Summary by Futu AI
SeaStar Medical Holding Corporation, a medical technology company, reported a net loss of $26.2 million for the fiscal year ended December 31, 2023, compared to a net loss of $12.2 million for the previous year. The increased net loss was primarily due to higher research and development expenses, general and administrative costs, and non-cash, non-operating losses related to changes in the fair value of financial instruments. The company has not generated significant revenue from product sales and continues to rely on equity and debt financing to fund operations. SeaStar Medical's financial statements for 2023 have been restated to correct material misstatements, and the company has identified material weaknesses in its internal controls over financial reporting. As of December 31, 2023, SeaStar Medical had cash of $0.2 million and an accumulated deficit of $114.7 million. The company's ability to continue as a going concern is uncertain, and it will need to raise additional capital to fund its operations, including clinical trial expenses and regulatory approval efforts.