SeaStar Medical Holding Corporation (ICU) Balance Sheet
ICU balance sheet, 2025
December 31, 2025 · U.S. dollars$14.2M assets = $3.7M liabilities + $10.4M equity
Both columns are drawn to the same scale: what ICU owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ICU financial health
Descriptive bands, not a rating. Fiscal 2025.
ICU balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.9M2020 | $14.2M2025 | +37.2%/yr | |
| Total liabilities | $74.5M2020 | $3.7M2025 | −45.0%/yr | |
| Shareholders’ equity | −$71.6M2020 | $10.4M2025 | — | |
| Cash & short-term investments | $2.8M2020 | $12.0M2025 | +33.7%/yr | |
| Total debt | $83,0002020 | $525,0002025 | +44.6%/yr | |
| Net cash (debt) | $2.7M2020 | $11.5M2025 | +$8.7M | |
| Working capital | $1.8M2020 | $9.8M2025 | +$8.0M | |
| Current ratio | 2.692020 | 3.632025 | +0.94 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ICU assets
ICU liabilities and equity
ICU debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ICU balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $12.0M | $1.8M | $176,000 | $47,000 | $510,000 | $2.8M |
| Cash & equivalents | $12.0M | $1.8M | $176,000 | $47,000 | $510,000 | $2.8M |
| Receivables | $237,000 | $112,000 | $0 | $12,000 | $58,000 | $44,955 |
| Inventory | $66,000 | $0 | $0 | $0 | $0 | $55,000 |
| Other current assets | $1.3M | $1.8M | $2.1M | $1.5M | $33,000 | $45 |
| Total current assets | $13.6M | $3.8M | $2.3M | $1.5M | $601,000 | $2.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $578,000 | $892,000 | $1.2M | $1.5M | $2,000 | $2,000 |
| Total assets | $14.2M | $4.7M | $3.5M | $3.0M | $603,000 | $2.9M |
| Liabilities | ||||||
| Accounts payable | $948,000 | $3.0M | $4.4M | $1.9M | $85,000 | $382,000 |
| Short-term debt | $525,000 | $574,000 | $4.7M | $1.2M | $2.4M | $20,000 |
| Deferred revenue | — | — | −$5.0M | — | $186,000 | — |
| Total current liabilities | $3.7M | $6.8M | $13.0M | $16.1M | $3.1M | $1.1M |
| Long-term debt | $0 | $0 | $4.3M | $7.7M | $244,000 | $63,000 |
| Other long-term liabilities | $0 | $4.3M | $0 | $0 | $55,000 | $73.3M |
| Total liabilities | $3.7M | $6.8M | $17.4M | $23.8M | $3.4M | $74.5M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $4,000 | $2,000 | $5,000 | $1,000 | $1,000 | $215 |
| Retained earnings (deficit) | −$151.7M | −$139.6M | −$114.7M | −$88.5M | −$76.3M | −$71.7M |
| Accumulated other comprehensive income | — | — | — | $0 | — | −$73,564 |
| Total shareholders' equity | $10.4M | −$2.2M | −$13.9M | −$20.8M | −$2.8M | −$71.6M |
| Key figures | ||||||
| Total debt | $525,000 | $574,000 | $9.1M | $8.8M | $2.6M | $83,000 |
| Net cash (debt) | $11.5M | $1.2M | −$8.9M | −$8.8M | −$2.1M | $2.7M |
| Working capital | $9.8M | −$3.1M | −$10.7M | −$14.6M | −$2.5M | $1.8M |
| Tangible book value | $10.4M | −$2.2M | −$13.9M | −$20.8M | −$2.8M | −$71.6M |
| Book value per share | $0.50 | — | — | — | — | — |
| Shares outstanding | 20.7M | — | — | — | — | — |
| Current ratio | 3.63 | 0.55 | 0.18 | 0.09 | 0.19 | 2.69 |
| Quick ratio | 3.26 | 0.28 | 0.01 | 0.00 | 0.18 | 2.64 |
| Debt / equity | 0.05 | — | — | — | — | — |
| Equity / assets | 73.6% | −46.9% | −394.8% | −683.4% | −467.0% | −2,460.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.0M | $9.3M | $12.0M | $13.8M | $6.3M | $5.3M | $1.8M | $2.1M | $1.2M | $5.0M | $176,000 | $73,000 |
| Cash & equivalents | $7.0M | $9.3M | $12.0M | $13.8M | $6.3M | $5.3M | $1.8M | $2.1M | $1.2M | $5.0M | $176,000 | $73,000 |
| Receivables | $208,000 | $179,000 | $237,000 | $221,000 | $217,000 | $110,000 | $112,000 | $68,000 | $0 | $0 | $0 | $0 |
| Inventory | $77,000 | $57,000 | $66,000 | $83,000 | $77,000 | $44,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $984,000 | $1.2M | $1.3M | $807,000 | $1.1M | $1.3M | $1.8M | $1.5M | $1.2M | $1.5M | $2.1M | $2.2M |
| Total current assets | $8.2M | $10.8M | $13.6M | $14.9M | $7.6M | $6.8M | $3.8M | $3.6M | $2.4M | $6.5M | $2.3M | $2.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $421,000 | $499,000 | $578,000 | $656,000 | $736,000 | $813,000 | $892,000 | $970,000 | $1.1M | $1.2M | $1.2M | $2,000 |
