BEATWHIGH SIGNALFINANCIAL10-K

HeartBeam shows significant deterioration in key financial metrics with interest expense spiking 673% while share count increased 22% and market cap fell 35%, indicating potential financial distress despite modest cash increase.

The dramatic increase in interest expense from $280K to $2.2M signals mounting debt obligations and financial pressure, while the dilutive share increase from 33.7M to 41.1M shares suggests the company relied heavily on equity financing. The 35% decline in market capitalization (from $55.7M to $36.4M) despite increased cash indicates investor concerns about the company's capital efficiency and burn rate.

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

While HeartBeam increased its cash position by 84% to $4.4M and grew total assets by 78%, the company doubled its liabilities and experienced a 673% spike in interest expense, indicating significant debt financing. The 22% increase in R&D spending and tripling of capital expenditures, combined with substantial equity dilution (22% more shares outstanding), suggests aggressive spending funded through costly debt and equity raises that investors are viewing unfavorably given the declining stock price.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+673.2%
$280K→$2.2M

Interest expense surged 673.2% — significant debt increase or rising rates materially impacting earnings.

Capital Expenditure
Cash Flow
+198.5%
$201K→$600K

Capital expenditure jumped 198.5% — major investment cycle underway; assess returns on deployment.

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.
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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.
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