Signed First Commercial Partners in Leading Concierge Practices ClearCardio™ andAtelier Health - Established Flagship Commercial Sites Across New York,
Dallas ,South Florida andSouthern California - Strategic Collaboration with
Mount Sinai to Accelerate Next-Generation AI-ECG Algorithms, Starting with Heart Attack Detection - Strengthened Balance Sheet with
$11.5 Million Public Offering Including Full Exercise of Over-Allotment Option - Initiated Heart Attack Detection Pilot Study, A Key Step Toward Future FDA Indication Expansion
- Initiated Pilot Study of First On-Demand 12-Lead ECG Patch to Detect Ischemia Outside the Clinic
- Management to Host Webcast and Conference Call Today at
4:30 p.m. ET
The Company continues to make significant progress entering commercialization while advancing several key initiatives as part of its growth strategy:
Initial Commercial Launch:
- Signed first commercial partnership with ClearCardio™, a rapidly growing preventive cardiology practice with thousands of highly engaged members. The partnership includes an initial staged rollout in
New York metro,Dallas andSouth Florida to ensure a seamless patient and physician experience. - Signed commercial partnership with
Atelier Health , aBeverly Hills -based premier concierge medical practice led by physicians affiliated with Cedars-Sinai, in the Company’s expansion to theWest Coast . - These commercial partnerships establish flagship sites across the Company’s targeted geographies of
New York ,Dallas ,South Florida andSouthern California , supporting scalable expansion of HeartBeam’s technology in preventive cardiology. - The partnerships support
HeartBeam's commercialization strategy within preventive cardiology and concierge medicine while helping refine onboarding and physician workflow integration. - Establishes an initial foothold in structured direct pay healthcare segment, representing approximately 5 million patients in the
U.S.
Heart Attack Detection:
- Enrolled first patients in the ALIGN-ACS pilot study evaluating the HeartBeam System for heart attack detection.
- ALIGN-ACS pilot study expected to complete patient enrollment quickly as study is designed to enroll chest pain patients in the emergency department.
- Milestone signifies key step toward future FDA indication expansion for heart attack assessment.
- Future indication expansion would address a large market with over 20 million patients at risk of a heart attack.
12-lead ECG Extended Wear Patch:
- Completed the first working prototype of an extended-wear 12-lead ECG ambulatory patch, designed to aid in detecting ischemia and complex arrythmias.
- Initiated pilot study of first on-demand 12-Lead ECG Patch to detect ischemia outside the clinic and traditional medical facilities.
- Targets a
$2 billion market with established reimbursement; ischemia detection has potential to disrupt the patch market which is currently limited to atrial fibrillation detection.
AI Program:
- Announced strategic collaboration with the
Icahn School of Medicine at Mount Sinai to support development and validation of next-generation AI-ECG algorithms. - Collaboration combines Mount Sinai’s AI and clinical expertise with HeartBeam’s 3D ECG signal collection technology.
- AI efforts are focused on future applications including heart attack detection and personalized cardiac assessment.
Other Commercialization and Operational Highlights:
- Appointed
Bryan Humbarger as Chief Commercial Officer to lead commercial strategy and execution across the Company’s key growth initiatives. - Cash and cash equivalents totaled
$2.0 million as ofMarch 31, 2026 , with net cash used in operating activities of$3.6 million for the three-month period endedMarch 31, 2026 , resulting in a 19% decrease compared to same quarter in the prior year. - In
April 2026 , the Company closed an underwritten public offering of common stock for total gross proceeds of$11.5 million including full exercise of the over-allotment option, before deducting underwriting discounts, commissions, and offering expenses.
Management Commentary
“In just two months since our last earnings call, we made significant progress executing against the commercialization and growth strategy we’ve consistently discussed over the last several quarters. We established flagship commercial accounts across
“Looking ahead, we remain focused on expanding our commercial footprint by driving deep adoption within our flagship accounts and continuing to build out workflow integration and patient onboarding within those practices while continuing to make significant advancements with our patch, heart attack detection and AI initiatives throughout 2026,” concluded Eno.
First Quarter 2026 Financial Results
Research & development expenses for the first quarter of 2026 were
Selling, general & administrative expenses for the first quarter of 2026 were
Net loss for the first quarter of 2026 was
Net cash used in operating activities was
Cash and cash equivalents totaled
First Quarter 2026 Results Conference Call
The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed following the call via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date: | |
Time: | |
Dial-in: | 1-877-704-4453 |
International Dial-in: | 1-201-389-0920 |
Conference Code: | 13760379 |
Webcast: |
A telephone replay will be available approximately three hours after the call and will run through
About
Forward-Looking Statements
All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the
1Cleared Indications for Use
The HeartBeam System with 12-Lead ECG synthesis software is FDA cleared for arrhythmia assessment. Refer to the Company’s Cleared Indications for Use at https://www.heartbeam.com/indications for details on the intended use of its technology.
