How are energy investors positioned?
DENVER - SeaStar Medical Holding Corporation (Nasdaq:ICU), currently valued at $5.57 million in market capitalization, has undertaken a series of financial transactions and operational improvements to meet Nasdaq’s continued listing requirements, the company announced Wednesday. According to InvestingPro data, the company’s stock has experienced significant volatility, falling over 94% in the past year.
The medical device company, which faced potential delisting after failing to maintain the required $35 million minimum market value, has implemented measures to achieve the alternative requirement of $2.5 million in stockholders’ equity before its June 22, 2025 deadline. Despite recent challenges, InvestingPro analysis shows the company maintains a positive position with more cash than debt on its balance sheet.
The compliance efforts include a $4 million public offering of common stock and warrants completed on June 23, and an April agreement with Lincoln Park Capital for potential purchases of up to $15 million of common stock over three years.
SeaStar Medical also reported increased customer adoption of QUELIMMUNE, its FDA-approved therapy for pediatric patients with acute kidney injury (AKI) and sepsis. The company now serves six customers with this product, which received approval in February 2024 under a Humanitarian Device Exemption. Analysts tracked by InvestingPro project revenue growth of 7.46% for fiscal year 2025, suggesting potential expansion of the company’s market presence. Get access to 12 additional exclusive ProTips and comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
Additional measures include a cost-cutting program initiated in May and the elimination of approximately $1.2 million in compensation liabilities as certain employees and directors waived rights to accrued bonuses and fees.
"Based on the above, SeaStar Medical believes it has regained compliance with the $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market," the company stated in its press release, though it awaits formal confirmation from Nasdaq.
SeaStar Medical is currently conducting a pivotal trial of its Selective Cytopheretic Device therapy in adult patients with AKI requiring continuous renal replacement therapy.
The company’s announcement comes exactly one year after receiving the initial non-compliance notification from Nasdaq on June 24, 2024.
In other recent news, SeaStar Medical Holding Corporation reported a significant increase in revenue for the first quarter of 2025, reaching $293,000, a fourfold rise from the previous quarter. The company also narrowed its net loss to $3.7 million, compared to $12.7 million in the same period last year. SeaStar Medical announced the pricing of a public offering, intending to raise approximately $4 million in gross proceeds. The offering includes 6,153,847 shares of common stock priced at $0.65 per share, with additional potential proceeds if Series B warrants are exercised. H.C. Wainwright & Co. is acting as the exclusive placement agent for this offering.
Furthermore, SeaStar Medical received a boost as the U.S. Centers for Medicare & Medicaid Services (CMS) agreed to cover expenses for Medicare and Medicaid patients in its NEUTRALIZE-CRS clinical trial. This trial will explore the efficacy of SeaStar’s Selective Cytopheretic Device (SCD) therapy in treating acute heart failure. In another development, the U.S. Department of Defense awarded a $2 million grant to the AREVA Research Institute to study SeaStar’s SCD therapy for severe burns and related injuries. The company is also progressing in its clinical trials, with the NEUTRALIZE-AKI trial reaching 50% enrollment. These developments reflect the company’s ongoing efforts to expand its market presence and advance its clinical trials.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.