HeartBeam, Inc.

Net cash used in operating activity was $3.3 million in Q2 2026, down 7% from Q1 2026 and 3% from the prior-year quarter. Net loss was $5.0 million, including about $0.9 million of one-time items tied to the leadership transition; management said the underlying net loss was about $4.1 million, which would have been down 12% sequentially and 17% year over year. Cash equivalents and restricted cash totaled $8.8 million at June 30, after the company completed an $11.5 million common stock-only financing in April 2026. Management expects Q4 2026 operating cash flow to step down to below $2.5 million per quarter, full-year 2026 operating cash outflows to come in below $14 million, and cash runway to extend further into 2027, while noting that timing of the MI pivotal study and customer receipts could affect spending.

Richard Ferrari emphasized HeartBeam as a platform company built around TriCor 3D signal reconstruction, 25 issued patents worldwide, and multiple form factors for post-discharge monitoring, ER use, and remote care. His tone was highly optimistic and mission-driven, especially around heart attack detection, which he called the top priority and said had its FDA pre-sub submitted today. He also highlighted early commercial momentum in concierge practices and said the team is seeing real-world deployment feedback, with the second half of the year expected to show more revenue traction.

Tim Cruickshank focused on cost control and cash discipline. He said operating cash outflow was $3.3 million in Q2, helped by curtailing non-core contractor work, AI-driven efficiencies, and executives/employees taking shares instead of cash for the 2025 bonus program, which reduced cash outflow by a little over $1 million. He also noted the completion of product development for the credit card-sized device and the 12-lead patch, guiding to Q4 operating cash flow below $2.5 million per quarter and full-year operating cash outflows below $14 million, with $8.8 million of cash, cash equivalents, and restricted cash at June 30.

Analysts pressed on whether HeartBeam’s ‘licensing’ strategy meant true licensing or broader partnerships; management clarified it was mainly a partnership model with integrated health systems, with Indonesia potentially becoming a licensing case later. Questions also focused on the FDA pathway and pivotal study size; management said it pursued a 510(k) path, expected the FDA’s 75-day response window, and would not yet size the pivotal trial but expected it to be non-exorbitant given predicates. On commercialization, management said the first four U.S. geographies cover most of the target pool, current contracts are still in the thousands of patients, and the key learning so far is that embedding the product into intake workflows makes adoption easier and faster.