MKT-148 v1
Condensed Balance Sheets (Unaudited) (In thousands, except share data) | ||||||||
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Assets |
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|
|
|
|
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Current Assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 2,039 |
|
| $ | 4,380 |
|
Prepaid expenses and other current assets |
|
| 263 |
|
|
| 202 |
|
Inventory |
|
| 133 |
|
|
| 103 |
|
Total Current Assets |
|
| 2,435 |
|
|
| 4,685 |
|
|
|
|
|
|
|
| ||
Property and equipment, net |
|
| 1,438 |
|
|
| 1,102 |
|
Other assets |
|
| 56 |
|
|
| 56 |
|
Total Assets |
| $ | 3,929 |
|
| $ | 5,843 |
|
|
|
|
|
|
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|
|
|
|
|
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| ||
|
|
|
|
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Liabilities and Stockholders’ Equity |
|
|
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Current Liabilities: |
|
|
|
|
|
| ||
Accounts payable (includes related party |
| $ | 747 |
|
| $ | 1,053 |
|
Accrued expenses (includes related party |
|
| 2,547 |
|
|
| 2,187 |
|
Total Current Liabilities |
|
| 3,294 |
|
|
| 3,240 |
|
|
|
|
|
|
|
| ||
Total Liabilities |
|
| 3,294 |
|
|
| 3,240 |
|
|
|
|
|
|
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| ||
Commitments and Contingencies (Note 8) |
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Stockholders’ Equity |
|
|
|
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Preferred stock - |
| $ | — |
|
| $ | — |
|
Common stock - |
|
| 4 |
|
|
| 4 |
|
Additional paid in capital |
|
| 82,619 |
|
|
| 79,887 |
|
Accumulated deficit |
|
| (81,988 | ) |
|
| (77,288 | ) |
Total Stockholders’ Equity |
|
| 635 |
|
|
| 2,603 |
|
|
|
|
|
|
|
| ||
Total Liabilities and Stockholders’ Equity |
| $ | 3,929 |
|
| $ | 5,843 |
|
Condensed Statements of Operations (Unaudited) (In thousands, except share and per share data) | ||||||||
|
| Three months ended | ||||||
|
| 2026 |
| 2025 | ||||
Operating Expenses: |
|
|
|
|
|
| ||
Selling, general and administrative |
| $ | 2,346 |
|
| $ | 2,012 |
|
Research and development |
|
| 2,370 |
|
|
| 3,492 |
|
Total operating expenses |
|
| 4,716 |
|
|
| 5,504 |
|
|
|
|
|
|
|
| ||
Loss from operations |
|
| (4,716 | ) |
|
| (5,504 | ) |
|
|
|
|
|
|
| ||
Other Income and (Expense) |
|
|
|
|
|
| ||
Interest income |
| $ | 16 |
|
| $ | 20 |
|
Total other income |
|
| 16 |
|
|
| 20 |
|
|
|
|
|
|
|
| ||
Loss before provision for income taxes |
|
| (4,700 | ) |
|
| (5,484 | ) |
|
|
|
|
|
|
| ||
Income tax provision |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
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Net Loss |
| $ | (4,700 | ) |
| $ | (5,484 | ) |
|
|
|
|
|
|
| ||
Net loss per share, basic and diluted |
| $ | (0.12 | ) |
| $ | (0.18 | ) |
|
|
|
|
|
|
| ||
Weighted average common shares outstanding, basic and diluted |
|
| 40,588,385 |
|
|
| 30,378,751 |
|
Condensed Statements of Cash Flows (Unaudited) (In thousands) | ||||||||
|
| Three months ended | ||||||
|
| 2026 |
| 2025 | ||||
Cash Flows From Operating Activities |
|
|
|
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Net loss |
| $ | (4,700 | ) |
| $ | (5,484 | ) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
| ||
Depreciation |
|
| 24 |
|
|
| 7 |
|
Stock based compensation expense |
|
| 1,217 |
|
|
| 1,109 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
| ||
Prepaid expenses and other current assets |
|
| (61 | ) |
|
| (65 | ) |
Inventory |
|
| (30 | ) |
|
| — |
|
Accounts payable and accrued expenses |
|
| (60 | ) |
|
| (44 | ) |
Net cash used in operating activities |
|
| (3,610 | ) |
|
| (4,477 | ) |
|
|
|
|
|
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Cash Flows From Investing Activities |
|
|
|
|
|
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Purchase of property and equipment |
|
| (246 | ) |
|
| — |
|
Purchase of short-term investments |
|
| — |
|
|
| (3,760 | ) |
Net cash used in investing activities |
|
| (246 | ) |
|
| (3,760 | ) |
|
|
|
|
|
|
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Cash Flows From Financing Activities |
|
|
|
|
|
| ||
Proceeds from sale of equity, net of issuance costs |
|
| — |
|
|
| 10,250 |
|
Proceeds from sale of equity under ATM, net of issuance costs |
|
| 1,515 |
|
|
| — |
|
Net cash provided by financing activities |
|
| 1,515 |
|
|
| 10,250 |
|
|
|
|
|
|
|
| ||
Net (decrease) in cash and restricted cash |
|
| (2,341 | ) |
|
| 2,013 |
|
Cash, cash equivalents and restricted cash – Beginning of period |
|
| 4,436 |
|
|
| 2,433 |
|
|
|
|
|
|
|
| ||
Cash, cash equivalents and restricted cash – Ending of period |
| $ | 2,095 |
|
| $ | 4,446 |
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|
|
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Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 2,039 |
|
| $ | 4,390 |
|
Restricted cash (included in other assets) |
|
| 56 |
|
|
| 56 |
|
Total cash, cash equivalents and restricted cash |
| $ | 2,095 |
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| $ | 4,446 |
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Supplemental Disclosures of Cash Flow Information: |
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|
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Purchase of property and equipment in accounts payable |
| $ | 114 |
|
| $ | 2 |
|
Taxes paid |
| $ | — |
|
| $ | — |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260513180482/en/
Media Contact:
media@heartbeam.com
Investor Relations Contact:
Executive Vice President
Direct: 949-491-8235
BEAT@mzgroup.us
www.mzgroup.us
Source: