Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-39927

SEASTAR MEDICAL HOLDING CORPORATION

(Exact name of Registrant as specified in its Charter)


Delaware	85-3681132
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3513 Brighton Blvd., Suite 410 Denver, CO	80216
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (844) 427-8100

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	ICU	The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share	ICUCW	The Nasdaq Stock Market LLC

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 Act of 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 to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 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 submit such files). Yes ☒ No ☐

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 growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any 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 Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of April 30, 2024, the registrant had 75,419,458 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	1

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Operations (Unaudited)	2
	Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to Unaudited Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24

PART II.	OTHER INFORMATION	26

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27
Signatures		28

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements.

SeaStar Medical Holding Corporation

Condensed Consolidated Balance Sheets

(in thousands, except for share and per-share amounts)



	March 31, 2024			December 31, 2023
	(unaudited)
ASSETS
Current assets
Cash	$	5,019		$	176
Prepaid expenses		1,518			2,132
Total current assets		6,537			2,308
Other assets		1,203			1,205
Total assets	$	7,740		$	3,513

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable	$	3,879		$	4,372
Accrued expenses		1,544			1,523
Contingent upfront payment for license agreement		100			100
Notes payable, net of deferred financing costs		357			565
Convertible notes, current portion		1,135			4,179
Liability classified warrants		2,633			2,307
Total current liabilities		9,648			13,046
Notes payable, net of deferred financing costs		2,565			4,143
Convertible notes, net of current portion		—			194
Total liabilities		12,213			17,383
Commitments and contingencies (Note 9)
Stockholders' deficit
Preferred stock - $0.0001 par value, 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023		—			—
Common stock - $0.0001 par value per share; 500,000,000 shares authorized; 75,419,458 and 47,615,285 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		8			5
Additional paid-in capital		122,950			100,859
Accumulated deficit		(127,431	)		(114,734	)
Total stockholders' deficit		(4,473	)		(13,870	)
Total liabilities and stockholders' deficit	$	7,740		$	3,513

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SeaStar Medical Holding Corporation

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except for share and per-share amounts)


	Three Months Ended March 31,
	2024			2023

Operating expenses
Research and development	$	1,697		$	1,730
General and administrative		2,253			2,851
Total operating expenses		3,950			4,581
Loss from operations		(3,950	)		(4,581	)
Other income (expense)
Interest expense		(143	)		(433	)
Change in fair value of convertible notes		(5,758	)		100
Change in fair value of warrants liability		(2,846	)		36
Change in the fair value of the forward purchase agreement derivative liability		—			(2,218	)
Total other income (expense), net		(8,747	)		(2,515	)
Loss before provision for income taxes		(12,697	)		(7,096	)
Provision for income taxes		—			—
Net loss	$	(12,697	)	$	(7,096	)
Net loss per share of common stock, basic and diluted	$	(0.19	)	$	(0.54	)
Weighted-average shares outstanding, basic and diluted		67,106,081			13,025,852

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SeaStar Medical Holding Corporation

Condensed Consolidated Statements of Changes in Stockholders' Deficit

(unaudited)

(in thousands, except for share and per-share amounts)


	Stockholders' Deficit (unaudited)
	Common Shares
	Shares		Amount		Additional Paid-In Capital		Accumulated Deficit			Total Stockholders' Deficit
Balance, December 31, 2022		12,699,668	$	1	$	67,739	$	(88,502	)	$	(20,762	)
Issuance of shares - equity line of credit		378,006		—		1,108		—			1,108
Issuance of shares - commitment fee for equity line of credit		218,842		—		1,000		—			1,000
Issuance of shares - prepaid forward contracts		—		—		1,870		—			1,870
Stock-based compensation		—		—		505		—			505
Net loss		—		—		—		(7,096	)		(7,096	)
Balance, March 31, 2023		13,296,516	$	1	$	72,222	$	(95,598	)	$	(23,375	)


Balance, December 31, 2023		47,615,285	$	5	$	100,859	$	(114,734	)	$	(13,870	)
Issuance of shares - conversion of convertible notes		12,697,792		1		9,389		—			9,390
Issuance of shares - exercise of warrants		8,801,836		1		3,959		—			3,960
Issuance of shares - equity offering, net of issue costs		6,304,545		1		8,309		—			8,310
Stock-based compensation		—		—		434		—			434
Net loss		—		—		—		(12,697	)		(12,697	)
Balance, March 31, 2024		75,419,458	$	8	$	122,950	$	(127,431	)	$	(4,473	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

SeaStar Medical Holding Corporation

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands, except for shares and per-share amounts)


	Three Months Ended March 31,
	2024			2023

Cash flows from operating activities
Net loss	$	(12,697	)	$	(7,096	)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of deferred financing costs		27			4
Change in fair value of convertible notes (issued, converted and outstanding)		5,758			2,218
Change in fair value of forward purchase agreement derivative liability		—			(100	)
Change in fair value of liability classified warrants (exercised and outstanding)		2,846			(36	)
Stock-based compensation		434			505
Changes in operating assets and liabilities
Other receivables		—			12
Prepaid expenses		614			318
Other assets		2			—
Accounts payable		(493	)		1,095
Accrued expenses		21			—
Other liabilities		—			786
Net cash used in operating activities		(3,488	)		(2,294	)

Cash flows from financing activities
Proceeds from issuance of convertible notes		979			3,000
Payment of convertible notes		—			(10	)
Proceeds from issuance of shares		4,543			1,108
Proceeds from exercise of convertible note warrants		853			—
Proceeds of Pre-Funded warrants		3,769			—
Payment of commitment fee - equity line of credit		—			(500	)
Proceeds from sale of recycled shares		—			1,870
Proceeds from notes payable		—			100
Payment of notes payable		(1,813	)		(2,596	)
Net cash provided by financing activities		8,331			2,972
Net increase in cash		4,843			678
Cash, beginning of period		176			47
Cash, end of period	$	5,019		$	725


Supplemental disclosure of cash flow information
Cash paid for interest	$	—	$	508
Exercise of pre-funded warrants	$	3,106	$	—
Shares issued as payment of convertible notes	$	9,387	$	—
Issuance of convertible note warrants	$	586	$	500

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Note 1. Description of Business

Organization and description of business

SeaStar Medical Holding Corporation, a Delaware corporation ("SeaStar", "we") 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, and it is headquartered in Denver, Colorado. The Company is principally engaged in the research, development, and commercialization of a platform medical device technology designed to modulate inflammation in various patient populations. The primary target of this technology is for the treatment of acute kidney injuries.

The Company is in the pre-revenue stage focused on product development.

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 Business Combination as a wholly owned subsidiary of LMAO. Following the consummation of the Business Combination, LMAO was renamed to "SeaStar Medical Holding Corporation."

Basis of presentation and consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The results from operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ended December 31, 2024, or for any future annual or interim period.

The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the related notes for the year ended December 31, 2023. There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2023.

The interim unaudited condensed consolidated financial statements include the consolidated accounts of the Company's wholly owned subsidiary, SeaStar Medical, Inc. All significant intercompany transactions have been eliminated in consolidation.

Segment information

The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein.

Liquidity and going concern

As of March 31, 2024, the Company has an accumulated deficit of $127.4 million and cash of $5.0 million. We do not believe that will be sufficient to enable us to fund our operations, including clinical trial expenses and capital expenditure requirements for at least 12 months from the issuance of these unaudited interim condensed consolidated financial statements. We believe that these conditions raise substantial doubt about our ability to continue as a going concern.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Our need for additional capital will depend in part on the scope and costs of our development activities. To date, we have not generated any revenue from the sales of commercialized products. Our ability to generate product revenue will depend on the successful development and eventual commercialization of our product. Until such time, if ever, we expect to finance our operations through the sale of equity or debt, borrowing under credit facilities, or through potential collaborations, other strategic transactions or government and other grants. Adequate capital may not be available to us when needed or on acceptable terms.

Risks and uncertainties

The Company is subject to risks common to early-stage companies in the medical technology industry including, but not limited to, new medical and technological innovations, dependence on key personnel, protection of proprietary technology, and product liability. There can be no assurance that the Company's products or services will be accepted in the marketplace, nor can there be any assurance that any future products or services can be developed or deployed at an acceptable cost and with appropriate performance characteristics, or that such products or services will be successfully marketed, if at all. These factors could have a materially adverse effect on the Company's future financial results, financial position and cash flows.

Note 2. Summary of Significant Accounting Policies

Use of estimates

The preparation of the unaudited interim 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 consolidated financial statements and reported amounts of revenues and expenses during the period. Significant estimates include the valuation of the liability classified warrants, prepaid forward purchase agreement derivative liability, provision for income taxes, convertible debt measured at fair value, and the amount of stock-based compensation expense. 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.

Concentrations of credit risk

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. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

Fair value of financial instruments

The following provides a summary of those assets or liabilities for which the Company is required to measure at fair value either on a recurring basis, the valuation techniques and summary of inputs used to arrive at the measure of fair value. Changes in fair value of these assets or liabilities are recognized as a component of net income in the consolidated statement of operations. Changes in fair value of these assets or liabilities are considered unrealized gains or losses and therefore are classified as non-cash adjustments to reconcile net income to operating cash flows. Significant increases (decreases) in unobservable inputs used in fair value measurements could, in isolation, potentially result in a significantly lower or higher valuation for those assets or liabilities requiring recurring fair value measurements at each reporting date.

The Company uses a Black-Scholes option pricing model to fair value Warrants, using standard option pricing inputs such as the strike price of each warrant tranche, estimated volatility, time to maturity, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate at the date of issuance, and the time to maturity is based on the contractual life at the date of issuance, which is an interpolated value based on the remaining term of each individual instrument. The change in fair value of the liability classified warrants each reporting period is recorded to the change in fair value of warrants liability in the consolidated statement of operations.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Emerging growth company status

The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.

Recently issued accounting standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of this guidance on our disclosures.

Note 3. Accrued Expenses

Accrued expenses consisted of the following amounts as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Accrued bonus	$	671	$	501
Accrued director compensation		519		427
Accrued research and development		308		507
Accrued legal		—		43
Accrued interest		29		19
Other		17		26
Total accrued expenses	$	1,544	$	1,523

Note 4. Notes Payable

Notes payable activity was as follows for the three month period ended March 31, 2024:


($ in thousands)	LMFA			LMFAO			Maxim			Insurance Financing			Unamortized deferred financing costs
Balance as of December 31, 2023	$	296		$	1,128		$	2,771		$	565		$	(52	)
Payments		(296	)		(1,128	)		(181	)		(208	)		—
Amortization of costs		—			—			—			—			27
Balance as of March 31, 2024	$	—		$	—		$	2,590		$	357		$	(25	)

Future maturities of principal repayment of the notes payable as of March 31, 2024 are as follows:

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)


($ in thousands)
2024 (remaining)	$	357
2025		2,590
	$	2,947

Senior Secured LMFA Note Payable

The company entered into a senior secured note with LMFA in September 2022. The interest rate on the loan was 7.0% and was to mature on March 27, 2025. The Company paid this note in full during Q1 2024.

Senior Secured LMFAO Note Payable

The company entered into a senior secured note with LMFAO in October 2022. The interest rate on the loan was 7.0% and was to mature on March 27, 2025. The Company paid this note in full during Q1 2024.

Unsecured Maxim Note Payable

In October 2022, the Company entered into an unsecured promissory note with Maxim, for an aggregate principal amount of $4.2 million. The interest rate on the note is 7% and matures on May 8, 2025.

Insurance Financing

In October 2023, the Company entered into a financing arrangement with a lender to finance a portion of the annual premium of an insurance policy in the amount of $0.7 million. The Company will pay the remaining five monthly installments of principal and interest with the last payment being made in August 2024.