| Total assets | $8.6M | $11.3M | $14.2M | $15.5M | $8.4M | $7.6M | $4.7M | $4.6M | $3.5M | $7.7M | $3.5M | $2.2M |
| Liabilities | ||||||||||||
| Accounts payable | $750,000 | $719,000 | $948,000 | $2.0M | $3.2M | $3.4M | $3.0M | $3.7M | $4.1M | $3.9M | $4.4M | $5.0M |
| Short-term debt | $134,000 | $331,000 | $525,000 | — | — | $363,000 | $574,000 | — | $3.1M | $1.5M | — | $4.4M |
| Deferred revenue | — | — | — | — | — | — | — | $550,000 | $112,000 | −$3.9M | — | $1.5M |
| Total current liabilities | $4.4M | $3.9M | $3.7M | $4.1M | $5.0M | $7.0M | $6.8M | $6.6M | $9.9M | $9.6M | $13.0M | $12.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.6M | $4.3M | $5.7M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $438,000 | $0 | $0 | $0 |
| Total liabilities | $4.4M | $3.9M | $3.7M | $4.1M | $5.0M | $7.0M | $6.8M | $6.6M | $10.4M | $12.2M | $17.4M | $18.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,000 | $4,000 | $4,000 | $3,000 | $2,000 | $2,000 | $2,000 | $1,000 | $1,000 | $8,000 | — | $3,000 |
| Retained earnings (deficit) | −$159.0M | −$155.2M | −$151.7M | −$148.8M | −$145.3M | −$143.3M | −$139.6M | −$135.1M | −$130.7M | −$127.4M | −$114.7M | −$115.7M |
| Total shareholders' equity | $4.3M | $7.3M | $10.4M | $11.5M | $3.3M | $565,000 | −$2.2M | −$2.1M | −$6.9M | −$4.5M | −$13.9M | −$15.9M |
| Key figures | ||||||||||||
| Total debt | $134,000 | $331,000 | $525,000 | — | — | $363,000 | $574,000 | — | $3.1M | $4.1M | $4.3M | $10.1M |
| Net cash (debt) | $6.8M | $9.0M | $11.5M | — | — | $4.9M | $1.2M | — | −$2.0M | $962,000 | −$4.2M | −$10.1M |
| Working capital | $3.9M | $6.8M | $9.8M | $10.8M | $2.6M | −$248,000 | −$3.1M | −$3.0M | −$7.5M | −$3.1M | −$10.7M | −$10.2M |
| Tangible book value | $4.3M | $7.3M | $10.4M | $11.5M | $3.3M | $565,000 | −$2.2M | −$2.1M | −$6.9M | −$4.5M | −$13.9M | −$15.9M |
| Book value per share | $1.05 | — | $0.50 | $4.34 | $1.91 | — | — | — | — | — | −$7.28 | — |
| Shares outstanding | 4.1M | — | 20.7M | 2.6M | 1.8M | — | — | — | — | — | 1.9M | — |
| Current ratio | 1.89 | 2.73 | 3.63 | 3.66 | 1.52 | 0.96 | 0.55 | 0.54 | 0.24 | 0.68 | 0.18 | 0.18 |
| Quick ratio | 1.65 | 2.41 | 3.26 | 3.44 | 1.29 | 0.77 | 0.28 | 0.32 | 0.12 | 0.52 | 0.01 | 0.01 |
| Debt / equity | 0.03 | 0.05 | 0.05 | — | — | 0.64 | — | — | — | — | — | — |
| Equity / assets | 49.7% | 64.9% | 73.6% | 73.8% | 39.9% | 7.4% | −46.9% | −44.7% | −199.0% | −57.8% | −394.8% | −707.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 25, 2026); data from EODHD.
ICU financial position
At the end of fiscal 2025 (December 31, 2025), SeaStar Medical had total assets of $14.2 million (up 204.0% from a year earlier), total liabilities of $3.7 million and shareholders' equity of $10.4 million. It held $12.0 million in cash and short-term investments against $0.5 million of debt, a net cash position of $11.5 million. Its current ratio was 3.63. In the latest quarter (ended June 30, 2026) total assets were $8.6 million and equity $4.3 million.
Related: ICU income statement, ICU cash flow statement, ICU key metrics. See the ICU stock overview for the latest quote and news.
ICU balance sheet FAQ
What are SeaStar Medical's total assets?
SeaStar Medical reported total assets of $14.2 million at the end of fiscal 2025 (December 31, 2025), compared with $4.7 million a year earlier.
How much debt does SeaStar Medical have?
SeaStar Medical had $0.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.05.
How much cash does SeaStar Medical have?
SeaStar Medical held $12.0 million in cash and short-term investments at the end of fiscal 2025; with $0.5 million of debt that is net cash of $11.5 million.
What is SeaStar Medical's book value?
SeaStar Medical's shareholders' equity (book value) was $10.4 million at the end of fiscal 2025, or $0.50 per share.
What is SeaStar Medical's current ratio?
SeaStar Medical had current assets of $13.6 million and current liabilities of $3.7 million, a current ratio of 3.63 (it can cover its short-term obligations).