Heart Test Laboratories reported a net loss of $2.1 million for Q1 FY2025 ended July 31, 2024, compared to a $1.4 million loss in the same period last year. Research and development expenses increased 117% to $1.2 million, primarily due to consulting costs for MyoVista Insights Cloud Platform development and increased headcount supporting FDA submission processes. Cash and equivalents stood at $4.3 million as of July 31, 2024.The company continues to advance its AI-ECG technology development, with plans to submit its MyoVista wavECG device for FDA 510(k) clearance in Q1 2025. Management is also preparing for FDA submission of the MyoVista Insights Cloud Platform and low ejection fraction algorithm by mid-2025. In September 2024, the company secured $1.9 million in net proceeds through an unsecured promissory note with Streeterville Capital.The company faces...Show More

Heart Test Laboratories reported a net loss of $2.1 million for Q1 FY2025 ended July 31, 2024, compared to a $1.4 million loss in the same period last year. Research and development expenses increased 117% to $1.2 million, primarily due to consulting costs for MyoVista Insights Cloud Platform development and increased headcount supporting FDA submission processes. Cash and equivalents stood at $4.3 million as of July 31, 2024.The company continues to advance its AI-ECG technology development, with plans to submit its MyoVista wavECG device for FDA 510(k) clearance in Q1 2025. Management is also preparing for FDA submission of the MyoVista Insights Cloud Platform and low ejection fraction algorithm by mid-2025. In September 2024, the company secured $1.9 million in net proceeds through an unsecured promissory note with Streeterville Capital.The company faces ongoing liquidity concerns, with management indicating current cash is insufficient to fund operations for the next twelve months. To address this, Heart Test Labs is pursuing additional funding through equity sales, having already raised approximately $11.4 million through its Lincoln Park equity line and ATM facility. The company also extended the maturity of its $500,000 FRV Note to September 2025.