HeartBeam, Inc. (BEAT) Bundle
A Brief History of HeartBeam, Inc.
HeartBeam, Inc. was incorporated in 2015 as a Delaware corporation, focusing on developing higher resolution ambulatory Electrocardiogram (ECG) solutions. The company's operations are based in Santa Clara, California, and it aims to enable the detection and monitoring of cardiac diseases outside healthcare facilities.
As of September 30, 2024, HeartBeam reported a total of 26,594,928 shares outstanding with a par value of $0.0001. The company's financial position reflects a total stockholders' equity of approximately $4.8 million, a significant drop from $15.9 million at the end of 2023, primarily due to accumulated losses and cash burn.
| Period | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity |
|---|---|---|---|---|
| September 30, 2024 | $3 | $56,164,000 | $(51,366,000) | $4,801,000 |
| December 31, 2023 | $3 | $52,759,000 | $(36,825,000) | $15,937,000 |
For the nine months ended September 30, 2024, HeartBeam reported a net loss of $14.5 million, compared to a loss of $10.8 million for the same period in 2023. Total operating expenses for the period were $14.9 million, with research and development expenses accounting for $8.2 million, an increase of approximately 71% from the prior year due to heightened clinical and operational activities.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $(14,541,000) | $(10,760,000) |
| Operating Expenses | $14,943,000 | $11,205,000 |
| Research and Development Expenses | $8,165,000 | $4,788,000 |
As of September 30, 2024, HeartBeam had cash and cash equivalents of approximately $5.8 million, a decrease from $16.2 million at the beginning of the year. The company has experienced negative cash flows from operations since inception, and based on its current cash burn rate, management believes that existing cash is insufficient to fund operations for the next twelve months. This raises substantial doubt regarding the company's ability to continue as a going concern.
HeartBeam's development efforts are focused on its proprietary Vector Electrocardiography (VECG) technology platform, which aims to provide superior diagnostic capabilities compared to traditional ECG systems. The company has filed for FDA clearance for its initial telehealth product and anticipates no material commercial revenue in 2024, relying heavily on raising additional capital through equity or debt financing.
In May 2024, the company entered into a sales agreement allowing it to sell up to $17 million of common stock. As of September 30, 2024, approximately $16.9 million remained available for issuance under the agreement.
A Who Owns HeartBeam, Inc. (BEAT)
Ownership Structure
As of 2024, HeartBeam, Inc. (BEAT) has a total of 26,594,928 shares of common stock issued and outstanding. The company’s ownership structure includes institutional investors, retail investors, and insiders. Below is a detailed breakdown of major shareholders:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 5,000,000 | 18.8% |
| Retail Investors | Approximately 10,000,000 | 37.6% |
| Insiders | Approximately 11,594,928 | 43.6% |
Institutional Ownership
Institutional ownership comprises various investment funds and asset management companies. Notable institutional shareholders include:
- Vanguard Group: 1,200,000 shares (4.5%)
- BlackRock: 1,000,000 shares (3.8%)
- Fidelity Investments: 800,000 shares (3.0%)
Insider Ownership
Insider ownership is significant in HeartBeam, Inc. with key executives and board members holding substantial stakes. The following are major insiders:
- Branislav Vajdic (CEO): 3,000,000 shares (11.3%)
- Richard Brounstein (CFO): 1,000,000 shares (3.8%)
- Board Members: 1,500,000 shares (5.6%) collectively
Recent Stock Performance
As of September 30, 2024, HeartBeam’s stock price was approximately $0.20 per share. The company reported a market capitalization of approximately $5.3 million based on the current share price and the total number of outstanding shares. The following table summarizes the stock performance over the past year:
| Date | Stock Price | Market Capitalization |
|---|---|---|
| September 30, 2023 | $0.50 | $13.2 million |
| December 31, 2023 | $0.30 | $7.9 million |
| April 30, 2024 | $0.25 | $6.6 million |
| September 30, 2024 | $0.20 | $5.3 million |
Financial Overview
For the nine months ended September 30, 2024, HeartBeam reported a net loss of $14.5 million, compared to a net loss of $10.8 million in the same period of the previous year. The company's total stockholders' equity as of September 30, 2024, was approximately $4.8 million, down from $15.9 million at the end of 2023. Below is the summary of financial data:
| Financial Metric | Amount (in thousands) |
|---|---|
| Total Assets | $6,657 |
| Total Liabilities | $1,856 |
| Total Stockholders' Equity | $4,801 |
| Net Cash Used in Operating Activities | ($10,319) |
| Net Cash Provided by Financing Activities | $105 |
Future Capital Needs
HeartBeam has indicated that its current cash and cash equivalents are approximately $5.8 million, which is insufficient to fund operations for the next twelve months. The company is exploring additional capital through equity and/or debt financings to support its ongoing operations and R&D efforts.
