SeaStar Medical Holding Corporation
ICUHealthcare|Biotechnology|US
$1.88
-0.04 (-2.08%)
DCF Value
$3.08
Tangible Book / Share
$1.05
Cash / Share
$1.70
Financials
Financial Snapshot
Market Cap
$5.3M
Enterprise Value
-$1.6M
Revenue (TTM)
$1.7M
Net Income (TTM)
-$13.6M
Cash & Investments
$7.0M
Net Cash
$7.0M
Free Cash Flow (TTM)
-$13.7M
Operating CF (TTM)
-$13.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$7.0M
Quarterly Burn
$3.4M
Monthly Burn
$1.1M
Est. Runway
~2.0 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.8M | $510.0K | $47.0K | $176.0K | $1.8M | $12.0M | $7.0M | |
| Operating Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M | -$13.7M | |
| Free Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M | -$13.7M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $4.9M | $2.8M | $7.3M | $10.4M | $17.6M | $23.8M | $14.3M |
R&D Spending
R&D (TTM)
$8.9M
R&D Intensity
520.4%
R&D Growth vs Prior
+18.6%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $135.0K | $1.2M | $1.7M | |
| R&D Expense | $4.0M | $2.8M | $2.5M | $6.0M | $9.1M | $7.5M | $8.9M | |
| R&D % of Revenue | — | — | — | — | 6744.4% | 609.2% | 520.4% | |
| SG&A | $2.4M | $1.7M | $6.9M | $8.0M | $8.9M | $5.8M | $6.7M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $135.0K | $1.2M | $1.7M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $53.0K | $126.0K | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $135.0K | $1.2M | $1.6M | |
| R&D | $4.0M | $2.8M | $2.5M | $6.0M | $9.1M | $7.5M | $8.9M | |
| SG&A | $2.4M | $1.7M | $6.9M | $8.0M | $8.9M | $5.8M | $6.7M | |
| Operating Income | -$6.5M | -$4.4M | -$11.6M | -$14.2M | -$17.8M | -$12.2M | -$14.0M | |
| Interest Expense | $3.3M | $212.0K | $630.0K | $1.1M | $244.0K | $329.0K | $27.0K | |
| Pretax Income | -$3.3M | -$4.6M | -$12.2M | -$26.2M | -$24.8M | -$12.1M | -$13.6M | |
| Net Income | -$3.3M | -$4.6M | -$12.2M | -$26.2M | -$24.8M | -$12.2M | -$13.6M | |
| EPS (Diluted) | -0.10 | -88.10 | -233.80 | -302.62 | -66.30 | -5.86 | -3.91 | |
| EBITDA | $0.00 | -$4.4M | -$11.6M | -$11.1M | -$24.6M | -$12.2M | -$10.1M | |
| Shares Out. (M) | 0.05 | 0.05 | 0.05 | 0.09 | 0.37 | 20.73 | 4.08 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.8M | $510.0K | $47.0K | $176.0K | $1.8M | $12.0M | $7.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $2.9M | $601.0K | $1.5M | $2.3M | $3.8M | $13.6M | $8.2M | |
| Total Assets | $2.9M | $603.0K | $3.0M | $3.5M | $4.7M | $14.2M | $8.6M | |
| Total Current Liabilities | $1.1M | $3.1M | $16.1M | $13.0M | $6.8M | $3.7M | $4.4M | |
| Long-Term Debt | $63.0K | $244.0K | $7.7M | $4.3M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $74.5M | $3.4M | $23.8M | $17.4M | $6.8M | $3.7M | $4.4M | |
| Stockholders' Equity | -$71.6M | -$2.8M | -$20.8M | -$13.9M | -$2.2M | $10.4M | $4.3M | |
| Retained Earnings | -$71.7M | -$76.3M | -$88.5M | -$114.7M | -$139.6M | -$151.7M | -$159.0M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M | -$13.7M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M | -$13.7M | |
| Investing Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $4.9M | $2.8M | $7.3M | $10.4M | $17.6M | $23.8M | $14.3M | |
