SeaStar Medical Holding Corporation (ICU) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ICU SEC filings page.
SeaStar Medical Holding Corporation (ICU) reported $1.7M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
SeaStar remains a development-stage business: early sales are emerging, but financing—not operations—funded the balance-sheet reset.
In FY2025, gross margin reached95.7% while operating cash flow was-$13.6M ; the gap indicates that high contribution on initial sales has not yet absorbed development and corporate spending.
Development spending was
Equity changed from negative
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SeaStar Medical Holding Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SeaStar Medical Holding Corporation's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 12/100.
SeaStar Medical Holding Corporation's revenue surged 814.1% year-over-year to $1.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
SeaStar Medical Holding Corporation carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.63, SeaStar Medical Holding Corporation holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
Not available for SeaStar Medical Holding Corporation, and counted as zero in the overall score.
SeaStar Medical Holding Corporation posts a -116.7% return on equity (ROE), meaning it loses $117 for every $100 of shareholders' equity. This results in a returns score of 2/100.
SeaStar Medical Holding Corporation scores -13.87, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($19.0M) relative to total liabilities ($3.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SeaStar Medical Holding Corporation passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
SeaStar Medical Holding Corporation reported a net loss of $12.2M while operations used $13.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
SeaStar Medical Holding Corporation reported an operating loss of $12.2M against $31K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
SeaStar Medical Holding Corporation generated $615K in revenue in Q2 2026. This represents an increase of 82.0% from the same quarter a year earlier. Against the prior quarter it is up 24.2%.
SeaStar Medical Holding Corporation reported -$3.7M in net income in Q2 2026. This represents a decrease of 86.3% from the same quarter a year earlier. Against the prior quarter it is down 5.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
SeaStar Medical Holding Corporation held $7.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
SeaStar Medical Holding Corporation's gross margin was 91.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
SeaStar Medical Holding Corporation's ROE was -86.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 26.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 38.7 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
SeaStar Medical Holding Corporation invested $2.5M in research and development in Q2 2026. This represents an increase of 143.0% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ICU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $615K+82.0% | $495K+68.9% | $420K | $183K+169.1% | $338K | $293K | N/A | $68K |
| Cost of Revenue | $54K+100.0% | $46K | $12K | $14K | $27K | $0 | N/A | $0 |
| Gross Profit | $561K+80.4% | $449K+53.2% | $408K | $169K+148.5% | $311K | $293K | N/A | $68K |
| R&D Expenses | $2.5M+143.0% | $2.3M-3.6% | $2.2M | $1.9M-20.8% | $1.0M-55.6% | $2.4M+43.3% | N/A | $2.3M+114.9% |
| SG&A Expenses | $1.8M+77.9% | $1.7M+1.4% | $1.2M | $1.9M-13.3% | $1.0M-55.9% | $1.7M-25.3% | N/A | $2.2M+18.0% |
| Operating Income | -$3.8M-115.9% | -$3.6M+5.7% | -$3.0M | -$3.6M+19.7% | -$1.8M+62.4% | -$3.8M+3.2% | N/A | -$4.5M-51.5% |
| Interest Expense | $8K-11.1% | $6K-45.5% | $11K | $0-100.0% | $9K-89.0% | $11K-92.3% | N/A | $272K+21.4% |
| Income Tax | $0 | $3K0.0% | $0 | $0 | $0-100.0% | $3K | N/A | $0 |
| Net Income | -$3.7M-86.3% | -$3.5M+6.7% | -$2.9M | -$3.5M+22.5% | -$2.0M+38.1% | -$3.8M+70.3% | N/A | -$4.5M+38.1% |
| EPS (Basic) | -$0.91+48.6% | -$0.90+79.5% | -$5.26+91.3% | -$0.13+88.2% | -$1.77-71.8% | -$4.38+7.4% | -$60.23-37543.8% | -$1.10+87.8% |
| EPS (Diluted) | N/A | N/A | N/A | N/A | -$0.18 | -$0.44 | -$0.53 | -$1.10 |
| Diluted Shares (Avg) | N/A | N/A | N/A | N/A | 11M | 9M | N/A | 4M |
Not reported in any period shown, so not listed: EBITDA.
