NetworkNewsBreaks — HeartBeam Inc. (NASDAQ: BEAT) Releases Q3 2023 Financial Report, Operational Update
HeartBeam (NASDAQ: BEAT), a cardiac technology company that has developed the first and only credit card-size 3D-vector electrocardiogram (“VECG”) platform for patient use at home, allowing for the creation of rich data for artificial intelligence (“AI”), is reporting its financial and operational results for the third quarter ended Sept. 30, 2023. Highlights of the report include the publication of a foundational study demonstrating the ability of HeartBeam’s VECG technology platform to detect the presence of coronary artery occlusions in the “Journal of American College Cardiology”; several new management and board of director appointments; and significant progress made toward key milestones for the company’s VECG device. That progress includes receiving and responding to questions from the U.S. Food and Drug Administration (“FDA”) regarding the initial AIMIGo 510(k) submission; holding a presubmission meeting with the FDA on the second AIMIGo 510(k) submission; and receiving a third patent for the 12-Lead Extended Wear Patch designed for detecting heart attacks and complex cardiac arrythmias.
Key financial numbers reported by the company include R&D expenses for Q3 2023 totaled $1.6 million, compared to $1.6 million for the Q3 2022; general and administrative expenses for the quarter were $2.1 million compared to $2 million for the third quarter of 2022; and net loss for the third quarter of 2023 was $3.5 million, compared to a net loss of $3.6 million for the same period in 2022. “During the third quarter of 2023 we significantly enhanced the HeartBeam team, continued to make steady progress toward upcoming clinical and regulatory milestones, and validated the potential of our VECG technology platform,” said HeartBeam founder and CEO Branislav Vajdic, PhD, in the press release. “We ended the third quarter of 2023 with approximately $19.2 million in cash and cash equivalents, and believe we are in a strong position as we carefully manage spending to extend our runway. Earlier in the year we closed a $26.5 million in common stock-only financing, which we believe will fund our operations into early 2025. We look forward to providing updates on our progress in the months ahead.”