BEAT

HeartBeam is a clinical-stage medical-device company that, by its own filing, 'did not generate any revenue in 2025' — and never has across FY2021–FY2025. The story is real: FDA clearance for its cable-free 3D ECG device (Dec 2024) and for the 12-lead synthesis software (Dec 2025), a limited launch into concierge/preventive cardiology groups in early 2026, plus optionality in heart-attack detection and an extended-wear patch. But a story with no revenue line has to be underwritten on the balance sheet, and the balance sheet is the whole call here.

The numbers are stark. Operating cash flow was -$14.0M in FY2025, yet cash and equivalents stood at just $4.38M at year-end — roughly three to four months of runway at the current burn. Total assets are only $5.84M against $3.24M of liabilities (liabilities up 99.8% YoY), leaving a razor-thin $2.60M of equity and a -807% ROE. Losses have widened every single year (-$4.4M → -$13.0M → -$14.6M → -$19.4M → -$21.0M), R&D is still climbing (+21.7% to $13.4M), and the accumulated deficit is now -$77.3M. This company must raise capital almost immediately, and shares outstanding already grew 21.8% in a year — existing holders are being diluted just to keep the lights on, with much more to come.