| Issuance of Stock | $0.00 | $0.00 | $10.0M | $6.6M | $17.4M | $23.8M | $14.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$133.0K | $2.8M | $3.5M | $3.5M | -$4.4M | -$67.0K | $525.0K | |
| Stock Based Comp. | $0.00 | $14.0K | $1.3M | $1.9M | $887.0K | $624.0K | $352.0K | |
| Net Change in Cash | -$680.0K | $471.6K | -$463.0K | $129.0K | $1.6M | $10.2M | $657.0K |
Dilution Tracker
Shares outstanding grew 39641.7% over 5 years — significant dilution
Shares Outstanding
3M
5-Year Share Growth
+39641.7%
Stock Issuance (TTM)
$14.2M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.05 | 0.05 | 0.05 | 0.09 | 0.37 | 20.73 | 4.08 | |
| Change vs Prior % | — | 0.0% | -0.1% | 66.3% | 331.9% | 5437.1% | -80.3% | |
| Stock Issuance | $0.00 | $0.00 | $10.0M | $6.6M | $17.4M | $23.8M | $14.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $14.0K | $1.3M | $1.9M | $887.0K | $624.0K | $352.0K |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 100.0% | 95.7% | 92.6% | |
| Operating Margin % | — | — | — | — | -13216.3% | -986.6% | -816.6% | |
| Net Margin % | — | — | — | — | -18392.6% | -984.6% | -795.5% | |
| EBITDA Margin % | — | — | — | — | -18209.6% | -985.2% | -589.3% | |
| FCF Margin % | — | — | — | — | -11857.0% | -1102.0% | -799.4% | |
| ROE % | 4.6% | 163.2% | 58.7% | 189.1% | 1137.4% | -116.6% | -162.8% | |
| ROA % | -112.6% | -762.2% | -401.3% | -746.7% | -533.1% | -85.8% | -157.6% | |
| ROIC % | -349.0% | 3200.0% | 97.3% | 296.7% | 1108.9% | -111.3% | -325.6% | |
| R&D / Revenue % | — | — | — | — | 6744.4% | 609.2% | 520.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 814.1% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 774.8% | |
| Operating Income | 0.0% | 31.1% | -160.9% | -22.4% | -25.6% | 31.8% | |
| Net Income | 0.0% | -40.3% | -165.2% | -115.2% | 5.3% | 51.1% | |
| EPS (Diluted) | 0.0% | -88000.0% | -165.4% | -29.4% | 78.1% | 91.2% | |
| Operating Cash Flow | 0.0% | 8.2% | -52.4% | -32.0% | -55.6% | 15.0% | |
| Free Cash Flow | 0.0% | 8.2% | -52.4% | -32.0% | -55.6% | 15.0% | |
| R&D Expense | 0.0% | -31.3% | -9.5% | 138.6% | 52.4% | -17.4% | |
| SG&A Expense | 0.0% | -30.7% | 310.9% | 16.2% | 10.4% | -34.2% | |
| Total Assets | 0.0% | -79.3% | 403.8% | 15.6% | 32.6% | 204.0% | |
| Book Value / Share | 0.0% | 96.1% | -637.7% | 59.8% | 96.4% | 108.6% | |
| Debt | 0.0% | 3059.0% | 236.8% | 2.8% | -93.7% | -8.5% | |
| Diluted Shares | 0.0% | 0.0% | -0.1% | 66.3% | 331.9% | 5437.1% |
Valuation
P/E (TTM)At Loss
P/S3.11
P/B1.79
EV/EBITDA0.16
EV/Revenue-0.95
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$3.08
Tangible Book / Share
$1.05
Net Current Assets / Share
$1.37
Graham Net-Net
$0.69
Cash / Share
$1.70
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -25675.00 | -29.14 | -4.38 | -0.37 | -0.29 | -0.41 | -0.48 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 53.80 | 40.32 | 3.11 | |
| P/B Ratio | -1.87 | -47.56 | -2.57 | -0.69 | -3.33 | 4.78 | 1.79 | |
| EV/EBITDA | 0.00 | -31.02 | -5.38 | -1.66 | -0.24 | -3.15 | 0.16 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 44.58 | 31.04 | -0.95 |
Analyst Estimates & Quality
Altman Z-Score
-29.48
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.0M | $3.0M | $16.0M |
| Net Income | -$75.9M | -$43.3M | -$15.8M |
| EPS | $-3.66 | $-2.09 | $-0.76 |
| # Analysts (EPS) | 1 | 1 | 1 |