The ATM offering creates persistent overhang as shares can be sold into the market at any time. Monitor the company's cash burn rate and the pace of ATM utilization in subsequent filings. The pre-revenue status and going concern warning make additional dilution likely.
Price Chart
Executive Summary
HeartBeam filed a 424B5 prospectus supplement for an at-the-market (ATM) offering of up to $25 million in common stock through Titan Partners. The company is pre-revenue with no product sales in the first half of 2026, and this offering represents a significant potential dilution of up to 75% of current shares outstanding, signaling ongoing cash needs. The filing is bearish due to the certain present dilution and the company's reliance on equity financing to fund operations.
Key Facts
- HeartBeam filed a 424B5 for an ATM offering of up to $25,000,000 in common stock.
- The offering is through Titan Partners Securities LLC with a 3.0% commission.
- As of June 30, 2026, the company had 56,349,171 shares outstanding.
- The maximum offering of 42,387,250 shares represents ~75% dilution of current shares.
- The HeartBeam System generated no revenue during the six months ended June 30, 2025 and June 30, 2026.
- The company's auditors included a going concern explanatory paragraph in the 2025 financial statements.
- The stock closed at $0.5898 per share on August 13, 2026, the day before filing.
- The shelf registration (S-3) was for up to $100,000,000, and this $25M ATM is a takedown from that shelf.
Financial Impact
Up to $25 million gross proceeds from ATM offering, with potential dilution of up to 42.4 million shares (75% of current outstanding).
Risk Factors
- Significant dilution of up to 75% of current shares outstanding.
- No revenue generated from the HeartBeam System in the first half of 2026.
- Going concern warning in audited financial statements.
- Stock price at $0.5898 is near multi-year lows, increasing dilution per dollar raised.
- CEO transition in June 2026 adds management uncertainty.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-090239 |
| Document: 0001213900-26-090239-index-headers.html | 0001213900-26-090239 |
| Document: 0001213900-26-090239-index.html | 0001213900-26-090239 |
| Document: 0001213900-26-090239.txt | 0001213900-26-090239 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 10w ago | 8-K / 424B5 | $0.5000 $0.4250 | ▲ +15.00% | ▲ +13.02% | $0.4090 (+18.20%) |
Aug 14, 2026 10w ago | 424B5 | $0.5000 $0.4250 | ▲ +15.00% | ▲ +13.02% | $0.4090 (+18.20%) |
Jun 22, 2026 18w ago | 8-K | $0.6863 $0.5684 | ▼ −17.18% | ▼ −18.34% | $0.4090 (−40.41%) |
Apr 16, 2026 27w ago | Insider Cluster | $0.8100 $1.01 | ▲ +24.69% | ▲ +18.88% | $0.4090 (−49.51%) |
Apr 16, 2026 27w ago | Insider Cluster | $0.8100 $1.01 | ▲ +24.69% | ▲ +18.88% | $0.4090 (−49.51%) |
Mar 18, 2026 31w ago | EFFECT | $1.26 $0.8100 | ▼ −35.71% | ▼ −41.76% | $0.4090 (−67.54%) |
Mar 13, 2026 32w ago | S-3/A | $1.27 $1.20 | ▲ +5.51% | ▲ +9.29% | $0.4090 (+67.80%) |
US Market Status
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