# EDGAR Filing Document

**Accession Number:** 0001468492
**File Stem:** 0001193125-25-319203
**Filing Date:** 2025-12
**Character Count:** 201539
**Document Hash:** 8871cccf1d17c90c2c323354767b6431
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-319203.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001193125-25-319203

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HeartSciences Inc.
- **CENTRAL INDEX KEY:** 0001468492
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 261344466
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41422
- **FILM NUMBER:** 251571691

**BUSINESS ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092
- **BUSINESS PHONE:** 682-237-7781

**MAIL ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Heart Test Laboratories, Inc.
- **DATE OF NAME CHANGE:** 20090716

?xml version='1.0' encoding='ASCII'? 10-Q

ROC

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **October 31,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number:** 001-41422

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HEARTSCIENCES INC.

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | |
|:---|:---|
| Texas | 26-1344466 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 550 Reserve Street**,** Suite 360<br>Southlake**,** Texas  | 76092 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**682**)-**237-7781

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Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | HSCS | The Nasdaq Stock Market LLC |
| Warrants | HSCSW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of December 12, 2025, the registrant had 3,178,207 shares of Common Stock outstanding.

------

**HEARTSCIENCES INC.**

**NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements relate to our future plans, objectives, expectations and intentions and may be identified by terminology such as "may," "will," "should," "expects," "aims," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "intends," or "continue," or the negative of these terms or other comparable terminology. Readers are cautioned that these forward-looking statements are based on our current beliefs, expectations and assumptions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified below, under Part II, Item 1A "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q and those risks identified under Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 30, 2025 filed with the Securities and Exchange Commission on July 24, 2025 ("2025 Annual Report on Form 10-K"). Therefore, actual results may differ materially and adversely from those expressed, projected or implied in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development, completion and use of our device, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectation regarding the sufficiency of our existing cash and cash equivalents to fund our current operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to receive regulatory clearance for the MyoVista *wav*ECG or the MyoVista Insights platform ("MyoVista Insights"), and associated AI-ECG algorithms from the U.S. Food and Drug Administration (the "FDA"), state regulators, if any, or other similar foreign regulatory agencies, including approval to conduct clinical trials, the timing and scope of those trials and the prospects for regulatory approval or clearance of, or other regulatory action with respect to our current products or other future potential products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to further advance the development of the MyoVista *wav*ECG, our 12-lead electrocardiograph ("ECG") device that also incorporates an additional proprietary AI-ECG algorithm that we have been designing to detect cardiac dysfunction, or the MyoVista Insights, or our ECG device agnostic platform and to develop and incorporate AI-ECG algorithms on that platform, as well as other future potential products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to launch sales of the MyoVista *wav*ECG, MyoVista Insights, and AI-ECG algorithms or any future potential products into the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our assessment of the potential of the MyoVista *wav*ECG device, MyoVista Insights, and AI-ECG algorithms and any future potential products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our planned level of capital expenditures and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our plans to continue to invest in research and development to develop technology for new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our failure to maintain the continued listing requirements of Nasdaq (as defined below) could result in a de-listing of our shares and penny stock trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the regulatory environment and changes in the health policies and regimes in the countries in which we intend to operate, including the impact of any changes in regulation and legislation that could affect the medical device industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to meet our expectations regarding the commercial supply of our current products and any future products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain key executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to internally develop new inventions and intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the overall global economic environment;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ultimate impact of health epidemics, on our business, our clinical trials, our research programs, healthcare system or the global economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of competition and new technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general market, political and economic conditions in the countries in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to develop new products and intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential litigation.

These statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise for any reason.

