SeaStar Medical Holding (ICU) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	SEASTAR MEDICAL HOLDING CORPORATION
Entity Central Index Key	0001831868
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39927
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3681132
Entity Address, Address Line One	3513 Brighton Blvd.,
Entity Address, Address Line Two	Suite 410
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80216
City Area Code	844
Local Phone Number	427-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,570,971
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ICU
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share
Trading Symbol	ICUCW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash		$ 13	$ 47
Other receivables		0	12
Prepaid expenses		2,319	2,977
Total current assets		2,332	3,036
Forward option-prepaid forward contracts, net		0	1,729
Other assets		2	2
Total assets		2,334	4,767
Current liabilities
Accounts payable		4,355	1,927
Accrued expenses		1,095	2,245
Contingent upfront payment for license agreement		100	0
Notes payable, net of deferred financing costs		5,907	1,178
Convertible notes		2,230	0
Warrants liability		95	0
Total current liabilities		13,782	5,350
Notes payable, net of deferred financing costs		0	7,652
Total liabilities		13,782	13,002
Commitments and contingencies (see Note 10)
Stockholders' deficit
Common stock - $0.0001 par value per share; 100,000,000 shares authorized; 18,121,238 and 12,699,668 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	[1]	2	1
Additional paid-in capital	[1]	96,806	91,089
Accumulated deficit	[1]	(108,256)	(99,325)
Total stockholders' deficit	[1]	(11,448)	(8,235)
Total liabilities and stockholders' deficit		$ 2,334	$ 4,767
[1] Retroactively restated to give effect to the reverse recapitalization

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	18,121,238	12,699,668
Common stock, shares outstanding	18,121,238	12,699,668

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses
Research and development		$ 2,007	$ 596	$ 3,791	$ 951
General and administrative		1,743	716	4,540	1,173
Total operating expenses		3,750	1,312	8,331	2,124
Loss from operations		(3,750)	(1,312)	(8,331)	(2,124)
Other income (expense), net
Interest expense		(225)	(191)	(658)	(360)
Change in fair value of convertible notes		(100)	0	0	0
Change in fair value of warrants liability		480	0	480	0
Change in fair value of notes payable derivative liability		0	601	0	578
Change in fair value of forward option-prepaid forward contracts		(69)	0	(1,723)	0
Gain on sale of recycled shares		0	0	1,306	0
Total other income (expense), net		86	410	(595)	218
Loss before provision for income taxes		(3,664)	(902)	(8,926)	(1,906)
Provision for income taxes		5	0	5	0
Net loss		$ (3,669)	$ (902)	$ (8,931)	$ (1,906)
Net loss per share:
Net loss per share of common stock, basic		$ (0.25)	$ (0.12)	$ (0.64)	$ (0.26)
Net loss per share of common stock, diluted		$ (0.25)	$ (0.12)	$ (0.64)	$ (0.26)
Weighted-average shares outstanding - basic	[1]	14,932,866	7,238,767	13,984,625	7,238,767
Weighted-average shares outstanding - diluted	[1]	14,932,866	7,238,767	13,984,625	7,238,767
[1] Retrospectively restated to give effect to the reverse recapitalization

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands		Total		Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2021		$ (2,816)		$ 1	$ 73,495	$ (76,312)
Beginning Balances (in shares) at Dec. 31, 2021	[1]			7,238,767
Stock-based compensation		4			4
Net loss		(1,004)				(1,004)
Ending Balance at Mar. 31, 2022		(3,816)		$ 1	73,499	(77,316)
Ending Balances (in shares) at Mar. 31, 2022	[1]			7,238,767
Beginning Balance at Dec. 31, 2021		(2,816)		$ 1	73,495	(76,312)
Beginning Balances (in shares) at Dec. 31, 2021	[1]			7,238,767
Net loss		(1,906)
Ending Balance at Jun. 30, 2022		(4,373)		$ 1	73,844	(78,218)
Ending Balances (in shares) at Jun. 30, 2022	[1]			7,238,767
Beginning Balance at Mar. 31, 2022		(3,816)		$ 1	73,499	(77,316)
Beginning Balances (in shares) at Mar. 31, 2022	[1]			7,238,767
Stock-based compensation		345			345
Net loss		(902)				(902)
Ending Balance at Jun. 30, 2022		(4,373)		$ 1	73,844	(78,218)
Ending Balances (in shares) at Jun. 30, 2022	[1]			7,238,767
Beginning Balance at Dec. 31, 2022		(8,235)	[2]	$ 1	91,089	(99,325)
Beginning Balances (in shares) at Dec. 31, 2022	[1]			12,699,668
Issuance of shares - equity line of credit, Shares	[1]			378,006
Issuance of shares - equity line of credit		1,108			1,108
Issuance of shares - commitment fee for equity line, Shares	[1]			218,842
Issuance of shares - commitment fee for equity line		1,000			1,000
Stock-based compensation		505			505
Net loss		(5,262)				(5,262)
Ending Balance at Mar. 31, 2023		(10,884)		$ 1	93,702	(104,587)
Ending Balances (in shares) at Mar. 31, 2023	[1]			13,296,516
Beginning Balance at Dec. 31, 2022		(8,235)	[2]	$ 1	91,089	(99,325)
Beginning Balances (in shares) at Dec. 31, 2022	[1]			12,699,668
Issuance of shares - commitment fee for equity line, Shares				218,842
Net loss		(8,931)
Ending Balance at Jun. 30, 2023		(11,448)	[2]	$ 2	96,806	(108,256)
Ending Balances (in shares) at Jun. 30, 2023	[1]			18,121,238
Beginning Balance at Mar. 31, 2023		(10,884)		$ 1	93,702	(104,587)
Beginning Balances (in shares) at Mar. 31, 2023	[1]			13,296,516
Issuance of shares - equity line of credit, Shares	[1]			26,993
Issuance of shares - equity line of credit		55			55
Issuance of shares - conversion of convertible notes, Shares	[1]			3,088,167
Issuance of shares - conversion of convertible notes		1,937		$ 1	1,936
Issuance of shares - vesting of RSU's	[1]			153,405
Issuance of shares - prepaid forward contracts, Shares	[1]			1,096,972
Issuance of shares - prepaid forward contracts		558			558
Stock-based compensation, Shares	[1]			459,185
Stock-based compensation		555			555
Net loss		(3,669)				(3,669)
Ending Balance at Jun. 30, 2023		$ (11,448)	[2]	$ 2	$ 96,806	$ (108,256)
Ending Balances (in shares) at Jun. 30, 2023	[1]			18,121,238
[1] Retroactively restated to give effect to the reverse recapitalization Retroactively restated to give effect to the reverse recapitalization

