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Heartbeam Inc. (BEAT-6.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Heartbeam Inc. is focused on developing and commercializing higher resolution ambulatory ECG solutions to enable the detection and monitoring of cardiac disease outside healthcare facilities.
Heartbeam Inc. received FDA clearance for its initial telehealth product on December 13, 2024, and filed a 510(k) notification in January 2025 for software algorithms to synthesize a 12-lead ECG.
The company reported a net loss of $19.4 million for the fiscal year 2024, compared to a net loss of $14.6 million in 2023. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased by 63% to $11.1 million in 2024, primarily due to increased headcount, clinical study expenses, and consulting costs.
General and administrative expenses increased by 4% to $8.8 million in 2024, driven by stock-based compensation and consulting costs.
Heartbeam Inc. had cash and cash equivalents of $2.4 million as of December 31, 2024, a decrease from $16.2 million at the end of 2023. The company raised $0.7 million from the sale of common stock under an ATM agreement during 2024.
The company raised $11.5 million in February 2025 through a public offering of common stock.
Heartbeam Inc. continues to focus on developing its ECG technology platform and plans to commercialize its products following FDA clearance for its 12-lead synthesis algorithm.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its current cash position and plans to raise additional capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heartbeam Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.