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HeartSciences Inc. (HSCS+2.29%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing reports that HeartSciences did not generate revenue during the quarter, compared to $15,000 in the same quarter the previous year. The company continues to focus on research and development of its MyoVista wavECG device and MyoVista Insights Cloud Platform.
Research and development expenses increased to $1,033,118 from $509,507 in the same quarter the previous year, primarily due to consulting costs and increased headcount.
Selling, general, and administrative expenses rose to $1,338,354 from $1,026,014, largely due to legal and professional fees related to the withdrawal of a registration statement.
The company reported a net loss of $2,536,292 for the quarter, compared to a net loss of $1,643,811 in the previous year. The increase in net loss is attributed to higher operating expenses.
HeartSciences has been working on obtaining FDA clearance for its MyoVista wavECG device and aims to submit a 510(k) application in the first half of 2025.
The company has entered into various agreements to support its operations, including a purchase agreement with Lincoln Park and an Equity Distribution Agreement with Maxim Group LLC.
HeartSciences continues to face challenges related to its financial position, with an accumulated deficit of $74 million and a cash balance of $2.6 million as of January 31, 2025.
The company has outlined plans to raise additional capital through equity sales and strategic partnerships to support ongoing operations and development activities.
HeartSciences identified material weaknesses in its internal controls over financial reporting and is taking steps to remediate these issues.
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 March 13, 2025. To report an error, please email earnings@qz.com.