HeartBeam Reports Second Quarter 2026 Results

• Completed Enrollment in ALIGN-ACS Heart Attack Detection Pilot Study Ahead of Schedule; Full Results to be Presented at TCT 2026
• Surpassed 50% Enrollment Ahead of Schedule in Indonesian Government-Supported HEADSTART-ACS Pilot Study for Heart Attack Detection
• Initial Commercial Launch of the HeartBeam System Underway with Multiple Signed Agreements Across Four Targeted U.S. Geographies
• Completed Working Prototype of 12-Lead ECG Extended Wear Patch Targeting the $2 Billion Ambulatory Cardiac Monitoring Market
• Lowered Expected Full Year 2026 Net Operating Cash Outflow to Below $14.0 Million
• Management to Host Webcast and Conference Call Today at 4:30 p.m. ET

SANTA CLARA, Calif.--(BUSINESS WIRE)--HeartBeam, Inc. (NASDAQ: BEAT), a medical technology company focused on transforming cardiac care by providing powerful personalized insights, has reported its financial and operational results for the second quarter ended June 30, 2026.

Second Quarter & Subsequent 2026 Operational Highlights

In June 2026, the Company announced a strategic shift to accelerate the global adoption of its ambulatory ECG signal platform. During the quarter, HeartBeam delivered ahead of schedule on its heart attack detection clinical program, completed the working prototype of its 12-lead ECG patch, advanced its initial commercial launch in the arrhythmia market, expanded its robust patent portfolio, and further reduced its cost profile.

Heart Attack Detection:

• Completed enrollment in the ALIGN-ACS pilot study in less than four months, ahead of the previously communicated third quarter 2026 timeline.
  • The study enrolled 134 patients presenting with chest pain in the emergency department across two clinical sites in Belgrade, Serbia. Patients were evaluated using both a standard 12-lead ECG and the HeartBeam device, with both results compared to each patient’s final diagnosis at discharge.
  • Data analysis is underway, with full results to be presented at TCT 2026 in San Diego, California, October 31 – November 3, 2026.
• Surpassed 50% enrollment in less than three months, well ahead of schedule, in the HEADSTART-ACS pilot study, a 500-patient study supported by the Indonesian government evaluating the accuracy of HeartBeam’s ECG technology in detecting heart attacks in a real-world setting. Indonesia represents a strategically significant international market of 280 million people.
• Publication in JACC: Advances demonstrated that an algorithm combining the HeartBeam ECG device with patient risk factors and symptoms can accurately identify heart attack risk in patients presenting with chest pain.
• Results from these studies will inform the design of a pivotal study in the U.S. and support a future FDA submission to expand the HeartBeam System’s indication beyond arrhythmia assessment to include heart attack assessment. The Company is actively engaged with FDA on study design and indication expansion pathways and expects to provide additional detail on timelines by year-end.

12-lead ECG Extended Wear Patch:

• Completed the working prototype of the Company’s novel 12-lead ECG extended wear patch, the first ambulatory patch device designed to aid in detecting ischemia and complex arrhythmias. The patch provides continuous single-lead monitoring that matches the performance of existing systems, together with an on-demand 12-lead ECG mode that expands the segment into ischemia detection.
• In May 2026, initiated a pilot study evaluating the patch in approximately 50 patients with a high risk of coronary artery disease at two leading hospitals in Belgrade, Serbia. The Company believes the patch can disrupt the ambulatory cardiac monitoring market, a $2 billion revenue market with established reimbursement that consists of the long-term continuous monitor and mobile cardiac telemetry segments.
• The Company is in discussions with potential strategic partners and continues to explore opportunities for partnerships.

Initial Commercial Launch:

• Advanced the initial commercial launch of the HeartBeam System for arrhythmia assessment, with an end-to-end reader service, onboarding workflow, and customer-success function all live. The Company’s 24/7 reader service remains a key differentiator of its product offering.
• Signed multiple commercial agreements across the Company’s four targeted U.S. geographies: New York metro, Dallas, South Florida, and Southern California.
• Shipped first orders and onboarded initial patients during the second quarter of 2026, and is seeing orders of increasing magnitude in the third quarter of 2026.
• Contracting with practices that see the clinical value of a personal 12-lead ECG – proven early adopters with a high willingness to pay – and working directly with those practices on rollout planning, workflow integration, and implementation.
• Created a program incorporating HeartBeam directly into new patient intake at concierge practices, embedding HeartBeam into practice workflows, and expected to lead to faster adoption.
• Exhibited at ACC, HRS, and ASPC, driving opportunity and partnership qualification.

Other Commercialization and Operational Highlights:

• In June 2026, the Company strategically aligned its operations around focused implementation teams led by Branislav Vajdic, Ph.D., Founder and President, who also serves as the Company’s principal executive officer effective July 1, 2026, and Rich Ferrari, Executive Chairman of the Board.
• In July 2026, HeartBeam was awarded a new U.S. patent expanding the acoustic sensing and fluid monitoring capabilities of its cable-free ECG device. The patent covers the integration of acoustic sensing and thoracic impedance measurement into the existing ECG hardware platform, supporting future applications in structural heart disease and heart failure monitoring. The Company’s patent portfolio now includes 26 issued patents worldwide, strengthening the moat around its core technology.
• Cash and cash equivalents totaled $8.7 million as of June 30, 2026, compared to $4.4 million as of December 31, 2025. Net cash used in operating activities was $3.3 million for the second quarter of 2026, a 7% decrease compared to the first quarter of 2026 and a 3% decrease compared to the second quarter of 2025.
• In April 2026, the Company closed an underwritten public offering of common stock for total gross proceeds of $11.5 million including full exercise of the over-allotment option, before deducting underwriting discounts, commissions, and offering expenses.

