Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 1, 2026

Seastar Medical Holding Corp (ICU)

A forensic read on Seastar Medical Holding Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Distress

Financial health

-33.2

Distress distance

Clean

Earnings quality

Forensic signals

-116.6%

ROE

814.1%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Seastar Medical Holding Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -33.2, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-1.0M to FY2025 $+10.9M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

51% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 51% of revenue in FY2025 — about $0.30 per basic share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the basic count still rose about 453.8% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$1.2M

Revenue Growth YoY+814.1%

Net Margin-984.6%

Return on Equity-116.6%

Debt / Equity0.11x

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Data from SEC EDGAR public filings · metrics as of Oct 1, 2026. Forensic signals flag probability, not certainty.