SeaStar Medical (ICU) Registration filing summary

Company overview and business model

• Commercial-stage healthcare company developing the Selective Cytopheretic Device (SCD) for treating hyperinflammation and organ failure, with FDA approval for pediatric acute kidney injury (AKI) and ongoing adult clinical trials.

• SCD therapy targets overactive immune cells to neutralize cytokine storms, aiming to reduce mortality and improve organ function in acute and chronic conditions.

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

• SCD integrates with existing hospital CRRT systems and has potential for use in chronic kidney disease dialysis centers.

• Addressable market includes 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); as adjusted for the offering, $18.1 million ($3.29 per share).

• Immediate dilution to new investors of $1.34 per share at an assumed offering price of $4.63.

• Prior ATM offerings in 2025 raised $5.9 million from 0.9 million shares.

Use of proceeds and capital allocation

• No proceeds from resale by Lincoln Park; up to $14.7 million in gross proceeds may be received 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.