SeaStar Medical Holding Corporation
- Open
- 3.27
- Day high
- 3.29
- Day low
- 3.12
- Prev close
- 3.19
- Volume
- 13K
- Mkt cap
- $14M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.3
- P/S
- 8.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $2K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
SeaStar Medical Holding Corporation (ICU) is a Healthcare company listed on NASDAQ. The stock is down 64% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering ICU.
SeaStar Medical Holding Corporation (ICU) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $-0.97 | $-0.91 | +6.2% | $615000 | +26.4% |
| May 13, 2026 | $-0.73 | $-0.90 | -23.3% | $495000 | +13.1% |
| Mar 25, 2026 | $-0.97 | $-0.80 | +17.5% | $420000 | +88.8% |
| Nov 13, 2025 | $-1.50 | $-1.30 | +13.3% | $183000 | -26.8% |
| Aug 13, 2025 | $-0.43 | $-0.18 | +58.1% | $338000 | +38.0% |
| Mar 27, 2025 | $-0.89 | $-0.90 | -1.1% | $67000 | -55.3% |
| Mar 13, 2024 | $-0.13 | $-0.22 | -69.2% | — | — |
| Nov 14, 2023 | $-0.25 | $-3.00 | -1100.0% | — | — |
| Aug 14, 2023 | $-0.25 | $-6.25 | -2400.0% | — | — |
| May 15, 2023 | $-5.00 | $-10.00 | -100.0% | — | — |
| Sep 30, 2022 | — | $-36.29 | — | — | — |
| Mar 31, 2022 | — | $-19.26 | — | — | — |
ICU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Messinger Michaelofficer: Chief Financial Officer | Buy | 750 | $3.27 |
| Jul 2, 2026 | Baird Jennifer Adirector | Grant | 4,000 | — |
| Jul 2, 2026 | Van Heel Kennethdirector | Grant | 4,000 | — |
| Jul 2, 2026 | Neuman Johndirector | Grant | 4,000 | — |
| Jul 2, 2026 | Vincent Bernadette Ndirector | Grant | 4,000 | — |
| Jul 2, 2026 | Schlorff Ericofficer: Chief Executive Officer | Grant | 10,288 | — |
| Jul 2, 2026 | Chung Kevinofficer: Chief Medical Officer | Grant | 7,202 | — |
| Feb 10, 2026 | Van Heel Kennethdirector | Grant | 3,000 | — |
| Feb 10, 2026 | Vincent Bernadette Ndirector | Grant | 3,000 | — |
| Feb 10, 2026 | Neuman Johndirector | Grant | 3,000 | — |
| Feb 10, 2026 | Baird Jennifer Adirector | Grant | 3,000 | — |
| Feb 10, 2026 | Towne Bradford Kofficer: Principal Accounting Officer | Grant | 7,500 | — |
| Feb 10, 2026 | Chung Kevinofficer: Chief Medical Officer | Grant | 15,000 | — |
| Feb 10, 2026 | Schlorff Ericofficer: Chief Executive Officer | Grant | 30,000 | — |
| Dec 22, 2025 | Baird Jennifer Adirector | Buy | 4,200 | $0.24 |
Source: ICU SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full ICU insider & 13F page →SeaStar Medical Holding Corporation company profile
Overview
SeaStar Medical Holding Corporation (NASDAQ:ICU) is a Denver-based medical device company that went public in March 2021. The company specializes in developing extracorporeal therapies designed to treat hyperinflammation and cytokine storm in critically ill patients. SeaStar focuses on targeting the cellular mechanisms that drive systemic inflammation, which can cause direct tissue damage and trigger cascading immune responses that worsen patient outcomes in intensive care settings.
Business
SeaStar Medical operates in the specialized medical device sector, specifically developing extracorporeal therapies for critically ill patients experiencing hyperinflammation. Extracorporeal therapy refers to medical treatments that occur outside the body, where blood is removed, processed through a device, and returned to the patient. The company's flagship product is QUELIMMUNE Therapy, which targets effector cells that drive systemic inflammation. When patients become critically ill, their immune systems can become overactive, creating a "cytokine storm" where inflammatory proteins flood the bloodstream and cause widespread tissue damage. This hyperinflammatory response is particularly dangerous in conditions like acute kidney injury, where it can worsen outcomes and prolong recovery. SeaStar's technology works by removing these inflammatory cells from the patient's blood circulation using specialized filtration devices. The company is developing treatments across several therapeutic areas including pediatric and adult acute kidney injury requiring continuous renal replacement therapy (CRRT), cardiorenal syndrome in heart failure patients, myocardial stunning in end-stage renal disease, and hepatorenal syndrome affecting liver patients. The company currently generates revenue primarily from its pediatric acute kidney injury indication, which has received regulatory approval for commercial use. The adult acute kidney injury market represents a significantly larger opportunity that the company is pursuing through clinical trials.
