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SeaStar Medical Holding
(NASDAQ:ICU)
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Rating:46Neutral
Price Target:
$3.50
▲(12.18% Upside)
Action:Reiterated
Date:08/19/26
The score is held down primarily by weak financial performance driven by large ongoing losses and sustained cash burn, despite improving revenue and strong gross margins. Technical indicators also reflect soft momentum and price weakness versus key moving averages. The earnings call adds some support via clear commercial/regulatory progress and reiterated targets, but near-term cash runway, rising expenses, and trial execution pace remain key risks.
Positive Factors
High-growth revenue with strong gross margins
Rapid revenue growth and pharmaceutical-like gross margins indicate early product-market traction and attractive unit economics. If commercial adoption continues, the high-margin model could allow incremental revenue to contribute meaningfully toward future operating leverage.
Negative Factors
Large losses and persistent cash burn
Losses remain many times larger than revenue, and cash outflows closely track reported losses. Without materially faster revenue scaling or lower costs, the company may need additional financing, limiting financial flexibility and increasing execution pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
High-growth revenue with strong gross margins
Rapid revenue growth and pharmaceutical-like gross margins indicate early product-market traction and attractive unit economics. If commercial adoption continues, the high-margin model could allow incremental revenue to contribute meaningfully toward future operating leverage.
Read all positive factors
SeaStar Medical Holding (ICU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.01M
Dividend YieldN/A
Average Volume (3M)3.06M
Price to Earnings (P/E)―
Beta (1Y)1.74
Revenue Growth123.63%
EPS Growth83.96%
CountryUS
Employees18
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.91
Shares Outstanding4,406,841
10 Day Avg. Volume1,756,841
30 Day Avg. Volume3,057,972
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)4.78
Price to Sales (P/S)40.32
P/FCF Ratio-3.66
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-3.68
Revenue Forecast (FY)$1.95M
SeaStar Medical Holding Business Overview & Revenue Model
Company Description
SeaStar Medical Holding Corporation is a medical device company dedicated to providing innovative solutions and services designed to combat hyperinflammation and cytokine storm in critically ill individuals. The company specializes in developing a...
How the Company Makes Money
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SeaStar Medical Holding Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call presented meaningful commercial and clinical progress: strong year-over-year revenue growth (+82% Q2), expanded hospital adoption (20 of top 50 pediatric centers), important regulatory and reimbursement milestones (Breakthrough Designation, ICD-10-PCS code), and solid enrollment progress in the NEUTRALIZE-AKI pivotal trial (~65.8% enrolled). Offsetting these positives are materially higher operating expenses, a larger net loss in absolute dollars, a notable cash decline (−41.7% from year-end 2025) and an enrollment cadence that is slower than ideal — all of which create near-term execution and funding risks. On balance, the trajectory is encouraging commercially and clinically, but the company must manage cash runway and accelerate enrollment to realize the larger adult opportunity.Positive Updates
Strong Revenue Growth in Pediatric QUELIMMUNE
Q2 2026 net revenue of $615,000, an 82% increase versus Q2 2025 ($338,000). Six-month net revenue of $1.1M, momentum toward 2026 target of $2M. Gross profit margin maintained at over 90% for the quarter.
Negative Updates
Increased Operating Expenses
Q2 2026 operating expenses were $4.4M versus $2.1M in Q2 2025, an increase of ~109% year-over-year, driven primarily by added clinical sites, increased enrollment activity (R&D), and higher G&A (compensation, legal, SEC-related costs).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth in Pediatric QUELIMMUNE
Q2 2026 net revenue of $615,000, an 82% increase versus Q2 2025 ($338,000). Six-month net revenue of $1.1M, momentum toward 2026 target of $2M. Gross profit margin maintained at over 90% for the quarter.
