SeaStar Medical's Q2 2025: Unpacking Contradictions in Quellimmune Launch and Pediatric Market Growth

Quellimmune product launch trajectory, pediatric hospital customer base growth are the key contradictions discussed in SeaStar Medical's latest 2025Q2 earnings call.



Quellimmune Product Launch and Sales Growth:
- SeaStar Medical's Quellimmune product launch showed a nearly 370% increase in revenue in the first six months of launch compared to the first six months of the launch.
- The growth was driven by a 4-fold increase in net revenue in Q1 and a 15% increase in Q2, attributed to new customer adoptions and expanding use within existing hospitals.

Neutralized AKI Pivotal Trial Progress:
- The company enrolled 125 out of the targeted 200 patients for the neutralized AKI pivotal trial, marking 31 additional patients since the start of Q2.
- Progress was maintained despite low census during the summer months, and the enrollment pace is expected to be further accelerated with the addition of new sites and expansion within existing sites.

Adult SCD Therapy Market Opportunity:
- SeaStar Medical estimates the total U.S. market opportunity for the adult SCD therapy to be approximately 50 times the size of the pediatric population, with an addressable market greater than $4 billion annually.
- The potential for significant revenue growth is attributed to increased clinical need, favorable time to adoption, and leveraging pediatric customer experiences with Quellimmune.

SAVE Surveillance Registry Early Results:
- The SAVE surveillance registry showed a 75% survival rate at 28 days for the first 20 critically ill pediatric patients treated with Quellimmune, with no device-related safety events.
- These results suggest a potential 50% reduction in mortality compared to historical benchmarks, reinforcing the conviction in Quellimmune's benefits for critically ill pediatric patients.