SeaStar Medical Holding Corporation reported its financial results for the three and nine months ended September 30, 2024, highlighting significant developments in its operations and financial position. The company, which focuses on developing the Selective Cytopheretic Device (SCD) to treat acute kidney injuries, generated net revenue of $68,000 for both the three and nine months ended September 30, 2024, marking a notable increase from zero revenue in the same periods of the previous year, attributed to the commencement of commercial sales in July 2024 following FDA approval.

Total operating expenses for the three months ended September 30, 2024, were $4,524,000, an increase of 54% from $2,942,000 in the same period in 2023. The loss from operations for the quarter was $(4,456,000), compared to $(2,942,000) in the prior year, reflecting increased research and development costs associated with clinical trials and product commercialization efforts. For the nine months ended September 30, 2024, total operating expenses rose to $13,143,000, up 17% from $11,273,000 in 2023, with a net loss of $(20,411,000), compared to $(16,775,000) in the same period last year.

The company’s financial position showed improvement, with total current assets increasing to $3,616,000 as of September 30, 2024, from $2,308,000 at the end of 2023. Total assets rose to $4,586,000, while total current liabilities decreased significantly to $6,638,000 from $13,046,000. This resulted in a total stockholders' deficit of $(2,052,000), a substantial improvement from $(13,870,000) at the end of 2023.

SeaStar Medical's cash position also improved, with cash reserves reaching $2,082,000 as of September 30, 2024, compared to $73,000 at the end of the previous fiscal year. However, the company reported that its cash may not be sufficient to fund operations for at least the next 12 months, raising concerns about its ability to continue as a going concern.

Strategically, the company terminated its exclusive distribution agreement with Nuwellis in August 2024 and is now commercializing its pediatric SCD product, QUELIMMUNE, independently. A confidential settlement agreement with Nuwellis was reached on October 20, 2024, involving a payment of $900,000. Additionally, SeaStar Medical is currently conducting a pivotal clinical trial for adult patients with acute kidney injury, with 51 patients enrolled as of November 12, 2024.

Overall, while SeaStar Medical has made strides in revenue generation and asset management, it continues to face challenges related to operating losses and the need for additional capital to support its growth and commercialization efforts.