$ICU
SeaStar Medical Holding Corp

2023 Q4 Form 10-Q Financial Statement

#000095017023063668 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $1.868M $1.829M $1.040M
YoY Change -62.79% 75.87% 152.8%
% of Gross Profit
Research & Development $1.075M $1.107M $730.0K
YoY Change -14.68% 51.64% -26.26%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.943M $2.936M $1.770M
YoY Change -61.88% 65.88% 330.24%
Operating Profit -$2.936M -$1.662M
YoY Change 76.67% 303.96%
Interest Expense -$959.0K $224.0K -$120.0K
YoY Change -27.89% -286.67% -118.54%
% of Operating Profit
Other Income/Expense, Net -$5.978M -$4.490M $0.00
YoY Change -41.22%
Pretax Income -$9.880M -$7.426M -$1.890M
YoY Change -48.6% 292.91% -900.92%
Income Tax -$5.000K $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.875M -$7.426M -$619.6K
YoY Change -48.62% 1098.46% -362.57%
Net Earnings / Revenue
Basic Earnings Per Share -$0.37 -$0.26
Diluted Earnings Per Share -$0.26 -$0.37 -$0.15
COMMON SHARES
Basic Shares Outstanding 36.98M 18.57M 7.239M
Diluted Shares Outstanding 20.05M 7.239M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0K $73.00K $50.00K
YoY Change 252.0% 46.0% -69.85%
Cash & Equivalents $176.0K $73.00K $116.8K
Short-Term Investments
Other Short-Term Assets $2.132M $2.172M $1.050M
YoY Change -28.46% 106.86% 128.74%
Inventory
Prepaid Expenses $2.132M $2.172M $132.9K
Receivables $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.308M $2.245M $107.3M
YoY Change -23.98% -97.91% 17077.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.205M $2.000K $0.00
YoY Change -30.35% -100.0%
Total Long-Term Assets $1.205M $2.000K $0.00
YoY Change -30.39% -100.0%
TOTAL ASSETS
Total Short-Term Assets $2.308M $2.245M $107.3M
Total Long-Term Assets $1.205M $2.000K $0.00
Total Assets $3.513M $2.247M $107.3M
YoY Change -26.31% -97.91% 1.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.372M $5.042M $1.290M
YoY Change 126.88% 290.85%
Accrued Expenses $1.523M $1.481M $840.0K
YoY Change -32.16% 76.31% 202.91%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $350.0K
YoY Change -100.0%
Long-Term Debt Due $4.744M $4.405M $410.0K
YoY Change 302.72% 974.39%
Total Short-Term Liabilities $13.05M $12.43M $9.386M
YoY Change 143.85% 32.41% 3284.82%
LONG-TERM LIABILITIES
Long-Term Debt $4.337M $5.722M $4.110M
YoY Change -43.31% 39.22%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $4.337M $5.722M $4.110M
YoY Change -43.31% 39.22% -62.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.05M $12.43M $9.386M
Total Long-Term Liabilities $4.337M $5.722M $4.110M
Total Liabilities $17.38M $18.15M $9.386M
YoY Change 33.69% 93.37% -17.04%
SHAREHOLDERS EQUITY
Retained Earnings -$114.7M -$115.7M -$8.896M
YoY Change 15.48% 1200.45% -16.72%
Common Stock $5.000K $3.000K
YoY Change 400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.87M -$15.90M -$8.895M
YoY Change
Total Liabilities & Shareholders Equity $3.513M $2.247M $107.3M
YoY Change -26.31% -97.91% 1.07%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$9.875M -$7.426M -$619.6K
YoY Change -48.62% 1098.46% -362.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.485M -$1.340M -$910.0K
YoY Change -15.38% 47.25% 1606.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.588M 1.396M 350.0K
YoY Change -13.43% 298.86% -401.39%
NET CHANGE
Cash From Operating Activities -4.485M -1.340M -910.0K
Cash From Investing Activities
Cash From Financing Activities 4.588M 1.396M 350.0K
Net Change In Cash 103.0K 56.00K -560.0K
YoY Change 11059540787199900.0% -110.0% 222.06%
FREE CASH FLOW
Cash From Operating Activities -$4.485M -$1.340M -$910.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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IncreaseDecreaseInPrepaidExpense
3000
icu Increase Decrease In Capitalized Merger Costs
IncreaseDecreaseInCapitalizedMergerCosts
0
icu Increase Decrease In Capitalized Merger Costs
IncreaseDecreaseInCapitalizedMergerCosts
1005000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3115000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1206000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
692000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
497000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5800000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2492000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
6500000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
282000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1283000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
icu Payment Of Commitment Fee Equity Line Of Credit
PaymentOfCommitmentFeeEquityLineOfCredit
500000
icu Payment Of Commitment Fee Equity Line Of Credit
PaymentOfCommitmentFeeEquityLineOfCredit
0
icu Proceeds From Sale Of Recycled Shares
ProceedsFromSaleOfRecycledShares
1870000
icu Proceeds From Sale Of Recycled Shares
ProceedsFromSaleOfRecycledShares
0
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2031000
icu Payment Of Notes Payable
PaymentOfNotesPayable
3145000
icu Payment Of Notes Payable
PaymentOfNotesPayable
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5826000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2031000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
26000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-461000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
510000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49000
us-gaap Interest Paid Net
InterestPaidNet
707000
us-gaap Interest Paid Net
InterestPaidNet
0
icu Value Of Derivative Liability On Issuance Of Convertible Notes
ValueOfDerivativeLiabilityOnIssuanceOfConvertibleNotes
0
icu Value Of Derivative Liability On Issuance Of Convertible Notes
ValueOfDerivativeLiabilityOnIssuanceOfConvertibleNotes
52000
icu Noncashconversion Of Accrued Expenses Into Convertible Notes
