The financial position has weakened significantly, with total assets contracting from $17.1 million in 2023Q4 to $3.9 million in 2026Q1, while the current ratio fell to 0.74.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 2.44M | 4.68M | 2.77M | 16.82M | 4.04M | 14M | 51K | 7K | 146.66M | 90.11M | 59.56M | 47.05M | 49.47M | 44.26M | 43.42M | 72.6M | 78.05M | 92.86M | 98.66M | 41.37M | 14.79M |
| Cash & Short-Term Investments | 2.04M | 4.38M | 2.38M | 16.19M | 3.59M | 13.19M | 24K | 5K | 80.89M | 36.02M | 23.05M | 18.99M | 20.01M | 22.15M | 18.3M | 46.48M | 45.48M | 49.15M | 58.17M | 18.09M | 3.91M |
| Cash Only | 2.04M | 4.38M | 2.38M | 16.19M | 3.59M | 13.19M | 24K | 5K | 80.89M | 36.02M | 23.05M | 18.99M | 20.01M | 22.15M | 18.3M | 18.53M | 18.7M | 49.15M | 58.17M | 18.09M | 3.91M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.95M | 26.78M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.63M | 38.49M | 26.86M | 24.18M | 24.55M | 17.12M | 20.31M | 22.59M | 28.02M | 40.88M | 39.43M | 22.85M | 10.5M |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | 48.09 | 48.98 | 47.05 | 49.43 | 53.78 | 48.24 | 66.48 | 69.28 | 85.28 | 106.12 | 119.48 | 114.28 | 112.94 |
| Inventory | 133K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 7.32M | 5.33M | 5.18M | 2.38M | 2.57M | 2.55M | 2.89M | 2.01M | 1.46M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 897.29 | - | - | - | - | - | - | - | 17.94 | 17.01 | 23.95 | 12.06 | 12.81 | 18.48 | 23.17 | 14.94 | 11.23 | - | - | - | - |
| Other Current Assets | 263K | 202K | 393K | 0 | 0 | 0 | 0 | 0 | 5.82M | 10.27M | 4.48M | 1.5M | 2.35M | 2.43M | 1.92M | 1.51M | 3.09M | 2.82M | 1.06M | 430.25K | 385.54K |
| Total Non-Current Assets | 1.49M | 1.16M | 506K | 306K | 0 | 806K | 0 | 0 | 440.14M | 434.45M | 139.42M | 77.1M | 75.31M | 43.29M | 46.59M | 22.38M | 78.64M | 75.47M | 67.11M | 61.66M | 2.38M |
| Property, Plant & Equipment | 1.44M | 1.1M | 450K | 256K | 0 | 0 | 0 | 56.38M | 48.38M | 49.19M | 25.82M | 25.55M | 21.7M | 18.78M | 19.85M | 15.04M | 22M | 28.24M | 18.77M | 15.09M | 1.78M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | 8.26x | 5.83x | 8.07x | 6.99x | 7.68x | 6.90x | 5.62x | 7.91x | 5.45x | 4.98x | 6.42x | 4.84x | 19.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 301.32M | 238.81M | 223.1M | 41.07M | 29.83M | 29.6M | 16.47M | 16.45M | 3.36M | 49.36M | 46M | 46M | 41.16M | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.6M | 129.65M | 141.71M | 33.47M | 19.98M | 22.72M | 7.31M | 9.66M | 2.54M | 3.76M | 939K | 1.82M | 2.81M | 0 |
| Long-Term Investments | 56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 56K | 56K | 56K | 50K | 0 | 806K | 0 | -499.92M | 3.32M | 2.77M | 2.42M | 1.73M | 1.29M | 731K | 627K | 1.43M | 3.52M | 286K | 524K | 2.6M | 599.73K |
| Total Assets | 3.93M | 5.84M | 3.28M | 17.13M | 4.04M | 14M | 51K | 7K | 586.8M | 524.56M | 198.98M | 124.14M | 124.78M | 87.55M | 90.01M | 94.97M | 156.69M | 168.32M | 165.77M | 103.04M | 17.17M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | 0.68x | 0.55x | 1.05x | 1.44x | 1.33x | 1.48x | 1.24x | 1.25x | 0.77x | 0.84x | 0.73x | 0.71x | 1.98x |
| Asset Growth % | -76.23% | 78.36% | -80.88% | 324.14% | -71.15% | 27347.06% | 628.57% | -100% | 11.86% | 163.62% | 60.29% | -0.51% | 42.53% | -2.74% | -5.23% | -39.39% | -6.91% | 1.54% | 60.88% | 500.11% | - |
| Total Current Liabilities | 3.29M | 3.24M | 1.62M | 1.19M | 1.67M | 588K | 4.84M | 354K | 49.62M | 50.95M | 31.51M | 23.89M | 35.32M | 19.04M | 18.49M | 15.42M | 17.42M | 17.47M | 14.66M | 12M | 33.5M |
| Accounts Payable | 0 | 0 | 531K | 556K | 1.66M | 587K | 474K | 24.2M | 18.16M | 13.23M | 12.43M | 8.5M | 13.2M | 8.72M | 6.35M | 4.09M | 7.13M | 7.16M | 3.84M | 3.97M | 1.64M |