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (8,931)	$ (1,906)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of discount on notes payable	0	208
Amortization of deferred financing costs	23	0
Non-cash accrued interest related to notes payable	0	151
Non-cash conversion of accrued expenses into notes payable	0	96
Non-cash fair value of discount on issuance of notes payable	0	(52)
Non-cash fair value of derivative liability on issuance of notes payable	0	52
Change in fair value of notes payable derivative liability	0	(578)
Change in fair value of warrants liability	(480)	0
Change in fair value of forward option - prepaid forward contracts	1,723	0
Gain on sale of recycled shares	(1,306)	0
Stock-based compensation	1,060	349
Changes in operating assets and liabilities
Other receivables	12	0
Prepaid expenses	658	(777)
Accounts payable	2,428	584
Accrued expenses	350	295
Net cash used in operating activities	(4,463)	(1,578)
Cash flows from financing activities
Proceeds from issuance of convertible notes	5,000	0
Payment of convertible notes	(258)	0
Proceeds from issuance of shares	1,163	0
Payment of commitment fee - equity line of credit	(500)	0
Proceeds from sale of recycled shares	1,870	0
Proceeds from notes payable	100	1,681
Payment of notes payable	(2,946)	0
Net cash provided by financing activities	4,429	1,681
Net increase (decrease) in cash	(34)	103
Cash, beginning of period	47	510
Cash, end of period	13	613
Supplemental disclosure of cash flow information
Cash paid for interest	675	0
Supplemental disclosure of noncash financing activities
Shares issued as payment of convertible notes	1,937	0
Shares issued to settle forward option-prepaid forward contracts	558	0
Issuance of convertible note warrants	$ 575	$ 0

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Note 1. D e scription of Business Organization and description of business SeaStar Medical, Inc. was incorporated as a Delaware corporation in June 2007, and it is headquartered in Denver, Colorado. The Company is principally engaged in the research, development, and commercialization of a platform medical device technology designed to modulate inflammation in various patient populations. The primary target of this technology is for the treatment of acute kidney injuries. SeaStar Medical, Inc. is in the pre-revenue stage focused on product development. On October 28, 2022, LMF Merger Sub, Inc., a wholly owned subsidiary of LMF Acquisition Opportunities, Inc., (“LMAO”) merged with and into SeaStar Medical, Inc. (the "Business Combination"), with SeaStar Medical, Inc. surviving the Business Combination as a wholly owned subsidiary of LMAO. Following the consummation of the Business Combination, LMAO was renamed to "SeaStar Medical Holding Corporation" ("the Company", "we", "SeaStar Medical"). Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual condensed consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The results from operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ended December 31, 2023, or for any future annual or interim period. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the annual condensed consolidated financial statements and the related notes for the year ended December 31, 2022. There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2022. The interim unaudited condensed consolidated financial statements include the consolidated accounts of the Company's wholly owned subsidiary, SeaStar Medical, Inc. All significant intercompany transactions have been eliminated in consolidation. Segment information The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. Liquidity and Going Concern As of June 30, 2023, the Company has an accumulated deficit of $ 108,256 and cash of $ 13 . We do not believe that will be sufficient to enable us to fund our operations, including clinical trial expenses and capital expenditure requirements for at least 12 months from the issuance of these unaudited condensed consolidated financial statements. We believe that these conditions raise substantial doubt about our ability to continue as a going concern. Our need for additional capital will depend in part on the scope and costs of our development activities. To date, we have not generated any revenue from the sales of commercialized products. Our ability to generate product revenue will depend on the successful development and eventual commercialization of our product. Until such time, if ever, we expect to finance our operations through the sale of equity or debt, borrowing under credit facilities, or through potential collaborations, other strategic transactions or government and other grants. Adequate capital may not be available to us when needed or on acceptable terms. If we are unable to raise capital, we could be forced to delay, reduce, suspend, or cease our research and development programs or any future commercialization efforts, which would have a negative impact on our business, prospects, operating results and financial condition. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. Risks and uncertainties The Company is subject to risks common to early-stage companies in the medical technology industry including, but not limited to, new medical and technological innovations, regulatory approval requirement, lack of funding and capital resources, protection of proprietary technology, and product liability. There can be no assurance that the Company's products or services will be accepted in the marketplace, nor can there be any assurance that any future products or services can be developed or deployed at an acceptable cost and with appropriate performance characteristics, or that such products or services will be successfully marketed, if at all. These factors could have a materially adverse effect on the Company's future financial results, financial position, and cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the period. Significant estimates include the valuation of the forward option on prepaid forward contracts, derivative liability, warrants, provision for income taxes, convertible debt measured at fair value, and the amount of stock-based compensation expense. Although actual results could differ from those estimates, such estimates are developed based on the best information available to management and management's best judgments at the time. Concentrations of credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company has not experienced any losses on deposits since inception. Fair value option of accounting Generally, when financial instruments are first acquired and are not required to be recorded at fair value, ASC 825, Financial Instruments (“ASC 825”), allows an entity to elect the fair value option (“FVO”). The FVO may be elected on an instrument-by-instrument basis only at the time of acquisition and once elected is irrevocable. The FVO allows an entity to account for the entire financial instrument at fair value with subsequent changes in fair value recognized in earnings through the condensed consolidated statements of operations at each reporting date. A financial instrument is generally eligible for the FVO if, amongst other factors, no part of the financial instrument is classified in stockholders’ equity. Based on the eligibility assessment discussed above, the Company concluded that its convertible notes (see Note 7) were eligible for the FVO and accordingly elected the FVO for those debt instruments. This election was made because of operational efficiencies in valuing and reporting for these debt instruments at fair value in their entirety at each reporting date. The convertible notes contain certain embedded derivatives that otherwise would require bifurcation and separate accounting at fair value. The convertible notes, inclusive of their respective accrued interest at the stated interest rates (collectively referred to as the “FVO debt instruments”) were initially recorded at fair value as liabilities on the condensed consolidated balance sheets and subsequently re-measured at fair value at the end of each reporting period presented within the condensed consolidated financial statements. The changes in fair value of the FVO debt instruments are recorded in changes in fair value of convertible notes, included as a component of other income (expense), net, in the condensed consolidated statements of operations. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified into the following hierarchy: Level 1 – quoted prices in active markets for identical assets and liabilities. Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rate, credit risk, etc.). Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities). The fair value of the forward option on prepaid forward contracts, convertible notes, and the warrants liability, are classified as Level 3 in the fair value hierarchy. The following table presents the changes in the forward option-prepaid forward contracts, convertible notes measured at fair value, warrants liability, and the notes derivative liability for the six months ended June 30, 2023 and 2022 (in thousands): Forward Option- Prepaid Notes Payable Level 3 Rollforward Forward Contracts Convertible Notes Warrants Liability Derivative Liability Balance January 1, 2022 $ — $ — $ — $ ( 526 ) Additions — — — ( 52 ) Changes in fair value — — — 578 Balance June 30, 2022 $ — $ — $ — $ — Balance January 1, 2023 $ 1,729 $ — $ — $ — Additions — 4,425 575 — Sale of recycled shares ( 564 ) — — — Payments — ( 258 ) — — Shares issued as payments — ( 1,937 ) — — Changes in fair value ( 1,723 ) — ( 480 ) — Shares issued as maturity consideration 558 — — — Balance June 30, 2023 $ — $ 2,230 $ 95 $ — The convertible notes are recorded as liabilities and are recorded at fair value based on Level 3 measurements. The estimated fair values of the convertible notes are each determined based on the aggregated, probability-weighted average of the outcomes of certain possible scenarios. The combined value of the probability-weighted average of those outcomes is then discounted back to each reporting period in which the convertible notes are outstanding, in each case, based on a risk-adjusted discount rate estimated based on the implied interest rate using the changes in observed interest rates of corporate rate debt that the Company believes is appropriate for those probability-adjusted cash flows. The estimated fair value of prepaid expenses, accounts payable and accrued expenses approximate their fair value because of the short-term nature of these instruments. Emerging growth company status The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.

