Corporate ActionMay 13, 2026, 04:08 PM
HeartBeam Raises $11.5M in Equity Offering; Q1 Net Loss $(4.7)M
AI Summary
HeartBeam, Inc. reported a net loss of $4.7 million for the first quarter of 2026, an improvement from $5.5 million in the prior year. The company's cash and cash equivalents stood at $2.0 million as of March 31, 2026, leading to a "going concern" warning. However, subsequent to the quarter, HeartBeam successfully raised approximately $11.5 million in gross proceeds through an underwritten public offering of 14.375 million common shares, including the full exercise of the overallotment option. The company also announced initial commercial agreements and initiated pilot studies for its 12-lead ECG patch and heart attack detection technology.
Key Highlights
- Raised $11.5 million gross proceeds from an equity offering of 14,375,000 common shares post-quarter.
- Reported Q1 2026 net loss of $4.7 million, an improvement from $5.5 million in Q1 2025.
- Cash and cash equivalents were $2.0 million as of March 31, 2026, down from $4.4 million at year-end 2025.
- Total operating expenses decreased to $4.7 million in Q1 2026 from $5.5 million in Q1 2025.
- Announced ClearCardio and Atelier Health as initial commercial customers for the HeartBeam System.
- Initiated ALIGN-ACS pilot study for heart attack detection and a pilot study for the 12L ECG patch.
- Granted 8 new patents and filed 7 new patent applications, strengthening IP portfolio.