Revenue model
SeaStar Medical generates revenue through direct sales of its QUELIMMUNE Therapy devices and consumables to hospitals treating critically ill patients. The company operates on a product sales model where hospitals purchase the therapy systems and associated supplies needed for each patient treatment. Currently, the company has six active pediatric hospital customers using QUELIMMUNE Therapy for treating acute kidney injury in children. The pediatric market is estimated at approximately $100 million annually, while the much larger adult acute kidney injury market represents a $4.5 billion opportunity that SeaStar is targeting through its ongoing NEUTRALIZE-AKI clinical trial. The company's revenue model faces several factors that could impact profitability. Positive factors include the critical nature of the treatments, which creates less price sensitivity among hospital customers, and the potential for recurring consumable sales once devices are installed. The specialized nature of intensive care treatments also provides some protection from generic competition. However, several challenges affect margins. The company operates in a highly regulated environment requiring expensive clinical trials and regulatory approvals. Hospital sales cycles are typically long and complex, requiring extensive clinical evidence and economic justification. The initial commercial launch phase is characterized by "lumpy" sales patterns as hospitals gradually adopt new technologies. Additionally, the company must invest heavily in manufacturing capabilities, clinical studies, and regulatory processes before achieving meaningful revenue scale.
Competitive moat
SeaStar Medical's competitive moat appears relatively narrow at this stage of development. The company's primary advantages stem from its specialized focus on hyperinflammation treatment and its early regulatory approvals in pediatric acute kidney injury. The company has received breakthrough device designations from the FDA for five different indications, suggesting regulatory recognition of the technology's potential value. The company's Selective Cytopheretic Device (SCD) therapy platform is described as "disease-agnostic," meaning it can potentially treat multiple conditions involving hyperinflammation. This could provide some competitive advantage by allowing the company to leverage one core technology across multiple therapeutic areas rather than developing separate solutions for each indication. However, the moat faces significant challenges. The medical device industry attracts well-funded competitors, and larger companies with greater resources could develop competing technologies. The company's intellectual property position, while not detailed in available information, would be crucial for maintaining competitive advantages. Additionally, hospitals often prefer working with established medical device companies that can provide comprehensive support and proven track records. The regulatory approval process creates some barriers to entry, but these same barriers also limit SeaStar's own growth potential. The company's small size and limited financial resources compared to major medical device manufacturers represent significant competitive disadvantages in terms of research and development capabilities, manufacturing scale, and sales force reach.
Risks & safety
SeaStar Medical presents significant financial risks with a narrow margin of safety for investors. • **Cash Position**: $5.3 million in cash as of Q1 2025, representing a critical liquidity situation given the company's high burn rate • **Cash Burn**: Operating cash flow of -$2.7 million in Q1 2025 alone, suggesting the current cash position may last only 2-3 quarters without additional funding • **Debt and Solvency**: Current ratio of 0.96 indicates the company's current liabilities nearly exceed current assets, creating near-term solvency concerns • **Valuation Metrics**: Trading at 25x book value despite negative earnings, indicating high valuation risk if execution falters • **Revenue Scale**: Only $293,000 in Q1 2025 revenue against $3.8 million in losses, showing the company is still in very early commercialization stages The company will likely require additional financing soon to continue operations and complete its clinical trials, which could result in significant dilution for existing shareholders.
Recent development
Over the past few years, SeaStar Medical has made significant progress transitioning from a pure development-stage company to early commercialization. The company successfully launched QUELIMMUNE Therapy for pediatric acute kidney injury and has expanded to six active hospital customers, representing a four-fold increase in Q1 2025 revenue compared to the previous quarter. The company's primary strategic focus has been advancing its NEUTRALIZE-AKI clinical trial for adult acute kidney injury treatment. This pivotal trial has reached 50% enrollment with 100 out of 200 planned patients enrolled across 15 activated sites. The company expects an interim analysis by the Data Safety Monitoring Board in Q3 2025 and is targeting FDA PMA (Premarket Approval) filing in 2026. SeaStar has also pursued a strategy of expanding its regulatory pathway through multiple breakthrough device designations. The company has received FDA breakthrough device status for five additional indications beyond its current pediatric approval, positioning it to potentially address a broader range of hyperinflammatory conditions using its core SCD therapy platform. The commercial strategy has focused on penetrating the top 50 pediatric hospitals in the United States, with management reporting that 70% of approached facilities have expressed interest in adopting the therapy. This suggests strong clinical interest, though the company acknowledges that sales will remain "lumpy" during the initial launch phase as hospitals work through institutional review processes and adoption procedures.
ICU company profile · for informational purposes only — not investment advice.
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