Forward Purchase Agreements

Forward Purchase Agreements	6 Months Ended
	Jun. 30, 2023
Prepaid Forward Purchase Agreements [Abstract]
Forward Purchase Agreements	Note 3. Forward Purchase Agreements During the six months ended June 30, 2023, 374,005 recycled shares were sold by Forward Purchase Agreement Sellers ("FPA Sellers"). The Company received $ 1,870 for the shares sold and recognized a gain of $ 1,306 on the sale. Losses on remeasurement of $ 69 and $ 1,723 were recorded in Change in fair value of forward option-prepaid forward contracts on the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023, respectively. In March 2023, the price of the Company stock was below $ 3.00 for more than 20 trading days and the FPA Sellers at their discretion had the ability to specify the maturity dates for the FPA. During the three months ended June 30, 2023, the FPA Sellers specified the maturity dates and the FPAs matured and were settled by transferring 1,096,972 shares to the FPA Sellers, with a fair value of $ 558 . As the FPAs were classified as a liability at fair value, upon settlement, the FPAs were marked to their fair value at the settlement dates and the liability was settled.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued Expenses	Note 4. Accrued Expenses Accrued expenses consisted of the following: ($ in thousands) June 30, December 31, Accrued commitment fee, equity line of credit $ — $ 1,500 Accrued bonus 502 450 Accrued director remuneration 244 61 Accrued settlement 150 — Accrued interest 72 112 Accrued legal 51 80 Accrued research and development 19 18 Other 57 24 Total accrued expenses $ 1,095 $ 2,245

Equity Line of Credit

Equity Line of Credit	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity Line of Credit	Note 5. Equity Line of Credit The Company paid previously accrued commitment fees of $ 1,500 during the six months ended June 30, 2023, of which $ 1,000 was paid in 218,842 shares of common stock and $ 500 was paid in cash. During the three and six months ended June 30, 2023, the Company sold 26,993 and 404,999 shares of common stock to Tumim Stone Capital LLC for proceeds of $ 55 and $ 1,162 , respectively, as part of the equity line financing arrangement. As of June 30, 2023, $ 98,837 was available to draw.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2023
Notes Payable [Abstract]
Notes Payable	Note 6. Notes Payable Notes payable consisted of the following: ($ in thousands) June 30, December 31, LMFA notes payable $ 438 $ 968 LMFAO note payable 1,757 2,785 Maxim note payable 3,590 4,167 Insurance financing 199 910 Unamortized deferred financing costs ( 77 ) — 5,907 8,830 Less current portion ( 5,907 ) ( 1,178 ) $ — $ 7,652 Future maturities of principal repayment of the notes payable as of June 30, 2023 are as follows: ($ in thousands) Years ended December 31: 2023 (remaining) $ — 2024 5,907 $ 5,907 On March 15, 2023, the Company amended its LMFA notes, LMFAO note, and Maxim note, extending their maturity dates to June 15, 2024 . In consideration for such extension, the Company agreed to pay the noteholders an aggregate amount of $ 100 in cash upon receipt of proceeds from the issuance of the note at the second closing under the securities purchase agreement (see Note 7). The $ 100 consideration for the modification was capitalized as a deferred financing cost. The Company amortized $ 20 and $ 23 of the deferred financing cost during the three and six months ended June 30, 2023, respectively. LMFA Notes Payable During the six months ended June 30, 2023, the maturity date was extended to June 15, 2024 . The balance due was $ 438 and $ 968 as of June 30, 2023 and December 31, 2022, respectively. The balance at December 31, 2022 consisted of a $ 700 interest bearing note and a $ 268 noninterest bearing note. The Company recorded interest expense of $ 7 and $ 19 for the three and six months ended June 30, 2023, respectively, on the interest-bearing note. The noninterest bearing note was paid in full in January 2023. The mandatory repayment provisions of the LMFA note were waived for the second senior unsecured convertible note drawn on May 12, 2023 (see Note 7). LMFAO Note Payable During the six months ended June 30, 2023, the maturity date was extended to June 15, 2024 . The mandatory repayment provisions of the LMFA note were waived for the second senior unsecured convertible note drawn on May 12, 2023 (see Note 7). The balance due was $ 1,757 and $ 2,785 on June 30, 2023 and December 31, 2022, respectively. The Company recorded interest expense of $ 31 and $ 74 for the three and six months ended June 30, 2023, respectively. Maxim Note Payable During the six months ended June 30, 2023, the maturity date was extended to June 15, 2024 . The mandatory repayment provisions of the Maxim note were waived for the first senior unsecured convertible note drawn on March 15, 2023 (see Note 7). The balance of the Maxim note was $ 3,590 and $ 4,167 as of June 30, 2023 and December 31, 2022, respectively. The Company recorded interest expense of $ 63 and $ 130 f or the six months ended June 30, 2023. Insurance Financing The balance due was $ 199 and $ 910 on June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, two monthly installments of $ 101 , consisting of principal and interest remain . The Company recorded interest expense of $ 6 and $ 17 for the three and six months ended June 30, 2023. Notes Payable Amortization of the debt discounts related to the Dow, Union Carbide, IBT and investor notes for the three and six months ended June 30, 2022 was $ 99 and $ 208 , respectively.

