HSDTHIGH SIGNALFINANCIAL10-K

HSDT's share count increased dramatically from 6.1 million to 55.0 million shares outstanding, indicating massive dilution, while operating cash outflows worsened substantially.

The nearly 9x increase in outstanding shares represents severe dilution for existing shareholders, likely from equity fundraising or warrant exercises to address cash needs. Combined with meaningfully higher operating cash burn, this suggests the company faced significant liquidity pressures requiring emergency capital raising measures.

Comparing 2026-03-31 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

The financial picture reveals a company under considerable stress, with operating cash outflows expanding substantially to $16.5 million while capital expenditures dropped sharply. Current liabilities increased meaningfully, though the company reduced interest expense significantly. The dramatic share count expansion alongside worsening cash burn indicates HSDT likely conducted emergency equity fundraising to maintain operations, creating substantial dilution for existing investors.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-82.8%
$29K→$5K

Capex reduced 82.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
-73.4%
$176K→$47K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
-49.6%
-$11.0M→-$16.5M

Operating cash flow fell 49.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Accounts Receivable
Balance Sheet
-40.2%
$117K→$70K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+39.4%
$2.2M→$3.0M

Current liabilities surged 39.4% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+21.5%
$2.5M→$3.0M

Liabilities increased 21.5% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-25
ADDED
As of March 27, 2026, there were 55,034,047 shares of the registrant s Class A common stock outstanding.
( Marvel ), Solana Company (Hong Kong) Limited ( SCHK ), Helius Medical, Inc.
FORWARD-LOOKING STATEMENTS This Form 10-K includes forward-looking statements that involve risks and uncertainties, including statements regarding the Company s market, strategy, competition, capital needs, business plans and expectations.
In some cases, you can identify forward-looking statements by terminology such as may, will, should, expect, plan, intend, anticipate, believe, estimate, predict, potential, continue, or the negative of such terms or other comparable terminology.
Food and Drug Administration ( FDA ), filings and their subsequent approvals, other foreign or domestic regulatory filings; the safety and effectiveness of our product; our market awareness; our ability to compete effectively; the ability and limitation of our manufacturing sources; our distribution network; the adequacy of our intellectual property protection; our future patent approvals; our future expenses and cash flow; our ability to become profitable; our future financing arrangements; and any future stock price.
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REMOVED
As of March 18, 2025, there were 6,126,778 shares of the registrant s Class A common stock outstanding.
All statements contained herein that are not clearly historical in nature are forward-looking and the words anticipate, believe, calls for, could depends, estimate, expect, extrapolate, foresee, goal, intend, likely, might, plan, project, propose, potential, target, think, and similar expressions, or that events or conditions may, should occur will, would, or any similar expressions are generally intended to identify forward-looking statements.
The forward-looking statements in this Form 10-K include but are not limited to statements relating to: the Company s future growth and operational progress, including manufacturing activities for the PoNS device, receipt of prescriptions and progress of commercialization of the PoNS device in the U.S., our ability to receive adequate reimbursement coverage under Medicare, Medicaid or under other insurance plans, clinical development plans, product development activities, plans for U.S.
Such forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Helius, are inherently subject to significant business, economic, competitive political and social uncertainties and contingencies.
Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
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