Note 5. Convertible Notes

The activity for the convertible notes is disclosed in the table below for the period ended March 31, 2024. See our Annual Report on Form 10-K for the year-ended for December 31, 2023, for all other details relating to the Investor D convertible notes issued prior to December 31, 2023. During the quarter-ended March 31, 2024, the Company entered into two additional Investor D note issuances:

The Company completed Additional Closings related to the Second Amendment to the Investor D SPA on January 12, 2024 and January 24, 2024, issuing notes in principal amounts of $0.3 million and $0.8 million, respectively, each at 7.00% per annum (the "Fifth Investor D Note" and "Sixth Investor D Note", collectively called the "2024 Investor D Notes"). The 2024 Investor D Notes mature on April 12, 2025 and April 24, 2025, respectively. The 2024 Investor D Notes have an initial conversion price of $0.56 per share and are convertible into shares of the Company's common stock, par value $0.0001 (the "common stock"), beginning on the earlier of June 11, 2024 (or earlier upon mutual written agreement of the Company and the purchaser), or the date of an event of default, as defined in the note. The Company also issued warrants to purchase up to 131,927 and 395,781 shares of common stock, respectively, with an exercise price of $0.56 per share, and an additional warrants to purchase up to 131,927 and 395,781 shares of common stock, respectively, with an exercise price of $0.56 per share.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)


($ in thousands)		3rd Investor D Note 3-1			3rd Investor D Note 3-2				3rd Investor D Note 3-3				3rd Investor D Note 3-4				4th Investor D Note				5th Investor D Note				6th Investor D Note			Total
Balance as of December 31, 2023	$		1,012			999		$		972		$		568		$		822		$		—		$		—		$	4,373
Issuance (Face Value)			—			—				—				—				—				272				815			1,087
Fair value of detachable warrants at issuance			—			—				—				—				—				(147	)			(439	)		(586	)
(Gain)/Loss on conversion			1,201			636				615				381				77				482				2,005			5,397
Conversion to common stock			(2,213	)		(1,635	)			(1,587	)			(949	)			(125	)			(607	)			(2,381	)		(9,497	)
(Gain)/Loss on reporting period remeasurement			—			—				—				—				361				—				—			361
Balance as of March 31, 2024	$		—			—		$		—		$		—		$		1,135		$		—		$		—			1,135

Future maturities of principal repayment of convertible Notes as of March 31, 2024, was as follows:


($ in thousands)
2024 (remaining)	$	—
2025		1,135
	$	1,135

On January 30, 2024, the institutional investor agreed to waive its Optional Redemption Rights and any event of default that may arise thereunder with respect to this offering and suspend the Optional Redemption Rights for a period of sixty (60) days following the closing of this offering (the “Suspension Period”), and the Company granted the institutional investor a right to redeem all or a portion of the then outstanding Conversion Amount (as defined in the Note Documents) within three (3) trading days after the Suspension Period at an amount equal to 200% of the Conversion Amount.

During the quarter-ended March 31, 2024, the institutional investor converted approximately $3.3 million (face value) of outstanding debt, by converting the outstanding debt into approximately $9.5 million of the Company's common stock. As of March 31, 2024, the Company still owed the institutional investor approximately $1.0 million (face value) in convertible debt, with a fair value of approximately $1.1 million.

The Company incurred a loss of approximately $5.8 million as a result of the following: (i) $4.7 million loss on conversion into equity as a result of the difference between the fair value of the convertible notes being converted and the equity being delivered, (ii) $0.7 million losses on issuance of the Investor D convertible notes issued during the three-months ended March 31, 2024, as a result of the combination of the fair value of detachable warrants issued in conjunction to the Investor D Notes issues during the three-months ended March 31, 2024, and the excess fair value over the proceeds received for the Investor D convertible notes issues during the three-months ended March 31, 2024, and (iii) $0.4 million loss on the change in fair value of those Investor D convertible notes still outstanding as of March 31, 2024.

Note 6. Equity Transactions

On January 26, 2024, the Company entered into a Securities Purchase Agreement with a single institutional investor, pursuant to which the Company issued to the Purchaser (the "Q1 2024 SPA"), (i) in a registered direct offering, 6,304,545 shares of the Company’s common stock, par value $0.0001 per share, and pre-funded warrants to purchase 4,536,216 shares of Common Stock with an exercise price of $0.0001 per share, and (ii) in a concurrent private placement, series A warrants to purchase 10,840,761 shares of common stock (the "Series A Common Warrants") and series B warrants to purchase 5,420,381 shares of common stock each with an exercise price of $0.8302 (the "Series B Common Warrants" and together with the Series A Common Warrants, the "Investor E Warrants". Such registered direct offering and concurrent private placement are referred to herein as the “Transactions.”

The Company received aggregate gross proceeds from the Transactions of approximately $9.0 million, before deducting fees to the Placement Agent and other estimated offering expenses payable by the Company. The Shares were declared effective on December 22, 2023. The Investor E Warrants will be exercisable commencing on the effective date of stockholder approval for the issuance of the shares of common stock issuable upon exercise of the Investor E Warrants. The Series A Common Warrants will expire on the fifth anniversary of the Stockholder Approval

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Date and the Series B Common Warrants will expire on the 12 month anniversary of the Stockholder Approval Date. The Pre-Funded Warrants will not expire and will be exercisable commencing on January 26, 2024, and at any time until all of the Pre-Funded Warrants are exercised in full. All Pre-Funded Warrants were exercised during the first quarter ended March 31, 2024.

The Company paid approximately $0.7 million in fees to the Placement Agent and issued 542,038 warrants (the "PA Warrants") to purchase shares of the Company's common stock, with a fair value of approximately $0.3 million at issuance. The exercise price of these warrants is $0.9132 and the warrants became exercisable on January 30, 2024, expiring one year after the grant date.

Tumin Equity Line of Credit

During the year ended December 31, 2023, the Company sold 6,500,000 shares of common stock to Tumim for proceeds of approximately $4.7 million as part of the Tumin Equity Line of Credit (see the Company's Annual Report on Form 10-K for the year-ended December 31, 2023, for additional information on the structure and purpose). As of December 31, 2023, approximately $95.3 million was available to draw. In February 2024, the Company and Tumim agreed to terminate the Purchase Agreement.

Note 7. Warrants

Warrants Issued in FY 2024

As discussed in Note 7, as part of the Q1 2024 SPA, the Company issued on January 26, 2024 the following warrants to purchase the Company's common stock:

•

Pre-Funded Warrants - warrants to purchase 4,536,216 shares of common stock with an exercise price of $0.0001. The Pre-Funded Warrants had no expiration date and were exercisable commencing on the date of issuance and at any time until all of the Pre-Funded Warrants are exercised in full. The Pre-Funded Warrants were exercised in full during the first quarter-ended March 31, 2024

•

Series A and Series B Warrants - in a concurrent private placement, Series A Common Warrants to purchase 10,840,761 shares of Common Stock and Series B Common Warrants to purchase 5,420,381 shares of common stock each with an exercise price of $0.8302.

•

Investor E Warrants will be exercisable commencing on the effective date of stockholder approval for the issuance of the shares of common stock issuable upon exercise of the Investor E Warrants. The Series A Common Warrants will expire on the fifth anniversary of the Stockholder Approval Date and the Series B Common Warrants will expire on the 12-month anniversary of the Stockholder Approval Date.

Maxim Group LLC acted as the placement agent in connection with the Transactions pursuant to the Placement Agency Agreement, dated January 26, 2024, by and between the Company and the Placement Agent. The Placement Agent will receive warrants to purchase common stock covering a number of shares equal to 5% of the total number of shares of common stock sold in the Transactions. The PA Warrants will be exercisable commencing six months after the Closing and will expire five years after such date. The PA Warrants are exercisable at a price equal to 110.0% of the offering price in connection with the placement.

In accordance with ASC 815-40, Derivatives and Hedging-Contracts in Entity’s own Equity, the Company determined the Investor E and PA Warrants meet the conditions for equity classification, and should be carried on the consolidated balance sheets as a component of stockholders equity (deficit). The initial fair value of the convertible note warrants was determined using a Black-Scholes option pricing model, which considers variables such as estimated volatility, time to maturity, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate at the date of issuance, and the time to maturity is based on the contractual life at the date of issuance, which is five years.

The Company had the following warrants outstanding at March 31, 2024 and December 31, 2023:

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)


	March 31, 2024		December 31, 2023
Liability Classified Warrants
Investor D Warrants		3,158,086		6,368,289
Private Placement Warrants		5,738,000		5,738,000
PIPE Investor Warrants		500,000		500,000
Subtotal		9,396,086		12,606,289

Equity Classified Warrants
Investor E Warrants		16,261,142		—
Placement agent Warrants		542,038		—
Public Stockholders' Warrants		10,550,000		10,550,000
Legacy Warrants		48,914		48,914
Subtotal		27,402,094		10,598,914
Grand Total		36,798,180		23,205,203

The following tables provides the weighted-average strike price and time to maturity for each warrant tranche as of March 31, 2024 and December 31, 2023:


March 31, 2024	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		3,158,086	$	0.50		4.40
Private Placement Warrants		5,738,000	$	11.50		3.57
PIPE Investor Warrants		500,000	$	11.50		3.57

Equity Classified Warrants
Investor E Warrants		16,261,142	$	0.83		4.45
Placement Agent Warrants		542,038	$	0.91		5.25
Public Stockholders' Warrants		10,550,000	$	11.50		3.57
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.13


December 31, 2023	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		6,368,289	$	0.50		4.65
Private Placement Warrants		5,738,000	$	11.50		3.82
PIPE Investor Warrants		500,000	$	11.50		3.82

Equity Classified Warrants
Public Stockholders' Warrants		10,550,000	$	11.50		3.82
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.38

Below is the warrant activity for the period ended March, 31, 2024:

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)


	Investor D Warrants			Investor E Warrants			Placement Agent Warrants		Private Placement Warrants		PIPE Investor Warrants		Public Stockholders' Warrants		Legacy Warrants
Outstanding as of December 31, 2023		6,368,289			—			-		5,738,000		500,000		10,550,000		48,914
Issuance		1,055,416			20,797,358			542,038		—		—		—		—
Exercised		(4,265,619	)		(4,536,216	)		—		—		—		—		—
Forfeited / cancelled		—			—			—		—		—		—		—
Outstanding as of March 31, 2024		3,158,086			16,261,142			542,038		5,738,000		500,000		10,550,000		48,914

During the quarter-ended March 31, 2024, the Company incurred $1.6 million from losses on exercises of certain Investor D Warrants, and a loss of approximately $1.2 million from the mark-to-market adjustment for all remaining liability classified warrants; which are required to be remeasured at fair value at each reporting period, including March 31, 2024.

Note 8. Stock-Based Compensation Awards

The following table sets forth the total stock-based compensation cost included in the Company's condensed consolidated statements of operations for the period indicated:

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	Three Months Ended March 31,
($ in thousands)	2024		2023
Research and development	$	119	$	39
General and administrative		315		466
Total stock-based compensation	$	434	$	505

Equity incentive plan - summary

2022 Omnibus Incentive Plan

The Company's Board of Directors adopted, and the shareholders approved the 2022 Omnibus Incentive Plan to provide long-term incentive for its employees and non-employee service providers. The vesting of stock options is stated in each individual grant agreement, which is generally either one or four years. Options granted expire 10 years after the date of grant.

2019 Stock Incentive Plan

The Company’s Board of Directors adopted the 2019 Stock Incentive Plan on February 25, 2019, to provide long-term incentive for its employees and non-employee service providers. The Stock Incentive Plan was terminated on October 28, 2022, and no further awards were granted under such plan.

Equity incentive plan - stock options

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Option activity for the periods ended March 31, 2024, is as follows:

2022 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		351,029	$	1.84	$	—		9.1
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		351,029	$	1.84	$	—		8.8
Vested and exercisable at March 31, 2024		-	$	—	$	—		8.8

2019 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		244,792	$	1.84	$	—		6.4
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		244,792	$	1.84	$	—		6.2
Vested and exercisable at March 31, 2024		213,273	$	1.84	$	—		6.2

Equity incentive plan - restricted stock units

A summary of the Company’s restricted stock unit (‘RSU”) activity is as follows:

2022 Omnibus Incentive Plan - RSUs


	Number of RSU		Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		234,019	$	1.47
Granted		—
Vested		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		234,019	$	1.47

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

2019 Stock Incentive Plan - RSUs


	Number of RSU			Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		92,442		$	8.00
Exercised		—
Vested		(19,689	)
Forfeited / cancelled		—
Outstanding at March 31, 2024		72,753		$	8.00

Note 9. Commitments and Contingencies

License and distribution agreement

On December 27, 2022, the Company entered into a license and distribution agreement (“License Agreement”) with a distributor, appointing the distributor as the exclusive distributor to promote, advertise, market, distribute and sell the Selective Cytopheretic Device (“SCD”) in the United States. The Company received an upfront payment of $0.1 million on January 3, 2023. Pursuant to the License Agreement, the Company received milestone payments in the amounts of approximately $0.5 million for obtaining a Humanitarian Device Approval ("HDE") from the Food and Drug Administration (the "FDA") and shall receive another milestone payment of approximately $0.4 million after the distributor sells the first sixty units to third parties. The term of the agreement is three years. The license agreement was amended in December 2023, removing the potential to require refund of the $0.1 million up-front payment from the Company to the distributor, while extending a certain milestone payment owed to the Company upon certain regulatory achievements. However, recognition for such relief from repayment of the deposit would be recognized over the remaining term of the agreement due to certain ongoing future obligations of the Company under the arrangement.

Lease agreements

The Company is part of a membership agreement for shared office space and can cancel at any time. Rent expense was approximately $8 thousand for the three months ended March 31, 2024 and 2023, respectively.

Litigation

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business.

In connection with the Business Combination, LMAO proposed, for stockholder approval, various amendments to its Amended and Restated Certificate of Incorporation, which included among other things a proposal to increase the authorized shares of common stock. A purported stockholder sent a Stockholder Litigation Demand letter (the “Demand”) to the Board of Directors of LMAO alleging that the Delaware General Corporation Law required a separate class vote of the Class A common stockholders to increase the authorized shares of common stock. Following receipt of the Demand, the Company canceled and withdrew the proposal to increase the authorized shares of common stock.

The stockholder’s counsel thereafter demanded that the Company pay counsel fees for the purported benefit conferred upon the Company’s shareholders by causing the Company to withdraw the allegedly invalid proposal to increase the authorized shares of common stock. The Company paid approximately $0.2 million for a legal settlement during the year ended December 31, 2023.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Note 10. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified into the following hierarchy:

Level 1 – quoted prices in active markets for identical assets and liabilities.

Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rate, credit risk, etc.).

Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities).

The fair value of the forward option on prepaid forward contracts, convertible notes, and the warrants liability is classified as Level 3 in the fair value hierarchy.

Fair Value Measurement Hierarchy

The following table presents the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level withing the fair value hierarchy. There were no non-recurring fair value measurements, as the Company does not have any long-lived assets, including fixed assets, intangible assets or goodwill which can require non-recurring measurements for impairment.


	Fair Value Measurements at March 31, 2024
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	1,135	$	1,135
Liability classified warrants		—		—		2,633		2,633
	$	—	$	—	$	3,768	$	3,768

	Fair Value Measurements at December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	4,179	$	4,179
Liability classified warrants		—		—		2,307		2,307
Total	$	—	$	—	$	6,486	$	6,486

Summary of Level 3 Input Changes

The following table presents the changes in the forward option-prepaid forward contracts, convertible notes measured at fair value, warrants liability, and the notes derivative liability for the periods ended March 31, 2024 and December 31, 2023 (in thousands):


Level 3 Roll Forward	Convertible Notes			Liability Classified Warrants
Balance December 31, 2023	$	4,373		$	2,307
Additions		501			586
Cash paid to settle		—			—
Shares issued upon conversion or exercise		(4,100	)		(3,106	)
Changes in fair value		361			2,846
Balance March 31, 2024	$	1,135		$	2,633

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

Level 3 Inputs

For assets or liabilities for which the Company is required to remeasure the fair value on a recurring basis at each reporting date, generally the Company is required to disclose certain quantitative data related to the inputs used at the most recent reporting period date. However, for those assets or liabilities for which the Company has elected to take the FVO in accordance with ASC 825, Financial Instruments, then such quantitative disclosures are not required.

Liability Classified Warrants

The liability classified warrants as of March 31, 2024 and December 31, 2023, include three classes of warrants, and therefore, the range of assumptions used has been provided. Significant assumptions used in valuing warrants which require liability classification were as follows as of March 31, 2024 and December 31, 2023.


		March 31, 2024
		Minimum				Maximum
Expected volatility			85.00	%			100.00	%
Equivalent term (#)			3.58				5.25
Risk-free rate			4.26	%			4.35	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.73		$		0.73
Strike price (#)	$		0.20		$		11.50


		December 31, 2023
		Minimum				Maximum
Expected volatility			85.00	%			90.00	%
Equivalent term			4.04				4.65
Risk-free rate			3.84	%			3.90	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.44		$		0.44
Strike price	$		0.50		$		11.50

Note 11. Income Taxes

In accordance with U.S. GAAP, a valuation allowance should be provided if it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. The Company’s ability to realize the benefit of its deferred tax assets will depend on the generation of future taxable income. Due to the uncertainty of future profitable operations and taxable income, the Company has recorded a full valuation allowance against its net deferred tax assets. The Company believes its tax filing position and deductions related to tax periods subject to examination will be sustained under audit and, therefore, has no reserve for uncertain tax positions.

Note 12. Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(12,697	)	$	(7,096	)
Weighted-average shares outstanding - basic and diluted		67,106,081			13,025,852
Basic and diluted net loss per share	$	(0.19	)	$	(0.54	)

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except for shares and per-share amounts)

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:


	As of March 31,
	2024		2023
Investor D warrants		3,158,086		328,352
Investor E warrants		16,261,142		—
Placement Agent warrants		542,038		—
Public Stockholders' warrants		10,550,000		10,350,000
Private Placement warrants		5,738,000		5,738,000
PIPE Investor warrants		500,000		700,000
Legacy warrants		48,914		69,714
Employee based options to purchase common stock		213,273		244,792
Unvested employee based restricted stock units		306,772		298,389
Total		37,318,225		17,729,247

Note 13. Subsequent Events

Investor D April 2024 Side Letter

On April 1, 2024, the Company and Investor D entered into the a side letter agreement (the "April 2024 Side Letter") whereby each party agreed to suspend certain rights of Investor D for a 60 day period, extending those rights from March 30, 2024, to May 30, 2024. Those rights included a 10 day notice period for any subsequent financing and rights to review terms of such financing arrangements. Finally, Investor D waived its rights or notice of default in the event of such financings. In addition, after the end to the May 30, 2024, suspension period has been reached, Investor D has the right to require the Company to redeem all or a portion of any outstanding Investor D convertible notes in the amount equity to 200% of the conversion amount.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis are intended to help you understand our business, financial condition, results of operations, liquidity, and capital resources. You should read this discussion in conjunction with the Company’s consolidated financial statements and related notes included elsewhere in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to historical financial analysis, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties, and assumptions, as described under the heading “Cautionary Note Regarding Forward Looking Statements.” Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, risks and uncertainties, including those set forth under “Risk Factors” included elsewhere (or incorporated by reference) in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “SeaStar Medical", “we", “us", “our,” and “the Company” are intended to mean the business and operations of SeaStar Medical Holding Corporation and its consolidated subsidiaries following the Business Combination.

Overview

On October 28, 2022, LMAO consummated a series of transactions that resulted in the combination of LMF Merger Sub, Inc. and SeaStar Medical, Inc. pursuant to an Agreement and Plan of Merger (the "Business Combination").

The Company is a medical technology company developing a platform therapy to reduce the consequences of hyperinflammation on vital organs. In a normal inflammatory response, neutrophils are the first immune cells to arrive at the site and are key to the entire immune response that kills pathogens and promotes tissue repair. If the inflammatory response becomes excessive and dysregulated, normal neutrophil die off may be delayed, altering feedback mechanisms that regulate the immune system. This results in damaging hyperinflammation spreading uncontrollably to other parts of the body, often leading to acute chronic solid organ dysfunction or failure, including heart, lung, kidney and liver diseases. This hyperinflammatory response is also known as the cytokine storm, referring to the body’s reaction to the category of small-secreted proteins released by hyperinflammatory cells that affect communication between cells. The cytokine storm, when left uncontrolled, can lead to organ damage and even death.

We are initially using our proprietary Selective Cytopheretic Device (“SCD”) technology platform to clinically validate several acute organ injury indications, including kidneys and lungs. Our investigational SCD is an extracorporeal synthetic membrane device designed to be easily integrated into existing Continuous Renal Replacement Therapy ("CRRT") systems that are commonly installed in hospitals, including in Intensive Care Units throughout the United States. Once approved and commercialized, the SCD would initially target acute kidney injury in both the pediatric CRRT population as well as adults on CRRT. In addition, we are developing our SCD to address inflammation associated with chronic dialysis and chronic heart failure. The regulatory approval process for our SCD product candidates is costly and involves significant risks and uncertainties. For a detailed description of these and other risks, please see “Risk Factors” under Part II, Item I of this Form 10-Q.

We have incurred net losses in each year since our inception in 2007. As of March 31, 2024 and December 31, 2023, we had an accumulated deficit of $127.4 million and $114.7 million, respectively. Our net losses were $12.7 million and $7.1 million for the three months ended March 31, 2024 and 2023, respectively. Substantially all our net losses resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations.

As of March 31, 2024 and December 31, 2023, we had cash of $5.0 million and $0.2 million, respectively.

Our accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business. Our consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The recurring losses, working capital deficiency, the need for capital to fund our operations, including clinical trial and regulatory approval expenses, and the amount of cash reserve are factors that raise substantial doubt about our ability to continue as a going concern for the twelve-month period from the date the unaudited consolidated financial statements are made available. See Note 1 to our unaudited consolidated financial statements for the three months ended March 31, 2024 included elsewhere in this Form 10-Q for additional information on our assessment.

Our need for additional capital will depend in part on the scope and costs of our development activities. To date, we have not generated any significant revenue from the sale of commercialized products. Our ability to generate product revenue will depend on the successful development and eventual commercialization of our products. Until such time, if ever, we expect to finance our operations through the sale of equity or debt, borrowings under credit facilities, potential collaborations, other strategic transactions or government and other grants. Adequate capital may not be available to us when needed or on acceptable terms. If we are unable to raise capital, we could be forced to delay, reduce, suspend or cease our research and development programs or any future commercialization efforts,

which would have a negative impact on our business, prospects, operating results and financial condition. See Part I, Item 1A “Risk Factors” for additional information.

Key Components of Results of Operations

Revenue

To date, we have not generated any revenue from the sale of commercialized products. Our pediatric SCD received HDE approval from the Food and Drug Administration (the "FDA") in February 2024, and we expect to commercialize the product in the near term. Revenue has been primarily derived from government and other grants. We may generate revenue in the future based on payments from license or collaboration agreements and government and other grants, and, from product sales of our pediatric SCD. We expect that any revenue we generate will fluctuate from quarter to quarter. We also continue to develop our adult SCD product for which we are pursuing FDA approval. If we fail to complete the development of or obtain regulatory approval for commercialization of our adult SCD products in a timely manner, our ability to generate future revenue and our results of operations and financial position, would be materially adversely affected.

Research and Development Expenses

Since our inception, we have focused our resources on our research and development activities, including conducting preclinical studies and clinical trials, and developing our process and activities related to regulatory filings for our products. Subject to the availability of additional funding, we plan to further increase our research and development expenses for the foreseeable future as we continue the development of our products.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and related costs for employees in executive and finance roles, which also include stock-based compensation expenses and benefits for such employees.

Other significant general and administrative expenses include facilities costs, professional fees for accounting and legal services and expenses associated with obtaining and maintaining patents and obtaining financing. As we continue to expand and grow our operations, we expect that our general and administrative expenses will increase, including additional expenses relating to new hires, travel, a new enterprise resource planning platform, and branding.

Other Income (Expense), Net

Total other income (expense), net primarily consists of interest expense relating to interest incurred on our notes, interest incurred on our convertible notes, change in the fair value of warrants liability, change in fair value of convertible notes, gain on issuance of convertible notes, change in fair value of forward-option forward contracts, and gain on sale of recycled shares.

