Detailed financial statements for SeaStar Medical Holding Corporation (ICU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
SeaStar Medical Holding Corporation is a medical device company dedicated to providing innovative solutions and services designed to combat hyperinflammation and cytokine storm in critically ill individuals.
Analysis Summary
Trailing-twelve-month margins: gross margin 92.6%, operating margin -8.2%, net margin -8.0%.
At the current price of $3.08, ICU has negative trailing earnings (P/E not meaningful) and an ROE of -162.75%. Market capitalisation stands at $9M.
Balance sheet quality for ICU: current ratio of 3.6, net cash position of $11.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $135000 | $1.2M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $53000 |
| Gross Profit | 0 | 0 | 0 | 0 | $135000 | $1.2M |
| Research & Development | $4.0M | $2.8M | $2.5M | $6.0M | $9.1M | $7.5M |
| Selling, General & Admin | $2.4M | $1.7M | $6.9M | $8.0M | $8.9M | $5.8M |
| Operating Expenses | $6.5M | $4.4M | $11.6M | $14.2M | $18.0M | $13.4M |
| Operating Income | -$6.5M | -$4.4M | -$11.6M | -$14.2M | -$17.8M | -$12.2M |
| EBITDA | 0 | -$4.4M | -$11.6M | -$11.1M | -$24.6M | -$12.2M |
| Interest Expense | $3.3M | $212000 | $630000 | $1.1M | $244000 | $329000 |
| Pre-tax Income | -$3.3M | -$4.6M | -$12.2M | -$26.2M | -$24.8M | -$12.1M |
| Income Tax | $9000 | -$1000 | $1000 | 0 | $3000 | $3000 |
| Net Income | -$3.3M | -$4.6M | -$12.2M | -$26.2M | -$24.8M | -$12.2M |
| EPS | $-0.10 | $-88.10 | $-233.80 | $-302.62 | $-66.30 | $-5.86 |
| EPS (Diluted) | $-0.10 | $-88.10 | $-233.80 | $-302.62 | $-66.30 | $-5.86 |
| Shares Outstanding (Diluted) | $52164 | $52164 | $52134 | $86681 | $374400 | $20.7M |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.8M | $510000 | $47000 | $176000 | $1.8M | $12.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $58000 | 0 | 0 | $112000 | $237000 |
| Inventory | $55000 | 0 | 0 | 0 | 0 | $66000 |
| Total Current Assets | $2.9M | $601000 | $1.5M | $2.3M | $3.8M | $13.6M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.9M | $603000 | $3.0M | $3.5M | $4.7M | $14.2M |
| Accounts Payable | $382000 | $85000 | $1.9M | $4.4M | $3.0M | $948000 |
| Short-term Debt | $20000 | $2.4M | $1.2M | $4.7M | $574000 | $525000 |
| Total Current Liabilities | $1.1M | $3.1M | $16.1M | $13.0M | $6.8M | $3.7M |
| Long-term Debt | $63000 | $244000 | $7.7M | $4.3M | 0 | 0 |
| Total Liabilities | $74.5M | $3.4M | $23.8M | $17.4M | $6.8M | $3.7M |
| Retained Earnings | -$71.7M | -$76.3M | -$88.5M | -$114.7M | -$139.6M | -$151.7M |
| Total Equity | -$71.6M | -$2.8M | -$20.8M | -$13.9M | -$2.2M | $10.4M |
| Total Debt | $83000 | $2.6M | $8.8M | $9.1M | $574000 | $525000 |
| Net Debt | -$2.7M | $2.1M | $8.8M | $8.9M | -$1.2M | -$11.5M |
| Working Capital | $1.8M | -$2.5M | -$14.6M | -$10.7M | -$3.1M | $9.8M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$3.3M | -$4.6M | -$12.2M | -$26.2M | -$24.8M | -$12.2M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | $18000 |
| Stock-based Compensation | 0 | $14000 | $1.3M | $1.9M | $887000 | $624000 |
| Change in Working Capital | $890000 | -$680000 | $2.6M | $2.9M | $992000 | -$2.4M |
| Operating Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.6M | -$5.1M | -$7.8M | -$10.3M | -$16.0M | -$13.6M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +814.1% | |||||
| Net Income Growth (YoY) | -40.3% | -165.2% | -115.2% | +5.3% | +51.1% | |
| EPS Growth (YoY) | -88000.0% | -165.4% | -29.4% | +78.1% | +91.2% | |
| Shares Change (YoY) | +0.0% | -0.1% | +66.3% | +331.9% | +5437.1% | |
| FCF Growth (YoY) | +8.2% | -52.4% | -32.0% | -55.6% | +15.0% | |
| Gross Margin | 100.0% | 95.7% | ||||
| Operating Margin | -13216.3% | -986.6% | ||||
| EBITDA Margin | -18209.6% | -985.2% | ||||
| Net Margin | -18392.6% | -984.6% | ||||
| FCF Margin | -11857.0% | -1102.0% | ||||
| Effective Tax Rate | -0.3% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-106.82 | $-98.04 | $-149.50 | $-118.65 | $-42.75 | $-0.66 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $52164 | $52164 | $52132 | $86681 | $374400 | $20.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -162.75% |
| Return on Invested Capital | -325.63% |
| Return on Assets | -157.56% |
| Gross Margin | 92.64% |
| Operating Margin | -816.64% |
| Net Margin | -795.50% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.89 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -8.94 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -25675.00 | -29.14 | -4.38 | -0.37 | -0.29 | -0.41 |
| P/B | -1.87 | -47.56 | -2.57 | -0.69 | -3.33 | 4.78 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 53.80 | 40.32 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 95.7% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -13216.3% | -986.6% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -18392.6% | -984.6% |
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Explore sector: Healthcare · Biotechnology
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