Executive Summary / Key Takeaways

• Pioneering Hyperinflammation Therapy: SeaStar Medical (ICU) is at the forefront of critical care innovation with its Selective Cytopheretic Device (SCD) therapy, a unique, FDA-approved platform designed to neutralize overactive immune cells and halt the destructive "cytokine storm" in critically ill patients.
• Dual Market Expansion: The company is strategically expanding its commercial footprint with QUELIMMUNE for pediatric Acute Kidney Injury (AKI) – the only FDA-approved product for this ultra-rare condition – while simultaneously advancing a pivotal trial (NEUTRALIZE-AKI) for the significantly larger adult AKI market, targeting a 2026 PMA filing and Q4 2026 launch.
• Breakthrough Device Advantage: Six FDA Breakthrough Device Designations (BDDs) across various indications, including adult and pediatric cardiac surgery, underscore the SCD's potential and promise an accelerated regulatory pathway, positioning ICU for rapid pipeline expansion beyond AKI.
• Financial Headwinds Amidst Progress: Despite recent revenue growth from QUELIMMUNE and disciplined operating expense management, ICU faces significant liquidity challenges, with management expressing substantial doubt about its going concern status, necessitating continuous capital raises.
• High-Stakes Clinical & Commercial Catalysts: Key near-term catalysts include the Q3 2025 interim analysis results from the NEUTRALIZE-AKI trial and continued QUELIMMUNE customer adoption, which are critical for validating the technology's broader impact and securing future funding.

The Unmet Need: Taming the Cytokine Storm in Critical Care

SeaStar Medical Holding Corporation (ICU) stands at a pivotal juncture, poised to redefine treatment paradigms for critically ill patients suffering from hyperinflammation. The company's core mission addresses a profound unmet medical need: the destructive "cytokine storm" that can lead to multi-organ dysfunction and death. This overactive immune response, triggered by various insults like sepsis, trauma, or surgery, currently lacks specific therapeutic options, leaving clinicians to rely on suboptimal immunosuppressive or single-cytokine targeting therapies.

ICU's foundational strength lies in its proprietary Selective Cytopheretic Device (SCD) therapy. This innovative extracorporeal synthetic membrane device integrates seamlessly into existing Continuous Renal Replacement Therapy (CRRT) systems, commonly used in intensive care units (ICUs). Unlike general blood purification or pathogen removal tools, the SCD therapy employs a unique immunomodulation approach. It selectively targets and transitions proinflammatory monocytes to a reparative state and promotes activated neutrophils to be less inflammatory, aiming to restore immune balance rather than broadly suppress it. This differentiated mechanism is designed to reduce tissue damage, speed organ function recovery, and potentially eliminate the need for future renal replacement therapy.

The competitive landscape for ICU is characterized by a mix of large, diversified medical device companies and more specialized players. Giants like Baxter International (BAX), Fresenius Medical Care (FMS), and Medtronic (MDT) command significant market share in renal care and critical care solutions through broad product portfolios, established distribution networks, and substantial financial resources. These companies generally exhibit stronger revenue growth, higher profitability margins, and more robust cash flow generation due to their scale and diversified offerings. In contrast, ICU is a niche player, specializing in a targeted, disease-modifying therapy for hyperinflammation. While it lags in overall financial scale and market share compared to these behemoths, its technological differentiation offers a unique value proposition in specific critical care segments.

Against more specialized competitors like Cytosorbents (CTSO), which focuses on broader blood purification for cytokine and toxin removal, ICU's SCD therapy offers a distinct advantage through its selective cellular modulation. This targeted approach may yield superior performance in specific therapeutic outcomes, particularly in conditions like acute kidney injury where precise immune system rebalancing is crucial. ICU's innovation speed in this niche area could provide an edge, though Cytosorbents' established presence in related blood purification markets presents a formidable challenge in terms of revenue growth and market penetration.

The SCD Platform: A Differentiated Approach to Critical Care

The SCD therapy's technological prowess is its most compelling asset. Clinical and preclinical studies spanning over 15 years have demonstrated its ability to modulate proinflammatory cells effectively. Notably, trials in pediatric and adult AKI patients requiring CRRT showed a 50% reduction in mortality rates, and remarkably, 60-day survivors did not require dialysis. These tangible, quantifiable benefits highlight the SCD's potential to not only save lives but also prevent long-term organ damage and the associated lifelong