Summary by Moomoo AI
SeaStar Medical reported its first commercial revenue of $68,000 in Q3 2024 following FDA approval of its pediatric SCD device in February 2024. The company posted a net loss of $4.5 million for the quarter, compared to a $7.2 million loss in Q3 2023. Operating expenses increased to $4.5 million from $2.9 million year-over-year, driven by higher R&D and administrative costs.Research and development expenses rose 115% to $2.3 million, primarily due to increased clinical trial activities for adult SCD devices and higher personnel costs. General and administrative expenses grew 18% to $2.2 million, reflecting increased professional services and settlement costs related to the Nuwellis contract termination. The company ended the quarter with $2.1 million in cash.Looking ahead, SeaStar Medical faces liquidity challenges and substantial doubt about its ability to continue as a going concern. The company is seeking additional funding through equity or debt financing to support operations and clinical development. Management noted that 59 patients have been enrolled in the pivotal trial for adult SCD as of November 2024, while commercial rollout of the pediatric device continues following first sales in July 2024.
