HeartBeam Reports $5.5 Million Net Loss in Q1 2025, Highlights Growth in Assets and Product Developments

HeartBeam, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $5.5 million, an increase of 19% compared to a net loss of $4.6 million in the same period of 2024. The company's total operating expenses rose to $5.5 million, up 15% from $4.8 million year-over-year. This increase was primarily driven by a 44% rise in research and development expenses, which reached $3.5 million, attributed to higher headcount and additional stock-based compensation. General and administrative expenses decreased by 15% to $2.0 million, mainly due to a reduction in non-cash stock-based compensation.

As of March 31, 2025, HeartBeam's total assets amounted to $9.1 million, significantly up from $3.3 million at the end of 2024. The increase in assets was largely due to a rise in cash and cash equivalents, which reached $4.4 million, compared to $2.4 million at the end of the previous year. The company also reported short-term investments of $3.8 million. The total stockholders' equity increased to $7.5 million from $1.7 million, reflecting the successful completion of a public offering that raised approximately $11.5 million in gross proceeds.

In terms of operational developments, HeartBeam has made significant strides in its product offerings. The company received FDA clearance for its HeartBeam System, a cable-free, ambulatory 3-D ECG device, in December 2024. Additionally, in January 2025, HeartBeam filed a 510(k) application for software algorithms that synthesize a 12-lead ECG from the device's recordings. The company also announced a strategic collaboration with AccurKardia to enhance its product offerings with automated ECG interpretation capabilities.

HeartBeam's workforce remained stable, with 19 employees as of March 31, 2025. The company continues to focus on maintaining a balance between managing its headcount and aligning with its cash resources while preparing for future growth. The company anticipates no material commercial revenue in 2025, raising concerns about its ability to sustain operations without additional capital. HeartBeam has an At-the-Market sales agreement allowing it to issue up to $17 million in common stock, with approximately $16.2 million available for issuance as of the financial statement date.

Looking ahead, HeartBeam's management expressed uncertainty regarding its ability to continue as a going concern, emphasizing the need for additional capital to fund operations and commercialization plans. The company is actively pursuing various financing options and strategic partnerships to support its growth strategy and achieve positive cash flow from operations in the future.