Net Loss

Net loss consists of the Company’s loss from operations, less other expense.

Factors Affecting the Company’s Operating Results

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges. Please see the factors discussed elsewhere in this Form 10-Q, including those discussed in Part I, Item 1A, “Risk Factors,” for additional information.

Results of Operations

Comparison of the Three Months Ended March 31, 2024 to the Three Months Ended March 31, 2023

The following table sets forth a summary of our results of operations. This information should be read together with our unaudited consolidated financial statements and related Notes included elsewhere in this Form 10-Q.


	Three Months Ended
	March 31,						Change
($ in thousands)	2024			2023			$			%
Revenue	$	—		$	—		$	—			—
Operating expenses
Research and development		1,697			1,730			(33	)		(2	)%
General and administrative		2,253			2,851			(598	)		(21	)%
Total operating expenses		3,950			4,581			(631	)		(14	)%
Loss from operations		(3,950	)		(4,581	)		631			(14	)%
Total other income (expense)		(8,747	)		(2,515	)		(6,232	)		248	%
Loss before income tax provision		(12,697	)		(7,096	)		(5,601	)		79	%
Income tax provision (benefit)		—			—			—			—
Net loss	$	(12,697	)	$	(7,096	)	$	(5,601	)		79	%

Research and Development Expenses

The following table discloses the breakdown of research and development expenses:


		Three Months Ended
		March 31,						Change
($ in thousands)		2024			2023			$			%
Clinical trials	$		613			550	$		63			11	%
External services			345			549			(204	)		(37	)%
Payroll and personnel expenses			690			568			122			21	%
Other research and development expenses			49			63			(14	)		(22	)%
	$		1,697	$		1,730	$		(33	)		(2	)%

Research and development expenses for the three months ended March 31, 2024 and 2023 were $1.7 million and $1.7 million, respectively. The slight decrease in research and development expenses of less than $0.1 million, or 2%, was primarily driven by (i) a decrease in the use of external services of $0.1 million, driven by a reduction in the amount of focus on the design of the technology, and (ii) a reduction in other expenses of less than $0.1 million, due to a reduction in patent fees. This was offset by (i) increases in clinical trial expenses of $0.1 million, and (ii) an increase in payroll and personnel expenses of $0.1 million, as the Company began to increase its clinical trial activity in order to gain future regulatory approvals.

General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2024 and 2023 were $2.3 million and $2.9 million, respectively. The decrease in general and administrative expenses of approximately $0.6 million was driven by a reduction in (i) $0.2 million reduction in accounting, finance, legal and SEC related fees, as the extension of the Form 10-K filing into April of 2024, moved some efforts into the second quarter of 2024 including proxy related costs, (ii) $0.1 million reduction in sales and marketing expenses, (iii) $0.1 million reduction in insurance fees, (iv) $0.1 million in other related business expenses driven mostly by a legal settlement in Q1 2023, and (v) $0.1 million reduction due to a combination of slightly lower personnel costs and use of third-party consultants during the first quarter of 2024.

Other Income (Expense)

Other expenses increased approximately $6.2 million, or 248% for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. The key drivers for this increase was (i) a $4.6 million loss on the extinguishment of convertible notes, due to the fair value of the common stock issued in excess of the fair value of the underlying note; (ii) $2.8 million loss on the change in the fair value of liability classified warrants, whether exercised or outstanding at March 31, 2024, a (iii) $0.7 million loss on issuance of convertible notes, as a result of the fair value of the convertible notes exceeding the proceeds received from the investor, net of the fair value of detachable warrants and (iv) a $0.4 million loss on the increase in the fair value of convertible notes. This was offset by (i) the company recognized a $2.2 million dollar loss on a forward purchase agreement derivative liability at March 31, 2023, which no longer exists in 2024, and (ii) $0.3 million reduction in interest expense as a result of both paying down notes payable and converting all but $1.1 million in convertible notes at March 31, 2024.

Income Tax Provision (Benefit)

SeaStar Medical recorded a provision for income taxes of $0.0 million for the three months ended March 31, 2024, and a provision for income taxes of $0.0 million for the three months ended March 31, 2023.

Under Accounting Standards Codification (“ASC”) 740-10-30-5, Income Taxes, deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not (i.e., a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. SeaStar Medical considers all positive and negative evidence available in determining the potential realization of deferred tax assets including, primarily, the recent history of taxable earnings or losses. Based on operating losses reported during 2022 and 2021, the Company concluded there was not sufficient positive evidence to overcome this recent operating history. As a result, we believe that a valuation allowance continues to be necessary based on the more-likely-than-not threshold noted above.

Net Loss

During the three months ended March 31, 2024, SeaStar Medical had a net loss of $12.7 million compared to a net loss of $7.1 million for the three months ended March 31, 2023. The increased net loss of $5.6 million has been disclosed in the above discussion.

Liquidity and Capital Resources

Sources of Liquidity

To date, we have financed our operations primarily through the sale of equity securities and convertible debt and, to a lesser extent, through grants from governmental and other agencies. Since our inception, we have incurred significant operating losses and negative cash flows. As of March 31, 2024 and December 31, 2023, we had an accumulated deficit of $127.4 million and $114.7 million, respectively.

As of March 31, 2024 and December 31, 2023, we had cash of $5.0 million and $0.2 million, respectively. We expect that our existing cash will be insufficient to fund our operations, including clinical trial expenses and capital expenditure requirements. We believe that this raises doubt about our ability to continue as a going concern. To finance our operations beyond that point, we would need to raise additional capital, and there is no guarantee that we will be able to secure additional funding on favorable terms, or at all. We have concluded that these circumstances raise doubt about our ability to continue as a going concern within one year after the issuance date of this Form 10-Q. See Note 1 to our unaudited condensed consolidated financial statements for the period ended March 31, 2024.

We would receive the proceeds from any exercise of any warrants that are exercised for cash pursuant to their terms. Assuming the exercise in full of all of the warrants for cash, we would receive an aggregate of approximately $16.2 million, but would not receive any proceeds from the sale of the shares of common stock issuable upon such exercise. To the extent any warrants are issued on a “cashless basis,” the amount of cash we would receive from the exercise of the warrants will decrease. We would expect to use any such proceeds received from warrants that are exercised for cash in the future for general corporate and working capital purposes, which would increase our liquidity. However, we will only receive such proceeds if and when the warrant holders exercise the warrants. The exercise of the warrants, and any proceeds we may receive from their exercise, are highly dependent on the price of our common stock and the spread between the exercise price of the warrant and the price of our common stock at the time of exercise. There is no assurance that the warrant holders will elect to exercise for cash any or all of such warrants, and we believe that any such exercise currently is unlikely to occur as described below. As of the date of this Annual Report, we have neither included nor intend to include any potential cash proceeds from the exercise of our warrants in our short-term or long-term liquidity projections. We will continue to evaluate the probability of warrant exercise over the life of our warrants and the merit of including potential cash proceeds from the exercise in our liquidity projections.

We do not expect to rely on the cash exercise of warrants to fund our operations. Instead, we intend to rely on our primary sources of cash discussed elsewhere in this Form 10-Q to continue to support our operations. Accordingly, we believe that it is currently unlikely that warrant holders will exercise their warrants. The likelihood that warrant holders will exercise the warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the trading price of our common stock. If the trading price for our common stock remains less than $0.8302 per share, we believe our warrant holders will be unlikely to exercise their warrants. There is no guarantee that the warrants will be in the money following the time they become exercisable and prior to their expiration, and as such, the warrants may expire worthless, and we may not receive any proceeds from the exercise of the warrants. To the extent that any of the warrants are exercised on a “cashless basis,” the amount of cash we would receive from the exercise of the warrants will decrease.

Future Funding Requirements

We expect to incur significant expenses in connection with our ongoing activities as we seek to (i) continue clinical development of our adult SCD product for approval by the FDA, and (ii) if regulatory approval is obtained, to launch and commercialize our adult SCD product in the U.S. market, including subsequent launches in key international markets. We will need additional funding in connection with these activities. Our future funding requirements, both short-term and long-term, will depend on many factors, including:

•

our ability to receive cash proceeds from new and existing funding sources;

•

the progress and results of our clinical trials and interpretation of those results by the FDA and other regulatory authorities;

•

the costs and timing of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending any intellectual property-related claims; and

•

the costs of operating as a public company, including hiring additional personnel as well as increased director and officer insurance premiums, audit and legal fees, investor relations fees and expenses related to compliance with public company reporting requirements under the Securities Exchange Act of 1934, as amended, and rules implemented by the SEC and Nasdaq.

Until such time, if ever, as we are able to successfully develop and commercialize our products, we expect to continue financing our operations through the sale of equity, debt, borrowings under credit facilities or through potential collaborations with other companies, other strategic transactions or government or other grants. Adequate capital may not be available to us when needed or on acceptable terms.

Based on our results of operations and liquidity as of March 31, 2024, we believe our cash and cash equivalents, including the cash we obtained from the Q1 2024 SPA registered direct financing are not sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of our unaudited consolidated financial statements for the three months ended March 31, 2024, are made available. In addition, we do not expect to receive any cash proceeds from the exercise of warrants in the near term, because the trading price of our common stock is currently below the exercise price of such warrants. We are seeking additional cash to fund our growth through future debt or equity financing transactions; however, there can be no assurance that we will be able to obtain additional capital on terms acceptable to us, if at all, or that we will generate sufficient future revenues and cash flows to fund our operations. Our estimates of our results of operations, working capital and capital expenditure requirements may be different than our actual needs, and those estimates may need to be revised if, for example, our actual revenue is lower, and our net operating losses are higher, than we project, and our cash and cash equivalents position is reduced faster than anticipated. We do not currently have any committed external source of funds.

To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures. Debt financing would also result in fixed payment obligations. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, reduce, suspend or cease our research and development programs or any future commercialization efforts, which would have a negative impact on our business, prospects, operating results, and financial condition. See the section titled “Risk Factors” for additional risks associated with our substantial capital requirements.

Cash Flows

The following table shows a summary of our cash flows for each of the periods shown below:

Cash Flow from Operating Activities


	Three Months Ended
	March 31,
($ in thousands)	2024			2023
Statement of cash flow data:
Total cash (used in)/provided by:
Operating activities	$	(3,488	)	$	(2,294	)
Investing activities		—			—
Financing activities		8,331			2,972
	$	4,843		$	678

Net cash used in operating activities for the three months ended March 31, 2024 was $3.5 million compared to $2.3 million for the three months ended March 31, 2023. The increase in cash used for operating activities of $1.2 million is primarily due to the timing of certain payments to vendors, reducing our outstanding payables, as a result cash provided by financing activities as discussed below.

Net cash provided by financing activities for the three months ended March 31, 2024 was $8.3 million, primarily related to the issuance of new shares of common stock, proceeds from exercise of warrants, and the avoidance of certain principal payments due to the conversion of certain convertible notes. Cash provided by financing activities for the three months ended March 31, 2023 was $3.0 million, primarily from the issuance of notes payable.

Critical Accounting Policies and Estimates

The preparation of the unaudited consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and income and expenses during the periods reported. Although actual results could materially differ from those estimates, such estimates are developed based on the best information available to management and management's best judgments at the time.

There has been no material change from the policies or methods disclosed in our Annual Report to Form 10-K filed April 16, 2024, as amended by Form 10-K/A filed April 26, 2024, for the year-ended December 31, 2023.

Emerging Growth Company Status

We are an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups (“JOBS”) Act. The JOBS Act permits companies with EGC status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they apply to private companies. We have elected to use this extended transition period to enable us to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.

In addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Since we intend to rely on such exemptions, we are not required to, among other things: (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the consolidated financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer’s compensation to median employee compensation.

We will remain an EGC under the JOBS Act until the earliest of (i) the last day of our first fiscal year following the fifth anniversary of the closing of this the Business Combination, (ii) the last date of our fiscal year in which we have total annual gross revenue of at least $1.07 billion, (iii) the date on which we are deemed to be a “large-accelerated filer” under the rules of the SEC with at least $700.0 million of outstanding securities held by non-affiliates, or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three-years.