| Days Payables Outstanding | 6.98K | - | - | - | - | - | - | - | 44.48 | 42.2 | 57.49 | 43.1 | 65.87 | 63.1 | 50.83 | 30.45 | 54.77 | 53.68 | 35.1 | 56.79 | 47.19 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 4.29M | 42K | 5.13M | 2.05M | 1.25M | 1.25M | 938K | 0 | 0 | 0 | 0 | 0 | 72K | 1.14M | 26.58M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -310 | 3.08M | 4.3M | 3.97M | 2.63M | 2.25M | 1.95M | 2.19M | 872K | 408K | 393K | 461K | 465.58K | 0 |
| Other Current Liabilities | 3.29M | 3.24M | 0 | 636K | 0 | 0 | 52K | -23.89M | 23.26M | 31.38M | 13.86M | 11.52M | 18.94M | 8.38M | 9.95M | 10.45M | 9.88M | 9.92M | 10.29M | 6.42M | 5.29M |
| Current Ratio | 0.74x | 1.45x | 1.71x | 14.09x | 2.43x | 23.81x | 0.01x | 0.02x | 2.96x | 1.77x | 1.89x | 1.97x | 1.40x | 2.32x | 2.35x | 4.71x | 4.48x | 5.31x | 6.73x | 3.45x | 0.44x |
| Quick Ratio | 0.70x | 1.41x | 1.71x | 14.09x | 2.43x | 23.81x | 0.01x | 0.02x | 2.81x | 1.66x | 1.73x | 1.87x | 1.33x | 2.19x | 2.19x | 4.58x | 4.40x | 5.31x | 6.73x | 3.45x | 0.44x |
| Cash Conversion Cycle | -6.08K | - | - | - | - | - | - | - | 21.54 | 23.8 | 13.51 | 18.4 | 0.72 | 3.63 | 38.82 | 53.77 | 41.73 | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.38M | 226.69M | 223.9M | 28.56M | 24.33M | 25.78M | 1.68M | 1.52M | 1.56M | 4.35M | 1.5M | 998K | 117.91M | 3.52M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.38M | 193.42M | 197.31M | 23.91M | 21.94M | 23.07M | 0 | 0 | 0 | 0 | 0 | 0 | 1.66M | 2.91M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.23M | 1.26M | 767K | 866K | 705K | 3.19M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.27M | 26.6M | 4.65M | 1.15M | 1.45M | 910K | 656K | 0 | 0 | 0 | 33K | 116.25M | 611.02K |
| Total Liabilities | 3.29M | 3.24M | 1.62M | 1.19M | 1.67M | 588K | 4.84M | 3.73M | 276.32M | 274.86M | 60.07M | 48.22M | 61.1M | 20.72M | 20.01M | 16.98M | 21.76M | 18.97M | 15.66M | 129.9M | 37.03M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 4.29M | 3.42M | 198.55M | 199.36M | 25.16M | 23.19M | 24.01M | 656K | 0 | 0 | 0 | 0 | 121K | 2.79M | 29.49M |
| Net Debt | -2.04M | -4.38M | -2.38M | -16.19M | -3.59M | -13.19M | 4.27M | 3.42M | 117.66M | 163.33M | 2.11M | 4.21M | 4M | -21.5M | -18.3M | -18.53M | -18.7M | -49.15M | -58.05M | -15.3M | 25.58M |
| Debt / Equity | 0.00x | - | - | - | - | - | - | - | 0.64x | 0.80x | 0.18x | 0.31x | 0.38x | 0.01x | - | - | - | - | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | 1.60x | 3.02x | 0.50x | 0.64x | 1.00x | 0.03x | - | - | - | - | 0.01x | 0.58x | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - | - | - | - | 0.95x | 2.48x | 0.04x | 0.12x | 0.17x | -1.04x | -1.58x | -12.62x | - | -15.04x | -2.50x | -3.19x | - |
| Interest Coverage | - | - | - | - | -196.39x | -1.06x | -2.81x | -1.21x | 5.40x | -1.12x | - | - | - | - | -42.84x | - | -6531.67x | -1704.92x | 63.87x | - | - |
| Total Equity | 635K | 2.6M | 1.65M | 15.94M | 2.37M | 13.41M | -4.79M | -3.73M | 310.49M | 250.76M | 138.91M | 75.93M | 63.68M | 66.83M | 70M | 78M | 134.93M | 149.35M | 150.12M | -26.87M | -19.86M |
| Equity Growth % | -177.7% | 57.38% | -89.62% | 571.31% | -82.3% | 380.25% | -28.39% | -101.2% | 23.82% | 80.51% | 82.96% | 19.24% | -4.72% | -4.53% | -10.26% | -42.19% | -9.66% | -0.51% | 658.78% | -35.29% | - |
| Book Value per Share | 0.02 | 0.08 | 0.06 | 0.78 | 0.29 | 1.72 | -0.59 | -0.46 | 8.68 | 8.25 | 4.56 | 2.61 | 2.41 | 2.62 | 2.81 | 3.19 | 5.60 | 6.28 | 6.63 | -1.79 | -1.33 |
| Total Shareholders' Equity | 635K | 2.6M | 1.65M | 15.94M | 2.37M | 13.41M | -4.79M | -3.73M | 310.49M | 250.76M | 138.91M | 75.93M | 63.68M | 66.83M | 70M | 78M | 134.93M | 149.35M | 150.12M | -26.87M | -19.86M |
