SeaStar Medical Holding Corporation reported its financial results for the first quarter of 2025, revealing a net revenue of $293,000, a significant increase from zero revenue in the same period last year. The company attributed this growth to the commencement of commercial sales of its pediatric Selective Cytopheretic Device (SCD), QUELIMMUNE, which received FDA approval under a Humanitarian Device Exemption in February 2024. Despite this revenue generation, SeaStar recorded a net loss of $3.8 million for the quarter, a notable improvement compared to a net loss of $12.7 million in the first quarter of 2024.
The company's total assets increased to $7.6 million as of March 31, 2025, up from $4.7 million at the end of 2024. This growth was primarily driven by an increase in cash reserves, which rose to $5.3 million from $1.8 million, reflecting successful financing activities, including a registered direct offering that generated approximately $6 million in gross proceeds. SeaStar's operating expenses for the quarter totaled $4.1 million, slightly higher than the $3.95 million reported in the previous year, with research and development expenses rising by 43% to $2.4 million due to increased clinical trial activities.
Operationally, SeaStar has expanded its customer base to five sites for QUELIMMUNE as of March 31, 2025. The company is also actively conducting a pivotal clinical trial for its adult SCD, which is expected to further enhance its market presence. The total employee count stood at 19, reflecting the company's focus on building its operational capabilities to support product development and commercialization efforts.
Looking ahead, SeaStar expressed concerns regarding its liquidity, indicating that its current cash reserves may not be sufficient to fund operations for the next 12 months. The company plans to seek additional capital through equity or debt financing, collaborations, or grants to support ongoing clinical trials and operational expenses. The management emphasized that the ability to generate meaningful revenue from QUELIMMUNE and the successful development of the adult SCD will be critical for the company's future financial stability and growth.
About SeaStar Medical Holding Corp
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