HeartSciences Q2 cash $100K, equity deficit; raises $9.3M post-quarter, Mount Sinai deal expands AI-ECG platform

HeartSciences Inc.

2024-Q2 EPS reported -$0.29 revenue$3,900

Q2 FY2024: no significant revenue; cash ~$100K; shareholders' equity deficit ~$1.6M as of Oct 31, 2023.
After quarter close: raised $9.3M net from stock sales, converted $1.1M debt to equity, closed license agreements with Mount Sinai (became material shareholder).
FDA confirmed 510(k) pathway for MyoVista wav ECG device; target clearance in CY2024, expected to save millions and years for future algorithms.
Expanded IP to 42 patents; new distributor agreements in India and Nordic countries; selected by CardiACT for Irish police officer screening.
CEO states shareholders' equity now >$5M; may seek second 180-day Nasdaq bid price grace period if needed.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HeartSciences Inc. reported the second quarter fiscal 2024 ended October 31, 2023 results: revenue There were no significant revenues.

Period: the second quarter fiscal 2024 ended October 31, 2023
Revenue: There were no significant revenues
Result: reported results

Exact text from the filing

Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) ("HeartSciences" or the "Company"), an artificial intelligence (AI)-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today reported financial results for the second quarter fiscal 2024 ended October 31, 2023 and provided a business update.

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Source: SEC EDGAR

accession 0000950170-23-070387

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