Revenue growth trajectory is positive but from a very small base. The key catalyst remains NEUTRALIZE-AKI trial completion (target end of 2026) and PMA submission for the much larger adult AKI market. Monitor cash runway — at current burn rate (~$2.8M/quarter operating cash flow), the $9.3M cash provides roughly 3 quarters of runway without additional financing.
Price Chart
Executive Summary
SeaStar Medical reported Q1 2026 net revenue of $495K, up 69% YoY from $293K, driven by QUELIMMUNE pediatric AKI product sales to 17 customer hospitals. Net loss narrowed to $3.5M ($0.90/share) from $3.8M ($4.38/share) in Q1 2025, with cash declining to $9.3M from $12.0M at year-end 2025. The company reiterated its 2026 revenue guidance of ~$2M and NEUTRALIZE-AKI trial enrollment target of completion around end of 2026.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $495K vs $293K YoY (+69%)
- Net loss $3.5M ($0.90/share) vs $3.8M ($4.38/share) YoY
- Cash $9.3M at March 31, 2026 vs $12.0M at December 31, 2025
- QUELIMMUNE customer base expanded to 17 top-rated children's hospitals
- NEUTRALIZE-AKI pivotal trial enrolled 198 of 339 patients (58%)
- Company anticipates ~$2M net product revenue in 2026
- Modular PMA submission initiated for adult AKI indication
Financial Impact
Revenue growth of 69% YoY to $495K, but still early-stage commercial ramp with cash burn of $2.8M in operating cash flow during Q1
Risk Factors
- Cash burn rate may require additional capital before NEUTRALIZE-AKI trial completion
- Adult AKI PMA approval is uncertain and could be delayed
- Commercial adoption of QUELIMMUNE remains early-stage with only $495K quarterly revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016726 |
| Document: icu20260408_8k.htm | 0001437749-26-016726 |
| Document: 0001437749-26-016726-index-headers.html | 0001437749-26-016726 |
| Document: 0001437749-26-016726-index.html | 0001437749-26-016726 |
| Document: 0001437749-26-016726.txt | 0001437749-26-016726 |
| 8-K Data (Synthetic) | 0001437749-26-016726 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 8-K | $0.0298 $0.0298 | · 0.00% | ▲ +0.86% | — |
May 7, 2026 24w ago | S-1/A | $0.0298 $0.0298 | · 0.00% | ▲ +3.14% | — |
May 6, 2026 24w ago | EFFECT | $0.0298 $0.0298 | · 0.00% | ▲ +2.78% | — |
US Market Status
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