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8-K: SeaStar Medical Reports Second Quarter 2024 Financial Results and Provides a Business Update

SEC ·  Aug 13, 2024 20:47

Summary by Moomoo AI

SeaStar Medical announced its Q2 2024 financial results, highlighting the first commercial sales of QUELIMMUNE device for treating pediatric acute kidney injury and sepsis. The company reported a net loss of $3.2 million ($1.03 per share) compared to $2.4 million ($4.10 per share) in Q2 2023. R&D expenses increased to $2.3 million from $2.0 million YoY.The company achieved significant milestones including initial QUELIMMUNE sales, with two critically ill children already treated. The NEUTRALIZE-AKI pivotal trial for adults has enrolled 42 subjects at nine sites, with Medicare/Medicaid Category B coverage approval expected to reduce trial costs. Additionally, the company strengthened its financial position through a $10 million registered direct offering in July 2024.As of July 31, 2024, SeaStar Medical's cash balance was approximately $6.9 million, following the July financing and debt reduction of $2.7 million. The company continues to advance its commercialization strategy for QUELIMMUNE while progressing its adult AKI program, targeting FDA approval in first half of 2026.
SeaStar Medical announced its Q2 2024 financial results, highlighting the first commercial sales of QUELIMMUNE device for treating pediatric acute kidney injury and sepsis. The company reported a net loss of $3.2 million ($1.03 per share) compared to $2.4 million ($4.10 per share) in Q2 2023. R&D expenses increased to $2.3 million from $2.0 million YoY.The company achieved significant milestones including initial QUELIMMUNE sales, with two critically ill children already treated. The NEUTRALIZE-AKI pivotal trial for adults has enrolled 42 subjects at nine sites, with Medicare/Medicaid Category B coverage approval expected to reduce trial costs. Additionally, the company strengthened its financial position through a $10 million registered direct offering in July 2024.As of July 31, 2024, SeaStar Medical's cash balance was approximately $6.9 million, following the July financing and debt reduction of $2.7 million. The company continues to advance its commercialization strategy for QUELIMMUNE while progressing its adult AKI program, targeting FDA approval in first half of 2026.
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