Convertible Notes

Convertible Notes	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Convertible Notes	Note 7. Convertible Notes 3i Notes On March 15, 2023, the Company entered into a securities purchase agreement with 3i LP ("3i") an institutional investor, whereby the Company has the ability to issue a series of four senior unsecured convertible notes (collectively the "Convertible Notes"), with principal amounts totaling up to $ 9,000 , and warrants to purchase shares of the Company’s common stock. On March 15, 2023, the Company issued a note (the "First Convertible Note"), convertible into 1,207,729 shares of common stock at an initial conversion price of $ 2.70 , in a principal amount of $ 3,261 , and a warrant to purchase up to 328,352 shares of common stock. The First Convertible Note was issued at an 8.0 % discount, bears interest at 7.0 % per annum, matures on June 15, 2024 , and requires monthly installments of principal and interest. On May 12, 2023, the Company issued a note (the "Second Convertible Note"), convertible into 805,153 shares of common stock at an initial conversion price of $ 2.70 , in a principal amount of $ 2,174 , and a warrant to purchase up to 218,901 shares of common stock. The Second Convertible Note was issued at an 8.0 % discount, b ears interest at 7.0 % per annum, matures on August 12, 2024 , and requires monthly installments of principal and interest. The Company concluded that the transactions include two legally detachable and separately exercisable freestanding financial instruments: the Convertible Notes and the warrants. The Company concluded that the warrants should be recorded as a liability (see Note 8). The Company determined the Convertible Notes are liability instruments under ASC 480, Distinguishing Liabilities from Equity . The Convertible Notes were then evaluated in accordance with the requirements of ASC 825, and it was concluded that the Company was not precluded from electing the FVO for the Convertible Notes. As such, the Convertible Notes are carried at fair value in the condensed consolidated balance sheets. The Convertible Notes are measured at fair value each reporting date with changes in fair value recognized in the condensed consolidated statements of operations, unless the change is concluded to be related to the changes in the Company’s credit rating, in which case the change will be recognized as a component of accumulated other comprehensive income in the condensed consolidated balance sheets. During the six months ended June 30, 2023, the Company made cash payments of principal and interest of $ 238 an d $ 20 , respectively, on the First Convertible Note. The Company also made additional principal and interest payments, which included accelerated payments through equity conversions. In accordance and pursuant to the First Convertible Note, 3i elected to convert the conversion amount (as defined in the First Convertible Note) into shares of common stock of the Company. The Company converted principal and interest into 1,879,688 shares o f common stock with a fair value of $ 1,291 . During the six months ended June 30, 2023, the Company made principal and interest payments on the Second Convertible Note, which included accelerated payments, though equity conversions. In accordance and pursuant to the Second Convertible Note, 3i elected to convert the conversion amount (as defined in the Second Convertible Note) of principal and interest into shares of common stock of the Company. The Company converted principal and interest into 1,208,479 shares of common stock with a fair value of $ 646 . Future maturities of principal repayment of the Convertible Notes as of June 30, 2023 are as follows: ($ in thousands) Years ended December 31: 2023 (remaining) $ 2,609 2024 1,009 $ 3,618

Warrants

Warrants	6 Months Ended
	Jun. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 8. Warrants On March 15, 2023, as part of the issuance of the First Convertible Note (see Note 7) 328,352 warrants (“Convertible Note Warrants”) were issued with an exercise price of $ 2.97 per share. On May 12, 2023, as part of the issuance of the Second Convertible Note (see Note 7) 218,901 Convertible Note Warrants were issued with an exercise price of $ 2.97 per share. The Convertible Note Warrants expire five years fr om their issuance date and contain cashless exercise provisions. The Company does not have the ability to redeem the Convertible Note Warrants. The Convertible Note Warrants for the First Convertible Note were valued at $ 500 at i ssuance. The Convertible Note Warrants for the Second Convertible Note were valued at $ 75 at issuance . In accordance with ASC 815-40, Derivatives and Hedging-Contracts in and Entity’s own Equity , the Company has determined that the Convertible Note Warrants do not meet the conditions for equity classification, due to potential cash settlement under the exchange cap provision of the securities purchase agreement, and should be carried on the condensed consolidated balance sheets as a liability measured at fair value, with subsequent changes in fair value recorded in the condensed consolidated statements of operations as change in fair value of warrants liability. The fair value of the Convertible Note Warrants was determined using a Black-Scholes option pricing model, which considers variables such as estimated volatility, time to maturity, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate at the date of issuance, and the time to maturity is based on the contractual life at the date of issuance, which is five years . The Company has the following warrants outstanding: June 30, December 31, 2023 2022 Public Stockholders' Warrants 10,350,000 10,350,000 Private Placement Warrants 5,738,000 5,738,000 PIPE Investor Warrants 700,000 700,000 Convertible Note Warrants 547,253 — SeaStar Warrants 69,714 69,714 17,404,967 16,857,714

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Common Stock and Stock-Based Compensation	Note 9. Common Stock and Stock-Based Compensation During the six months ended June 30, 2023, the Company issued 459,185 shares of common stock for management bonuses and 153,405 shares of common stock for vested restricted stock units. The Company also granted 351,029 options and 234,019 restricted stock units during the six months ended June 30, 2023. For options granted during the six months ended June 30, 2023, the weighted-average grant date fair value was $ 1.20 per share and the options vest one year from the grant date. For RSUs granted during the six months ended June 30, 2023, the weighted-average grant date fair value was $ 1.47 per share and the RSUs vest one year from the grant date. The following represents stock-based compensation expense in the company’s unaudited condensed consolidated statements of operations: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 96 $ 90 $ 135 $ 90 General and administrative 459 255 925 259 Total $ 555 $ 345 $ 1,060 $ 349

