Heart Test Labs reported financial results for the second quarter ended October 31, 2024. The company recognized stock-based compensation of $99,115 for stock options, down from $230,486 in the same period last year. As of October 31, 2024, Heart Test Labs had approximately $113,000 in unrecognized compensation costs for non-vested service-based stock options and $1.5 million for performance-based options.The company's cumulative net operating loss for federal income tax purposes was approximately $50 million as of October 31, 2024, compared to $54 million as of April 30, 2024. Heart Test Labs maintains a full valuation allowance against its deferred tax assets due to uncertainty regarding future taxable income generation. Rent expense for the six-month period was approximately $74,000.Heart Test Labs is developing AI-based ECG technology to expand...Show More

Heart Test Labs reported financial results for the second quarter ended October 31, 2024. The company recognized stock-based compensation of $99,115 for stock options, down from $230,486 in the same period last year. As of October 31, 2024, Heart Test Labs had approximately $113,000 in unrecognized compensation costs for non-vested service-based stock options and $1.5 million for performance-based options.The company's cumulative net operating loss for federal income tax purposes was approximately $50 million as of October 31, 2024, compared to $54 million as of April 30, 2024. Heart Test Labs maintains a full valuation allowance against its deferred tax assets due to uncertainty regarding future taxable income generation. Rent expense for the six-month period was approximately $74,000.Heart Test Labs is developing AI-based ECG technology to expand cardiac screening capabilities. The company entered into licensing agreements with Mount Sinai for AI cardiovascular algorithms and is preparing for FDA submissions. Heart Test Labs aims to submit its MyoVista wavECG device for 510(k) clearance in Q1 2025 and its cloud platform with a low ejection fraction algorithm in H2 2025. The company regained Nasdaq listing compliance in June 2024 after implementing a 1-for-100 reverse stock split in May.