit economics for the therapy/disposable model. Durable high margins can support profitability as volumes scale, fund clinical/commercial investment per treatment, and create a structural competitive advantage vs lower-margin alternatives.

Debt-Free TTM Balance Sheet

A TTM balance sheet with no debt and ~ $11.5M equity materially reduces near-term insolvency risk and preserves strategic optionality. This structural liquidity buffer supports continued clinical enrollment and commercialization efforts without immediate refinancing pressure.

Clinical Efficacy & Early Traction

Compelling early clinical survival data plus early commercial revenue and a >$12M capital raise strengthen the long-term adoption case. Durable clinical efficacy supports payer/hospital uptake and, combined with fresh financing, improves likelihood of advancing pivotal programs and scaling sales.

Negative Factors

High Cash Burn

Persistent ~-$14M annual cash outflow implies ongoing financing needs until revenue scales substantially. Structurally high cash burn pressures the balance sheet, increases dilution risk from future funding, and constrains investment pace in commercialization and trials over the next several quarters.

Very Small, Variable Revenue Base

TTM revenue remains sub-million and quarter-to-quarter sales are inconsistent, indicating limited commercial penetration. Structurally weak and volatile top-line means fixed costs and R&D absorb most cash, delaying path to self-funding and increasing reliance on external capital for durable growth.

Increased Pivotal Trial Size

Raising the pivotal enrollment from 200 to 339 increases trial duration, complexity, and cost, adding regulatory and execution risk. This structural change delays potential label expansion and commercial scale, raising capital needs and extending time-to-revenue for broader indications.

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 therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses. It is developing products in various therapeutic areas, including pediatric and adult acute kidney injury on CRRT; cardiorenal syndrome in congestive heart failure with and without LVAD; myocardial stunning in end stage renal disease; and hepatorenal syndrome. The company is based in Denver, Colorado.

How the Company Makes Money

SeaStar Medical Holding makes money through the sale and licensing of its Selective Cytopheretic Device (SCD) to hospitals, healthcare providers, and potentially through partnerships with other medical technology companies. Revenue is primarily generated from the commercialization of its patented therapies targeting acute kidney injury and other inflammatory conditions. The company may also derive income from ongoing research and development collaborations and potential future expansions into additional therapeutic areas.

SeaStar Medical Holding Financial Statement Overview

Summary

Revenue is growing off a very small base (TTM ~$0.88M vs prior ~$0.14M) and gross margins are very high (~95%–100%), but the company remains deeply unprofitable (TTM EBIT ~-$13.9M) with substantial cash burn (TTM operating cash flow and free cash flow both ~-$14.2M). The TTM balance sheet is a relative strength with no debt and positive equity (~$11.5M), though historical periods showed stress and ongoing losses imply continued funding needs.

Income Statement

TTM (Trailing-Twelve-Months) revenue is still very small ($0.88M) but showed improvement versus the prior annual period ($0.14M) with positive growth. Gross margin is exceptionally high (about 95%–100%), which is a strength. However, the company remains deeply unprofitable with large operating losses (TTM EBIT of about -$13.9M) and a strongly negative net margin, indicating the cost structure is far ahead of the current revenue base.

Balance Sheet

The balance sheet looks cleaner in the TTM (Trailing-Twelve-Months) snapshot, with no debt reported and positive equity (~$11.5M), which reduces near-term financial risk. That said, the business is still generating large losses, reflected in very weak returns on equity in the TTM period. Prior annual periods show negative equity and debt on the balance sheet, highlighting historical balance-sheet stress and the need for continued capitalization as losses persist.

Cash Flow

Cash burn remains significant: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both about -$14.2M, and free cash flow declined versus the prior annual period. While cash outflow is slightly improved versus 2024 (less negative), the company is still far from self-funding operations, implying ongoing reliance on external financing until revenue scales materially.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	881.00K	135.00K	0.00	0.00	0.00	0.00
Gross Profit	840.00K	135.00K	0.00	0.00	0.00	0.00
EBITDA	-13.89M	-24.58M	-11.14M	-11.56M	-4.38M	0.00
Net Income	-13.66M	-24.83M	-26.23M	-12.19M	-4.60M	-3.28M
Balance Sheet
Total Assets	15.53M	4.66M	3.51M	3.04M	603.00K	2.91M
Cash, Cash Equivalents and Short-Term Investments	13.76M	1.82M	176.00K	47.00K	510.00K	2.81M
Total Debt	0.00	574.00K	9.08M	8.83M	2.62M	83.00K
Total Liabilities	4.07M	6.84M	17.38M	23.80M	3.42M	74.49M
Stockholders Equity	11.46M	-2.18M	-13.87M	-20.76M	-2.82M	-71.58M
Cash Flow
Free Cash Flow	-14.20M	-16.01M	-10.29M	-7.79M	-5.11M	-5.57M
Operating Cash Flow	-14.20M	-16.01M	-10.29M	-7.79M	-5.11M	-5.57M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	25.88M	17.65M	10.41M	7.33M	2.82M	4.89M

SeaStar Medical Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICU, the sentiment is Negative. The current price of 2.3 is below the 20-day moving average (MA) of 2.49, below the 50-day MA of 2.82, and below the 200-day MA of 7.09, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 24.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICU.

SeaStar Medical Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LSTA	52 Neutral	$40.40M	-2.18	-71.45%	―	―	15.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CING	47 Neutral	$44.01M	-1.08	-284.50%	―	―	93.84%
ICU	44 Neutral	$9.08M	-0.16	-290.37%	―	1195.59%	87.66%
APVO	43 Neutral	$7.82M	>-0.01	-256.30%	―	―	99.02%
ALLR	42 Neutral	$17.50M	-0.65	-122.61%	―	―	99.82%

SeaStar Medical Holding Corporate Events

SeaStar Medical Regains Nasdaq Minimum Bid Compliance

On January 20, 2026, SeaStar Medical Holding disclosed that it had received confirmation from Nasdaq’s Office of General Counsel that the company had regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The restored compliance removes the immediate risk of delisting tied to the bid-price deficiency, stabilizing the company’s listing status on Nasdaq and providing greater assurance to shareholders and other market participants about the continued trading of its stock on the exchange.

The most recent analyst rating on (ICU) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on SeaStar Medical Holding stock, see the ICU Stock Forecast page.

SeaStar Medical Shareholders Approve 1-for-10 Reverse Split

On December 18, 2025, SeaStar Medical Holding Corporation shareholders approved a 1-for-10 reverse stock split of the company’s common stock, with the measure previously authorized by the board and scheduled to take effect at 12:01 a.m. Eastern on January 2, 2026, when ICU shares will begin trading on a split-adjusted basis. The move will consolidate every 10 existing shares into one share without changing shareholder rights, eliminate fractional shares by rounding up, proportionally adjust outstanding options and warrants, and result in approximately 3.8 million shares outstanding, while a related proposal to reduce authorized common shares by 25 million to 425 million was also approved, signaling a capital structure tightening that may support the company’s Nasdaq listing compliance and capital markets positioning.

The most recent analyst rating on (ICU) stock is a Buy with a $1.00 price target. To see the full list of analyst forecasts on SeaStar Medical Holding stock, see the ICU Stock Forecast page.