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies License and distribution agreement On December 27, 2022, the Company entered into a license and distribution agreement with a distributor, appointing the distributor as the exclusive distributor to promote, advertise, market, distribute and sell the Selective Cytopheretic Device (“SCD”) in the United States. The Company received an upfront payment of $ 100 on January 3, 2023. If the Company does not receive written authorization to market the SCD, prior to the first anniversary of the effective date, the Company will repay the $ 100 . The Company has recorded the $ 100 upfront payment as a liability in the unaudited condensed consolidated balance sheets as of June 30, 2023. The Company shall also receive milestone payments in the amounts of $ 450 and $ 350 for obtaining approval from the Food and Drug Administration and for selling the first sixty units to any third parties. The term of the agreement is three years . Lease agreements The Company is part of a membership agreement for shared office space and can cancel at any time. Rent expense was $ 8 and $ 16 for the three and six months ended June 30, 2023 and 2022, respectively. Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. In connection with the Business Combination, LMAO proposed, for stockholder approval, various amendments to its Amended and Restated Certificate of Incorporation, which included among other things a proposal to increase the authorized shares of common stock. A purported stockholder sent a Stockholder Litigation Demand letter (the “Demand”) to the Board of Directors of LMAO alleging that the Delaware General Corporation Law required a separate class vote of the Class A common stockholders to increase the authorized shares of common stock. Following receipt of the Demand, the Company canceled and withdrew the proposal to increase the authorized shares of common stock. The stockholder’s counsel thereafter demanded that the Company pay counsel fees for the purported benefit conferred upon the Company’s shareholders by causing the Company to withdraw the allegedly invalid proposal to increase the authorized shares of common stock. The Company recorded $ 150 for a legal settlement in accrued expenses as of June 30, 2023. The settlement will be paid in three installments of $ 50 in August 2023 , September 2023, and November 2023. The Company was not subject to any other material legal proceedings during the three and six months ended June 30, 2023, and no material legal proceedings are currently pending or threatened.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes In accordance with U.S. GAAP, a valuation allowance should be provided if it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. The Company’s ability to realize the benefit of its deferred tax assets will depend on the generation of future taxable income. Due to the uncertainty of future profitable operations and taxable income, the Company has recorded a full valuation allowance against its net deferred tax assets. The Company believes its tax filing position and deductions related to tax periods subject to examination will be sustained under audit and, therefore, has no reserve for uncertain tax positions.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Note 12. Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, including vested restricted stock units for which common shares have not yet been issued, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the warrants, common stock options, and unvested restricted stock units are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods. The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Public Stockholders' warrants 10,350,000 — 10,350,000 — Private Placement warrants 5,738,000 — 5,738,000 — PIPE Investor warrants 700,000 — 700,000 — Convertible Note warrants 448,627 — 256,393 — SeaStar warrants 69,714 69,714 69,714 69,714 Options to purchase common stock 576,534 332,544 411,579 335,102 Unvested restricted stock units 129,640 296,696 213,548 149,168 Total 18,012,515 698,954 17,739,234 553,984 Net loss per share is calculated using the shares in connection with the Business Combination and related transactions, assuming the shares were outstanding since January 1, 2022. As the Business Combination and related transactions are being reflected as if they had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issued in connection with the Business Combination have been outstanding for the entire period presented. The calculation of weighted average shares outstanding for basic and diluted net loss per share for the three and six months ended June 30, 2022 has been retroactively restated to give effect to the Business Combination. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ ( 3,669 ) $ ( 902 ) $ ( 8,931 ) $ ( 1,906 ) Weighted average shares outstanding - basic and diluted 14,932,866 7,238,767 13,984,625 7,238,767 Basic and diluted net loss per share $ ( 0.25 ) $ ( 0.12 ) $ ( 0.64 ) $ ( 0.26 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events In July 2023, the Company sold 234,579 shares of common stock to Tumim Stone Capital LLC for proceeds of $ 120 , as part of the equity line financing arrangement (see Note 5). In July and August 2023, the Company made principal and interest payments on the Second Convertible Note, which included accelerated payments, through equity conversions. In accordance and pursuant to the Second Convertible Note, 3i elected to convert the conversion amount (as defined in the Second Convertible Note) into shares of common stock of the Company. The Company converted principal and interest into 590,154 shares of common stock with a fair value of $ 283 . On August 7, 2023, the Company entered into an amendment to the securities purchase agreement with 3i, whereby the VWAP price will be $ 0.20 for all future conversions and the provisions of the third closing have been amended. 3i will have the discretion to purchase additional shares of the Company common stock in an aggregate principal amount of $ 2,000 , provided that 3i will purchase additional shares of the Company common stock in an aggregate principal amount of $ 1,000 in two tranches no later than September 5, 2023. On August 7, 2023, the Company issued a note (the "Third Convertible Note") in a principal amount of $ 543 , convertible into shares of common stock at an initial conversion price of $ 0.20 , and a warrant to purchase up to 738,791 shares of common stock. The Third Convertible Note was issued at an 8.0 % discount, bears interest at 7.0 % per annum, matures on November 6, 2024 , and requires monthly installments of principal and interest. In connection with the amendment to the securities purchase agreement with 3i, the Company entered into a letter agreement with 3i, providing for (i) certain adjustment mechanisms for the conversion price of the First and Second Convertible Notes and additional notes issued or to be issued under the securities purchase agreement, as amended, (ii) a six month waiver period of any cash payment obligations of the Company under each existing note, and (iii) the issuance of an additional warrant to purchase an aggregate of 4,765,620 shares of common stock. Also on August 7, 2023, the Company entered into certain amendments and waivers for the Maxim Note, LMFA Note, and LMFAO Note. The lenders waved their rights to receive any mandatory prepayments for proceeds received by the Company from the convertible note financings and agreed to extend the maturity dates to 91 days after the last maturity date applicable to any of the notes issued pursuant to the amended securities purchase agreement with 3i.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual condensed consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The results from operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ended December 31, 2023, or for any future annual or interim period. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the annual condensed consolidated financial statements and the related notes for the year ended December 31, 2022. There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2022. The interim unaudited condensed consolidated financial statements include the consolidated accounts of the Company's wholly owned subsidiary, SeaStar Medical, Inc. All significant intercompany transactions have been eliminated in consolidation.
Segment information	Segment information The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the period. Significant estimates include the valuation of the forward option on prepaid forward contracts, derivative liability, warrants, provision for income taxes, convertible debt measured at fair value, and the amount of stock-based compensation expense. Although actual results could differ from those estimates, such estimates are developed based on the best information available to management and management's best judgments at the time.
Concentrations of credit risk	Concentrations of credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company has not experienced any losses on deposits since inception.
Fair Value Option of Accounting	Fair value option of accounting Generally, when financial instruments are first acquired and are not required to be recorded at fair value, ASC 825, Financial Instruments (“ASC 825”), allows an entity to elect the fair value option (“FVO”). The FVO may be elected on an instrument-by-instrument basis only at the time of acquisition and once elected is irrevocable. The FVO allows an entity to account for the entire financial instrument at fair value with subsequent changes in fair value recognized in earnings through the condensed consolidated statements of operations at each reporting date. A financial instrument is generally eligible for the FVO if, amongst other factors, no part of the financial instrument is classified in stockholders’ equity. Based on the eligibility assessment discussed above, the Company concluded that its convertible notes (see Note 7) were eligible for the FVO and accordingly elected the FVO for those debt instruments. This election was made because of operational efficiencies in valuing and reporting for these debt instruments at fair value in their entirety at each reporting date. The convertible notes contain certain embedded derivatives that otherwise would require bifurcation and separate accounting at fair value. The convertible notes, inclusive of their respective accrued interest at the stated interest rates (collectively referred to as the “FVO debt instruments”) were initially recorded at fair value as liabilities on the condensed consolidated balance sheets and subsequently re-measured at fair value at the end of each reporting period presented within the condensed consolidated financial statements. The changes in fair value of the FVO debt instruments are recorded in changes in fair value of convertible notes, included as a component of other income (expense), net, in the condensed consolidated statements of operations.
Fair value measurements	Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified into the following hierarchy: Level 1 – quoted prices in active markets for identical assets and liabilities. Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rate, credit risk, etc.). Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities). The fair value of the forward option on prepaid forward contracts, convertible notes, and the warrants liability, are classified as Level 3 in the fair value hierarchy. The following table presents the changes in the forward option-prepaid forward contracts, convertible notes measured at fair value, warrants liability, and the notes derivative liability for the six months ended June 30, 2023 and 2022 (in thousands): Forward Option- Prepaid Notes Payable Level 3 Rollforward Forward Contracts Convertible Notes Warrants Liability Derivative Liability Balance January 1, 2022 $ — $ — $ — $ ( 526 ) Additions — — — ( 52 ) Changes in fair value — — — 578 Balance June 30, 2022 $ — $ — $ — $ — Balance January 1, 2023 $ 1,729 $ — $ — $ — Additions — 4,425 575 — Sale of recycled shares ( 564 ) — — — Payments — ( 258 ) — — Shares issued as payments — ( 1,937 ) — — Changes in fair value ( 1,723 ) — ( 480 ) — Shares issued as maturity consideration 558 — — — Balance June 30, 2023 $ — $ 2,230 $ 95 $ — The convertible notes are recorded as liabilities and are recorded at fair value based on Level 3 measurements. The estimated fair values of the convertible notes are each determined based on the aggregated, probability-weighted average of the outcomes of certain possible scenarios. The combined value of the probability-weighted average of those outcomes is then discounted back to each reporting period in which the convertible notes are outstanding, in each case, based on a risk-adjusted discount rate estimated based on the implied interest rate using the changes in observed interest rates of corporate rate debt that the Company believes is appropriate for those probability-adjusted cash flows. The estimated fair value of prepaid expenses, accounts payable and accrued expenses approximate their fair value because of the short-term nature of these instruments.
Emerging growth company status	Emerging growth company status The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Changes in Forward Option and Convertible Notes Derivative Liability	Forward Option- Prepaid Notes Payable Level 3 Rollforward Forward Contracts Convertible Notes Warrants Liability Derivative Liability Balance January 1, 2022 $ — $ — $ — $ ( 526 ) Additions — — — ( 52 ) Changes in fair value — — — 578 Balance June 30, 2022 $ — $ — $ — $ — Balance January 1, 2023 $ 1,729 $ — $ — $ — Additions — 4,425 575 — Sale of recycled shares ( 564 ) — — — Payments — ( 258 ) — — Shares issued as payments — ( 1,937 ) — — Changes in fair value ( 1,723 ) — ( 480 ) — Shares issued as maturity consideration 558 — — — Balance June 30, 2023 $ — $ 2,230 $ 95 $ — The convertible notes are recorded as liabilities and are recorded at fair value based on Level 3 measurements. The estimated fair values of the convertible notes are each determined based on the aggregated, probability-weighted average of the outcomes of certain possible scenarios. The combined value of the probability-weighted average of those outcomes is then discounted back to each reporting period in which the convertible notes are outstanding, in each case, based on a risk-adjusted discount rate estimated based on the implied interest rate using the changes in observed interest rates of corporate rate debt that the Company believes is appropriate for those probability-adjusted cash flows.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Summary of Accrued Expenses	Accrued expenses consisted of the following: ($ in thousands) June 30, December 31, Accrued commitment fee, equity line of credit $ — $ 1,500 Accrued bonus 502 450 Accrued director remuneration 244 61 Accrued settlement 150 — Accrued interest 72 112 Accrued legal 51 80 Accrued research and development 19 18 Other 57 24 Total accrued expenses $ 1,095 $ 2,245