Contractual Obligations and Commitments

The following table summarizes our contractual obligations as of March 31, 2024:


($ in thousands)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Contractual Obligations:
LMFA note payable	$	—	$	—	$	—	$	—	$	—
LMFAO note payable		—		—		—		—		—
Maxim note payable		2,565		—		2,565		—		—
Convertible Notes		918		918		—		—		—
Insurance Financing		357		357		—		—		—
Total contractual obligations	$	3,840	$	1,275	$	2,565	$	—	$	—

Recent Developments

In April of 2024, the Company was included as part of a consortium with various research institutions as part of a National Institute for Health ("NIH") National Heart, Lung, and Blood Institute has awarded a $3.6 million grant, of which SeaStar expects to receive a portion, for serving as a contract research organization for the clinical trial, to evaluate the Selective Cytopheretic Device Adult (SCD-ADULT, a member of the Company’s Quelimmune™ product family). SCD-Adult is a potential bridging strategy to left ventricular assist device (LVAD) implantation in patients with chronic heart failure (CHF) who have progressed to acute decompensated heart failure (ADHF). This grant award follows a Breakthrough Device Designation for cardiorenal syndrome granted by the FDA's Center for Biologics Evaluation and Research (CBER) in September 2023. With current standard of care treatment, ADHF can accelerate worsening renal function in a feedback loop known as cardiorenal syndrome, which is associated with a poor prognosis. These patients are often ineligible for lifesaving LVAD implantation due to the severity of their condition. This grant was awarded to Innovative BioTherapies (IBT), which is led by SCD inventor H. David Humes, M.D., Professor, Division of Nephrology, Internal Medicine, University of Michigan and SeaStar Medical Scientific Advisor.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 4. Controls and Procedures.

This Item 4 includes information concerning the controls and controls evaluation referred to in the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Exchange Act included in this Form 10-Q as Exhibits 31.1 and 31.2.

Evaluation of Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated as of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 31, 2024 and based on this evaluation, have concluded that, as a result of the material weaknesses in internal control over financial reporting as described below, our disclosure controls and procedures were not effective as of March 31, 2024.

Pursuant to Rule 13a-15(e), the term “disclosure controls and procedures” means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Material Weaknesses

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

In the course of preparing the audited consolidated financial statements as of and for the year-ended December 31, 2023, our management identified material weaknesses in its internal controls over financial reporting related to a deficiency in the design and operation of our financial accounting and reporting controls.

To help address the material weaknesses, we have strengthened our accounting team with the addition of an experienced Controller and Chief Financial Officer and have identified additional accounting resources that are expected to help to remediate the material weaknesses. We will also continue to review the overall internal control environment as we develop the requisite internal control framework. While we believe these efforts will remediate the material weakness, the material weakness cannot be considered fully remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control over Financial Reporting

Except for the changes intended to remediate the material weakness described above, there were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the period ended March 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may become involved in various claims and legal proceedings. We are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business, financial condition or results of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Item 1A. Risk Factors.

No additional risk factors have arisen not already disclosed in our Annual Report on Form 10-K for the year-ended December 31, 2023, filed April 16, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the three months ended March 31, 2024, we did not have sales of unregistered securities

Item 3. Defaults Upon Senior Securities.

N/A

Item 4. Mine Safety Disclosures.

N/A

Item 5. Other Information.

During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation
S-K.Item 6. Exhibits.

Item 6. Exhibits

Exhibit Index



Exhibit No.		Description

3.1		Second Amended and Restated Bylaws of SeaStar Medical Holding Corporation (incorporated by reference to Exhibit 3.1 of Form 8-K filed by the registrant on April 18, 2024).
4.1		Form of Pre-Funded Warrant to Purchase Common Stock (incorporated by reference to Exhibit 4.1 to Form 8-K filed by the Registrant on January 30, 2024).
4.2		Form of Series A Common Stock Purchase Warrant to Purchase Common Stock (incorporated by reference to Exhibit 4.2 to Form 8-K filed by the Registrant on January 30, 2024).
4.3		Form of Series B Common Stock Purchase Warrant to Purchase Common Stock (incorporated by reference to Exhibit 4.3 to Form 8-K filed by the Registrant on January 30, 2024).
10.4+#		Employment Agreement, dated January 10, 2024, by and between the Company and David Green (incorporated by reference to Exhibit 10.1 to Form 8-K filed by the registrant on January 11, 2024).
10.5		Form of Series Purchase Agreement by and among the Company and the party thereto (incorporated by reference to Exhibit 10.1 to Form 8-K filed by the Registrant on January 30, 2024).
31.1**		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2**		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

** Filed herewith

+ Indicates management contract or compensatory plan or arrangement.

# Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The

Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request; provided, however, that the

Registrant may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act, as amended, for any schedule or

exhibit so furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


	SeaStar Medical Holding Corporation

Date: May 14, 2024	By:	/s/ Eric Schlorff
		Eric Schlorff
		Chief Executive Officer (Principal Executive Officer)

Date: May 14, 2024	By:	/s/ David Green
		David Green
		Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Eric Schlorff, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SeaStar Medical Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2024



/s/ Eric Schlorff
Eric Schlorff
Chief Executive Officer

EXHIBIT 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David Green, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SeaStar Medical Holding Corporation;

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2024



/s/ David Green
David
Chief Financial Officer

EXHIBIT 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Eric Schlorff, Chief Executive Officer of SeaStar Medical Holding Corporation (the “Company”), certify that:

1. the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2024 as filed with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 14, 2024



/s/ Eric Schlorff
Eric Schlorff
Chief Executive Officer

EXHIBIT 32.2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, David Green, Chief Financial Officer of SeaStar Medical Holding Corporation (the “Company”), certify that:

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 14, 2024



/s/ David Green
David Green
Chief Financial Officer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	SEASTAR MEDICAL HOLDING CORPORATION
Entity Central Index Key	0001831868
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39927
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3681132
Entity Address, Address Line One	3513 Brighton Blvd.,
Entity Address, Address Line Two	Suite 410
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80216
City Area Code	844
Local Phone Number	427-8100
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,419,458
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ICU
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share
Trading Symbol	ICUCW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 5,019	$ 176
Prepaid expenses	1,518	2,132
Total current assets	6,537	2,308
Other assets	1,203	1,205
Total assets	7,740	3,513
Current liabilities
Accounts payable	3,879	4,372
Accrued expenses	1,544	1,523
Contingent upfront payment for license agreement	100	100
Notes payable, net of deferred financing costs	357	565
Convertible notes, current portion	1,135	4,179
Liability classified warrants	2,633	2,307
Total current liabilities	9,648	13,046
Notes payable, net of deferred financing costs	2,565	4,143
Convertible notes, net of current portion	0	194
Total liabilities	12,213	17,383
Commitments and contingencies (Note 9)
Stockholders' deficit
Preferred stock - $0.0001 par value, 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock - $0.0001 par value per share; 500,000,000 shares authorized; 75,419,458 and 47,615,285 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	8	5
Additional paid-in capital	122,950	100,859
Accumulated deficit	(127,431)	(114,734)
Total stockholders' deficit	(4,473)	(13,870)
Total liabilities and stockholders' deficit	$ 7,740	$ 3,513

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	75,419,458	47,615,285
Common stock, shares outstanding	75,419,458	47,615,285

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Research and development	$ 1,697	$ 1,730
General and administrative	2,253	2,851
Total operating expenses	3,950	4,581
Loss from operations	(3,950)	(4,581)
Other income (expense)
Interest expense	(143)	(433)
Change in fair value of convertible notes	(5,758)	100
Change in fair value of warrants liability	(2,846)	36
Change in the fair value of the forward purchase agreement derivative liability	0	(2,218)
Total other income (expense), net	(8,747)	(2,515)
Loss before provision for income taxes	(12,697)	(7,096)
Provision for income taxes	0	0
Net loss	$ (12,697)	$ (7,096)
Net loss per share:
Net loss per share of common stock, basic	$ (0.19)	$ (0.54)
Net loss per share of common stock, diluted	$ (0.19)	$ (0.54)
Weighted-average shares outstanding - basic	67,106,081	13,025,852
Weighted-average shares outstanding - diluted	67,106,081	13,025,852

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ (20,762)	$ 1	$ 67,739	$ (88,502)
Beginning Balances (in shares) at Dec. 31, 2022		12,699,668
Issuance of shares - equity line of credit, Shares		378,006
Issuance of shares - equity line of credit	1,108		1,108
Issuance of shares - commitment fee for equity line of credit, Shares		218,842
Issuance of shares - commitment fee for equity line of credit	1,000		1,000
Issuance of shares - prepaid forward contracts (As restated)	1,870		1,870
Stock-based compensation	505		505
Net loss	(7,096)			(7,096)
Ending Balance at Mar. 31, 2023	(23,375)	$ 1	72,222	(95,598)
Ending Balances (in shares) at Mar. 31, 2023		13,296,516
Beginning Balance at Dec. 31, 2023	(13,870)	$ 5	100,859	(114,734)
Beginning Balances (in shares) at Dec. 31, 2023		47,615,285
Issuance of shares - conversion of convertible notes, Shares		12,697,792
Issuance of shares - conversion of convertible notes	9,390	$ 1	9,389
Issuance of shares - exercise of warrants, Shares		8,801,836
Issuance of shares - exercise of warrants	3,960	$ 1	3,959
Issuance of shares - equity offering, net of issue costs, Shares		6,304,545
Issuance of shares - equity offering, net of issue costs	8,310	$ 1	8,309
Stock-based compensation	434		434
Net loss	(12,697)			(12,697)
Ending Balance at Mar. 31, 2024	$ (4,473)	$ 8	$ 122,950	$ (127,431)
Ending Balances (in shares) at Mar. 31, 2024		75,419,458

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (12,697)	$ (7,096)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of deferred financing costs	27	4
Change in fair value of convertible notes (issued, converted and outstanding)	5,758	2,218
Change in fair value of forward purchase agreement derivative liability	0	(100)
Change in fair value of liability classified warrants (exercised and outstanding)	2,846	(36)
Stock-based compensation	434	505
Changes in operating assets and liabilities
Other receivables	0	12
Prepaid expenses	614	318
Other assets	2	0
Accounts payable	(493)	1,095
Accrued expenses	21	0
Other liabilities	0	786
Net cash used in operating activities	(3,488)	(2,294)
Cash flows from financing activities
Proceeds from issuance of convertible notes	979	3,000
Payment of convertible notes	0	(10)
Proceeds from issuance of shares	4,543	1,108
Proceeds from exercise of convertible note warrants	853	0
Proceeds of Pre-Funded warrants	3,769	0
Payment of commitment fee - equity line of credit	0	(500)
Proceeds from sale of recycled shares	0	1,870
Proceeds from notes payable	0	100
Payment of notes payable	(1,813)	(2,596)
Net cash provided by financing activities	8,331	2,972
Net increase in cash	4,843	678
Cash, beginning of period	176	47	$ 47
Cash, end of period	5,019	725	$ 176
Supplemental disclosure of cash flow information
Cash paid for interest	0	508
Exercise of pre-funded warrants	3,106	0
Shares issued as payment of convertible notes	9,387	0
Issuance of convertible note warrants	$ 586	$ 500

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,697)	$ (7,096)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Note 1. Description of Business

Organization and description of business

The Company is in the pre-revenue stage focused on product development.

Basis of presentation and consolidation

Segment information

The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein.

