HSCS

HeartSciences is a clinical-stage medical technology company, not an operating business. FY2025 revenue was $4.35K — that is thousands of dollars, down 76.6% YoY — against a $8.77M net loss and $7.41M of operating cash burn. The filing is explicit that 'neither the MyoVista wav ECG, MyoVista Insights Cloud Platform nor any of our AI-ECG algorithms are yet cleared for marketing by the FDA' and that 'our future success is dependent upon receiving FDA clearances… and additional funding will be required.' In plain terms, there is no product to sell, no revenue model in effect, and survival hinges on both a regulatory outcome and continuous capital raises. The 1,240x P/S ratio is meaningless here because the denominator is a rounding error; you are not buying earnings, you are funding an R&D project.

The balance sheet is at the breaking point. Cash fell 81% to $1.10M while the company burns roughly $617K per month — that is under two months of runway before the next raise. Stockholders' equity collapsed 97.2% to just $205K, total liabilities jumped 83.8% to $4.02M, and current liabilities ($3.70M) now exceed all current assets ($2.17M), leaving a liabilities/equity ratio of 19.58x. The company is effectively insolvent on a working-capital basis and can only continue by issuing stock. It already has: shares outstanding rose 126% YoY to 1.93M, and the -$9.34 diluted EPS against a $76.1M accumulated deficit shows how much value has been destroyed to date. New investors should assume heavy, ongoing dilution at whatever price the market will bear.