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Total Heart Intelligence… Wherever You Are NOVEMBER 13, 2025 NASDAQ: BEAT Third Quarter 2025 Financial Results Conference Call
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Disclaimer This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements as to the Company's future results of operations and financial position, planned products and services, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "aims," "predicts," "potential," "seeks," attempts," "poised" or "continues" or the negative of these terms or other similar words. These statements are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Also, these forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation. The Company assumes no obligation to update any forward-looking statements after the date of this presentation. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in which it operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see disclosures contained in HeartBeam's public filings with the SEC, including the "Risk Factors" in HeartBeam's Annual Report on Form 10-K, and which may be viewed at www.sec.gov. The HeartBeam System received FDA clearance in December 2024. HeartBeam's 12-Lead ECG synthesis software has not yet been approved by FDA or other regulatory authorities for commercial/clinical use in the USA or other global geographies.
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The HeartBeam System Agenda WHAT WE’LL COVER: ON THE CALL TODAY: ROB ENO TIM CRUICKSHANK Company Milestones & Progress Commercialization Strategy Financial Results
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Our Mission From symptoms to confidence. Anywhere, anytime. HeartBeam is the first ever cable-free synthesized 12-Lead ECG platform, delivering clinical-grade insights in real time, wherever arrhythmia symptoms begin. Freedom: Diagnose anywhere, anytime Accuracy: Clinical-grade results Access: App-based ecosystem Speed: Rapid cardiologist interpretation Received foundational FDA 510(k) clearance for arrhythmia assessment December 2024 FDA 510(k) clearance on 12-Lead ECG Synthesis Software, for arrhythmia assessment, expected Q4 2025
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Across medicine, tools once locked inside clinical settings are becoming part of daily life at home. HeartBeam brings that same shift to cardiac care. Cardiac disease is the leading cause of death, and ECG is the most common cardiac test. Continuous Glucose Monitoring → Mainstream at Home Blood Pressure Monitors → Mainstream at Home Oxygen Monitors → Mainstream at Home 12-Lead ECG → Hospital only until HeartBeam A MAJOR HEALTHCARE TREND: FROM HOSPITAL TO HOME USE What Once Lived in Hospitals is Moving into the Home 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies. The synthesized 12-lead ECG is similar but not identical to a standard 12-lead ECG performed in a hospital.
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From Arrhythmia Symptoms to Clarity in Minutes • Patient app provides step-by-step guidance • Patient captures recording • Recording sent to HeartBeam Portal • On-call cardiologist reviews recording and follows up with patient • Finalized agreement with HeartNexus as cardiology reader service • US-based, board certified cardiologists with coverage across the U.S. • Will provide on-demand interpretation of HeartBeam’s synthesized 12-lead ECG for arrhythmia assessment and timely triage 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies.
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HeartBeam Ecosystem HeartBeam’s synthesized 12-Lead ECG system, combined with an on-demand cardiologist for arrhythmia assessment, forms the foundation of a new model for cardiac care. From this core, we are building an ecosystem that deepens patient engagement and delivers more actionable insights for physicians. This integrated approach is designed to drive adoption, lower healthcare costs, and scale across patients, providers, and payers. Building the Future of Cardiac Care AI WELLNESS FEATURES COMMUNITY FEATURES WEARABLE INTEGRATION AUTOMATED ASSESSMENTS TRENDING INSIGHTS ON-DEMAND CARDIOLOGY READER HEARTBEAM SYSTEM 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies.
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Continued Achievement of Stated Milestones Past 12 Months Upcoming Milestones Regulatory Clearances ✓ Foundational FDA Clearance for HeartBeam System for arrhythmia assessment ✓ Immediately submitted second FDA 510(k) application for 12-Lead ECG Synthesis Software • FDA 510(k) clearance for 12-Lead ECG Synthesis Software, for arrhythmia assessment, anticipated in Q4 2025 Clinical Evidence ✓ Successfully met clinical endpoints in VALID-ECG Pivotal Study showing 93.4% overall diagnostic agreement for arrhythmia assessment ✓ Presented VALID-ECG results at HRS 2025 • Start enrollment on clinical trials on clinical and cost- effectiveness benefits of HeartBeam Commercial Readiness ✓ Started Early Access Program (Beta testing) ✓ Signed Cardiology Reader Service contract with HeartNexus • Hire CCO and initial commercial team • Sign commercial agreements with initial Concierge and Preventive Cardiology practices • Pilot commercial launch into first two US geographies Consistent execution over past twelve months. Confident in near-term milestones ahead. 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies.