ICU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.6M+3.2% | $11.3M-20.7% | $14.2M+204.0% | $15.5M+238.6% | $8.4M+141.8% | $14.2M+83.5% | $4.7M+32.6% | $4.6M+82.9% |
| Current Assets | $8.2M+7.6% | $10.8M+58.7% | $13.6M+260.6% | $14.9M+311.3% | $7.6M+216.8% | $6.8M+3.8% | $3.8M+63.2% | $3.6M+195.2% |
| Cash & Equivalents | $7.0M+10.4% | $9.3M+76.5% | $12.0M+558.6% | $13.8M+561.0% | $6.3M+434.5% | $5.3M+5.5% | $1.8M+933.5% | $2.1M+2752.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $77K0.0% | $57K+29.5% | $66K | $83K | $77K | $44K | $0 | $0 |
| Accounts Receivable | $208K-4.1% | $179K+62.7% | $237K+111.6% | $221K+225.0% | $217K | $110K | $112K | $68K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.4M-13.7% | $3.9M-71.0% | $3.7M-45.3% | $4.1M-11.4% | $5.0M-51.4% | $13.6M+11.6% | $6.8M-60.6% | $4.6M-75.2% |
| Current Liabilities | $4.4M-13.7% | $3.9M-43.9% | $3.7M-45.3% | $4.1M | $5.0M-49.2% | $7.0M-27.1% | $6.8M-47.6% | N/A |
| Non-Current Liabilities | $0 | $0-100.0% | $0 | $0+100.0% | $0-100.0% | $6.6M+157.4% | $0-100.0% | -$2.0M-135.8% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% |
| Total Equity | $4.3M+28.6% | $7.3M+1194.7% | $10.4M+577.1% | $11.5M+558774.5% | $3.3M+148.4% | $565K+112.6% | -$2.2M+84.3% | -$2K+100.0% |
| Retained Earnings | -$159.0M-9.4% | -$155.2M-8.3% | -$151.7M-8.7% | -$148.8M-10.1% | -$145.3M-11.2% | -$143.3M-12.5% | -$139.6M-21.6% | -$135.1M-28.4% |
Not reported in any period shown, so not listed: Goodwill.
ICU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M+0.4% | -$2.8M-4.0% | -$4.1M+12.8% | -$3.8M+23.2% | -$3.0M-6.5% | -$2.7M+23.9% | -$4.7M-4.6% | -$5.0M-274.1% |
| Stock-Based Compensation | -$99K-202.1% | $91K-45.5% | N/A | $290K+45.0% | $97K+136.6% | $167K-61.5% | N/A | $200K-58.7% |
| Financing Cash Flow | $605K-84.9% | $129K-97.9% | $2.3M-47.8% | $11.3M+91.4% | $4.0M+495.0% | $6.1M-26.4% | $4.4M-3.4% | $5.9M+322.7% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
ICU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.2%-0.8pp | 90.7%-9.3pp | 97.1% | 92.3%-7.7pp | 92.0% | 100.0% | N/A | 100.0% |
| Operating Margin | -616.4% | -727.9% | -718.6% | -1955.7% | -519.5% | -1304.4% | N/A | -6552.9% |
| Net Margin | -606.5% | -711.3% | -691.4% | -1897.3% | -592.3% | -1287.4% | N/A | -6585.3% |
| Return on Equity | -86.8%-26.9pp | -48.1%+619.5pp | -27.9% | -30.3% | -59.9% | -667.6% | N/A | N/A |
| Return on Assets | -43.1%-19.3pp | -31.3%-4.7pp | -20.5% | -22.4%+75.3pp | -23.9%+69.5pp | -26.6%+137.5pp | N/A | -97.7%+190.7pp |
| Current Ratio | 1.89+0.4x | 2.73+1.8x | 3.63+3.1x | 3.66 | 1.52+1.3x | 0.96+0.3x | 0.55+0.4x | N/A |
| Debt-to-Equity | 1.01-0.5x | 0.54-23.6x | 0.36 | 0.35 | 1.51 | 24.13 | N/A | N/A |
| Asset Turnover | 0.070.0x | 0.040.0x | 0.03 | 0.010.0x | 0.040.0x | 0.020.0x | N/A | 0.010.0x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SeaStar Medical Holding Corporation ICU | FY2025 | $1.2M | -$12.2M | N/A | $19.0M | 44/100 |
| Akari Therapeutics plc AKTX | FY2025 | N/A | -$17.3M | N/A | $20.0M | — |
| Neuraxis, Inc. NRXS | FY2025 | $3.6M | -$7.8M | N/A | $87.0M | 43/100 |
| Boundless Bio, Inc. BOLD | FY2025 | N/A | -$58.2M | N/A | $58.5M | — |
| Enlivex Ltd. ENLV | FY2025 | N/A | $1.2B | N/A | $5.1M | — |
| Rein Therapeutics, Inc. RNTX | FY2025 | $0 | -$49.9M | N/A | $68.5M | — |
Where SeaStar Medical Holding Corporation Ranks
Frequently Asked Questions
What is SeaStar Medical Holding Corporation's annual revenue?
