HeartSciences kept quarterly Revenue at $2 thousand, while its net loss widened 54% to $3,172 thousand from $2,055 thousand. Cash and cash equivalents stood at $29,906 thousand at July 31, 2026, and FDA review of the MyoVista wav ECG device remained ongoing, alongside further AI-ECG development.

Key Highlights

  • Cash and cash equivalents declined from $1,656,814 at April 30, 2026, to $29,906 at July 31, 2026.
  • FDA 510(k) review of the MyoVista wav ECG device remained ongoing, while its impaired cardiac relaxation AI-ECG algorithm required more development and validation.
  • Disclosure controls and procedures were ineffective as of July 31, 2026, because of identified material weaknesses in internal control over financial reporting.

HeartSciences Inc. (NASDAQ: HSCS) reported quarterly revenue of $2 thousand for the three months ended July 31, 2026, unchanged from the comparable period. Total operating expenses climbed 57% to $2,940 thousand. Interest expense rose 28% to $235 thousand from $184 thousand. Other income was $2 thousand, compared with $3 thousand in the prior-year period.

Operating Loss Reaches $2,939K

Revenue and cost of sales were $2 thousand and $1 thousand, respectively, in both periods, leaving gross Margin at $1 thousand. Research and Development expenses fell 9% to $907 thousand from $997 thousand.

Cash and Current Liabilities

Cash and cash equivalents were $29,906 at July 31, 2026, compared with $1,656,814 at April 30, 2026. Total current Assets were $811,768, down from $2,582,928. Inventory, net, stood at $402,989, compared with $655,629. Prepaid expenses increased to $213,337 from $83,049, while deferred offering costs were $125,162 versus $147,062. Total assets were $3,737,092 at July 31, 2026, compared with $5,262,673 at April 30, 2026. Current liabilities reached $5,632,971, including $3,722,953 in the current portion of notes payable. Total liabilities were $5,770,237, compared with $5,036,613. Stockholders’ Deficit was $2,033,145, compared with stockholders’ Equity of $226,060 at April 30, 2026.

MyoVista Device Awaits Review

Commercialization of the device in the United States remains dependent on FDA 510(k) clearance, which is still under review. HeartSciences identified its current primary commercial focus as the MyoVista Insights platform.

Control Weaknesses Remain Under Remediation

Disclosure controls and procedures were determined to be ineffective as of July 31, 2026 because of material weaknesses in internal control over financial reporting. The weaknesses involved approval, review and documentation processes, accounting resources covering U.S. GAAP and SEC requirements, and staffing levels affecting segregation of duties and oversight. HeartSciences said it was designing and implementing processes and controls covering significant accounts and disclosures, account reconciliations and journal-entry reviews. Management is monitoring those measures and may make further changes.