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Here are 1-2 brief analogies for SeaStar Medical (ICU):

• The Fresenius Medical Care for acute inflammatory kidney injury.

• A focused medical device company, akin to a specialized Medtronic, developing devices for acute inflammation in critical care.

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• Selective Cytopheretic Device (SCD): A medical device designed to reduce hyperinflammation in critically ill patients, particularly those with acute kidney injury (AKI) requiring continuous renal replacement therapy (CRRT).

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SeaStar Medical (symbol: ICU) is a medical device company primarily focused on developing and commercializing a device to treat acute kidney injury (AKI) and other inflammatory conditions. The company sells primarily to other companies and institutions within the healthcare sector.

As of its most recent public filings, SeaStar Medical is in the pre-commercial or early commercialization phase for its lead product, the Selective Cytopheretic Device (SCD). Consequently, the company has not publicly disclosed specific "major customer companies" that have established purchasing relationships contributing significant revenue.

The company's target customers, however, are broadly categorized as follows:

• Hospitals and Healthcare Systems: These institutions, particularly those with Intensive Care Units (ICUs) and Nephrology departments, are the primary direct purchasers and end-users of SeaStar Medical's devices. While individual hospitals are generally not publicly traded entities with stock symbols, they often belong to larger healthcare systems. Examples of large, publicly traded healthcare systems that *could* potentially become customers include:
  • HCA Healthcare (symbol: HCA)
  • Tenet Healthcare Corporation (symbol: THC)
  • Universal Health Services, Inc. (symbol: UHS)
  However, it is crucial to note that these are *potential* customer types and are not currently identified as major customers of SeaStar Medical.
• Group Purchasing Organizations (GPOs): SeaStar Medical would likely seek agreements with GPOs, which act as intermediaries to negotiate purchasing contracts on behalf of their member hospitals and healthcare systems. GPOs themselves are typically private organizations or associations and do not have public stock symbols.
• Third-Party Distributors: To expand market reach, SeaStar Medical may engage with medical device distributors who then sell to hospitals and healthcare systems. No major commercial distribution agreements contributing significant revenue have been publicly announced by SeaStar Medical to date.

In summary, while SeaStar Medical targets large healthcare enterprises, it has not identified specific major customer companies with public stock symbols due to its current stage of commercial development.

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• Terumo BCT (subsidiary of Terumo Corporation TYO: 4543, OTC: TRUMY)

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Eric Schlorff, Chief Executive Officer

Eric Schlorff has served as the Chief Executive Officer of SeaStar Medical since 2019. Prior to joining SeaStar Medical in 2016, Mr. Schlorff spent over two decades at Dow Chemical Company, where he held multiple roles, including Global Director of Alternative Investments for the Dow Chemical Pension Plan and Global Finance Leader for Crop Protection & Seeds at Dow AgroSciences. He also served as Global Market Intelligence Leader at Dow AgroSciences, Global Financial Manager of Royalties at Dow Agrosciences, Senior Investment Manager of Alternative Investments at Dow Chemical Company, New Business Development of Pharmaceuticals at Dow Chemical Company, and a Global Financial Analyst within various divisions of Dow Chemical Company. Mr. Schlorff has extensive experience in financial planning and managing large, complex organizations. He holds an MBA from the Gies College of Business at the University of Illinois Urbana-Champaign, an M.S. in Pharmacology from Southern Illinois University School of Medicine, and a B.S. in Chemistry and Biology from MacMurray College.

David Green, Chief Financial Officer

David Green was appointed Chief Financial Officer of SeaStar Medical in January 2024, bringing over 25 years of financial experience primarily in the healthcare sector. He previously served as Interim CFO of Prolacta Bioscience, a private company providing specialized nutrition products to critically ill premature infants, where he led efforts to pursue an initial public offering. Before Prolacta, he was Executive Vice President and CFO of Aytu BioPharma, a publicly traded specialty pharmaceutical and medical device company, where he completed multiple financing transactions and was instrumental in the company's M&A activities. Earlier in his career, Mr. Green was Chief Accounting Officer at Intarcia Therapeutics, CFO of Catheter Connections (a commercial-stage medical device company acquired by Merit Medical), and CFO of Specialized Health Products International (a publicly traded medical device company acquired by C.R. Bard). Since 2014, he has provided strategic financial consulting services to public and private healthcare companies. Mr. Green holds a Bachelor of Science degree from the State University of New York and an MBA from the University of Rochester. He is a Certified Public Accountant in Illinois.

