SeaStar Medical Reports $338,000 Revenue in Q2 2025, Sees Improvement in Losses

SeaStar Medical Holding Corporation reported its financial results for the second quarter of 2025, revealing a net revenue of $338,000 for the three months ended June 30, 2025, compared to no revenue in the same period last year. For the six months ended June 30, 2025, the company generated $631,000 in revenue, marking a significant milestone as it began commercial sales of its pediatric Selective Cytopheretic Device (SCD), QUELIMMUNE, following FDA approval in February 2024. The company reported a gross profit of $311,000 for the quarter and $604,000 for the half-year, reflecting the initial sales of QUELIMMUNE.

In terms of expenses, SeaStar's total operating expenses decreased to $2.1 million for the second quarter, down from $4.7 million in the prior year, primarily due to reduced research and development costs and general administrative expenses. The company reported a loss from operations of $1.8 million for the quarter, a notable improvement from a loss of $4.7 million in the same quarter of 2024. For the six-month period, the loss from operations was $5.6 million, down from $8.6 million in the previous year. The net loss for the second quarter was $2.0 million, compared to $3.2 million in the prior year, indicating a 39% reduction.

Operationally, SeaStar Medical has made strides in expanding its customer base, with six customer sites for QUELIMMUNE as of June 30, 2025. The company has also been actively involved in clinical trials for its adult SCD, which is currently in a pivotal trial phase. As of the end of June, SeaStar had a total of 18 employees and total assets of $8.4 million, up from $4.7 million at the end of 2024. The increase in assets was largely attributed to the capital raised through various equity offerings, including a public offering in June 2025 that generated approximately $4 million in gross proceeds.

Despite these developments, SeaStar Medical faces significant challenges, including an accumulated deficit of $145.3 million and ongoing concerns about its ability to continue as a going concern. The company reported cash reserves of $6.3 million as of June 30, 2025, which it believes may not be sufficient to fund operations for the next 12 months without additional capital. The company plans to seek further financing through equity or debt offerings, collaborations, or grants to support its ongoing research and development efforts and to ensure the successful commercialization of its products.

Looking ahead, SeaStar Medical remains focused on the successful launch of QUELIMMUNE and the development of its adult SCD. The company acknowledges that its ability to generate meaningful revenue will depend on the successful execution of its commercialization strategy and the outcomes of its clinical trials. The management has expressed optimism about the potential of its SCD technology to transform treatment options for patients with acute kidney injuries and other serious inflammatory conditions, while also recognizing the need for continued financial support to achieve its goals.