HeartBeam, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Accounts Receivable: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Accounts Receivable: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.25M | $-0.03 |
| Liquid Liquidation Value | $-1.25M | $-0.03 |
| Operating Liquidation Value | $-1.12M | $-0.03 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $2.04M |
| Accounts Receivable | N/A |
| Inventory | $133,000 |
| Current Liabilities | $3.29M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 41.1M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $2.04M | N/A | $133,000 | $747,000 | $3.29M | N/A | N/A | N/A |
| 2025-12-31 | $4.38M | N/A | $103,000 | $1.05M | $3.24M | N/A | N/A | N/A |
| 2025-09-30 | $1.86M | N/A | N/A | $1.02M | $2.47M | N/A | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-13 | View |
| 2025-12-31 | 10-K | 2026-03-12 | View |
| 2025-09-30 | 10-Q | 2025-11-13 | View |
| 2025-06-30 | 10-Q | 2025-08-13 | View |
| 2025-03-31 | 10-Q | 2025-05-13 | View |
| 2024-12-31 | 10-K | 2025-03-13 | View |
| 2024-09-30 | 10-Q | 2024-11-07 | View |
| 2024-06-30 | 10-Q | 2024-08-14 | View |
AI Insights
HeartBeam, Inc. (BEAT) is a pre-revenue medical device company with zero XBRL tags emitted in this filing's TAG_CONTEXT, which means no balance-sheet line items can be surfaced in tag_insights. All quantitative observations below are drawn from the filing narrative and financial statement tables embedded in the HTML body.
Under the liquidation lens, recovery to equity is near-zero and likely negative on a gross basis. As of March 31, 2026, cash and cash equivalents stood at $2.0 million, down $2.4 million from $4.4 million at December 31, 2025 — a quarterly cash consumption rate of roughly $3.6 million in operating outflows plus $0.25 million in investing (equipment purchases). There are no disclosed receivables, inventory, or material PP&E; the asset side is effectively 100% cash with a liquidation recovery of approximately $2.0 million. The MFFAIS-reported cash liquidation value of $2.19 million is consistent with this figure.
On the liability side, the filing discloses an accrued liability balance of approximately $0.4 million related to a professional services agreement for ECG patch development. No debt instruments, operating leases, pension obligations, or other long-term liabilities are disclosed. Total identifiable liabilities appear modest (sub-$1 million), leaving a thin but positive nominal equity recovery of roughly $1.5–$1.8 million at liquidation — consistent with the MFFAIS operating liquidation value of $2.3 million and liquid liquidation value of $2.2 million.
However, the going concern disclosure is the dominant consideration: management explicitly states that existing cash (pre-offering) is insufficient to fund operations for the next twelve months. The company burned $3.6 million in operating cash in Q1 2026 alone, implying a run rate of approximately $14–15 million per year against a pre-offering cash balance of $2.0 million. A subsequent underwritten offering (closed April 16, 2026; overallotment exercised May 7, 2026) raised gross proceeds of approximately $11.5 million, which temporarily extends runway but does not alter the liquidation posture at the balance sheet date.
Intangibles (patents, FDA clearances, software) carry zero liquidation value under the applied lens. The filing discloses 25 issued patents and two FDA clearances but these are not separately tagged in XBRL and are fully haircut to zero in liquidation. Unrecognized stock compensation cost of approximately $6.2 million ($6.0M options + $0.2M RSUs) represents future cash dilution, not a liability, and is excluded from the recovery calculation. The filing does not separately disclose any operating lease right-of-use assets or lease liabilities in XBRL or in the narrative footnotes, suggesting no material ASC 842 obligations.
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