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

SEC ·  Nov 13, 2024 22:18

Summary by Moomoo AI

SeaStar Medical reported its first commercial revenue of $67,500 in Q3 2024 from direct QUELIMMUNE sales, following FDA clearance in February 2024. The company has transitioned to a direct sales model in October, expecting to recognize full revenue value from end-user sales going forward. Additionally, the company shipped product worth approximately $70,000 to its former distribution partner.The NEUTRALIZE-AKI pivotal trial for adult patients has enrolled 59 subjects, with three new medical centers joining in Q4, bringing the total to 12 sites. The company received its fourth FDA Breakthrough Device Designation for the SCD in chronic dialysis indication. Financial highlights include the elimination of over $9 million in long-term debt since early 2024.Q3 2024 financial results showed R&D expenses of $2.3 million and G&A expenses of $2.2 million. The net loss was $4.5 million ($1.10 per share), compared to $7.2 million ($9.02 per share) in Q3 2023. Cash position stood at $2.1 million as of September 30, 2024, bolstered by a $10 million registered direct offering in July 2024.
SeaStar Medical reported its first commercial revenue of $67,500 in Q3 2024 from direct QUELIMMUNE sales, following FDA clearance in February 2024. The company has transitioned to a direct sales model in October, expecting to recognize full revenue value from end-user sales going forward. Additionally, the company shipped product worth approximately $70,000 to its former distribution partner.The NEUTRALIZE-AKI pivotal trial for adult patients has enrolled 59 subjects, with three new medical centers joining in Q4, bringing the total to 12 sites. The company received its fourth FDA Breakthrough Device Designation for the SCD in chronic dialysis indication. Financial highlights include the elimination of over $9 million in long-term debt since early 2024.Q3 2024 financial results showed R&D expenses of $2.3 million and G&A expenses of $2.2 million. The net loss was $4.5 million ($1.10 per share), compared to $7.2 million ($9.02 per share) in Q3 2023. Cash position stood at $2.1 million as of September 30, 2024, bolstered by a $10 million registered direct offering in July 2024.
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