Liquidity and going concern

Risks and uncertainties

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of estimates

Concentrations of credit risk

Fair value of financial instruments

Emerging growth company status

Recently issued accounting standards

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Note 3. Accrued Expenses

Accrued expenses consisted of the following amounts as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Accrued bonus	$	671	$	501
Accrued director compensation		519		427
Accrued research and development		308		507
Accrued legal		—		43
Accrued interest		29		19
Other		17		26
Total accrued expenses	$	1,544	$	1,523

Notes Payable

3 Months Ended

Mar. 31, 2024

Notes Payable [Abstract]

Notes Payable

Note 4. Notes Payable

Notes payable activity was as follows for the three month period ended March 31, 2024:


($ in thousands)	LMFA			LMFAO			Maxim			Insurance Financing			Unamortized deferred financing costs
Balance as of December 31, 2023	$	296		$	1,128		$	2,771		$	565		$	(52	)
Payments		(296	)		(1,128	)		(181	)		(208	)		—
Amortization of costs		—			—			—			—			27
Balance as of March 31, 2024	$	—		$	—		$	2,590		$	357		$	(25	)

Future maturities of principal repayment of the notes payable as of March 31, 2024 are as follows:


($ in thousands)
2024 (remaining)	$	357
2025		2,590
	$	2,947

Senior Secured LMFA Note Payable

Senior Secured LMFAO Note Payable

Unsecured Maxim Note Payable

In October 2022, the Company entered into an unsecured promissory note with Maxim, for an aggregate principal amount of $4.2 million. The interest rate on the note is 7% and matures on May 8, 2025.

Insurance Financing

Convertible Notes

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Convertible Notes

Note 5. Convertible Notes


($ in thousands)		3rd Investor D Note 3-1			3rd Investor D Note 3-2				3rd Investor D Note 3-3				3rd Investor D Note 3-4				4th Investor D Note				5th Investor D Note				6th Investor D Note			Total
Balance as of December 31, 2023	$		1,012			999		$		972		$		568		$		822		$		—		$		—		$	4,373
Issuance (Face Value)			—			—				—				—				—				272				815			1,087
Fair value of detachable warrants at issuance			—			—				—				—				—				(147	)			(439	)		(586	)
(Gain)/Loss on conversion			1,201			636				615				381				77				482				2,005			5,397
Conversion to common stock			(2,213	)		(1,635	)			(1,587	)			(949	)			(125	)			(607	)			(2,381	)		(9,497	)
(Gain)/Loss on reporting period remeasurement			—			—				—				—				361				—				—			361
Balance as of March 31, 2024	$		—			—		$		—		$		—		$		1,135		$		—		$		—			1,135

Future maturities of principal repayment of convertible Notes as of March 31, 2024, was as follows:


($ in thousands)
2024 (remaining)	$	—
2025		1,135
	$	1,135

Equity Transactions

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Equity Transactions

Note 6. Equity Transactions

Tumin Equity Line of Credit

Warrants

3 Months Ended

Mar. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 7. Warrants

Warrants Issued in FY 2024

As discussed in Note 7, as part of the Q1 2024 SPA, the Company issued on January 26, 2024 the following warrants to purchase the Company's common stock:

•

The Company had the following warrants outstanding at March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Liability Classified Warrants
Investor D Warrants		3,158,086		6,368,289
Private Placement Warrants		5,738,000		5,738,000
PIPE Investor Warrants		500,000		500,000
Subtotal		9,396,086		12,606,289

Equity Classified Warrants
Investor E Warrants		16,261,142		—
Placement agent Warrants		542,038		—
Public Stockholders' Warrants		10,550,000		10,550,000
Legacy Warrants		48,914		48,914
Subtotal		27,402,094		10,598,914
Grand Total		36,798,180		23,205,203

The following tables provides the weighted-average strike price and time to maturity for each warrant tranche as of March 31, 2024 and December 31, 2023:


March 31, 2024	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		3,158,086	$	0.50		4.40
Private Placement Warrants		5,738,000	$	11.50		3.57
PIPE Investor Warrants		500,000	$	11.50		3.57

Equity Classified Warrants
Investor E Warrants		16,261,142	$	0.83		4.45
Placement Agent Warrants		542,038	$	0.91		5.25
Public Stockholders' Warrants		10,550,000	$	11.50		3.57
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.13


December 31, 2023	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		6,368,289	$	0.50		4.65
Private Placement Warrants		5,738,000	$	11.50		3.82
PIPE Investor Warrants		500,000	$	11.50		3.82

Equity Classified Warrants
Public Stockholders' Warrants		10,550,000	$	11.50		3.82
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.38

Below is the warrant activity for the period ended March, 31, 2024:


	Investor D Warrants			Investor E Warrants			Placement Agent Warrants		Private Placement Warrants		PIPE Investor Warrants		Public Stockholders' Warrants		Legacy Warrants
Outstanding as of December 31, 2023		6,368,289			—			-		5,738,000		500,000		10,550,000		48,914
Issuance		1,055,416			20,797,358			542,038		—		—		—		—
Exercised		(4,265,619	)		(4,536,216	)		—		—		—		—		—
Forfeited / cancelled		—			—			—		—		—		—		—
Outstanding as of March 31, 2024		3,158,086			16,261,142			542,038		5,738,000		500,000		10,550,000		48,914

Stock-Based Compensation Awards

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Awards

Note 8. Stock-Based Compensation Awards

The following table sets forth the total stock-based compensation cost included in the Company's condensed consolidated statements of operations for the period indicated:

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	Three Months Ended March 31,
($ in thousands)	2024		2023
Research and development	$	119	$	39
General and administrative		315		466
Total stock-based compensation	$	434	$	505

Equity incentive plan - summary

2022 Omnibus Incentive Plan

2019 Stock Incentive Plan

Equity incentive plan - stock options

Option activity for the periods ended March 31, 2024, is as follows:

2022 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		351,029	$	1.84	$	—		9.1
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		351,029	$	1.84	$	—		8.8
Vested and exercisable at March 31, 2024		-	$	—	$	—		8.8

2019 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		244,792	$	1.84	$	—		6.4
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		244,792	$	1.84	$	—		6.2
Vested and exercisable at March 31, 2024		213,273	$	1.84	$	—		6.2

Equity incentive plan - restricted stock units

A summary of the Company’s restricted stock unit (‘RSU”) activity is as follows:

2022 Omnibus Incentive Plan - RSUs


	Number of RSU		Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		234,019	$	1.47
Granted		—
Vested		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		234,019	$	1.47

2019 Stock Incentive Plan - RSUs


	Number of RSU			Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		92,442		$	8.00
Exercised		—
Vested		(19,689	)
Forfeited / cancelled		—
Outstanding at March 31, 2024		72,753		$	8.00

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

License and distribution agreement

Lease agreements

Litigation

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10. Fair Value Measurements

Level 1 – quoted prices in active markets for identical assets and liabilities.

Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rate, credit risk, etc.).

Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities).

The fair value of the forward option on prepaid forward contracts, convertible notes, and the warrants liability is classified as Level 3 in the fair value hierarchy.

Fair Value Measurement Hierarchy


	Fair Value Measurements at March 31, 2024
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	1,135	$	1,135
Liability classified warrants		—		—		2,633		2,633
	$	—	$	—	$	3,768	$	3,768

	Fair Value Measurements at December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	4,179	$	4,179
Liability classified warrants		—		—		2,307		2,307
Total	$	—	$	—	$	6,486	$	6,486

Summary of Level 3 Input Changes


Level 3 Roll Forward	Convertible Notes			Liability Classified Warrants
Balance December 31, 2023	$	4,373		$	2,307
Additions		501			586
Cash paid to settle		—			—
Shares issued upon conversion or exercise		(4,100	)		(3,106	)
Changes in fair value		361			2,846
Balance March 31, 2024	$	1,135		$	2,633

Level 3 Inputs

Liability Classified Warrants


		March 31, 2024
		Minimum				Maximum
Expected volatility			85.00	%			100.00	%
Equivalent term (#)			3.58				5.25
Risk-free rate			4.26	%			4.35	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.73		$		0.73
Strike price (#)	$		0.20		$		11.50


		December 31, 2023
		Minimum				Maximum
Expected volatility			85.00	%			90.00	%
Equivalent term			4.04				4.65
Risk-free rate			3.84	%			3.90	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.44		$		0.44
Strike price	$		0.50		$		11.50

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 12. Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(12,697	)	$	(7,096	)
Weighted-average shares outstanding - basic and diluted		67,106,081			13,025,852
Basic and diluted net loss per share	$	(0.19	)	$	(0.54	)


	As of March 31,
	2024		2023
Investor D warrants		3,158,086		328,352
Investor E warrants		16,261,142		—
Placement Agent warrants		542,038		—
Public Stockholders' warrants		10,550,000		10,350,000
Private Placement warrants		5,738,000		5,738,000
PIPE Investor warrants		500,000		700,000
Legacy warrants		48,914		69,714
Employee based options to purchase common stock		213,273		244,792
Unvested employee based restricted stock units		306,772		298,389
Total		37,318,225		17,729,247

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13. Subsequent Events

Investor D April 2024 Side Letter

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Use of Estimates	Use of estimates The preparation of the unaudited interim 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 consolidated financial statements and reported amounts of revenues and expenses during the period. Significant estimates include the valuation of the liability classified warrants, prepaid forward purchase agreement derivative liability, provision for income taxes, convertible debt measured at fair value, and the amount of stock-based compensation expense. 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.
Concentrations of credit risk	Concentrations of credit risk 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. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
Fair value of financial instruments	Fair value of financial instruments The following provides a summary of those assets or liabilities for which the Company is required to measure at fair value either on a recurring basis, the valuation techniques and summary of inputs used to arrive at the measure of fair value. Changes in fair value of these assets or liabilities are recognized as a component of net income in the consolidated statement of operations. Changes in fair value of these assets or liabilities are considered unrealized gains or losses and therefore are classified as non-cash adjustments to reconcile net income to operating cash flows. Significant increases (decreases) in unobservable inputs used in fair value measurements could, in isolation, potentially result in a significantly lower or higher valuation for those assets or liabilities requiring recurring fair value measurements at each reporting date. The Company uses a Black-Scholes option pricing model to fair value Warrants, using standard option pricing inputs such as the strike price of each warrant tranche, estimated volatility, time to maturity, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate at the date of issuance, and the time to maturity is based on the contractual life at the date of issuance, which is an interpolated value based on the remaining term of each individual instrument. The change in fair value of the liability classified warrants each reporting period is recorded to the change in fair value of warrants liability in the consolidated statement of operations.
Emerging growth company status	Emerging growth company status The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.
Recently issued accounting standards	Recently issued accounting standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of this guidance on our disclosures.

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following amounts as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Accrued bonus	$	671	$	501
Accrued director compensation		519		427
Accrued research and development		308		507
Accrued legal		—		43
Accrued interest		29		19
Other		17		26
Total accrued expenses	$	1,544	$	1,523

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2024

Notes Payable [Abstract]

Summary of Notes Payable

Notes payable activity was as follows for the three month period ended March 31, 2024:


($ in thousands)	LMFA			LMFAO			Maxim			Insurance Financing			Unamortized deferred financing costs
Balance as of December 31, 2023	$	296		$	1,128		$	2,771		$	565		$	(52	)
Payments		(296	)		(1,128	)		(181	)		(208	)		—
Amortization of costs		—			—			—			—			27
Balance as of March 31, 2024	$	—		$	—		$	2,590		$	357		$	(25	)

Schedule of Future Maturities of Principal Repayment of Convertible Notes

Future maturities of principal repayment of the notes payable as of March 31, 2024 are as follows:


($ in thousands)
2024 (remaining)	$	357
2025		2,590
	$	2,947

Convertible Notes (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instrument [Line Items]

The Activity for the Convertible Notes

The activity for the convertible notes is disclosed in the table below for the period ended March 31, 2024.


