SeaStar Medical Holding Corp. reported progress in Q3 2025 with increased adoption of its QUELIMMUNE therapy and positive early trial data for its NEUTRALIZE-AKI pivotal trial. The company also strengthened its balance sheet through equity offerings, positioning it for future operations and development.
Three new top-rated children's hospitals adopted QUELIMMUNE therapy.
positiveCommercial use of QUELIMMUNE therapy showed positive survival results in pediatric patients, with 76% surviving through 60 days and 71% through 90 days.
positiveFourth quarter QUELIMMUNE sales to date have already exceeded third quarter orders, indicating market traction.
positiveRaised $12.4 million through equity offerings and warrant exercises to strengthen the balance sheet and extend financial runway.
positiveInitiated the first clinical site for the NEUTRALIZE-CRS clinical trial for heart failure patients.
positiveNet loss for the nine months ended September 30, 2025, was $9.2 million, compared to $20.4 million in the prior year period, indicating continued operational losses.
negativeNet loss for the three months ended September 30, 2025, was $3.5 million, or $0.13 per share, compared to a net loss of $4.5 million, or $1.10 per share, for the same period in 2024, showing a reduction in loss but still significant.
negativeTotal operating expenses for the nine months ended September 30, 2025, were $9.9 million, a decrease from $13.1 million in the prior year, but still substantial relative to revenue.
negativeThe NEUTRALIZE-AKI pivotal trial enrollment target was adjusted from 200 to approximately 339 patients, extending the timeline for completion to near the end of 2026.
attentionInventory levels increased to $83 thousand from $0 in the prior period.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
QUELIMMUNE pediatric SCD therapy | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Made strong progress on multiple fronts which we believe position us well for our future growth.
Added three top-ranked children’s medical centers to our growing customer base, and also reported very impressive survival results for the use of the QUELIMMUNE therapy.
Extremely pleased to see very strong QUELIMMUNE sales, with orders to date already exceeding orders for the entire third quarter.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.