The Company will continue to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). Forward-looking statements speak only as of the dates specified in such filings. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances arising after any such date, whether as a result of new information or future events or otherwise. You should not place undue reliance on the forward-looking statements included in this report or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

**NOTE REGARDING COMPANY REFERENCES**

Throughout this Quarterly Report on Form 10-Q, the "Company," "we," "us" and "our" refer to HeartSciences Inc. References to "Fiscal 2026" refer to the 12 months ending April 30, 2026 and references to "Fiscal 2025" refer to the 12 months ended April 30, 2025.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) |  |
| Item 1. | Condensed Unaudited Financial Statements: |  |
|  | [<u>Condensed Balance Sheets as of October 31, 2025 and April 30, 2025</u>](#balance_sheets) | 1 |
|  | [<u>Condensed Statements of Operations for the three and six months ended October 31, 2025 and 2024</u>](#statements_of_operations) | 2 |
|  | [<u>Condensed Statements of Stockholders' Equity for the three and six months ended October 31, 2025 and 2024</u>](#statement_of_comprehensive_income) | 3 |
|  | [<u>Condensed Statements of Cash Flows for the six months ended October 31, 2025 and 2024</u>](#statement_of_cash_flows) | 5 |
|  | [<u>Notes to the Condensed Unaudited Financial Statements</u>](#notes_to_financial_statements) | 6 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | 22 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 27 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 27 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) | 29 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 29 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 29 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | 29 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 29 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 29 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 29 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 30 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 34 |

---

i

------

**HEARTSCIENCES INC.**

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**HeartSciences Inc.**

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **October 31,** | **April 30,** |
|  | **2025** | **2025** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1951103 | $1098098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 657285 | 650267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 221642 | 87443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 705499 | 290925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 257959 | 40374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3793488 | 2171457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 52986 | 63549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software | 198703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 1629307 | 1616277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets, net | 321633 | 371626 |
| TOTAL ASSETS | $5996117 | $4222909 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $317390 | $318661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 311184 | 506307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest expense | 160261 | 177628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 128977 | 119518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 500000 | 2551170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 148572 | 29927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1566384 | 3703211 |
| LONG-TERM LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, long-term | 247263 | 314527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 247263 | 314527 |
| TOTAL LIABILITIES | 1813647 | 4017738 |
| COMMITMENTS AND CONTINGENCIES (NOTE 2, 4-6, and 7) |  |  |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C convertible preferred stock, $0.001 par value, 20,000,000 shares authorized and 600,000 designated; 380,440 shares issued and outstanding as of October 31, 2025 and April 30, 2025. | 380 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D convertible preferred stock, $0.001 par value, 20,000,000 shares authorized and 4,285,714 designated; 579,839 shares issued and outstanding as of October 31, 2025 and 0 shares issued and outstanding at April 30, 2025. | 580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 500,000,000 shares authorized; 3,071,135 shares issued and outstanding as of October 31, 2025 and 1,119,107 shares issued and outstanding as of April 30, 2025. | 3071 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 84711837 | 76331307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (80533398) | (76127635) |
| TOTAL STOCKHOLDERS' EQUITY | 4182470 | 205171 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5996117 | $4222909 |

---

------

The accompanying notes are an integral part of these condensed unaudited financial statements.

**HeartSciences Inc.**

**Condensed Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended October 31,** | **Three months ended October 31,** | **Six months ended October 31,** | **Six months ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $2419 | $— | $4319 | $— |
| Cost of sales | 1008 |  | 1768 |  |
| Gross margin | 1411 |  | 2551 |  |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 727026 | 1198965 | 1724232 | 2423896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 1347788 | 786068 | 2225841 | 1636804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2074814 | 1985033 | 3950073 | 4060700 |
| Loss from operations | (2073403) | (1985033) | (3947522) | (4060700) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (279534) | (117598) | (463222) | (140124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2168 | 19713 | 4981 | 66217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (277366) | (97885) | (458241) | (73907) |
| Net loss | $(2350769) | $(2082918) | $(4405763) | $(4134607) |
| Net loss per share, basic and diluted | $(0.85) | $(2.27) | $(2.10) | $(4.88) |
| Weighted average common shares outstanding, basic and diluted | 2780496 | 917445 | 2097030 | 847990 |

---

The accompanying notes are an integral part of these condensed unaudited financial statements.