| Common Stock | 4K | 4K | 3K | 3K | 1K | 1K | 0 | 1K | 33K | 32K | 28K | 27K | 27K | 26K | 25K | 25K | 24K | 24K | 24K | 1.4M | 1.19M |
| Retained Earnings | -81.99M | -77.29M | -56.27M | -36.83M | -22.19M | -9.22M | -4.8M | -3.73M | -115.86M | -158.68M | -142.72M | -196.16M | -203.59M | -193.79M | -186.47M | -174.27M | -112.85M | -92.99M | -72.52M | -81.72M | -75.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.2M | -71.9M | -60.07M | -54.58M | -49.85M | -43.45M | -61.08M | -54.35M | -45.62M | -44.25M | -34.2M | -27.92M | -14.1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical Liquidity Runway Shortfall
As reported in financial statements, HeartBeam's total assets have contracted significantly from $17.1 million in 2023Q4 to $3.9 million in 2026Q1, reflecting a consistent depletion of resources as the company funds its ongoing clinical and regulatory development efforts without the support of meaningful commercial revenue streams.
The consistent decline in total assets over the last ten quarters suggests that the company is consuming its capital base at an unsustainable rate. This trajectory indicates that the business model remains entirely dependent on external financing to bridge the gap between developmental milestones and market entry.
Based on recent quarterly data, HeartBeam's current ratio has deteriorated from a peak of 14.09 in 2023Q4 to 0.74 in 2026Q1, signaling that the company's liquid assets are no longer sufficient to cover its short-term liabilities as it approaches a potential commercialization phase.
The sharp decline in the current ratio highlights a narrowing margin of safety for creditors and stakeholders. Investors should monitor this trend closely, as a ratio below 1.0 suggests that the company may face immediate pressure to secure additional funding to maintain its operational continuity.
According to historical balance sheet data, HeartBeam's equity has plummeted from $15.9 million in 2023Q4 to $635,000 in 2026Q1, a trend driven by the accumulation of $82 million in retained losses that continue to weigh heavily on the company's overall financial position and shareholder value.
The rapid erosion of equity underscores the high cost of the company's long-term R&D and clinical trial strategy. This persistent negative trend in retained earnings suggests that the company has yet to demonstrate a path toward self-sustaining profitability, leaving shareholders exposed to further potential dilution.
As indicated by the provided financial data, HeartBeam's asset base is increasingly comprised of property, plant, and equipment, which rose to $1.4 million in 2026Q1, potentially signaling a shift toward capital-intensive hardware manufacturing that may further strain the company's already limited cash reserves.
While the investment in PPE may be necessary for production, it represents a shift toward less liquid assets at a time when cash preservation is paramount. This transition warrants further investigation into whether the company is over-committing to hardware infrastructure before achieving the regulatory clearances required for commercial scale.
Quick answers to the most common questions about buying BEAT stock.
As of 2025, HeartBeam, Inc. (BEAT) had total assets of $5.8M including $4.7M in current assets.
HeartBeam, Inc. (BEAT) carries total debt of $0.0M, offset by $4.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HeartBeam, Inc. (BEAT) has total shareholders' equity (book value) of $2.6M ($0.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HeartBeam, Inc. (BEAT) reported a current ratio of 1.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.