HeartBeam, Inc. has reported significant financial developments in its latest 10-K filing for the fiscal year ending December 31, 2024. The company recorded a net loss of $19.4 million, a 33% increase from the previous year's loss of $14.6 million. Total operating expenses rose to $19.9 million, up from $15.3 million in 2023, primarily driven by a 63% increase in research and development expenses, which reached $11.1 million. This increase reflects the company's ongoing investment in the development of its HeartBeam System, a novel ambulatory ECG device that received FDA clearance in December 2024.
In terms of operational metrics, HeartBeam's cash and cash equivalents decreased significantly to $2.4 million by the end of 2024, down from $16.2 million in 2023. The company has indicated that its existing cash resources are insufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern. To address this, HeartBeam has initiated various financing strategies, including an at-the-market offering that has raised approximately $0.7 million in 2024 and a public offering in February 2025 that generated $11.5 million in gross proceeds.
Strategically, HeartBeam has made notable advancements in its product development and management structure. The company filed a 510(k) notification for software algorithms that synthesize a 12-lead ECG from its HeartBeam System in January 2025, building on its recent FDA clearance. Additionally, the company has expanded its leadership team, appointing Timothy Cruickshank as Chief Financial Officer and Robert Eno as Chief Executive Officer, following a planned transition from founder Branislav Vajdic, who remains as President.
HeartBeam's operational focus includes enhancing its artificial intelligence capabilities, with ongoing development of deep learning algorithms aimed at improving cardiac arrhythmia detection. The company has also engaged in clinical studies to validate its technology, presenting findings at major medical conferences. As of December 31, 2024, HeartBeam employed 21 full-time staff and has plans to expand its workforce in alignment with its growth strategy. The company holds 14 issued U.S. patents and has several pending applications, positioning it competitively within the rapidly growing cardiac monitoring market, projected to reach approximately $18 billion by 2030.
About HeartBeam, Inc.
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