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**HeartSciences Inc.**

**Condensed Statements of Stockholders' Equity (Unaudited)**

**Three Month Periods Ended October 31, 2025 and 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series C Convertible<br>Preferred Stock** | **Series C Convertible<br>Preferred Stock** | **Series D Convertible<br>Preferred Stock** | **Series D Convertible<br>Preferred Stock** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in** | **Accumulated** | **Total<br>Stockholder's** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Deficit** |
| **BALANCE AT JULY 31, 2025** | 380440 | $380 | 429901 | $430 | 2281054 | $2281 | $81320649 | $(78182629) | $3141111 |
| Issuance of Series D Preferred Stock and Warrants, net of fees |  |  | 594694 | 595 |  |  | 1752236 |  | 1752831 |
| Conversion of Series D Preferred Stock to Common Stock |  |  | (444756) | (445) | 444756 | 445 |  |  | - |
| Issuance of Common Stock upon exchange of debt and accrued interest |  |  |  |  | 296467 | 296 | 999704 |  | 1000000 |
| Sale of Common Stock under ATM facility |  |  |  |  | 48858 | 49 | 172790 |  | 172839 |
| Warrants issued to non-employees |  |  |  |  |  |  | 29574 |  | 29574 |
| Stock based compensation |  |  |  |  |  |  | 436884 |  | 436884 |
| Net loss |  |  |  |  |  |  |  | (2350769) | (2350769) |
| **BALANCE AT OCTOBER 31, 2025** | 380440 | $380 | 579839 | $580 | 3071135 | $3071 | $84711837 | $(80533398) | $4182470 |
| **BALANCE AT JULY 31, 2024** | 380440 | $380 |  |  | 906416 | $907 | $75346766 | $(69414095) | $5933958 |
| Sale of Common Stock, net of fees |  |  |  |  | 41405 | 41 | 121079 |  | 121120 |
| Stock based compensation - management & other employees |  |  |  |  |  |  | 44561 |  | 44561 |
| Net loss |  |  |  |  |  |  |  | (2082918) | (2082918) |
| **BALANCE AT OCTOBER 31, 2024** | 380440 | $380 |  |  | 947821 | $948 | $75512406 | $(71497013) | $4016721 |

---

The accompanying notes are an integral part of these condensed unaudited financial statements.

------

**HeartSciences Inc.**

**Condensed Statements of Stockholders' Equity (Unaudited)**

**Six Month Periods Ended October 31, 2025 and 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series C Convertible<br>Preferred Stock** | **Series C Convertible<br>Preferred Stock** | **Series D Convertible<br>Preferred Stock** | **Series D Convertible<br>Preferred Stock** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in** | **Accumulated** | **Total<br>Stockholder's** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Deficit** |
| **BALANCE AT APRIL 30, 2025** | 380440 | $380 |  |  | 1119107 | $1119 | $76331307 | $(76127635) | $205171 |
| Issuance of Series D Preferred Stock and Warrants, net of fees |  |  | 1912383 | 1912 |  |  | 5547295 |  | 5549207 |
| Conversion of Series D Preferred Stock to Common Stock |  |  | (1332544) | (1332) | 1332544 | 1332 |  |  | - |
| Issuance of Common Stock upon exchange of debt and accrued interest |  |  |  |  | 570626 | 571 | 2019429 |  | 2020000 |
| Sale of Common Stock under ATM facility |  |  |  |  | 48858 | 49 | 172790 |  | 172839 |
| Warrants issued to nonemployees |  |  |  |  |  |  | 29574 |  | 29574 |
| Stock based compensation |  |  |  |  |  |  | 611442 |  | 611442 |
| Net loss |  |  |  |  |  |  |  | (4405763) | (4405763) |
| **BALANCE AT OCTOBER 31, 2025** | 380440 | $380 | 579839 | $580 | 3071135 | $3071 | $84711837 | $(80533398) | $4182470 |
| **BALANCE AT APRIL 30, 2024** | 380440 | $380 |  |  | 676598 | $677 | $74678650 | $(67362406) | $7317301 |
| Sale of Common Stock, net of fees |  |  |  |  | 176762 | 177 | 724689 |  | 724866 |
| Common Stock issued resulting from Reverse Stock Split |  |  |  |  | 94461 | 94 | (94) |  | - |
| Warrants issued to nonemployees |  |  |  |  |  |  | 10046 |  | 10046 |
| Stock based compensation - management & other employees |  |  |  |  |  |  | 99115 |  | 99115 |
| Net loss |  |  |  |  |  |  |  | (4134607) | (4134607) |
| **BALANCE AT OCTOBER 31, 2024** | 380440 | $380 | - | $- | 947821 | $948 | $75512406 | $(71497013) | $4016721 |

---

The accompanying notes are an integral part of these condensed unaudited financial statements.

