SeaStar Medical Holdings Co., Ltd. 2025 Year Quarter Report

For the quarterly period endedMarch 31,2025OR SEASTAR MEDICAL HOLDING CORPORATION (Exact name of Registrant as specified in its Charter) Delaware(State or other jurisdiction ofincorporation or organization)3513 Brighton Blvd.,Suite 410Denver,CO(Address of principal executive offices)Registrant’s telephone number, including area code: (844)427-8100 80216(Zip Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act ). Yes☐No☒ Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.Yes☒No☐ As of May 12, 2025, the registrant had10,563,748shares of common stock, $0.0001 par value per share, outstanding. SeaStar Medical Holding CorporationMarch 31, 2025Table of Contents PART I.FINANCIAL INFORMATION Item 1.Condensed Consolidated Financial Statements (Unaudited)Condensed Consolidated Balance Sheets (March 31, 2025 Unaudited)Condensed Consolidated Statements of Operations (Unaudited) PART II.OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures PART I—FINANCIAL INFORMATION SeaStar Medical Holding CorporationCondensed Consolidated Balance Sheets SeaStar Medical Holding CorporationCondensed ConsolidatedStatements of Changes in Stockholders’ Equity /(Deficit) Supplemental disclosure of cash flow information SeaStar Medical Holding CorporationNotes to the Condensed Consolidated Financial Statements (Unaudited) Note 1. Description of Business Organization and Description of Business SeaStar Medical Holding Corporation, a Delaware corporation (“SeaStar”) and its wholly owned subsidiary, SeaStar Medical,Inc., are collectively referred to as the“Company”. SeaStar Medical, Inc. was incorporated as a Delaware corporation in June 2007, andit is headquartered in Denver,Colorado.The Company is principally engaged in the research,development,andcommercialization of a platform medical device technology designed to modulate inflammation in various patient populations. Theinitial target of this technology is for the treatment of patients with acute kidney injuries ("AKI"), but through additionalBreakthrough Design Designation (“BDD”) from the Food and Drug Administration (“FDA”), has expanded into treatments of The Company received FDA approval on February 21, 2024, under a Humanitarian Device Exemption (“HDE”) for ourpediatric SCD therapy.It is the only FDA approved product for use in pediatric patients with AKI due to sepsis or a septiccondition requiring kidney replacement therapy.We shipped our first commercial pediatric SCD (“QUELIMMUNE”) in July2024. In addition, we are currently conducting a pivotal clinical trial to assess the safety and efficacy of the SCD therapy in On October 28, 2022, LMF Merger Sub, Inc., a wholly owned subsidiary of LMF Acquisition Opportunities, Inc., (“LMAO”)merged with and into SeaStar Medical, Inc. (the“Business Combination”), with SeaStar Medical, Inc. surviving the BusinessCombination as a wholly owned subsidiary of LMAO. Following the consummation of the Business Combination, LMAO was Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accountingprinciples generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities andExchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, cer