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…
Earnings analysis · 10-Q
ICU earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.91
- Segment
- QUELIMMUNE: revenue grew 82% year over year; dollar segment revenue was not disclosed.
What stood out
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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%.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.