SeaStar Medical (ICU) Registration filing summary

Company overview and business model

• Commercial-stage healthcare company focused on treatments for critically ill patients with organ failure, leveraging a Selective Cytopheretic Device (SCD) to neutralize overactive immune cells and mitigate cytokine storms.

• SCD therapy has FDA approval for pediatric acute kidney injury (AKI) due to sepsis and is the only approved product for this indication; first commercial shipment occurred in July 2024.

• Ongoing pivotal clinical trials for adult AKI and feasibility studies for cardiorenal syndrome; SCD platform is patent-protected and designed for integration with existing hospital and dialysis systems.

• Six FDA Breakthrough Device Designations for multiple indications, including AKI, cardiorenal syndrome, hepatorenal syndrome, ESRD, and systemic inflammatory response.

• Targeting a large market of over one million patients annually facing life-threatening hyperinflammatory conditions.

Financial performance and metrics

• As of April 20, 2026, 3,997,002 shares of common stock outstanding, with 3,969,465 held by non-affiliates.

• Net tangible book value as of December 31, 2025, was $10.4 million ($2.71 per share); after offering, as adjusted net tangible book value would be $18.1 million ($3.29 per share).

• Immediate dilution to new investors estimated at $1.34 per share, assuming a $4.63 offering price.

• Company has used at-the-market (ATM) offerings in prior years, raising $5.9 million in 2025.

Use of proceeds and capital allocation

• Will not receive proceeds from resale by Lincoln Park; may receive up to $14.66 million in gross proceeds from sales to Lincoln Park under the Purchase Agreement.

• Proceeds intended for working capital and general corporate purposes.

• Management has broad discretion over use of proceeds; funds may be invested pending use.