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SeaStar Medical Holding Corporation (ICU-1.53%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported net revenue of $135,000 for the year, marking the commencement of sales following FDA approval of its pediatric SCD product, QUELIMMUNE, in February 2024.
Research and development expenses increased to $9.1 million from $6.0 million in the previous year, primarily due to clinical trial activities for the Neutralize-AKI clinical trial.
General and administrative expenses rose slightly to $8.9 million from $8.2 million, driven by increased payroll costs and accounting-related expenses.
The company recorded a net loss of $24.8 million for the year, compared to a net loss of $26.2 million in 2023. This reduction in net loss was primarily due to a decrease in other expenses.
SeaStar Medical's cash position at the end of 2024 was $1.8 million, up from $176,000 at the end of 2023. However, the company expressed concerns about its ability to continue as a going concern without additional funding.
The company raised $17.7 million in financing activities during 2024, primarily through the issuance of common stock and convertible notes.
SeaStar Medical continues to focus on the development and commercialization of its SCD technology, with ongoing clinical trials and efforts to expand its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SeaStar Medical Holding Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.