SeaStar Medical Reports Second Quarter 2025 Financial Results and Provides Business Updates

Core Insights - SeaStar Medical Holding Corporation reported significant progress in its clinical trials and business initiatives, including patient enrollment and new customer acquisitions for its QUELIMMUNE therapy [2][3][4]. Financial Performance - For the three months ended June 30, 2025, net revenue was approximately $0.3 million, primarily from sales of QUELIMMUNE therapy [5]. - Research and development expenses decreased to $1.0 million from $2.3 million in the same period of 2024, driven by reduced clinical trial costs [6]. - General and administrative expenses also fell to approximately $1.0 million from $2.3 million year-over-year, reflecting cost-saving measures [7]. - The net loss for the quarter was approximately $2.0 million, or $0.18 per share, an improvement from a net loss of $3.2 million, or $1.03 per share, in the same quarter of 2024 [9]. Clinical Developments - The NEUTRALIZE-AKI trial has enrolled over 60% of its target, with 125 out of 200 patients now enrolled, and interim analysis results are expected in Q3 2025 [4][17]. - Three new top-rated children's hospitals have adopted the QUELIMMUNE therapy, expanding its customer base [3][4]. - Positive survival results from the SAVE Surveillance Registry indicated a 75% survival rate for the first 20 pediatric patients treated with QUELIMMUNE, with no device-related safety events reported [4][15]. Funding and Financial Position - Cash at June 30, 2025, was $6.3 million, a significant increase from $1.8 million at the end of 2024, bolstered by $8.4 million raised in two registered direct offerings [10][12]. - The company implemented additional cost-saving measures to extend its financial runway and focus resources on developing SCD therapy for adult patients with AKI, which represents a much larger market opportunity compared to pediatric AKI [12]. Regulatory and Research Initiatives - The U.S. Centers for Medicare & Medicaid Services (CMS) agreed to cover certain expenses for patients enrolled in the NEUTRALIZE-CRS trial, a rare achievement for clinical trials [4]. - A $2 million grant from the U.S. Department of Defense was awarded to support research on the application of SCD therapy in severe burn cases, highlighting the therapy's potential in diverse medical scenarios [4].