------

**HeartSciences Inc.**

**Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>October 31,** | **Six months ended<br>October 31,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(4405763) | $(4134607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 14117 | 24079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and deferred financing costs | 373830 | 65970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization - Right-of-use assets, operating lease | 49993 | 43649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 611442 | 99115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants issued to non-employees | 29574 | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (7018) | (23728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | (118315) | 205321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | (414574) | (11056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software | (198703) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1271) | (171335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (167490) | (260272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability, operating lease | (57805) | (49452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (4287633) | (4202270) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intellectual property - intangibles | (3554) | (3518) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (13030) | (3157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (16584) | (6675) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series D Preferred Stock and warrants, net of issuance costs | 5549207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Stock, net of fees | 172839 | 724866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal repayments on the Streeterville note | (450000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Streeterville note, net |  | 1850300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of financed insurance premiums | (114824) | (121749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 5157222 | 2453417 |
| Net change in cash and cash equivalents during the period | 853005 | (1755528) |
| Cash and cash equivalents, beginning of period | 1098098 | 5807648 |
| Cash and cash equivalents, end of period | $1951103 | $4052120 |
| **SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Stock for Series D Preferred Stock conversions | $1332 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Stock for exchange of debt and accrued interest | $2020000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Stock resulting from the Reverse Stock Split | $— | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financed insurance premiums | $233469 | $244259 |

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The accompanying notes are an integral part of these condensed unaudited financial statements.

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**HeartSciences Inc.**

**Notes to Condensed Unaudited Financial Statements**

**Note 1. Basis of Presentation**

HeartSciences Inc. ("HeartSciences" or the "Company") is a healthcare informational technology ("HIT") company specializing in ECG technologies. The Company is a Texas corporation and is headquartered in Southlake, Texas.

HeartSciences is a healthcare information technology company focused on advancing electrocardiography ("ECG" or "EKG") through artificial intelligence ("AI"). The Company has developed MyoVista Insights™, a cloud-native, vendor- and device-agnostic ECG management platform designed to improve workflow efficiency, streamline data management, and support the deployment of third-party AI-ECG algorithms. MyoVista Insights is classified as a Medical Device Data System ("MDDS") and is exempt from U.S. Food and Drug Administration ("FDA") 510(k) requirements. HeartSciences has also developed the MyoVista® *wav*ECG™ device, which provides conventional ECG functionality and is designed to host AI-ECG algorithms. The Company submitted the MyoVista *wav*ECG device to the FDA for 510(k) premarket clearance in December 2025 and has licensed or developed additional AI-ECG algorithms that may be submitted for regulatory clearance in the future.

On May 6, 2024, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of the state of Texas to effect a 1-for-100 reverse stock split (the "Reverse Stock Split") of its outstanding shares of Common Stock, with an effective date of May 17, 2024. As a result of the Reverse Stock Split, every 100 shares of the Company's issued and outstanding pre-reverse split Common Stock were combined into one share of Common Stock, except to the extent that the Reverse Stock Split resulted in any of the Company's shareholders owning a fractional share, which was rounded up to the next highest whole share. In connection with the Reverse Stock Split, there was no change in the par value per share of $0.001. As a result of the Reverse Stock Split, equitable adjustments corresponding to the Reverse Stock Split ratio will be made to the Company's outstanding warrants and upon the exercise or vesting of all stock options such that every one hundred (100) shares of Common Stock that may be issued upon the exercise of the warrants and stock options held immediately prior to the Reverse Stock Split will represent one share of Common Stock that may be issued upon exercise of such warrants and stock options immediately following the Reverse Stock Split. Correspondingly, the exercise price per share of Common Stock attributable to the warrants and stock options immediately prior to the Reverse Stock Split will be proportionately increased by a multiple of 100 following the Reverse Stock Split.

All Common Stock share and per share data, and exercise price data for applicable Common Stock equivalents, included in these financial statements have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented, unless otherwise indicated.

**Note 2. Liquidity, Going Concern and Other Uncertainties**

The Company is subject to a number of risks similar to those of early-stage companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other technologies.