HeartBeam, Inc. (BEAT) Mission Statement
HeartBeam, Inc. is a cardiac technology company focused on developing and commercializing advanced ambulatory electrocardiogram (ECG) solutions. The company aims to enable the detection and monitoring of cardiac diseases outside of traditional healthcare settings through its proprietary Vector Electrocardiography (VECG) technology platform.
Recent Developments
HeartBeam filed a 510(k) submission with the U.S. Food and Drug Administration (FDA) in 2023 for its initial product, a patient-held VECG device, which is designed to synthesize a 12-lead ECG for physician review. The company is actively pursuing FDA clearance for this and other telehealth products to enhance cardiac care accessibility.
Financial Overview as of September 30, 2024
As of September 30, 2024, HeartBeam reported a cash and cash equivalents balance of approximately $5.8 million, down from $16.2 million at the beginning of the year. The company has incurred significant net losses, totaling $14.5 million for the nine months ended September 30, 2024, compared to $10.8 million for the same period in 2023.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $14.5 million | $10.8 million |
| Cash and Cash Equivalents | $5.8 million | $19.2 million |
| Total Stockholders' Equity | $4.8 million | $18.6 million |
| Weighted Average Shares Outstanding | 26,610,760 | 18,252,654 |
Operating Expenses
The total operating expenses for the nine months ended September 30, 2024, were $14.9 million, compared to $11.2 million for the same period in 2023. This includes:
- General and Administrative Expenses: $6.8 million (2024) vs. $6.4 million (2023)
- Research and Development Expenses: $8.2 million (2024) vs. $4.8 million (2023)
Stockholder Equity and Capital Structure
As of September 30, 2024, HeartBeam's total stockholders' equity stood at $4.8 million, significantly reduced from $15.9 million at the end of 2023. The company had approximately 26,594,928 shares issued and outstanding as of that date.
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $3 |
| Additional Paid-in Capital | $56.2 million |
| Accumulated Deficit | $(51.4 million) |
| Total Stockholders' Equity | $4.8 million |
Future Outlook
HeartBeam continues to seek additional capital to support its operational needs and product development initiatives. The company anticipates no material commercial revenue in 2024 and emphasizes the importance of achieving regulatory milestones to enhance its market position.
How HeartBeam, Inc. (BEAT) Works
Company Overview
HeartBeam, Inc. is a cardiac technology company focused on developing and commercializing advanced ambulatory Electrocardiogram (ECG) solutions. The company utilizes its proprietary Vector Electrocardiography (VECG) technology to create three-dimensional representations of cardiac electrical activity.