NoncashconversionOfAccruedExpensesIntoConvertibleNotes
0
icu Noncashconversion Of Accrued Expenses Into Convertible Notes
NoncashconversionOfAccruedExpensesIntoConvertibleNotes
96000
icu Shares Issued As Payment Of Convertible Notes
SharesIssuedAsPaymentOfConvertibleNotes
4348000
icu Shares Issued As Payment Of Convertible Notes
SharesIssuedAsPaymentOfConvertibleNotes
0
icu Shares Issued To Settle Forward Option Prepaid Forward Contracts
SharesIssuedToSettleForwardOptionPrepaidForwardContracts
558000
icu Shares Issued To Settle Forward Option Prepaid Forward Contracts
SharesIssuedToSettleForwardOptionPrepaidForwardContracts
0
icu Issuance Of Convertible Note Warrant
IssuanceOfConvertibleNoteWarrant
2705000
icu Issuance Of Convertible Note Warrant
IssuanceOfConvertibleNoteWarrant
0
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-115682000
CY2023Q3 us-gaap Cash
Cash
73000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the period. Significant estimates include the valuation of the forward option on prepaid forward contracts, derivative liability, warrants, provision for income taxes, convertible debt measured at fair value, and the amount of stock-based compensation expense.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Although actual results could differ from those estimates, such estimates are developed based on the best information available to management and management's best judgments at the time.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of credit risk</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company has not experienced any losses on deposits since inception.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 icu Accrued Commitment Fee Equity Line Of Credit
AccruedCommitmentFeeEquityLineOfCredit
0
CY2022Q4 icu Accrued Commitment Fee Equity Line Of Credit
AccruedCommitmentFeeEquityLineOfCredit
1500000
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
663000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
450000
CY2023Q3 icu Accrued Director Compensation Current
AccruedDirectorCompensationCurrent
335000
CY2022Q4 icu Accrued Director Compensation Current
AccruedDirectorCompensationCurrent
61000
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
224000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
112000
CY2023Q3 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
100000
CY2022Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
0
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
159000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
122000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1481000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2245000
CY2023Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
98717000
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
63000
CY2023Q3 us-gaap Notes Payable
NotesPayable
5722000
CY2022Q4 us-gaap Notes Payable
NotesPayable
8830000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1178000
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
5722000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
7652000
CY2023Q3 icu Future Maturities Of Principal Repayment Of Convertible Notes Remainder Of Fiscal Year
FutureMaturitiesOfPrincipalRepaymentOfConvertibleNotesRemainderOfFiscalYear
0
CY2023Q3 icu Future Maturities Of Principal Repayment Of Convertible Notes Next Twelve Months
FutureMaturitiesOfPrincipalRepaymentOfConvertibleNotesNextTwelveMonths
0
CY2023Q3 icu Future Maturities Of Principal Repayment Of Convertible Notes Year Two
FutureMaturitiesOfPrincipalRepaymentOfConvertibleNotesYearTwo
5722000
CY2023Q3 icu Future Maturities Of Principal Repayment Of Convertible Notes Due
FutureMaturitiesOfPrincipalRepaymentOfConvertibleNotesDue
5722000
CY2022Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
26000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
234000
CY2023Q1 icu Issuance Of Convertible Notes
IssuanceOfConvertibleNotes
2705000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-7426000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-1892000
us-gaap Net Income Loss
NetIncomeLoss
-16357000
us-gaap Net Income Loss
NetIncomeLoss
-3798000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20048473
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
24386960
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
16857714
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
484000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
357000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1544000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
706000
CY2023Q3 icu Contingent Upfront Payment For License Agreement
ContingentUpfrontPaymentForLicenseAgreement
100000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
8000
us-gaap Operating Lease Expense
OperatingLeaseExpense
8000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
24000
us-gaap Operating Lease Expense
OperatingLeaseExpense
24000
CY2023Q3 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
100000
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21942037
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
702924
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19234039
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
602128
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20048473
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7238767
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7238767
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16028118
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16028118
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7238767
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7238767
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52

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