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10-Q: Quarterly report

SEC announcement ·  May 14 16:17
Summary by Moomoo AI
SeaStar Medical, a medical technology company, reported a net loss of $12.7 million for the first quarter ended March 31, 2024, compared to a net loss of $7.1 million for the same period in 2023. The company's net loss per share increased to $0.54 from $0.19 year-over-year. Despite the increased net loss, SeaStar Medical's cash position improved, with cash reserves of $5.0 million as of March 31, 2024, up from $0.2 million at the end of 2023. The company has not generated revenue from commercialized products to date but received Humanitarian Device Exemption (HDE) approval from the FDA for its pediatric Selective Cytopheretic Device (SCD) in February 2024 and anticipates commercialization in the near term. SeaStar Medical's research and development expenses slightly decreased by 2% to $1.7 million, reflecting a...Show More
SeaStar Medical, a medical technology company, reported a net loss of $12.7 million for the first quarter ended March 31, 2024, compared to a net loss of $7.1 million for the same period in 2023. The company's net loss per share increased to $0.54 from $0.19 year-over-year. Despite the increased net loss, SeaStar Medical's cash position improved, with cash reserves of $5.0 million as of March 31, 2024, up from $0.2 million at the end of 2023. The company has not generated revenue from commercialized products to date but received Humanitarian Device Exemption (HDE) approval from the FDA for its pediatric Selective Cytopheretic Device (SCD) in February 2024 and anticipates commercialization in the near term. SeaStar Medical's research and development expenses slightly decreased by 2% to $1.7 million, reflecting a shift in focus from technology design to clinical trial activities. General and administrative expenses also decreased by 21% to $2.3 million due to reduced professional fees and other costs. The company continues to face challenges, including the need for additional capital to fund operations and the uncertainty of future profitable operations, which raises substantial doubt about its ability to continue as a going concern. SeaStar Medical is actively seeking additional funding through equity or debt financing to support its ongoing clinical development and potential commercialization of its adult SCD product.

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