The significant revenue growth, strong gross margins, and progress in the pivotal adult AKI trial suggest SeaStar is gaining commercial traction. The anticipated $2M revenue in 2026 and modular PMA submission could catalyze investor interest. Monitor enrollment completion in NEUTRALIZE-AKI by end of 2026 and FDA feedback on PMA modules.
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Executive Summary
SeaStar Medical reported strong revenue growth for Q4 and full-year 2025, driven by expanded adoption of its QUELIMMUNE therapy in pediatric AKI, with net revenue reaching $1.23M for the year, up from $135K in 2024. The company also advanced its pivotal NEUTRALIZE-AKI trial for adult patients, surpassed 50% enrollment, and improved its cash position to $12M from $1.8M. Despite continued net losses, operating expenses declined significantly year-over-year.
Key Financial Metrics
Key Facts
- Net revenue for 2025 was $1.234 million, a 814% increase from $135,000 in 2024
- Q4 2025 revenue was $420,000, up from $67,000 in Q4 2024
- Gross margin exceeded 90% with cost of goods sold at $12,000 in Q4 2025
- Cash balance increased to $11.98 million as of December 31, 2025, from $1.82 million in 2024
- NEUTRALIZE-AKI pivotal trial for adult AKI is over 50% enrolled with 181 of 339 patients enrolled
- Company anticipates $2 million in net product revenue in 2026
- Net loss for 2025 was $12.15 million, down from $24.83 million in 2024
Financial Impact
Revenue grew from $135K to $1.234M (+814%) in 2025; operating expenses reduced by $4.6M year-over-year despite R&D investment; cash position increased by $10.16M primarily through financing
Risk Factors
- Company remains unprofitable with a $12.15M net loss in 2025
- Future revenue depends on clinical trial outcomes and regulatory approvals
- Heavy reliance on continued financing to fund operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3262565 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $3.19 $3.59 | ▼ −12.54% | ▼ −12.68% | $2.47 (+22.57%) |
May 6, 2026 24w ago | Press Release | $4.87 $4.84 | ▼ −0.62% | ▼ −1.75% | $2.47 (−49.28%) |
Mar 25, 2026 30w ago | Press Release | $2.79 $4.31 | ▲ +54.48% | ▲ +52.85% | $2.47 (−11.47%) |
Mar 18, 2026 31w ago | Press Release | $2.27 $2.79 | ▲ +22.91% | ▲ +25.12% | $2.47 (+8.81%) |
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