Colonel Kevin Chung, MD, FCCM, FACP, Chief Medical Officer

Dr. Kevin Chung is the Chief Medical Officer of SeaStar Medical, joining the company in July 2022. He is a retired Colonel in the U.S. Army and a renowned expert in burns, multi-organ support, and extracorporeal therapies. Prior to SeaStar Medical, Dr. Chung served as Professor and Chair of the Department of Medicine, and Professor of Surgery, at the F. Edward Hebert School of Medicine at the Uniformed Services University of the Health Sciences. He also served as Chief of the Department of Medicine at Brooke Army Medical Center. His military deployments include Chief of the Intensive Care Unit for the 86th Combat Support Hospital in Baghdad, Iraq, and Director of the Joint Combat Casualty Research Team in Bagram, Afghanistan. Dr. Chung is a graduate of the United States Military Academy at West Point and Georgetown University School of Medicine.

Tom Mullen, Vice President, Operations & Product Development

Tom Mullen has experience leading business operations, manufacturing, engineering, product development, and regulatory remediation at SeaStar Medical.

Tim Varacek, Senior Vice President, Commercial & Business Operations

Tim Varacek is an accomplished executive with a strong strategic vision and successful experience launching new products into competitive markets, demonstrating dynamic, people-focused leadership and robust operational experience at SeaStar Medical.

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The key risks to SeaStar Medical (symbol: ICU) are primarily centered around its financial stability, regulatory and commercialization pathways, and stock market performance.

1. Financial Instability and Need for Additional Capital: SeaStar Medical faces significant financial challenges, including negative working capital, and currently lacks sufficient capital to sustain its operations and complete planned regulatory approvals. The company anticipates a substantial increase in research and development expenses as it advances clinical programs. Securing additional funding is crucial, but there is no guarantee that such capital will be available on favorable terms, or at all, which could lead to further dilution for existing shareholders. "Finance & Corporate" is identified as the top risk category for the company.
2. Regulatory Approval and Commercialization Hurdles: While SeaStar Medical's QUELIMMUNE (SCD-PED) for pediatric Acute Kidney Injury (AKI) has received FDA approval under a Humanitarian Device Exemption (HDE), this status limits the number of units that can be sold annually, thereby restricting potential revenue. For the adult AKI indication, the NEUTRALize-AKI pivotal trial has seen recommendations to increase patient enrollment, which will extend the trial timeline with completion now estimated for late 2026 and a potential Premarket Approval (PMA) filing in 2026. Delays in regulatory approval and the complexities of market penetration in a competitive healthcare landscape pose significant commercialization challenges.
3. Stock Price Volatility and Nasdaq Listing Compliance: SeaStar Medical's common stock has experienced, and is likely to continue experiencing, significant price volatility. Furthermore, the company has faced issues related to compliance with Nasdaq listing requirements, which is vital for maintaining investor confidence and avoiding potential delisting.

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SeaStar Medical (symbol: ICU) primarily focuses on its Selective Cytopheretic Device (SCD) platform, addressing various conditions with significant addressable markets in the U.S..

The estimated total addressable market in the U.S. for their proprietary SCD across five initial clinical indications, contingent upon U.S. Food & Drug Administration (FDA) approvals, ranges from $25 billion to $33 billion. These indications include:

• Adult Acute Kidney Injury (AKI): The U.S. market opportunity is estimated to be between $4.7 billion and $6.3 billion annually, affecting approximately 210,000 patients. Another source indicates over 200,000 adult patients annually, representing an estimated $4.5 billion market.
• Cardiorenal Syndrome with no LVAD: This represents the largest market, estimated at $13.1 billion to $17.4 billion, impacting 580,000 patients in the U.S.
• Adult Acute Respiratory Distress Syndrome (ARDS): The projected market size in the U.S. is $4.5 billion to $6.0 billion, targeting 200,000 patients.
• Adult Hepatorenal Syndrome: This U.S. market is valued at $1.1 billion to $1.5 billion, addressing 50,000 patients.
• Cardiorenal Syndrome with LVAD: The estimated U.S. market is $1.4 billion to $1.8 billion, affecting 60,000 patients.

