ICU earnings analysis
What we found in ICU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
SeaStar Medical delivered strong top-line momentum in Q2 2026, with $615,000 of revenue, an approximately 82% year-over-year increase and a 25.7% consensus beat; QUELIMMUNE revenue also grew 82%. The $0.91 per-share loss beat estimates but remained broadly unchanged sequentially, while gross margin, operating margin and free cash flow were not disclosed in the provided filing text. Despite positive working capital of $3.9 million, six-month operating cash use of $5.755 million and the company’s explicit statement that it lacks sufficient capital create substantial funding and going-concern concerns. No new risk factors or quantitative financial guidance were provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth and consensus beat
- Q2 revenue was $615,000, up approximately 24% from $495,000 in Q1 2026 and approximately 82% from $338,000 in Q2 2025. Revenue also exceeded the $489,200 consensus estimate by approximately 25.7%.
- EPS beat, but loss persists
- Diluted EPS was a loss of $0.91, better than the $0.96 consensus loss by $0.05, but $0.01 worse than the $0.90 loss in Q1 2026 and $0.89 better than the $1.80 loss in Q2 2025.
- QUELIMMUNE and trial progress
- QUELIMMUNE revenue increased 82% year over year. The NEUTRALIZE-AKI trial had enrolled 223 of 339 patients, or approximately 65.8% of the target, according to the company’s quarterly update.
- Material litigation developments
- The previously reported class action was dismissed with prejudice on April 27, 2026, and the derivative action was dismissed without prejudice on May 12, 2026.
- Controls effective; working capital positive
- Management reported positive working capital of $3.9 million as of June 30, 2026, while disclosure controls were concluded to be effective as of June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Going-concern and funding risk
- The company states that it does not have sufficient capital to support operations and complete its planned regulatory approval process despite $3.9 million of positive working capital as of June 30, 2026. Additional financing may be unavailable or available only on unfavorable terms.
- High cash burn
- Operating cash use was $5.755 million for the six months ended June 30, 2026, and the company expects to continue generating operating losses and consuming significant cash resources for the foreseeable future.
- Clinical spending and execution risk
- Research and development spending is expected to increase as clinical programs advance, while NEUTRALIZE-AKI had enrolled 223 of 339 patients and management anticipates enrollment completion around year-end 2026 or Q1 2027. Delays or additional spending could pressure liquidity and the regulatory timeline.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.91
- Segment
- QUELIMMUNE: revenue grew 82% year over year; dollar segment revenue was not disclosed.
What they said about what is next.
No quantitative revenue or EPS guidance was provided. Management anticipates completion of NEUTRALIZE-AKI enrollment around year-end 2026 or Q1 2027, potentially enabling a PMA application near the end of 2027, subject to a positive trial outcome.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 13, 2026
- SeaStar Medical reported a slight increase in revenues for Q1 2026, reaching $0.5 million, mainly due to growing customer adoption of its QUELIMMUNE therapy. However, the company continues to operate at a loss, with a…
- 10-K · March 25, 2026
- SeaStar Medical (ICU) is a commercial-stage company commercializing QUELIMMUNE (pediatric SCD) after an FDA HDE approval on February 21, 2024, and is scaling pediatric commercial deployments while advancing a pivotal…
- 10-Q · August 13, 2025
- SeaStar Medical reported Q2 2025 revenue of $338,000 and a GAAP loss per share of $(0.18). Revenue and EPS improved sequentially (Q1 revenue $293,000; Q1 EPS $(0.44)), and gross margin declined slightly to 92.0% from…
- 10-Q · May 14, 2025
- SeaStar Medical reported first-quarter revenue of $293 thousand (reported as $293 in the filing; amounts in thousands) and a net loss of $3,772 thousand (net loss per share $0.44) for the three months ended March 31,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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