Management Commentary

“Every 40 seconds, someone suffers from a heart attack, and we believe HeartBeam’s technology, incorporating our signal capture technology TriCor, is the best way to evaluate the real extent of that trauma in a wireless format,” said Rich Ferrari, Executive Chairman of HeartBeam. “Our heart attack detection program is where we are accelerating the fastest. We completed ALIGN-ACS enrollment ahead of schedule, with data analysis underway, and will be presenting full results of the pilot study at TCT 2026 this fall. These results are intended to inform the design of our U.S. pivotal study as we continue to work collaboratively with the FDA on a submission to expand our indication for heart attack assessment.

“We continue to sharpen our focus as we execute on our key priorities. In addition to our advancements with heart attack detection, in the second quarter we continued to advance our initial commercial launch, completed development of our 12-lead ECG patch prototype, and drove a lower cost profile that extends our cash runway further into 2027. The real-world validation is showing up: our 24/7 reader service is live, we have signed agreements across our four targeted geographies, first orders have shipped with initial patients onboarded, and we are seeing orders of increasing magnitude in the third quarter. Clinical, commercial, and financial proof points are exactly what a potential partner needs to see before committing to a platform, and together they define the opportunity in front of us – one platform, adaptable to every market,” Ferrari concluded.

Second Quarter 2026 Financial Results

Selling, general and administrative expenses for the second quarter of 2026 were $2.8 million, compared to $1.7 million for the second quarter of 2025. The increase in SG&A primarily related to non-cash stock-based compensation expense of $0.6 million driven by equity award acceleration for the former CEO and the severance accrual payable to the former CEO of $0.3 million during the three and six months ended June 30, 2026. These costs are one-time in nature and therefore not expected to continue beyond June 30, 2026.

Research and development expenses for the second quarter of 2026 were $2.3 million, compared to $3.3 million for the second quarter of 2025. The decrease was primarily related to a $0.7 million decrease in product development and consulting expenses related to the development of the HeartBeam System, a $0.1 million decrease in headcount-related costs, and a $0.1 million decrease in non-cash stock-based compensation expense.

Total operating expenses for the second quarter of 2026 were $5.1 million, compared to $5.0 million for the second quarter of 2025.

Net loss for the second quarter of 2026 was $5.0 million, or $(0.10) per basic and diluted share, compared to a net loss of $5.0 million, or $(0.15) per basic and diluted share, for the second quarter of 2025.

Net cash used in operating activities was $3.3 million for the second quarter of 2026, a 7% decrease compared to the first quarter of 2026 and a 3% decrease compared to the second quarter of 2025. Net cash used in operating activities was $7.0 million for the six months ended June 30, 2026, compared to $7.9 million for the six months ended June 30, 2025.

Cash, cash equivalents and restricted cash totaled $8.8 million as of June 30, 2026, compared to $4.4 million as of December 31, 2025. In April 2026, the Company closed an underwritten public offering of common stock for total gross proceeds of $11.5 million including full exercise of the over-allotment option, before deducting underwriting discounts, commissions, and offering expenses.

Financial Outlook

• Third quarter 2026 cash outflow is expected to be in line with the second quarter of 2026, due to the short-term impact of updating the Company’s cost structure.
• Baseline fourth quarter 2026 operating cash outflow is expected to step down to below $2.5 million, with cash receipts from customer contracts expected to reduce this further.
• Full year 2026 net operating cash outflow is now expected to be below $14.0 million, a further reduction from the Company’s previous guidance.
• Cash runway is extended further into 2027 and aligned with the achievement of key milestones.

Second Quarter 2026 Results Conference Call

HeartBeam Executive Chairman Rich Ferrari, Founder and President Branislav Vajdic, Ph.D., and Chief Financial Officer Tim Cruickshank will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

A telephone replay will be available approximately three hours after the call and will run through November 13, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13761826. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available in the Company’s investor relations section here.

About HeartBeam, Inc.

HeartBeam, Inc. (NASDAQ: BEAT) is a medical technology company dedicated to transforming the detection and monitoring of critical cardiac conditions. The Company has developed the first-ever cable-free device capable of collecting ECG signals in 3D, from three non-coplanar directions, and synthesizing the signals into a 12-lead ECG. This platform technology is designed for portable devices that can be used wherever the patient is to deliver actionable heart intelligence. Physicians will be able to identify cardiac health trends and acute conditions and direct patients to the appropriate care – all outside of a medical facility, thus redefining the future of cardiac health management. HeartBeam’s 3D ECG technology received FDA clearance for arrhythmia assessment in December 2024, and its 12-lead ECG synthesis software received FDA clearance for arrhythmia assessment in December 2025. The Company holds 26 issued patents worldwide related to technology enablement. For additional information, visit HeartBeam.com.

Forward-Looking Statements

All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Cleared Indications for Use

The HeartBeam System with 12-Lead ECG synthesis software is FDA cleared for arrhythmia assessment. Refer to the Company’s Cleared Indications for Use at https://www.heartbeam.com/indications for details on the intended use of its technology.

MKT-158 v0

Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
BEAT@mzgroup.us
www.mzgroup.us

Media Contact: media@heartbeam.com