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Payable [Abstract]
Summary of Notes Payable	Notes payable consisted of the following: ($ in thousands) June 30, December 31, LMFA notes payable $ 438 $ 968 LMFAO note payable 1,757 2,785 Maxim note payable 3,590 4,167 Insurance financing 199 910 Unamortized deferred financing costs ( 77 ) — 5,907 8,830 Less current portion ( 5,907 ) ( 1,178 ) $ — $ 7,652
Schedule of Future Maturities of Principal Repayment of Convertible Notes	Future maturities of principal repayment of the notes payable as of June 30, 2023 are as follows: ($ in thousands) Years ended December 31: 2023 (remaining) $ — 2024 5,907 $ 5,907

Convertible Notes (Tables)

Convertible Notes (Tables)	6 Months Ended
	Jun. 30, 2023
Convertible Notes [Member]
Debt Instrument [Line Items]
Future Maturities of Principal Repayment of Convertible Notes	Future maturities of principal repayment of the Convertible Notes as of June 30, 2023 are as follows: ($ in thousands) Years ended December 31: 2023 (remaining) $ 2,609 2024 1,009 $ 3,618

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
Schedule of Warrants Outstanding	The Company has the following warrants outstanding: June 30, December 31, 2023 2022 Public Stockholders' Warrants 10,350,000 10,350,000 Private Placement Warrants 5,738,000 5,738,000 PIPE Investor Warrants 700,000 700,000 Convertible Note Warrants 547,253 — SeaStar Warrants 69,714 69,714 17,404,967 16,857,714

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Expense	The following represents stock-based compensation expense in the company’s unaudited condensed consolidated statements of operations: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 96 $ 90 $ 135 $ 90 General and administrative 459 255 925 259 Total $ 555 $ 345 $ 1,060 $ 349

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Weighted-Average Outstanding Shares	The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Public Stockholders' warrants 10,350,000 — 10,350,000 — Private Placement warrants 5,738,000 — 5,738,000 — PIPE Investor warrants 700,000 — 700,000 — Convertible Note warrants 448,627 — 256,393 — SeaStar warrants 69,714 69,714 69,714 69,714 Options to purchase common stock 576,534 332,544 411,579 335,102 Unvested restricted stock units 129,640 296,696 213,548 149,168 Total 18,012,515 698,954 17,739,234 553,984
Summary of Weighted Average Shares Outstanding for Basic and Diluted Net Loss Per Share	As the Business Combination and related transactions are being reflected as if they had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issued in connection with the Business Combination have been outstanding for the entire period presented. The calculation of weighted average shares outstanding for basic and diluted net loss per share for the three and six months ended June 30, 2022 has been retroactively restated to give effect to the Business Combination. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ ( 3,669 ) $ ( 902 ) $ ( 8,931 ) $ ( 1,906 ) Weighted average shares outstanding - basic and diluted 14,932,866 7,238,767 13,984,625 7,238,767 Basic and diluted net loss per share $ ( 0.25 ) $ ( 0.12 ) $ ( 0.64 ) $ ( 0.26 )

Description of Business - Addit

Description of Business - Additional Information (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	[1]	$ 108,256	$ 99,325
Cash		$ 13	$ 47
[1] Retroactively restated to give effect to the reverse recapitalization

