Summary by Moomoo AI
SeaStar Medical reported a net loss of $15.9 million for the six months ended June 30, 2024, compared to a $9.5 million loss in the same period last year. Operating expenses increased to $8.6 million from $8.3 million, primarily due to higher research and development costs for clinical trials. The company ended the quarter with $1.2 million in cash.The company achieved a significant milestone with FDA approval for its pediatric Selective Cytopheretic Device (SCD) in February 2024 under a Humanitarian Device Exemption, and successfully shipped its first commercial units in July 2024. Management continues to advance the development of its adult SCD product, with increased clinical trial activities during the period.SeaStar Medical strengthened its financial position through multiple financing activities, including a $9.0 million registered direct offering in January 2024 and a subsequent $10.0 million offering in July 2024. However, the company noted that additional funding will be required to support ongoing operations and commercialization efforts, raising substantial doubt about its ability to continue as a going concern.