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Additional Progress in the Quarter Laser focused on near-term goals, while progressing our long-term vision. Clinical Evidence ✓ New data at AHA Scientific Sessions in November 2025 added to the body of scientific evidence supporting HeartBeam’s potential for early heart attack detection ✓ An abstract on HeartBeam’s AI algorithm was presented at HRX Live 2025, demonstrating continued advancement of the Company’s AI program IP ✓ Three new patents issued, total of 24 issued patents worldwide ✓ HeartBeam was recognized as a global IP and technology leader in portable cardiac diagnostics in new PatentVest report, ranking #2 worldwide in 12-lead ECG innovation out of 243 companies analyzed Company Updates ✓ ROTH Capital initiated coverage on HeartBeam with a Buy rating and $4 price target ahead of anticipated FDA clearance of 12-lead ECG synthesis software 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies.
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Four Pillars of Near-Term Strategy Establish HeartBeam as the first personal, cable free, synthesized 12-Lead ECG Create New Category1 Pilot in two U.S. regions, then expand nationally Market Entry2 Establish focused U.S. sales/marketing and premium subscription pricing Commercial Model3 Focus on patient experience and provider engagement to drive recurring use Retention & Value4 Building the Foundation for Commercial Launch 12-Lead ECG synthesis software not cleared by the FDA and not available for sale in the United States and other geographies.
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• Net cash used in operating activities of $3.2M for Q3 2025. • 8% decrease quarter-over-quarter. • Spend and EPS directly in line with expectations. • Continued focus on maintaining capital efficient organization. • Judicious timing of investments into commercial readiness activities and manufacturing capabilities. • Continue to strategically fund Company. • Strong financial discipline in place as we continue to de-risk business. • Funding in line with upcoming milestones and potential inflection points. • Optionality for funding sources, including ATM. • Focused on minimizing further dilution to shareholders. Financial Discipline Aligned to Achieving Milestones i. Net cash used in operating activities is calculated as Net loss, less non-cash items such as stock-based compensation and timing differences. ii. June 30, 2025 includes $1.797M of funds considered held as short-term investments based on maturity dates. iii. Refer to the Form 10-Q unaudited financial statements for the quarter ended September 30, 2025. QTR-OVER-QTR CHANGE YEAR-OVER-YEAR CHANGE $ in Thousands Quarter Ended Quarter Ended September 30, Sep. 30, 2025iii Jun. 30, 2025 2025iii 2024 Operating Expenses: General and administrative $ 2,012 $ 1,711 $ 2,012 $ 2,176 Research and development 3,278 3,326 3,278 2,893 Total operating expenses 5,290 5,037 5,290 5,069 Loss from operations (5,290) (5,037) (5,290) (5,069) Interest and Other (Expense) 35 63 35 90 Net Loss $ (5,255) $ (4,974) $ (5,255) $ $ (4,979) Earnings per Share (EPS) $ (0.15) $ (0.15) $ (0.15) $ (0.19) Net Loss $ (5,255) $ (4,974) $ (5,255) $ $ (4,979) Less non-cash items and timing differences 2,095 1,529 2,095 1,673 Net cash used in operating activitiesi $ (3,160) $ (3,445) $ (3,160) $ (3,306) Sep. 30, 2025iii Jun. 30, 2025iii Sep. 30, 2025iii Sep. 30, 2024 Cash and cash equivalents and short-term investmentsii $ 1,856 $ 5,053 $ 1,856 $ 5,768
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HeartBeam: Q3 2025 Summary HeartBeam poised to be a fundamental advance in cardiac care Commercial readiness plans accelerating in anticipation of FDA 510(k) clearance Engaging in final steps with FDA related to the 510(k) submission for 12-lead ECG synthesis software for arrhythmia assessment and anticipate positive update in Q4 2025 Continue to strategically fund Company in line with upcoming milestones Continue to add to body of clinical data and IP portfolio, positioning the Company for the future
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Company Tim Cruickshank CFO HeartBeam, Inc. ir@heartbeam.com Investor Relations Chris Tyson Executive Vice President MZ North America Direct: 949-491-8235 BEAT@mzgroup.us www.mzgroup.us www.heartbeam.com 2118 Walsh Avenue, Suite 210 Santa Clara, CA 95050 Q&A