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Changes in Forward Option and Convertible Notes Derivative Liability (Detail) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Forward Option On Prepaid Forward Contracts [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	$ 1,729	$ 0
Additions	$ 0	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Sale of recycled shares	$ (564)
Payments	0
Shares issued as payments
Changes in fair value	(1,723)	$ 0
Shares issued as maturity consideration	558
Balance	0	0
Convertible Notes [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	0	0
Additions	4,425	0
Sale of recycled shares	0
Payments	(258)
Shares issued as payments	(1,937)
Changes in fair value	0	0
Shares issued as maturity consideration	0
Balance	2,230	0
Warrants Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	0	0
Additions	575	0
Sale of recycled shares	0
Payments	0
Shares issued as payments
Changes in fair value	(480)	0
Shares issued as maturity consideration	0
Balance	95	0
Notes Payable Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	0	(526)
Additions	0	(52)
Sale of recycled shares	0
Payments	0
Shares issued as payments	0
Changes in fair value	0	578
Shares issued as maturity consideration	0
Balance	$ 0	$ 0

Forward Purchase Agreements - A

Forward Purchase Agreements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of recycled shares				$ 1,870	$ 0
Change in fair value of forward option				1,723	0
Change in fair value of forward option-prepaid forward contracts		$ 69	$ 0	$ 1,723	$ 0
Forward Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of recycled shares				374,005
Proceeds from sale of recycled shares				$ 1,870
Proceeds from gain of recycled shares				1,306
Change in fair value of forward option-prepaid forward contracts		69		$ 1,723
Stock issued during period, value		$ 558
Stock issued during period, Shares		1,096,972
Forward Purchase Agreements [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Volume weighted average price	$ 3
Forward Purchase Agreements [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of consecutive trading days for determining share price	20 days

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued commitment fee, equity line of credit	$ 0	$ 1,500
Accrued bonus	502	450
Accrued director remuneration	244	61
Accrued settlement	150	0
Accrued interest	72	112
Accrued legal	51	80
Accrued research and development	19	18
Other	57	24
Total accrued expenses	$ 1,095	$ 2,245

Equity Line of Credit - Additio

Equity Line of Credit - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023		Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, value	[1]	$ 2			$ 2	$ 1
Equity line financing arrangement, value of shares sold		55	$ 1,108
Amount available to draw		$ 98,837			98,837
Cash [Member]
Class of Stock [Line Items]
Long-term purchase commitment, amount					500
Common Stock [Member]
Class of Stock [Line Items]
Long-term purchase commitment, amount					$ 1,000
Commitment fee, equity line financing, shares issued			218,842	[2]	218,842
Equity line financing arrangement, shares sold	[2]	26,993	378,006
Accrued Expense [Member]
Class of Stock [Line Items]
Long-term purchase commitment, amount					$ 1,500
Tumim Stone Capital [Member]
Class of Stock [Line Items]
Equity line financing arrangement, shares sold		26,993			404,999
Equity line financing arrangement, value of shares sold		$ 55			$ 1,162
[1] Retroactively restated to give effect to the reverse recapitalization Retroactively restated to give effect to the reverse recapitalization

Notes Payable - Summary of Note

Notes Payable - Summary of Notes payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes Payable [Line Items]
Unamortized deferred financing costs	$ (77)
Total Notes payable	5,907	$ 8,830
Less current portion	(5,907)	(1,178)
Total		7,652
LMFA Note Payable [Member]
Notes Payable [Line Items]
Notes payable, gross	438	968
LMFAO Note Payable [Member]
Notes Payable [Line Items]
Notes payable, gross	1,757	2,785
Maxim Note Payable [Member]
Notes Payable [Line Items]
Notes payable, gross	3,590	4,167
Insurance Financing [Member]
Notes Payable [Line Items]
Notes payable, gross	$ 199	$ 910

Notes Payable - Future Maturiti

Notes Payable - Future Maturities of Principal Repayment of Convertible Notes (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Notes Payable [Abstract]
2023 (remaining)	$ 0
2024	5,907
Total	$ 5,907

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 15, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Notes Payable [Line Items]
Amortization of debt discounts			$ 99	$ 0	$ 208
Lmfa Notes, Lmfao Note and Maxim Note [Member]
Notes Payable [Line Items]
Debt instrument extended maturity date	Jun. 15, 2024
Debt instrument, face amount	$ 100
Deferred financing costs	$ 100
Amortization of deferred financing cost		$ 20		$ 23

Notes Payable - LMFA Note Payab

Notes Payable - LMFA Note Payable - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Notes Payable [Line Items]
Cash proceeds		$ 100	$ 1,681
LMFA Note Payable [Member]
Notes Payable [Line Items]
Notes payable, gross	$ 438	438		$ 968
Interest expense	$ 7	$ 19
Line of credit facility, expiration date		Jun. 15, 2024
LMFA Note Payable [Member] | Interest Bearing Note [Member]
Notes Payable [Line Items]
Notes payable, gross				700
LMFA Note Payable [Member] | Noninterest Bearing Note [Member]
Notes Payable [Line Items]
Notes payable, gross				$ 268

Notes Payable - LMFAO Note Paya

Notes Payable - LMFAO Note Payable - Additional Information (Details) - LMFAO Note Payable [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Notes Payable [Line Items]
Debt instrument, maturity date		Jun. 15, 2024
Notes payable, gross	$ 1,757	$ 1,757	$ 2,785
Interest expense	$ 31	$ 74

Notes Payable - MAXIM Note Paya

Notes Payable - MAXIM Note Payable - Additional Information (Details) - Maxim Note Payable [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Notes Payable LineItems
Line of credit facility, expiration date		Jun. 15, 2024
Notes payable, gross	$ 3,590	$ 3,590	$ 4,167
Interest expense	$ 63	$ 130

Notes Payable - Insurance Finan

Notes Payable - Insurance Financing - Additional Information (Details) - Insurance Financing [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Notes Payable [Line Items]
Payments of principal and interest		$ 101
Frequency of principal and interest payments		monthly
Payment terms		two monthly installments of $101, consisting of principal and interest remain
Notes payable, gross	$ 199	$ 199	$ 910
Interest expense	$ 6	$ 17

Convertible Notes - Additional

Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	May 12, 2023	Mar. 15, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Change in fair value of convertible note			$ (100)	$ 0	$ 0	$ 0
3i Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 3,261
Conversion of stock, shares converted		328,352
3i Notes [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Conversion of stock, shares converted		1,207,729
Debt instrument convertible conversion price		$ 2.7
Senior Unsecured Convertible Notes [Member] | 3i Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 9,000
Discount of senior unsecured convertible note issued		8%
Interest rate of senior unsecured convertible note issued		7%
Debt instrument, maturity date		Jun. 15, 2024
Second Convertible Note [Member]
Debt Instrument [Line Items]
Conversion of stock, shares converted	218,901
Debt conversion, original debt amount	$ 2,174
Discount of senior unsecured convertible note issued	8%
Interest rate of senior unsecured convertible note issued	7%
Debt instrument, maturity date	Aug. 12, 2024
Second Convertible Note [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued	805,153				1,208,479
Debt instrument convertible conversion price	$ 2.7
Fair value of convertible notes			646		$ 646
First Convertible Note [Member]
Debt Instrument [Line Items]
Principal payment					238
Interest payment					$ 20
First Convertible Note [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued					1,879,688
Fair value of convertible notes			$ 1,291		$ 1,291