Read all positive updates
Company Guidance
SeaStar reiterated clear near-term targets and timelines: commercial goals to grow QUELIMMUNE customers from 10 to 25 premier pediatric hospitals by year-end 2026 (20 already onboard), a 2026 net revenue target of $2.0M after reporting Q2 net revenue of $615K (up 82% YoY from ~$338K) and $1.1M for the first six months, and maintenance of >90% gross margins; clinical and regulatory guidance includes 223 of 339 patients enrolled in the NEUTRALIZE‑AKI pivotal trial (average recent monthly enrollment ~8–12 with plans to scale to ~15–20/month as sites activate), an enrichment CRP cutoff >3.5 mg/dL, expected enrollment completion around year‑end 2026 or Q1 2027, and a modular PMA submission targeted for late 2027 (breakthrough device designation in place); operational and liquidity context: Q2 operating expenses of $4.4M (vs $2.1M prior year), Q2 net loss ~$3.7M (~$0.91/share on ~4.1M shares), projected mid‑single‑digit sequential R&D increases for the rest of 2026, and $7M cash on hand as of 6/30/2026 (vs $12M at 12/31/2025); ICD‑10‑PCS billing codes effective 10/1/2026 and completion of the 50‑patient SAVE registry were also highlighted.SeaStar Medical Holding Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
48
Neutral
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.71M | 1.23M | 135.00K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.59M | 1.18M | 135.00K | 0.00 | 0.00 | 0.00 |
| EBITDA | -13.66M | -12.16M | -24.58M | -11.14M | -11.56M | -4.38M |
| Net Income | -13.63M | -12.15M | -24.83M | -26.23M | -12.19M | -4.60M |
Balance Sheet | ||||||
| Total Assets | 8.65M | 14.16M | 4.66M | 3.51M | 3.04M | 603.00K |
| Cash, Cash Equivalents and Short-Term Investments | 6.96M | 11.98M | 1.82M | 176.00K | 47.00K | 510.00K |
| Total Debt | 0.00 | 525.00K | 574.00K | 9.08M | 8.83M | 2.62M |
| Total Liabilities | 4.35M | 3.74M | 6.84M | 17.38M | 23.80M | 3.42M |
| Stockholders Equity | 4.30M | 10.42M | -2.18M | -13.87M | -20.76M | -2.82M |
Cash Flow | ||||||
| Free Cash Flow | -13.69M | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Operating Cash Flow | -13.69M | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 14.35M | 23.76M | 17.65M | 10.41M | 7.33M | 2.82M |
SeaStar Medical Holding Technical Analysis
Negative
3.12
Price Trends
3.68
Negative
3.80
Negative
3.31
Negative
Market Momentum
-0.13
Negative
40.09
Neutral
21.07
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 3.12 is below the 20-day moving average (MA) of 3.26, below the 50-day MA of 3.68, and below the 200-day MA of 3.31, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 40.09 is Neutral, neither overbought nor oversold. The STOCH value of 21.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICU.
SeaStar Medical Holding Risk Analysis
SeaStar Medical Holding disclosed 55 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% | |
46 Neutral | $14.01M | -0.80 | -146.29% | ― | 123.63% | 83.96% | |
46 Neutral | $85.36M | -1.08 | -238.41% | ― | ― | 37.29% | |
46 Neutral | $21.16M | -1.72 | -109.94% | ― | ― | 91.38% | |
43 Neutral | $15.68M | -1.10 | -101.90% | ― | -90.65% | 26.48% | |
42 Neutral | $4.43M | -0.01 | -198.50% | ― | ― | 99.41% |
* Healthcare Sector Average
ICU
SeaStar Medical Holding
3.12
-5.34
-63.12%
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SeaStar Medical Holding Corporate Events
Business Operations and StrategyExecutive/Board Changes
SeaStar Medical Launches Executive Retention Bonus Program
Positive
Jul 1, 2026
On June 25, 2026, SeaStar Medical Holding Corporation’s board compensation committee approved structured retention bonuses for executives Eric Schlorff and Kevin Chung, to be paid in three equal cash installments on July 1, 2026, November 1,...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SeaStar Medical Shareholders Approve Governance and Incentive Changes
Positive
Jun 17, 2026
SeaStar Medical Holding held its annual meeting of stockholders virtually on June 17, 2026, where shareholders elected John Neuman as a Class I director to serve until the 2029 annual meeting and ratified WithumSmith+Brown, P.C. as the independent...
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.