The Company has incurred losses each year since inception and has experienced negative cash flows from operations in each year since inception. At October 31, 2025 and April 30, 2025, the Company had an accumulated deficit of $80.5 million and $76.1 million, respectively. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

On March 10, 2025, the Company commenced an offering on a "best efforts" basis for a maximum of up to 4,285,714 Units. Each Unit (each a "Unit" and collectively the "Units") consists of one (1) share of Series D Convertible Preferred Stock, par value $0.001 per share (the "Series D Preferred Stock"), and one (1) warrant, each to purchase one (1) share of the Company's Common Stock. The Units will be sold at an offering price of $3.50 per Unit, for a maximum offering amount of $15.0 million worth of units. During the six months ended October 31, 2025, the Company issued 1,912,383 Units for gross proceeds of approximately $6.7 million. There was approximately $8.3 million available for issuance as of the financial statement issuance date.

In September 2023, the Company entered into an Equity Distribution Agreement ("EDA") with an institutional investor, pursuant to which the Company may offer and sell an aggregate of up to $3.25 million of its shares of Common Stock in At-the-Market offerings ("ATM Facility"). In November 2023, the EDA was further amended increasing the aggregate amount of Common Stock that may be sold under the ATM Facility to $15.0 million, and further amended again in August 2025, increasing the aggregate amount of Common Stock that may be sold under the ATM Facility to $25.0 million. The Company is eligible to sell up to $14.7 million worth of shares of Common Stock as the aggregate market value of the Company's shares of Common Stock eligible for sale under the EDA is subject to limitations of General Instruction I.B.6 of Form S-3 until such time that the Company's public float equals or exceeds $75.0 million. In the event the aggregate market value of the Company's outstanding Common Stock held by non-affiliates equals or exceeds $75.0

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million, then the one-third limitation on sales set forth in General Instruction I.B.6 of Form S-3 shall not apply to additional sales made pursuant to the EDA. During the six months ended October 31, 2025, the Company issued and sold 48,858 shares under the ATM Facility for net proceeds of approximately $0.2 million. There was approximately $4.2 million available for issuance as of the financial statement issuance date.

In March 2023, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") providing for the purchase, from time to time at the Company's discretion, of up to $15.0 million of the Company's Common Stock, over the thirty-six (36) month term of the purchase agreement ("Equity Line"). There were no shares issued under the Equity Line during the six months ended October 31, 2025. Since inception, the Company has issued and sold an aggregate 253,617 shares of Common Stock, including 1,625 commitment shares, under the Equity Line receiving gross proceeds of approximately $2.2 million. There was approximately $12.8 million available for issuance under the Equity Line as of the financial statement issuance date.

Based on the Company's forecasts and cashflow projections, management believes that current resources would be insufficient to fund operations to achieve commercialization. Additionally, the FDA can delay, limit or deny clearance of a medical device for many reasons outside the Company's control which may involve substantial unforeseen costs.

Management's plans include raising capital through the sale of additional equity securities, debt, or capital inflows from strategic partnerships. Management can provide no assurance that such financing or strategic relationships will be available on acceptable terms, or at all, which would likely have a material adverse effect on the Company and its financial statements.

The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period.

**Note 3. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP") and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the U.S. Securities and Exchange Commissions ("SEC") and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2025 Annual Report on Form 10-K.

**Use of Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

**Cash and Cash Equivalents**

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company's cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation ("FDIC").

**Inventory**

All inventories are stated at lower of cost or net realizable value, with cost determined substantially on a "first-in, first-out" basis. The following is a summary of the Company's inventories at October 31, 2025 and April 30, 2025:

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---

| | | |
|:---|:---|:---|
|  | **October 31,** | **April 30,** |
|  | **2025** | **2025** |
| Raw materials | $322996 | $322996 |
| Sub-assemblies | 375902 | 347036 |
| Work in progress | 21741 | 21741 |
| Finished goods | 22221 | 44069 |
| Reserve for obsolescence | (85575) | (85575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Inventory | $657285 | $650267 |

---

Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista *wav*ECG devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista *wav*ECG in the U.S. is subject to FDA clearance. Management believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista *wav*ECG, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company's current inventory is intended for use to build finished products following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. The Company periodically evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista *wav*ECG, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved.