($ in thousands)		3rd Investor D Note 3-1			3rd Investor D Note 3-2				3rd Investor D Note 3-3				3rd Investor D Note 3-4				4th Investor D Note				5th Investor D Note				6th Investor D Note			Total
Balance as of December 31, 2023	$		1,012			999		$		972		$		568		$		822		$		—		$		—		$	4,373
Issuance (Face Value)			—			—				—				—				—				272				815			1,087
Fair value of detachable warrants at issuance			—			—				—				—				—				(147	)			(439	)		(586	)
(Gain)/Loss on conversion			1,201			636				615				381				77				482				2,005			5,397
Conversion to common stock			(2,213	)		(1,635	)			(1,587	)			(949	)			(125	)			(607	)			(2,381	)		(9,497	)
(Gain)/Loss on reporting period remeasurement			—			—				—				—				361				—				—			361
Balance as of March 31, 2024	$		—			—		$		—		$		—		$		1,135		$		—		$		—			1,135

Convertible Notes [Member]

Debt Instrument [Line Items]

Future Maturities of Principal Repayment of Convertible Notes

Future maturities of principal repayment of convertible Notes as of March 31, 2024, was as follows:


($ in thousands)
2024 (remaining)	$	—
2025		1,135
	$	1,135

Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrants Outstanding

The Company had the following warrants outstanding at March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Liability Classified Warrants
Investor D Warrants		3,158,086		6,368,289
Private Placement Warrants		5,738,000		5,738,000
PIPE Investor Warrants		500,000		500,000
Subtotal		9,396,086		12,606,289

Equity Classified Warrants
Investor E Warrants		16,261,142		—
Placement agent Warrants		542,038		—
Public Stockholders' Warrants		10,550,000		10,550,000
Legacy Warrants		48,914		48,914
Subtotal		27,402,094		10,598,914
Grand Total		36,798,180		23,205,203

Schedule of Weighted-Average Strike Price and Time to Maturity for Each Warrant Tranche

The following tables provides the weighted-average strike price and time to maturity for each warrant tranche as of March 31, 2024 and December 31, 2023:


March 31, 2024	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		3,158,086	$	0.50		4.40
Private Placement Warrants		5,738,000	$	11.50		3.57
PIPE Investor Warrants		500,000	$	11.50		3.57

Equity Classified Warrants
Investor E Warrants		16,261,142	$	0.83		4.45
Placement Agent Warrants		542,038	$	0.91		5.25
Public Stockholders' Warrants		10,550,000	$	11.50		3.57
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.13


December 31, 2023	Warrant Share Equivalents		Weighted-Average Strike Price		Weighted-Average Time to Maturity
Liability Classified Warrants
Investor D Warrants		6,368,289	$	0.50		4.65
Private Placement Warrants		5,738,000	$	11.50		3.82
PIPE Investor Warrants		500,000	$	11.50		3.82

Equity Classified Warrants
Public Stockholders' Warrants		10,550,000	$	11.50		3.82
Legacy SeaStar Inc. Warrants		48,914	$	10.00		2.38

Schedule of Warrant Activity

Below is the warrant activity for the period ended March, 31, 2024:


	Investor D Warrants			Investor E Warrants			Placement Agent Warrants		Private Placement Warrants		PIPE Investor Warrants		Public Stockholders' Warrants		Legacy Warrants
Outstanding as of December 31, 2023		6,368,289			—			-		5,738,000		500,000		10,550,000		48,914
Issuance		1,055,416			20,797,358			542,038		—		—		—		—
Exercised		(4,265,619	)		(4,536,216	)		—		—		—		—		—
Forfeited / cancelled		—			—			—		—		—		—		—
Outstanding as of March 31, 2024		3,158,086			16,261,142			542,038		5,738,000		500,000		10,550,000		48,914

Stock-Based Compensation Awards (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based Compensation Expense

The following table sets forth the total stock-based compensation cost included in the Company's condensed consolidated statements of operations for the period indicated:

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	Three Months Ended March 31,
($ in thousands)	2024		2023
Research and development	$	119	$	39
General and administrative		315		466
Total stock-based compensation	$	434	$	505

2022 Omnibus Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Option activity

2022 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		351,029	$	1.84	$	—		9.1
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		351,029	$	1.84	$	—		8.8
Vested and exercisable at March 31, 2024		-	$	—	$	—		8.8

Summary of RSU Activity

A summary of the Company’s restricted stock unit (‘RSU”) activity is as follows:

2022 Omnibus Incentive Plan - RSUs


	Number of RSU		Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		234,019	$	1.47
Granted		—
Vested		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		234,019	$	1.47

2019 Stock Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Option activity

2019 Omnibus Incentive Plan - Options


	Options		Weighted-Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (Years)
Outstanding at December 31, 2023		244,792	$	1.84	$	—		6.4
Exercised		—
Issued		—
Forfeited / cancelled		—
Outstanding at March 31, 2024		244,792	$	1.84	$	—		6.2
Vested and exercisable at March 31, 2024		213,273	$	1.84	$	—		6.2

Summary of RSU Activity

2019 Stock Incentive Plan - RSUs


	Number of RSU			Weighted-Average Grand Date Fair Value (per share)
Outstanding at December 31, 2023		92,442		$	8.00
Exercised		—
Vested		(19,689	)
Forfeited / cancelled		—
Outstanding at March 31, 2024		72,753		$	8.00

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements at March 31, 2024
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	1,135	$	1,135
Liability classified warrants		—		—		2,633		2,633
	$	—	$	—	$	3,768	$	3,768

	Fair Value Measurements at December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	4,179	$	4,179
Liability classified warrants		—		—		2,307		2,307
Total	$	—	$	—	$	6,486	$	6,486

Summary of Changes in Forward Option and Convertible Notes Derivative Liability


Level 3 Roll Forward	Convertible Notes			Liability Classified Warrants
Balance December 31, 2023	$	4,373		$	2,307
Additions		501			586
Cash paid to settle		—			—
Shares issued upon conversion or exercise		(4,100	)		(3,106	)
Changes in fair value		361			2,846
Balance March 31, 2024	$	1,135		$	2,633

Schedule of Significant Assumptions Valuing of Fair Value


		March 31, 2024
		Minimum				Maximum
Expected volatility			85.00	%			100.00	%
Equivalent term (#)			3.58				5.25
Risk-free rate			4.26	%			4.35	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.73		$		0.73
Strike price (#)	$		0.20		$		11.50


		December 31, 2023
		Minimum				Maximum
Expected volatility			85.00	%			90.00	%
Equivalent term			4.04				4.65
Risk-free rate			3.84	%			3.90	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.44		$		0.44
Strike price	$		0.50		$		11.50

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Weighted-Average Outstanding Shares


	As of March 31,
	2024		2023
Investor D warrants		3,158,086		328,352
Investor E warrants		16,261,142		—
Placement Agent warrants		542,038		—
Public Stockholders' warrants		10,550,000		10,350,000
Private Placement warrants		5,738,000		5,738,000
PIPE Investor warrants		500,000		700,000
Legacy warrants		48,914		69,714
Employee based options to purchase common stock		213,273		244,792
Unvested employee based restricted stock units		306,772		298,389
Total		37,318,225		17,729,247

Summary of Weighted Average Shares Outstanding for Basic and Diluted Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(12,697	)	$	(7,096	)
Weighted-average shares outstanding - basic and diluted		67,106,081			13,025,852
Basic and diluted net loss per share	$	(0.19	)	$	(0.54	)

Description of Business - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 127,431	$ 114,734
Cash	$ 5,019	$ 176

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued bonus	$ 671	$ 501
Accrued director compensation	519	427
Accrued research and development	308	507
Accrued legal	0	43
Accrued interest	29	19
Other	17	26
Total accrued expenses	$ 1,544	$ 1,523

Notes Payable - Summary of Notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Notes Payable [Line Items]
Payments	$ (1,813)	$ (2,596)
Unamortized deferred financing costs, Balance	(52)
Amortization of costs	27	$ 4
Unamortized deferred financing costs, Balance	(25)
Total	1,135		$ 4,373
LMFA [Member]
Notes Payable [Line Items]
Notes payable, Balance	296
Payments	(296)
LMFAO [Member]
Notes Payable [Line Items]
Notes payable, Balance	1,128
Payments	(1,128)
Maxim [Member]
Notes Payable [Line Items]
Notes payable, Balance	2,771
Payments	(181)
Notes payable, Balance	2,590
Insurance Financing [Member]
Notes Payable [Line Items]
Notes payable, Balance	565
Payments	(208)
Notes payable, Balance	$ 357

Notes Payable - Future Maturities of Principal Repayment of Convertible Notes (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Notes Payable [Abstract]
2024 (remaining)	$ 357
2025	2,590
Total	$ 2,947

Notes Payable - Senior Secured LMFA Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Notes Payable [Line Items]
Cash proceeds	$ 0	$ 100
Senior Secured LMFA Notes Payable [Member]
Notes Payable [Line Items]
Debt instrument, interest rate	7.00%
Debt instrument, maturity date	Mar. 27, 2025

Notes Payable - Senior Secured LMFAO Note Payable - Additional Information (Details) - Senior Secured LMFAO Note Payable [Member]	3 Months Ended
	Mar. 31, 2024
Notes Payable [Line Items]
Debt instrument, maturity date	Mar. 27, 2025
Debt instrument, interest rate	7.00%

Notes Payable - Unsecured Maxim Note Payable - Additional Information (Details) - Unsecured Maxim Note Payable [Member] $ in Millions	1 Months Ended
	Oct. 31, 2022 USD ($)
Notes Payable LineItems
Professional fees	$ 4.2
Debt instrument, interest rate	7.00%
Debt instrument, maturity date	May 08, 2025

Notes Payable - Insurance Financing - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Notes Payable [Line Items]
Annual premium of insurance policy amount	$ 700
Frequency of principal and interest payments		monthly
Payment terms		The Company will pay the remaining five monthly installments of principal and interest with the last payment being made in August 2024
Insurance Financing [Member]
Notes Payable [Line Items]
Notes payable, gross		$ 357	$ 565

Convertible Notes - Activity for the Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Balance	$ 4,373
Issuance (Face Value)	1,087
Fair value of detachable warrants at issuance	2,846	$ (36)
(Gain)/Loss on conversion	5,397
Conversion to common stock	(9,497)
(Gain)/Loss on reporting period remeasurement	361
Balance	1,135
Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	(586)
3rd Investor D Note 3-1
Debt Instrument [Line Items]
Balance	1,012
Issuance (Face Value)	0
(Gain)/Loss on conversion	1,201
Conversion to common stock	(2,213)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
3rd Investor D Note 3-1 \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	0
3rd Investor D Note 3-2
Debt Instrument [Line Items]
Balance	999
Issuance (Face Value)	0
(Gain)/Loss on conversion	636
Conversion to common stock	(1,635)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
3rd Investor D Note 3-2 \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	0
3rd Investor D Note 3-3
Debt Instrument [Line Items]
Balance	972
Issuance (Face Value)	0
(Gain)/Loss on conversion	615
Conversion to common stock	(1,587)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
3rd Investor D Note 3-3 \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	0
3rd Investor D Note 3-4
Debt Instrument [Line Items]
Balance	568
Issuance (Face Value)	0
(Gain)/Loss on conversion	381
Conversion to common stock	(949)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
3rd Investor D Note 3-4 \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	0
4th Investor D Note
Debt Instrument [Line Items]
Balance	822
Issuance (Face Value)	0
(Gain)/Loss on conversion	77
Conversion to common stock	(125)
(Gain)/Loss on reporting period remeasurement	361
Balance	1,135
4th Investor D Note \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	0
5th Investor D Note
Debt Instrument [Line Items]
Balance	0
Issuance (Face Value)	272
(Gain)/Loss on conversion	482
Conversion to common stock	(607)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
5th Investor D Note \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	(147)
6th Investor D Note
Debt Instrument [Line Items]
Balance	0
Issuance (Face Value)	815
(Gain)/Loss on conversion	2,005
Conversion to common stock	(2,381)
(Gain)/Loss on reporting period remeasurement	0
Balance	0
6th Investor D Note \| Convertible Debt Securities
Debt Instrument [Line Items]
Fair value of detachable warrants at issuance	$ (439)

Convertible Notes - Future Maturities of Principal Repayment of Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 1,135	$ 4,373
Convertible Notes [Member]
Debt Instrument [Line Items]
2024 (remaining)	0
2025	1,135
Total	$ 1,135

Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Jan. 30, 2024	Jan. 24, 2024	Jan. 12, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 26, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Initial conversion price		$ 0.56
Common stock, par value			$ 0.0001	$ 0.0001			$ 0.0001
Warrant exercise price				$ 0.9132
Additional warrants to purchase						542,038
Loss on extinguishment of convertible notes				$ 5,800
Loss on coversion into equity				4,700
Conversion of outstanding debt to common stock				9,497
Change in fair value of convertible notes				(5,758)	$ 100
Investor D Convertible Notes And Warrant Activity [Member]
Debt Instrument [Line Items]
Issuing notes in principal amounts		$ 800	$ 300
Initial conversion price			$ 0.56
Interest rate of senior unsecured convertible note issued		7.00%	7.00%
Maturity date		Apr. 24, 2025	Apr. 12, 2025
Common Stock [Member] \| Investor D Convertible Notes And Warrant Activity [Member]
Debt Instrument [Line Items]
Issued warrants to purchase		395,781,000
Warrant exercise price		$ 0.56	$ 0.56
Additional warrants to purchase		395,781,000
Maximum [Member] \| Common Stock [Member] \| Investor D Convertible Notes And Warrant Activity [Member]
Debt Instrument [Line Items]
Issued warrants to purchase			131,927,000
Additional warrants to purchase			131,927,000
Convertible Notes [Member] \| Investor Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				1,000
Optional debt redemption rights suspension period	60 days
Debt redemption percentage	200.00%
Debt conversion, original debt amount				3,300
Conversion of outstanding debt to common stock				9,500
Fair value of convertible notes				1,100
Investor D Convertible Notes [Member]
Debt Instrument [Line Items]
Losses on issuance of the convertible notes				700
Conversion of outstanding debt to common stock				$ 400

Equity Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 26, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrant exercise price		$ 0.9132
Warrants to purchase Common stock	542,038
Warrants issued fair value	$ 300
Placement agent fee paid		$ 700
Warrant exerciseable date		Jan. 30, 2024
Proceeds from issuance of shares		$ 4,543	$ 1,108
Amount available to draw				$ 95,300
Tumim Stone Capital [Member]
Class of Warrant or Right [Line Items]
Shares issued				6,500,000
Proceeds from issuance of shares				$ 4,700
Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 0.0001
Warrants to purchase Common stock	6,304,545
Aggregate gross proceeds	$ 9,000
Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 0.8302
Series A Warrants [Member] \| Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock	10,840,761
Series B Warrants [Member] \| Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock	5,420,381
Pre-funded Warrants [Member] \| Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 0.0001
Warrants to purchase Common stock	4,536,216

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 26, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock			542,038
Warrants initial exercise price	$ 0.9132
Fair value of detachable warrants at issuance	$ 2,846	$ (36)
Liability Classified Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value of detachable warrants at issuance	$ 1,200
Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock			6,304,545
Warrants initial exercise price			$ 0.0001
Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants initial exercise price			$ 0.8302
Pre-funded Warrants [Member] \| Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock			4,536,216
Warrants initial exercise price			$ 0.0001
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock from total shares percentage	5.00%
Warrants exercisable at price equal to offering price percentage	110.00%
Private Placement Warrants [Member] \| Liability Classified Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants initial exercise price	$ 11.5			$ 11.5
Series A Warrants [Member] \| Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock			10,840,761
Series B Warrants [Member] \| Common Stock [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase Common stock			5,420,381
Investor D Warrants [Member]
Class of Warrant or Right [Line Items]
Loss on exercises	$ 1,600
Investor D Warrants [Member] \| Liability Classified Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants initial exercise price	$ 0.5			$ 0.5

Warrants - Schedule of Warrants Outstanding (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 36,798,180	$ 23,205,203
Liability Classified Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	9,396,086	12,606,289
Liability Classified Warrants [Member] \| Investor D Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	3,158,086	6,368,289
Liability Classified Warrants [Member] \| Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	5,738,000	5,738,000
Liability Classified Warrants [Member] \| PIPE Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	500,000	500,000
Equity Classified Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	27,402,094	10,598,914
Equity Classified Warrants [Member] \| Investor E Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	16,261,142	0
Equity Classified Warrants [Member] \| Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	542,038	0
Equity Classified Warrants [Member] \| Public Stockholders Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	10,550,000	10,550,000
Equity Classified Warrants [Member] \| Legacy Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 48,914	$ 48,914

Warrants - Schedule of Weighted-Average Strike Price and Time to Maturity for Each Warrant Tranche (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Weighted-Average Strike Price	$ 0.9132
Liability Classified Warrants [Member] \| Investor D Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	3,158,086	6,368,289
Weighted-Average Strike Price	$ 0.5	$ 0.5
Weighted-Average Time to Maturity	4 years 4 months 24 days	4 years 7 months 24 days
Liability Classified Warrants [Member] \| Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	5,738,000	5,738,000
Weighted-Average Strike Price	$ 11.5	$ 11.5
Weighted-Average Time to Maturity	3 years 6 months 25 days	3 years 9 months 25 days
Liability Classified Warrants [Member] \| PIPE Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	500,000	500,000
Weighted-Average Strike Price	$ 11.5	$ 11.5
Weighted-Average Time to Maturity	3 years 6 months 25 days	3 years 9 months 25 days
Equity Classified Warrants [Member] \| Investor E Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	16,261,142
Weighted-Average Strike Price	$ 0.83
Weighted-Average Time to Maturity	4 years 5 months 12 days
Equity Classified Warrants [Member] \| Placement Agent warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	542,038
Weighted-Average Strike Price	$ 0.91
Weighted-Average Time to Maturity	5 years 3 months
Equity Classified Warrants [Member] \| Public Stockholders Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	10,550,000	10,550,000
Weighted-Average Strike Price	$ 11.5	$ 11.5
Weighted-Average Time to Maturity	3 years 6 months 25 days	3 years 9 months 25 days
Equity Classified Warrants [Member] \| Legacy SeaStar Inc. Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant Share Equivalents	48,914	48,914
Weighted-Average Strike Price	$ 10	$ 10
Weighted-Average Time to Maturity	2 years 1 month 17 days	2 years 4 months 17 days

Warrants - Schedule of Warrant Activity (Details)	3 Months Ended
Warrants - Schedule of Warrant Activity (Details)	Mar. 31, 2024 shares
Investor D Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	6,368,289
Issuance	1,055,416
Exercised	(4,265,619)
Forfeited/cancelled	0
Outstanding Balance	3,158,086
Investor E Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	0
Issuance	20,797,358
Exercised	(4,536,216)
Forfeited/cancelled	0
Outstanding Balance	16,261,142
Placement Agent warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	0
Issuance	542,038
Exercised	0
Forfeited/cancelled	0
Outstanding Balance	542,038
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	5,738,000
Issuance	0
Exercised	0
Forfeited/cancelled	0
Outstanding Balance	5,738,000
PIPE Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	500,000
Issuance	0
Exercised	0
Forfeited/cancelled	0
Outstanding Balance	500,000
Public Stockholders Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	10,550,000
Issuance	0
Exercised	0
Forfeited/cancelled	0
Outstanding Balance	10,550,000
Legacy Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding Balance	48,914
Issuance	0
Exercised	0
Forfeited/cancelled	0
Outstanding Balance	48,914

Stock-Based Compensation Awards - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 434	$ 505
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	119	39
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 315	$ 466

Stock-Based Compensation Awards - Additional Information (Details) - Key Employees and Non-Employee Service Providers [Member] - 2022 Omnibus Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options expiration period	10 years
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years

Stock-Based Compensation Awards - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
2022 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, Outstanding	351,029,000
Exercised	0
Issued	0
Forfeited / cancelled	0
Ending balance, Outstanding	351,029,000	351,029,000
Vested and exercisable	0
Weighted Average Exercise Price
Beginning balance, Outstanding	$ 1.84
Ending balance, Outstanding	1.84	$ 1.84
Vested and exercisable	$ 0
Total Intrinsic Value
Outstanding	$ 0	$ 0
Vested and exercisable	$ 0
Weighted Average Remaining Contractual Life (Years)
Outstanding	8 years 9 months 18 days	9 years 1 month 6 days
Vested and exercisable	8 years 9 months 18 days
2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, Outstanding	244,792,000
Exercised	0
Issued	0
Forfeited / cancelled	0
Ending balance, Outstanding	244,792,000	244,792,000
Vested and exercisable	213,273
Weighted Average Exercise Price
Beginning balance, Outstanding	$ 1.84
Ending balance, Outstanding	1.84	$ 1.84
Vested and exercisable	$ 1.84
Total Intrinsic Value
Outstanding	$ 0	$ 0
Vested and exercisable	$ 0
Weighted Average Remaining Contractual Life (Years)
Outstanding	6 years 2 months 12 days	6 years 4 months 24 days
Vested and exercisable	6 years 2 months 12 days

Stock-Based Compensation Awards - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
2022 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance, Outstanding	234,019
Granted	0
Vested	0
Forfeited / cancelled	0
Ending Balance, Outstanding	234,019
Beginning Balance, Outstanding \| $ / shares	$ 1.47
Ending Balance, Outstanding \| $ / shares	$ 1.47
2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance, Outstanding	92,442
Exercised	0
Vested	(19,689)
Forfeited / cancelled	0
Ending Balance, Outstanding	72,753
Beginning Balance, Outstanding \| $ / shares	$ 8
Ending Balance, Outstanding \| $ / shares	$ 8

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
	Jan. 03, 2023	Dec. 27, 2022	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Loss Contingencies [Line Items]
Legal settlement in accrued expenses			$ 200
Rent expense				$ 8	$ 8
Upfront payment liability			100	$ 100
License and Distribution Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from upfront payment	$ 100
Proceeds from milestone payment		$ 400
Agreement term		3 years
Amended License and Distribution Agreement [Member]
Loss Contingencies [Line Items]
Nonrefundable upfront payment			$ 100
Humanitarian Device Approval ("HDE") from FDA [Member] \| License and Distribution Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from milestone payment		$ 500

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 3,768	$ 6,486
Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,135	4,179
Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2,633	2,307
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 1 [Member] \| Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 1 [Member] \| Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 2 [Member] \| Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 2 [Member] \| Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	3,768	6,486
Level 3 [Member] \| Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,135	4,179
Level 3 [Member] \| Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 2,633	$ 2,307

Fair Value Measurement - Summary of Changes in Forward Option and Convertible Notes Derivative Liability (Detail) - Level 3 [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Convertible Notes [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	$ 4,373
Additions	501
Cash paid to settle	0
Shares issued upon conversion or exercise	(4,100)
Changes in fair value	361
Balance	1,135
Liability Classified Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	2,307
Additions	586
Cash paid to settle	0
Shares issued upon conversion or exercise	(3,106)
Changes in fair value	2,846
Balance	$ 2,633

Fair Value Measurement - Schedule of Significant Assumptions Valuing of Fair Value (Details) - Warrants [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0435	0.039
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0426	0.0384
Expected Volatility [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1	0.90
Expected Volatility [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.85	0.85
Equivalent Term [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equivalent term	5 years 3 months	4 years 7 months 24 days
Equivalent Term [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equivalent term	3 years 6 months 29 days	4 years 14 days
Dividend Yield [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Dividend Yield [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0
Stock Price [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0073	0.0044
Stock Price [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0073	0.0044
Strike price [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.115	0.115
Strike price [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.002	0.005

Net Loss Per Share - Schedule of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (12,697)	$ (7,096)
Weighted-average shares outstanding - basic	67,106,081	13,025,852
Basic net loss per share	$ (0.19)	$ (0.54)
Weighted-average shares outstanding - diluted	67,106,081	13,025,852
Diluted net loss per share	$ (0.19)	$ (0.54)

Net Loss Per Share - Summary of Weighted-Average Outstanding Shares (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	37,318,225	17,729,247
Investor D Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,158,086	328,352
Investor E Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	16,261,142	0
Placement Agent warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	542,038	0
Public Stockholders Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,550,000	10,350,000
Private Placement Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,738,000	5,738,000
PIPE Investor Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	500,000	700,000
Legacy (Pre-merger) Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	48,914	69,714
Employee Based Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	213,273	244,792
Unvested Employee Based Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	306,772	298,389

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	Apr. 01, 2024
Subsequent Event [Line Items]
Percentage of conversion amount	200.00%
Suspention period	60 days
Investment right notice period	10 days

SeaStar Medical (NASDAQ:ICUCW)
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