SeaStar Medical Holding Corp Files 2023 10-K

TL;DR

<b>SeaStar Medical Holding Corp has filed its 2023 10-K, detailing financial activities and corporate history.</b>

AI Summary

SeaStar Medical Holding Corp (ICUCW) filed a Annual Report (10-K) with the SEC on April 16, 2024. SeaStar Medical Holding Corp filed its 2023 10-K on April 16, 2024. The company was formerly known as LMF Acquisition Opportunities Inc. and changed its name on November 9, 2020. The filing includes details on various debt instruments such as Unsecured Maxim Note Payable, Third Investor D Note, and Investor C Convertible Notes. It also mentions equity-related activities including Common Stock, Restricted Stock Units (RSUs), and Private Placement Warrants. The company's business address is located at 3513 Brighton Blvd, Suite 410, Denver, CO 80216.

Why It Matters

For investors and stakeholders tracking SeaStar Medical Holding Corp, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, debt structure, and equity dealings for the fiscal year ending December 31, 2023. Understanding the details of convertible notes, warrants, and other financial instruments is crucial for investors assessing the company's capital structure and potential dilution.

Risk Assessment

Risk Level: medium — SeaStar Medical Holding Corp shows moderate risk based on this filing. The company's financial structure involves complex debt and equity instruments, including convertible notes and warrants, which can introduce financial risk and potential dilution for shareholders.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors in the 10-K to understand the company's capital structure and future financial obligations.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (Filed as of date)
• 3841 — SIC Code (Standard Industrial Classification)
• 001-39927 — SEC File Number (SEC file number)

Key Players & Entities

• SeaStar Medical Holding Corp (company) — Filer name
• LMF Acquisition Opportunities Inc (company) — Former company name
• Denver, CO (location) — Business and mailing address state
• 844-427-8100 (phone) — Business phone number

FAQ

Risk Factors

• Complex Financial Instruments [medium — financial]: The company's financial structure involves various convertible notes, warrants, and other debt instruments, which can introduce financial complexity and risk.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-04-16: Filing Date — Date the 10-K was filed with the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary source of detailed financial and operational information for the fiscal year.)

Convertible Debt

Debt that can be converted into equity or a predetermined amount of common stock. (Relevant for understanding potential future share dilution and the company's capital structure.)

Warrants

A security that gives the holder the right, but not the obligation, to purchase a company's stock at a specific price until a certain expiration date. (Important for assessing potential future equity issuance and its impact on existing shareholders.)

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value ICU The Nasdaq Stock Mark
• $11.50 — sable for one share of Common Stock for $11.50 per share ICUCW The Nasdaq Stock Ma

Filing Documents

• icu-20231231.htm (10-K) — 5152KB
• icu-ex10_38.htm (EX-10.38) — 20KB
• icu-ex23_1.htm (EX-23.1) — 6KB
• icu-ex23_2.htm (EX-23.2) — 3KB
• icu-ex31_1.htm (EX-31.1) — 10KB
• icu-ex31_2.htm (EX-31.2) — 10KB
• icu-ex32_1.htm (EX-32.1) — 5KB
• icu-ex32_2.htm (EX-32.2) — 5KB
• img181588555_0.jpg (GRAPHIC) — 9KB
• img256118960_0.jpg (GRAPHIC) — 136KB
• img256118960_1.jpg (GRAPHIC) — 216KB
• img256118960_2.jpg (GRAPHIC) — 222KB
• img256118960_3.jpg (GRAPHIC) — 168KB
• img256118960_4.jpg (GRAPHIC) — 7KB
• 0000950170-24-044855.txt (&nbsp;) — 26977KB
• icu-20231231.xsd (EX-101.SCH) — 2660KB
• icu-20231231_htm.xml (XML) — 6562KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 63 Item 1C. Cybersecurity 63 Item 2.

Properties

Properties 63 Item 3.

Legal Proceedings

Legal Proceedings 63 Item 4. Mine Safety Disclosures 63 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6. [Reserved] 66 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 141 Item 9A.

Controls and Procedures

Controls and Procedures 141 Item 9B. Other Information 142 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 142 PART III Item 10. Directors, Executive Officers and Corporate Governance 143 Item 11.

Executive Compensation

Executive Compensation 143 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 143 Item 13. Certain Relationships and Related Transactions, and Director Independence 143 Item 14. Principal Accounting Fees and Services 143 PART IV Item 15. Exhibits, Financial Statement Schedules 144 Item 16. Form 10-K Summary 148 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains statements that are forward-looking and as such are not historical facts. These statements are based on the beliefs and assumptions of management. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning the Company's possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. In some instances, these statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates" or "intends" or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect the Company's future results and could cause those results or other outcomes to differ materially from those expressed or implied in the Company's forward-looking statements: our plans to conduct further clinical trials and anticipated enrol

Business

Item 1. Business. Unless the context otherwise requires, all references in this section to "SeaStar Medical," the "Company," "we," "us" or "our" refer to SeaStar Medical Holding Corporation and its consolidated subsidiaries following the Business Combination (as defined herein), other than certain historical information that refers to the business of SeaStar Medical, Inc. (the "Predecessor") prior to the consummation of the Business Combination. Overview We are a clinical stage medical technology company developing a proprietary platform therapy, our Selective Cytopheretic Device ("SCD"), to reduce the consequences of hyperinflammation on vital organs. The inflammatory response is critical to fend off infections and repair damaged tissue in the body. Central to inflammation are the cells within blood and lymph circulatory systems, called white blood cells (primarily neutrophils and monocytes), also referred to commonly as "pus" cells. 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. These inflammatory cells release chemicals (cytokines) that trigger the immune system to eliminate the foreign pathogens or damaged tissue, enhancing the immune response. If the inflammatory response becomes excessive and dysregulated (referred as proinflammatory), normal neutrophil cells die off ("apoptosis"), allowing the inflammatory cells to continue to produce cytokines, further enhancing the dysregulated immune response, and 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 protei

View Full Filing

View this 10-K filing on SEC EDGAR