Convertible Notes - Future Matu

Convertible Notes - Future Maturities of Principal Repayment of Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total		$ 7,652
Convertible Notes [Member]
Debt Instrument [Line Items]
2023 (remaining)	$ 2,609
2024	1,009
Total	$ 3,618

Warrants - Additional Informati

Warrants - Additional Information (Details) - USD ($)	Jun. 30, 2023	May 12, 2023	Mar. 15, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 17,404,967			$ 16,857,714
SeaStar Medical Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	69,714			69,714
Public Stockholders Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	10,350,000			10,350,000
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	5,738,000			5,738,000
PIPE Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	700,000			700,000
Convertible Note Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 547,253		$ 328,352	$ 0
Class of warrant or right exercise price			$ 2.97
Warrants expire term			5 years
Issuance of convertible notes			$ 500,000
Second Convertible Note Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding		$ 218,901
Class of warrant or right exercise price		$ 2.97
Issuance of convertible notes		$ 75,000

Warrants - Schedule of Warrants

Warrants - Schedule of Warrants Outstanding (Details) - USD ($)	Jun. 30, 2023	Mar. 15, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 17,404,967		$ 16,857,714
SeaStar Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	69,714		69,714
Public Stockholders Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	10,350,000		10,350,000
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	5,738,000		5,738,000
PIPE Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	700,000		700,000
Convertible Note Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 547,253	$ 328,352	$ 0

Common Stock and Stock-Based _3

Common Stock and Stock-Based Compensation - Additional Information (Details) - Common Stock [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares issued for management bonuses	459,185
Granted options	351,029
Weighted-average grant date fair value, options granted | $ / shares	$ 1.2
Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period from grant date	1 year
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested restricted stock units	153,405
Granted restricted stock units	234,019
Weighted-average grant date fair value, RSUs granted | $ / shares	$ 1.47
Vesting period from grant date	1 year

Common Stock and Stock-Based _4

Common Stock and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 555	$ 345	$ 1,060	$ 349
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	96	90	135	90
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 459	$ 255	$ 925	$ 259

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 14, 2023	Jan. 03, 2023	Dec. 27, 2022	Nov. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Legal settlement in accrued expenses						$ 150		$ 150		$ 0
Rent expense						8	$ 8	16	$ 16
Upfront payment liability						$ 100		$ 100		$ 0
Scenario Forecast [Member]
Loss Contingencies [Line Items]
Litigation settlement expense				$ 50	$ 50
Subsequent Event [Member]
Loss Contingencies [Line Items]
Litigation settlement expense	$ 50
License and Distribution Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from upfront payment		$ 100
Nonrefundable upfront payment		$ 100
Proceeds from milestone payment to be received			$ 450
Agreement term			3 years
F D A Approval [Member] | License and Distribution Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from milestone payment to be received			$ 350

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Weighted-Average Outstanding Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,012,515	698,954	17,739,234	553,984
Public Stockholders Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,350,000	0	10,350,000	0
Private Placement Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,738,000	0	5,738,000	0
PIPE Investor Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	700,000	0	700,000	0
Convertible Note Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	448,627	0	256,393	0
SeaStar Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	69,714	69,714	69,714	69,714
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	576,534	332,544	411,579	335,102
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	129,640	296,696	213,548	149,168

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss		$ (3,669)	$ (5,262)	$ (902)	$ (1,004)	$ (8,931)	$ (1,906)
Weighted-average shares outstanding - basic	[1]	14,932,866		7,238,767		13,984,625	7,238,767
Basic net loss per share		$ (0.25)		$ (0.12)		$ (0.64)	$ (0.26)
Weighted-average shares outstanding - diluted	[1]	14,932,866		7,238,767		13,984,625	7,238,767
Diluted net loss per share		$ (0.25)		$ (0.12)		$ (0.64)	$ (0.26)
[1] Retrospectively restated to give effect to the reverse recapitalization

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 07, 2023	May 12, 2023	Aug. 14, 2023	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Mar. 15, 2023
Subsequent Event [Line Items]
Equity line financing arrangement, value of shares sold					$ 55	$ 1,108
3i Notes [Member]
Subsequent Event [Line Items]
Debt instrument, face amount								$ 3,261
Second Convertible Note [Member]
Subsequent Event [Line Items]
Debt conversion, original debt amount		$ 2,174
Discount of senior unsecured convertible note issued		8%
Interest rate of senior unsecured convertible note issued		7%
Debt instrument, maturity date		Aug. 12, 2024
Common Stock [Member] | 3i Notes [Member]
Subsequent Event [Line Items]
Debt instrument convertible conversion price								$ 2.7
Common Stock [Member] | Second Convertible Note [Member]
Subsequent Event [Line Items]
Debt conversion, converted instrument, shares issued		805,153					1,208,479
Fair value of convertible notes					$ 646		$ 646
Debt instrument convertible conversion price		$ 2.7
Tumim Stone Capital [Member]
Subsequent Event [Line Items]
Equity line financing arrangement, shares sold					26,993		404,999
Equity line financing arrangement, value of shares sold					$ 55		$ 1,162
Subsequent Event [Member] | Third Convertible Note [Member] | 3i Notes [Member]
Subsequent Event [Line Items]
Discount of senior unsecured convertible note issued	8%
Interest rate of senior unsecured convertible note issued	7%
Debt instrument, maturity date	Nov. 06, 2024
Subsequent Event [Member] | Common Stock [Member] | 3i Notes [Member]
Subsequent Event [Line Items]
Debt instrument convertible conversion price	$ 0.2
Debt instrument, face amount	$ 2,000
Subsequent Event [Member] | Common Stock [Member] | 3i Notes [Member] | Tranche 1 [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	1,000
Subsequent Event [Member] | Common Stock [Member] | Second Convertible Note [Member]
Subsequent Event [Line Items]
Debt conversion, converted instrument, shares issued			590,154
Fair value of convertible notes			$ 283
Subsequent Event [Member] | Common Stock [Member] | Third Convertible Note [Member]
Subsequent Event [Line Items]
Debt conversion, converted instrument, shares issued				738,791
Debt conversion, original debt amount	$ 543
Debt instrument convertible conversion price	$ 0.2
Subsequent Event [Member] | Common Stock [Member] | First And Second Convertible Notes [Member]
Subsequent Event [Line Items]
Debt conversion, converted instrument, shares issued	4,765,620
Subsequent Event [Member] | Tumim Stone Capital [Member]
Subsequent Event [Line Items]
Equity line financing arrangement, shares sold				234,579
Equity line financing arrangement, value of shares sold				$ 120