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HeartSciences Inc. (HSCS+3.46%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period, compared to $4,000 in the same quarter the previous year. The decrease is attributed to the absence of sales during the quarter.
Research and development expenses increased to $1,198,965 from $757,303 in the same quarter of the previous year. This increase is primarily due to consulting costs and an increase in headcount related to the development of the MyoVista Insights Cloud Platform.
Selling, general, and administrative expenses decreased slightly to $786,068 from $815,020, mainly due to reductions in stock compensation expense and marketing costs.
Interest expense for the quarter was $117,598, down from $178,438 in the previous year, primarily due to the conversion of a note into equity in the prior year.
The company reported a net loss of $2,082,918 for the quarter, compared to a net loss of $1,748,378 in the previous year.
Cash used in operating activities was $4,202,270, while cash provided by financing activities was $2,453,417, primarily from the issuance of common stock under the equity line and ATM facility.
HeartSciences had cash and cash equivalents of $4,052,120 as of October 31, 2024. The company acknowledges its need for additional capital to fund operations for the next twelve months.
The filing also outlines the company's efforts to seek FDA clearance for its MyoVista wavECG device and MyoVista Insights Cloud Platform, with plans for submission in the first and second half of 2025, respectively.
HeartSciences continues to focus on developing its AI-based ECG technology to expand the clinical usefulness of ECG devices in detecting a broader range of cardiac conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HeartSciences Inc. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.