BEATMEDIUM SIGNALFINANCIAL10-K

HeartBeam substantially increased its total liabilities while raising additional cash, indicating active funding activities alongside growing operational commitments.

The company nearly doubled its liabilities while growing cash reserves, suggesting HeartBeam secured additional financing but also took on meaningful obligations. The 22% increase in R&D spending reflects continued investment in their cardiac monitoring technology development, though the growing liability base warrants monitoring for cash burn sustainability.

Comparing 2026-03-12 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

HeartBeam's balance sheet expanded meaningfully across most categories, with total assets growing 78% driven by substantially higher cash reserves. However, total liabilities roughly doubled, indicating the company took on significant new obligations even as it raised capital. R&D expenses grew modestly at 22%, showing continued but measured investment in technology development while the company manages its expanded financial structure.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+99.8%
$1.6M→$3.2M

Liabilities grew 99.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+84.3%
$2.4M→$4.4M

Cash position surged 84.3% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+78.4%
$3.3M→$5.8M

Asset base grew 78.4% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+69.1%
$2.8M→$4.7M

Current assets grew 69.1% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+57.4%
$1.7M→$2.6M

Equity base grew 57.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

R&D Expense
P&L
+21.7%
$11.1M→$13.4M

R&D investment increased 21.7% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-13
ADDED
The market value of securities held by non-affiliates was $ 36,371,680 as of June 30, 2025, based on the closing price of $1.25 for the registrant s common stock on June 30, 2025 .
As of March 11, 2026, there was 41,087,871 shares of the registrant s common stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.
Business Company Overview HeartBeam is a medical technology company focused on transforming cardiac care through the power of personalized insights.
We believe our Products ( Products or Product ) and services will benefit many stakeholders, including patients, healthcare providers, and healthcare payers, and will also address the rapidly growing field of ambulatory cardiac monitoring.
As part of our long-term vision, we believe that we are uniquely positioned to play a central role in high-risk Coronary Artery Disease ( CAD ) monitoring, given positive, proof-of-concept data from the initial feasibility studies that demonstrated comparable performance of the HeartBeam System and the standard 12L ECG in ischemia detection.
Additionally, our unique portable form-factor will make high-fidelity insights easily accessible, wherever patients are, compared to a standard 12L ECG, which is typically limited to a healthcare setting.
Our initial product and service offering is the HeartBeam System.
Food and Drug Administration ( FDA ) cleared cable-free, ambulatory 12L ECG that captures the heart s electrical signals from three dimensions for high-fidelity data collection and advanced diagnostics for arrhythmia assessment.
The HeartBeam System is comprised of a credit card sized 3D ECG recording device, a patient application, a physician portal, and powerful cloud-based algorithms.
REMOVED
The market value of securities held by non-affiliates was $ 55,733,467 as of June 30, 2024, based on the closing price of $2.57 for the registrant s common stock on June 30, 2024.
As of March 11, 2025, there was 33,725,467 shares of the registrant s common stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.
Business Overview We are a medical technology company focused on transforming cardiac care through the power of personalized insights.
Our approach has demonstrated comparable diagnostic capability to a traditional hospital-based 12L ECG system in recent studies.
The data from these studies was also submitted to FDA as part of our recent FDA submission.
The HeartBeam System (defined below) was granted FDA clearance on December 13, 2024.
We believe the HeartBeam System is the first FDA cleared cable-free, ambulatory ECG that captures the heart s electrical signals from three distinct directions for high-fidelity data collection and advanced diagnostics.
We believe our Products and services will benefit many stakeholders, including patients, healthcare providers, and healthcare payors.
We are developing our Product, (the HeartBeam System , previously referred to as AIMIGo ), to address the rapidly growing field of ambulatory cardiac health monitoring.
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