SeaStar Medical also has a pediatric device, QUELIMMUNE (SCD-Pediatric), approved for critically ill children with AKI and sepsis. The pediatric AKI market in the U.S. is estimated at $100 million annually, for approximately 4,000 patients.

Additionally, the SCD has received FDA Breakthrough Device Designation for chronic dialysis to treat chronic systemic inflammation in end-stage renal disease patients. This expands the potential U.S. patient population to 745,000 annually, with treatment costs around $100,000 per patient yearly. While this implies a significant potential market, SeaStar Medical is awaiting further feedback from the FDA to appropriately estimate the market size for this indication.

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SeaStar Medical (NASDAQ: ICU) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Commercialization and Expanding Adoption of QUELIMMUNE for Pediatric AKI: Following FDA approval in February 2024, SeaStar Medical has begun generating revenue from its QUELIMMUNE therapy for pediatric Acute Kidney Injury (AKI). The company is focused on increasing the adoption of this therapy, demonstrating early market traction and sequential revenue increases, including the addition of new customers.
2. Launch and Market Penetration in Adult AKI with NEUTRALIZE-AKI: A significant driver is the potential entry into the adult AKI market, which is considerably larger than the pediatric segment. SeaStar Medical is progressing with its NEUTRALIZE-AKI pivotal trial, aiming for completion by the end of 2025 and preparing for a Pre-Market Approval (PMA) filing in 2026. Successful trial results and subsequent regulatory approval and commercial launch in this large market are considered major valuation catalysts.
3. Expansion into New Indications and Markets Leveraging SCD Technology: SeaStar Medical possesses multiple Breakthrough Device Designations, underscoring the innovative nature of its Selective Cytopheretic Device (SCD) therapy. The company plans to leverage its critical care market entry with adult AKI to expand rapidly into other indications within the same ICU settings. The SCD technology is considered "disease agnostic" and "organ agnostic," suggesting a broad potential for application across various hyperinflammatory conditions and organ damage beyond AKI, such as cardiorenal syndrome, hepatorenal syndrome, and ARDS.
4. Growing Customer Base and Clinical Validation through "Word of Mouth": The company expects revenue acceleration to be driven by positive experiences at existing clinical sites, "word of mouth" referrals among physicians, and proactive engagement with prospective new hospitals. The increasing adoption of QUELIMMUNE and continued progress in clinical trials are expected to build a strong foundation for an expanding customer base and market presence.

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Capital Allocation Decisions for SeaStar Medical (ICU)

Share Issuance

• SeaStar Medical completed a registered direct offering in July 2025, raising approximately $4.4 million in gross proceeds by issuing 4,960,544 shares of common stock at $0.887 per share, along with unregistered warrants.
• In June 2025, the company priced a public offering of 6,153,847 shares of common stock (or pre-funded warrants) and accompanying Series A and B warrants, with a combined offering price of $0.65 per share, aiming to generate approximately $4 million in gross proceeds.
• SeaStar Medical became a publicly listed company on Nasdaq on October 31, 2022, following a business combination with LMF Acquisition Opportunities, Inc. (LMAO), which involved the conversion of existing SeaStar Medical shares into Class A Common Stock.

Inbound Investments

• As part of its October 2022 SPAC merger, SeaStar Medical received a $7 million Private Investment in Public Equity (PIPE) and entered into a $100 million common stock purchase agreement with Tumim Stone Capital. Existing investors, including The Dow Chemical Company Pension Plans, participated in the PIPE.
• On April 25, 2025, SeaStar Medical entered into a purchase agreement with Lincoln Park Capital for potential purchases of up to $15 million of common stock over a three-year period.

Capital Expenditures

• Proceeds from the registered direct offerings in July 2025 are intended for general corporate purposes, including additions to working capital and capital expenditures.
• The company's focus on product development and clinical trials, such as the NEUTRALIZE-AKI pivotal trial for adults and the QUELIMMUNE therapy for pediatric acute kidney injury, indicates that capital expenditures would primarily support these operational and growth initiatives.