Kevin Chung
About Kevin Chung
Kevin Chung, MD, age 52, is Chief Medical Officer (CMO) of SeaStar Medical Holding Corporation (ICU) and has served in this role since July 1, 2022 under an employment agreement dated May 18, 2022 . His clinical leadership centers on the NEUTRALIZE-AKI pivotal trial; in Q1 2025 he reported reaching 100 patients and outlined the DSMB interim analysis process and a plan to pursue PMA submission with potential product availability targeted for Q4 2026, subject to meeting endpoints . In September 2025, the DSMB recommended continuing the trial with an increased sample size (200→339), with Chung emphasizing the aim to strengthen statistical power and clinical confidence .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Uniformed Services University of the Health Sciences | Professor, Department of Medicine | 2016–2022 | Academic leadership in medicine |
| Uniformed Services University of the Health Sciences | Chair, Department of Medicine | 2018–2022 | Departmental leadership and oversight |
| U.S. Surgeon General | Critical Care Consultant | 2014–2020 | National-level critical care consulting |
| Brooke Army Medical Center | Department of Medicine Chief | 2016–2018 | Operational leadership in a major military medical center |
| U.S. Army Institute of Surgical Research | Director of Research | 2015–2016 | Directed research initiatives |
| U.S. Army Institute of Surgical Research | Task Area Manager, Clinical Trial | 2012–2015 | Clinical trial management |
| U.S. Army Burn Center | Medical Director, Burn ICU | 2006–2013 | Led critical care for severe burn patients |
Fixed Compensation
- Annual base salary: Not specified in filings; however, the Board approved increases in annual base salaries for the CEO and CMO (Kevin Chung) effective October 1, 2025, after a 20% reduction in June 2025 to reduce monthly operating expenses (directors’ cash retainers were also restored). The company expects monthly operating expenses to rise by approximately $50,000 as a result .
- Target annual bonus: Up to 40% of base salary; actual payout determined at the Board’s discretion based on Company and individual performance factors .
| Component | Value/Action | Effective Date | Notes |
|---|---|---|---|
| Target Annual Bonus (% of base) | 40% | Ongoing | Discretionary, Board-determined |
| Salary Reduction | 20% reduction | June 2025 | Cost control measure |
| Salary Increase | Increase in annual base salary | Oct 1, 2025 | Reversal of prior reduction; opex +$50K/month |
Performance Compensation
| Incentive Type | Weight/Opportunity | Performance Metrics | Payout Determination | Vesting |
|---|---|---|---|---|
| Annual Discretionary Bonus | Up to 40% of base salary | Company performance and individual performance (Board discretion) | Board discretion | Cash bonus; no vesting schedule disclosed |
Equity Ownership & Alignment
| Metric | As of Oct 24, 2024 | As of Feb 11, 2025 | As of Oct 28, 2025 |
|---|---|---|---|
| Shares Beneficially Owned | 10,145 | 10,145 | 35,844 |
| Ownership % of Class | <1% | <1% | <1% |
| Includes Options (count) | 2,660 | 2,660 | 2,660 |
| Equity Instrument | Quantity | Weighted-Average Exercise Price | Status / Notes |
|---|---|---|---|
| Stock Options | 2,660 | $46.00 | Footnote indicates options currently exercisable within 60 days in beneficial ownership presentations |
| RSUs (near-term vest) | Not attributed to Kevin in footnotes | — | Group/other footnote references 333 RSUs vesting within 60 days, not linked to Kevin’s footnote |
| Alignment Policy | Provision | Source |
|---|---|---|
| Anti-Hedging | Hedging transactions (options, swaps, collars, exchange funds, etc.) prohibited for directors, officers, employees | |
| Pledging | Pledging Company stock as collateral and holding stock in margin accounts prohibited | |
| Insider Trading Controls | Pre-clearance/trading windows and Rule 10b5-1 plan governance detailed; communications with brokers discouraged during active plans |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment Agreement Date | May 18, 2022 | |
| Role Start Date | July 1, 2022 (CMO) | |
| Base Salary | Annual base salary entitlement (amount not disclosed) | |
| Annual Bonus Eligibility | Up to 40% of base salary; discretionary, Board-determined | |
| 2025 Salary Actions | 20% reduction in June 2025; increase effective October 1, 2025 |
Compensation Committee (Context)
| Director | Audit | Compensation | Nominating & Corporate Governance |
|---|---|---|---|
| Rick Barnett | — | Member | Chair |
| John Neuman | Chair | — | Member |
| Jennifer Baird | Member | Chair | — |
| Bernadette Vincent | — | Member | — |
| Kenneth Van Heel | Member | — | Member |
- Board meeting attendance: In FY 2024, each director (except those whose terms expired mid-year) attended at least 75% of Board and committee meetings .
Performance & Track Record Highlights
- Trial leadership: Chung reported hitting the 100-patient milestone in NEUTRALIZE-AKI, explained DSMB interim analysis and preservation of trial integrity, and outlined plans to submit PMA with a goal to have product available in Q4 2026, subject to successful outcomes .
- DSMB decision: Recommended increasing total enrollment to 339 to strengthen power; Chung emphasized safety, potential benefit signal, and the statistical rationale for the re-estimation .
Risk Indicators & Policies (Company-Level Context)
- Litigation: The 10-Q/10-K litigation note references a 2024 securities class action lawsuit; liabilities are recorded when probable and estimable .
- Market/listing actions: Proposals and approvals for reverse stock splits and authorized share reductions were pursued to address Nasdaq bid-price compliance and capital flexibility .
Investment Implications
- Pay-for-performance lens: Chung’s annual bonus is discretionary up to 40% of base, determined by the Board based on Company and individual performance; the lack of formulaic metrics (e.g., revenue/EBITDA/TSR hurdles) suggests moderate direct linkage to measurable financial KPIs .
- Ownership alignment: Beneficial ownership was <1% with 35,844 shares as of Oct 28, 2025, including 2,660 options at a $46.00 weighted-average exercise price; equity exposure offers upside alignment but current ownership stake is small relative to outstanding shares .
- Hedging/pledging safeguards: Company policies prohibit hedging and pledging of Company stock, reducing misalignment risks from derivative overlays or collateralized positions .
- Retention/comp pressure: The Board’s 20% salary reduction in June 2025 (later increased effective Oct 1, 2025) signals cost discipline and potential retention considerations for management amid operating expense constraints .
- Execution risk: The DSMB’s sample size increase (to 339) and multi-year timeline imply heightened execution demands; Chung’s trial stewardship remains central to value creation given regulatory and clinical milestones .