HeartSciences Narrows Nine-Month Net Loss to $6.4M Despite Minimal Revenue

HeartSciences Inc., a medical device company, posted a net loss of $6.39 million for the nine months ending January 31, 2026, a 4% improvement from the $6.67 million loss reported in the same period a year earlier. The company generated $4,319 in revenue during the nine-month period, its first recorded revenue after reporting zero in the prior year. Read more earnings reports.

For the three months ending January 31, 2026, the company reported no revenue and a net loss of $1.99 million, compared to a loss of $2.54 million in the same quarter of fiscal 2025. Operating expenses fell 19% to $1.93 million from $2.37 million a year earlier.

Research and development spending declined sharply across both periods. For the nine months ending January 31, 2026, R&D expenses totaled $2.36 million, down 32% from $3.46 million in the prior-year period. In the most recent quarter, R&D spending fell 38% to $638,575 from $1.03 million.

Selling, general and administrative expenses rose to $3.52 million for the nine-month period from $2.98 million a year earlier, an 18% increase. The company's operating loss for the nine months narrowed to $5.88 million from $6.43 million in the prior year.

Cash and cash equivalents stood at $3.40 million as of January 31, 2026, more than triple the $1.10 million reported at the end of fiscal year 2025 on April 30. Total assets increased to $7.55 million from $4.22 million over the same period.

The company burned $5.75 million in cash from operations during the nine-month period, slightly better than the $5.82 million burn rate in the prior year. Cash from financing activities totaled $8.09 million, compared to $2.63 million in the prior-year period, boosting the company's cash position.

Stockholders' equity surged to $2.65 million as of January 31, 2026, from $205,171 at fiscal year-end 2025. Additional paid-in capital rose to $85.17 million from $76.33 million. The accumulated deficit widened to $82.52 million from $76.13 million.

Common shares outstanding increased to 3.18 million from 1.12 million over the same period. Basic loss per share for the nine months was $2.61, an improvement from the $7.46 loss per share reported in the prior year, based on a higher weighted average share count of 2.45 million versus 894,046 shares.

Financial Summary

*Cash as of April 30, 2025