**Research and Development Expenses**

In accordance with ASC Topic 730, *Accounting for Research and Development Costs,* the Company accounts for research and development expenditures, including payments to collaborative research partners and regulatory filing costs, as research and development expenses.

The Company also applies the principles of ASC 985-20, *Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed* ("ASC 985-20"). ASC 985-20 requires that software development costs incurred in conjunction with product development be charged to research and development expense until technological feasibility is established.

**Software Development Costs**

The costs incurred for the development of computer software to be sold, leased, or otherwise marketed are capitalized in accordance with ASC 985-20, when technological feasibility has been established. Technological feasibility generally occurs when all planning, design, coding, and testing activities are completed that are necessary to establish that the product can be produced to meet its design specifications, including functions, features, and technical performance requirements. Based on our software development process, technological feasibility is established upon the completion of a working model that contains essentially all the functionality and features of a final model. The completeness and consistency of the working model have been confirmed through testing.

Costs incurred during the period of planning and design, prior to the period of determining technological feasibility, has been charged to operations in the period incurred as research and development costs. Capitalization of software development costs begins upon the establishment of technological feasibility and reported at the lower of unamortized cost or net realizable value. Capitalization is discontinued when the product is made available for sale.

Amortization of capitalized development costs for externally marketed software commences when the product is available for commercial release. Capitalized software development costs are amortized using the greater of (a) the amount computed using the ratio that current gross revenue for a product bear to total of current and anticipated future gross revenue for that product or (b) the straight-line method, beginning upon commercial release of the product, and continuing over the remaining estimated economic life of the product.

As of October 31, 2025, capitalized product development costs related to MyoVista Insights were $198,703.

**Property and Equipment** 

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years.

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Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense).

The following is a summary of the Company's property and equipment at October 31, 2025 and April 30, 2025:

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| | | |
|:---|:---|:---|
|  | **October 31,** | **April 30,** |
|  | **2025** | **2025** |
| Equipment | $469086 | $465532 |
| Furniture & fixtures | 102563 | 102563 |
| Leasehold improvements | 32812 | 32812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 604461 | 600907 |
| Less: Accumulated depreciation | (551475) | (537358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $52986 | $63549 |

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**Deferred Offering Costs**

The Company capitalizes certain legal, professional, and other-third party charges related to its efforts to raise capital and other ongoing equity financings as deferred offering costs until fully consummated. These costs are deferred until the completion of the offerings at which time they are reclassified to additional paid-in-capital as a reduction of the offering proceeds. If the Company terminates the planned offering, all of the deferred offering costs will be immediately written off to operating expenses.

In March, 2023, the Company entered into the Equity Line. Deferred offering costs associated with the Equity Line are reclassified to additional paid in capital on a pro-rata basis over the term of the agreement.

In September 2023, the Company entered into an EDA to sell its Common Stock under the ATM Facility. Deferred offering costs associated with the ATM Facility are reclassified to additional paid in capital on a pro-rata basis.

In March 2025, the Company filed an offering statement on Form 1-A with the SEC for the sale of preferred stock and warrants. Deferred offering costs associated with this offering are reclassified to additional paid in capital on a pro-rata basis.

As of October 31, 2025 and April 30, 2025, $705,499 and $290,925 of deferred offering costs were capitalized on the balance sheet, respectively.

**Fair Value Measurements**

The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Observable inputs such as quoted prices in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

Management's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The carrying amounts of the Company's financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature.

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The carrying amounts of the Company's existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates.

**Long-Lived Assets**

Long-lived assets, such as equipment, software development costs, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is determined to not be recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount exceeds its fair value.

**Leases**

The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. The Company measures and records a right-of-use asset and lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company's estimated incremental borrowing rate for loans with similar collateral and duration.

The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

**Stock-Based Compensation**

The Company accounts for employee and non-employee share-based compensation in accordance with the provisions of ASC 718, *Compensation – Stock Compensation*. Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant).

The Company grants stock options and restricted stock units ("RSUs") under its 2023 Equity Incentive Plan. The Company measures all share-based payment awards at their grant-date fair value. The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. These assumptions are primarily based on historical data, peer company data and the judgment of management regarding future trends and other factors.

Management has estimated the expected term of its Common Stock options using the "simplified" method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.