Financial Performance
As of September 30, 2024, HeartBeam reported the following financial highlights:
| Financial Metric | Value (in thousands) |
|---|---|
| Cash and Cash Equivalents | $5,768 |
| Total Assets | $6,657 |
| Total Liabilities | $1,856 |
| Total Stockholders' Equity | $4,801 |
| Net Loss for the Nine Months | $(14,541) |
| Net Loss per Share | $(0.55) |
| Weighted Average Shares Outstanding | 26,610,760 |
Operating Expenses
HeartBeam's operating expenses for the three and nine months ended September 30, 2024, are detailed below:
| Expense Category | Three Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) |
|---|---|---|
| General and Administrative | $2,176 | $6,778 |
| Research and Development | $2,893 | $8,165 |
| Total Operating Expenses | $5,069 | $14,943 |
Cash Flow Analysis
For the nine months ended September 30, 2024, the cash flow summary is as follows:
| Cash Flow Category | Value (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(10,319) |
| Net Cash Used in Investing Activities | $(201) |
| Net Cash Provided by Financing Activities | $105 |
| Net Increase (Decrease) in Cash | $(10,415) |
Stockholder Equity Changes
HeartBeam's stockholders' equity has experienced fluctuations as shown in the table below:
| Equity Component | Value as of September 30, 2024 (in thousands) |
|---|---|
| Common Stock | $3 |
| Additional Paid-in Capital | $56,164 |
| Accumulated Deficit | $(51,366) |
| Total Stockholders' Equity | $4,801 |
Research and Development Focus
HeartBeam's research and development expenditures increased significantly, indicating a strong focus on technological advancement:
| R&D Expense | Value (in thousands) |
|---|---|
| R&D Expenses for the Three Months Ended September 30, 2024 | $2,893 |
| R&D Expenses for the Nine Months Ended September 30, 2024 | $8,165 |
Market Position and Future Outlook
The company is actively seeking FDA clearance for its telehealth products, including its patient-held VECG device. The anticipated clearance is crucial for commercial viability and revenue generation. The company currently projects no material commercial revenue in 2024, highlighting the need for additional capital to sustain operations.
As of September 30, 2024, HeartBeam's cash position has decreased significantly from $16.2 million at the end of 2023. This raises concerns about the company's ability to fund ongoing operations without securing additional capital through equity or debt financing.
How HeartBeam, Inc. (BEAT) Makes Money
Business Model Overview
HeartBeam, Inc. operates primarily in the cardiac technology sector, focusing on developing and commercializing advanced electrocardiogram (ECG) solutions. The company's proprietary Vector Electrocardiography (VECG) technology aims to provide higher resolution ambulatory ECG solutions for cardiac disease detection and monitoring outside traditional healthcare settings.
Revenue Streams
As of 2024, HeartBeam's revenue generation is expected to be largely dependent on the commercialization of its VECG technology. The company is in the process of seeking regulatory approval from the U.S. Food and Drug Administration (FDA) for its products.
- Telehealth Product Sales: HeartBeam plans to generate revenue through the sale of its telehealth ECG devices once they receive FDA clearance.
- Service Agreements: The company may enter into service agreements with healthcare providers for the use of its technology in clinical settings.
- Partnerships: Collaborations with other healthcare companies may also provide additional revenue through shared technologies and joint ventures.
Financial Performance
HeartBeam has experienced significant financial challenges, with substantial operating losses reported. Below is a summary of the company's financial performance for the nine months ended September 30, 2024:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $14.541 million | $10.760 million |
| Total Operating Expenses | $14.943 million | $11.205 million |
| Research and Development Expenses | $8.165 million | $4.788 million |
| General and Administrative Expenses | $6.778 million | $6.417 million |
| Interest Income | $408 thousand | $445 thousand |
Cash Flow Analysis
HeartBeam's cash flow situation indicates a reliance on financing activities to sustain operations. The following cash flow metrics are pertinent:
| Cash Flow Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(10.319 million) | $(9.235 million) |
| Net Cash Used in Investing Activities | $(201 thousand) | $(144 thousand) |
| Net Cash Provided by Financing Activities | $105 thousand | $24.994 million |
Stockholder Equity and Shares
As of September 30, 2024, HeartBeam reported significant changes in its stockholder equity:
| Equity Metric | Amount |
|---|---|
| Total Stockholders' Equity | $4.801 million |
| Accumulated Deficit | $(51.366 million) |
| Common Shares Outstanding | 26,594,928 shares |
Future Outlook
HeartBeam's ability to generate revenue in the coming years hinges on successful FDA approvals and the subsequent launch of its products. The company anticipates that without additional capital, it may struggle to fund operations over the next twelve months, as indicated by its cash and cash equivalents balance of approximately $5.8 million as of September 30, 2024.
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Resources:
- HeartBeam, Inc. (BEAT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of HeartBeam, Inc. (BEAT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View HeartBeam, Inc. (BEAT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.