Financial Data and Key Metrics Changes - SeaStar Medical reported net revenue of approximately $183,000 for Q3 2025, an increase from $68,000 in Q3 2024, reflecting a significant growth trajectory [25] - The gross profit margin for Q3 2025 was approximately 92%, marking the first full quarter of cost of goods sold matched against Quellimune unit sales [26] - Operating expenses decreased to $3.7 million in Q3 2025 from $4.5 million in Q3 2024, primarily due to reduced consulting and personnel costs [26] - The net loss for Q3 2025 was approximately $3.5 million, or $0.13 per share, compared to a net loss of approximately $4.5 million, or $1.10 per share, in Q3 2024 [26][27] - Cash at September 30, 2025, was $13.8 million, a significant increase from $1.8 million at December 31, 2024 [27] Business Line Data and Key Metrics Changes - Quellimune revenue for the first half of Q4 2025 has already exceeded the total revenue for Q3 2025, indicating strong sales momentum [5][10] - The company added three top-ranked children's medical centers to its customer base, enhancing its market presence [4] Market Data and Key Metrics Changes - The total U.S. market for Quellimune therapy is estimated at about $100 million, with the company aiming to capture a significant portion of this market [15] Company Strategy and Development Direction - The company is focused on expanding the use of Quellimune therapy to more pediatric hospitals, with a goal of activating up to 20 new pediatric hospitals to drive product revenue [10] - SeaStar Medical is also pursuing the NEUTRALIZE-AKI trial, with plans to increase enrollment to 339 patients to enhance the statistical power of the study [18][19] - The launch of the NEUTRALIZE-CRS trial aims to evaluate SCD therapy in patients with chronic systolic heart failure, potentially broadening the application of their technology [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth opportunities for SeaStar Medical, emphasizing the life-saving potential of Quellimune therapy for critically ill patients [28] - The company is actively working to streamline the adoption process for new target accounts, aiming to reduce barriers to entry for Quellimune therapy [12] Other Important Information - SeaStar Medical raised over $12 million to strengthen its balance sheet and extend its financial runway [8] - The company is committed to reducing costs while achieving strong operational results [8] Q&A Session Summary Question: Update on patient enrollment and site activation for NEUTRALIZE-AKI trial - As of the call, 146 patients were enrolled with 17 sites activated, and the company is working to activate at least eight additional sites to meet the new target of 339 patients by December 2026 [35][36] Question: Details on the new cardiorenal trials - The company expects to enroll at least five sites for the new trial, aiming to complete enrollment of 20 patients within a year, subject to site activation pace [41][42] Question: Clarification on revenue targets for 2025 - Management confirmed that they are on target to achieve over $1 million in revenue for the full year 2025 [43][44]