For stock options issued to employees and non-employees, the fair value of stock-based awards is recognized as compensation expense over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company uses a straight-line attribution method for all grants that include only a service condition. The Company accounts for forfeitures when they occur. Stock-based compensation expense recognized in the financial statements is reduced by actual awards forfeited. For RSUs issued to employees, the Company recognizes the grant date fair value of the RSUs over the requisite service period, which is generally the vesting term. For awards only subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis. For awards subject to performance-based vesting conditions, the Company recognizes stock-based compensation expense using the accelerated attribution method when the achievement of the performance condition becomes probable.

**Net Loss Per Common Share**

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Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding during the period, without consideration of potentially dilutive securities.

Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of Common Stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, RSUs, Common Stock subject to repurchase related to early exercise of stock options, convertible stock warrants, and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

**Common Stock Warrants**

The Company grants warrants to purchase Common Stock in connection with financing transactions. Warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital.

**Revenue Recognition** 

In accordance with ASC 606, *Revenue from Contracts with Customers,* revenue is recognized when a customer obtains control of promised goods or services. The guidance focuses on the core principle for revenue recognition, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue in accordance with ASC 606, which provides a five-step model for recognizing revenue from contracts with customers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step 1: Identify the contract(s) with a customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step 2: Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step 3: Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step 4: Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party's rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer's intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred.

The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company's payment terms to customers generally range from 30 to 60 days.

Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company accepts product returns at its discretion or if the product is defective as manufactured. Historically, the actual product returns have been immaterial to the Company's financial statements. The Company elected to treat shipping and handling costs as a fulfillment cost and included them in the cost of goods sold as incurred. Costs associated with product sales include commissions. The Company applies the practical expedient and recognizes commissions as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are recorded as selling expense.

The Company did not recognize material revenues during the six month periods ended October 31, 2025 and 2024. The Company's revenues do not require significant estimates or judgments. The Company is not a party to contracts that include multiple performance obligations or material variable consideration. As of October 31, 2025 and April 30, 2025, the Company did not have any contract assets or liabilities from contracts with customers and there were no remaining performance obligations that the Company had not satisfied.

**Income Taxes**

The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial

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statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Based upon the projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and therefore, a full valuation allowance has been recorded at October 31, 2025 and April 30, 2025.

Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgment is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns.

Based on its analysis, management has determined that it has not incurred any liability for unrecognized tax benefits as of October 31, 2025 and April 30, 2025.

The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws.

The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before April 30, 2021.

**Segments**

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in deciding resource allocation and assessing performance. The Company has determined that its CODM is its Chief Executive Officer. The Company's CODM reviews financial information presented for the purpose of making decisions, allocating resources and evaluating performance. The Company has determined it operates in one operating and reportable segment.

**Recent Accounting Standards** 

In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09 "*Income Taxes (Topics 740): Improvements to Income Tax Disclosures*" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company's annual periods beginning January 1, 2025, with early adoption permitted. The Company does not expect that the standard will have a significant impact on its financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03 (updated ASU 2025-01 issued in January 2025), "*Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*", which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting ASU 2024-03.

**Note 4. Debt**

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Debt consists of the following:

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| | | |
|:---|:---|:---|
|  | **October 31,** | **April 30,** |
|  | **2025** | **2025** |
| FRV Note | $500000 | $500000 |
| Streeterville Note, net |  | 2051170 |
| Less: current maturities | (500000) | (2551170) |
| Notes payable, long-term | $— | $— |

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**Loan and Security Agreement** 

In April 2020, the Company entered into a loan and security agreement (the "Loan and Security Agreement") pursuant to which a secured promissory note in the original principal amount of $500,000 (the "FRV Note") was issued to each of Front Range Ventures LLC ("FRV") and John Q. Adams (the "JQA Note"), who were both shareholders of the Company at the time of issuance. John Q. Adams was also a director of the Company at the time of entering into the Loan and Security Agreement. Each party committed to lend a principal amount of $500,000, totaling $1,000,000, and the loan was drawn in three installments of $300,000 upon execution of the loan agreement, $350,000 on or about July 2, 2020 and $350,000 on or about September 4, 2020. The loan accrued interest at a rate of 12% per annum, compounded annually, payable at maturity. The Company is also required to pay default interest at a rate of 18% per annum, compounded annually, on any unpaid amounts after the applicable due date until the loan amounts are fully re-paid. The loan is collateralized by substantially all of the Company's assets and intellectual property, except for the secured interest on the covered technology as discussed in Note 7.