SeaStar Medical Holding Corporation (ICU) reported $1.2M in total revenue for fiscal year 2025. This represents a 814.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SeaStar Medical Holding Corporation's revenue growing?
SeaStar Medical Holding Corporation (ICU) revenue grew by 814.1% year-over-year, from $135K to $1.2M in fiscal year 2025.
Is SeaStar Medical Holding Corporation profitable?
No, SeaStar Medical Holding Corporation (ICU) reported a net income of -$12.2M in fiscal year 2025.
What is SeaStar Medical Holding Corporation's gross margin?
SeaStar Medical Holding Corporation (ICU) had a gross margin of 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SeaStar Medical Holding Corporation's return on equity (ROE)?
SeaStar Medical Holding Corporation (ICU) has a return on equity of -116.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SeaStar Medical Holding Corporation's operating cash flow?
SeaStar Medical Holding Corporation (ICU) recorded an outflow of $13.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are SeaStar Medical Holding Corporation's total assets?
SeaStar Medical Holding Corporation (ICU) had $14.2M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does SeaStar Medical Holding Corporation spend on research and development?
SeaStar Medical Holding Corporation (ICU) invested $7.5M in research and development during fiscal year 2025.
What is SeaStar Medical Holding Corporation's current ratio?
SeaStar Medical Holding Corporation (ICU) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.
What is SeaStar Medical Holding Corporation's debt-to-equity ratio?
SeaStar Medical Holding Corporation (ICU) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SeaStar Medical Holding Corporation's return on assets (ROA)?
SeaStar Medical Holding Corporation (ICU) had a return on assets of -85.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SeaStar Medical Holding Corporation's P/E ratio?
SeaStar Medical Holding Corporation (ICU) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $19.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SeaStar Medical Holding Corporation's price-to-sales ratio?
SeaStar Medical Holding Corporation (ICU) trades at 11.1x sales, its market capitalization divided by revenue of $1.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $19.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does SeaStar Medical Holding Corporation's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, SeaStar Medical Holding Corporation (ICU) held $12.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.6M over that year. Dividing the one by the other, the reported balance equals about 11 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is SeaStar Medical Holding Corporation's Altman Z-Score?
SeaStar Medical Holding Corporation (ICU) has an Altman Z-Score of -13.87, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is SeaStar Medical Holding Corporation's Piotroski F-Score?
SeaStar Medical Holding Corporation (ICU) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SeaStar Medical Holding Corporation's earnings high quality?
SeaStar Medical Holding Corporation (ICU) reported a net loss of $12.2M while operations used $13.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SeaStar Medical Holding Corporation cover its interest payments?
SeaStar Medical Holding Corporation (ICU) reported an operating loss of $12.2M against $31K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SeaStar Medical Holding Corporation?
SeaStar Medical Holding Corporation (ICU) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.