The loan had an original maturity date of September 30, 2021, which was amended in September 2021 making the note repayable on demand. The loan was amended in November 2021, extending the maturity to September 30, 2022; further amended in May 2022 to extend the maturity to September 30, 2023; amended again in January 2023 to (i) further extend the maturity date of the FRV Note to September 30, 2024, on which date the principal amount and all accrued interest thereon would be due and payable; and (ii) amend the dates on which principal and accrued interest was due under the JQA Note, such that interest accrued would have been due and payable on September 30, 2023, and the principal amount together with all accrued interest after September 30, 2023 would be due and payable on March 31, 2024.

In October 2023, the Company issued to FRV and Mr. Adams warrants ("$1M Lender Warrants") to purchase an aggregate of 2,000 shares of Common Stock as consideration for the extension of the interest maturity date to one lender. On November 16, 2023, the Company entered into a note conversion letter agreement with John Q. Adams (the "Adams Note Conversion Letter Agreement"). Pursuant to the Adams Note Conversion Letter Agreement, in consideration for the conversion of the principal and interest in the amounts of $585,006 due under the JQA Note, on November 16, 2023, the Company: (1) issued 36,563 shares of Common Stock to Mr. Adams; and (2) entered into a Adams Warrant Amendment (as defined below) with Mr. Adams, amending the $1M Lender Warrants to reduce the exercise price of an aggregate of 1,076 $1M Lender Warrants to $16.00 per share (the "Adams Warrant Amendment").

On August 19, 2024, the Company and FRV entered into Amendment No. 6 to the Loan and Security Agreement to further extend the maturity date of the FRV Note to September 30, 2025. As per the amendment, the Company paid approximately $305,000 in accrued interest to FRV in Fiscal 2025.

On September 26, 2025, the Company and FRV entered into Amendment No. 7 of the Loan and Security Agreement to further extend the maturity date to September 30, 2026 and pay the outstanding accrued interest as follows: (i) a payment of accrued interest on or before September 30, 2025 and (ii) thereafter all accrued interest due shall be payable at maturity. The Company may elect to repay all or any part of the FRV Note, as amended, in its sole discretion at any time prior to the extended maturity date, provided such repayment shall not be less than $50,000 and shall first be applied to accrued interest and thereafter to outstanding principal. During the six months ended October 31, 2025, the Company paid approximately $61,000 in accrued interest to FRV.

As of October 31, 2025 and April 30, 2025, accrued interest was approximately $5,000 and $35,000, respectively, and is included in accrued expenses in the accompanying condensed balance sheets.

**Streeterville Note**

In September 2024, the Company entered into a Note Purchase Agreement with Streeterville Capital, LLC ("Streeterville"), pursuant to which the Company issued to Streeterville the unsecured Streeterville Note in the original principal amount of $2,510,000. The Streeterville Note carried an OID of $500,000 and $10,000 was withheld from the Streeterville Note for reimbursement of Streeterville's transaction expenses. Additionally, the Company incurred debt financing costs of $159,700. As a result, the Company received aggregate net proceeds of approximately $1.9 million in connection with the issuance of the Streeterville Note.

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The Streeterville Note bears interest at the rate of 8.5% per annum and matures in March 2026. From time to time, beginning six months after issuance, Streeterville may redeem a portion of the Streeterville Note, not to exceed $270,000 per month. In the event the Company has not reduced the outstanding balance under the Streeterville Note by at least $900,000 by the 12-month anniversary following the issuance date, then the outstanding balance at such time will automatically increase by 5%. Subject to terms and conditions set forth in the Streeterville Note, the Company may prepay all or any portion of the outstanding balance of the Streeterville Note at any time.

The Streeterville Note contains customary events of default, including if the Company undertakes a fundamental transaction (including consolidations, mergers, and certain changes in control of the Company), without Streeterville's prior written consent. As described in the Streeterville Note, upon the occurrence of certain events of default, the outstanding balance of the Streeterville Note will become automatically due and payable. Additionally, upon an event of default described in the Streeterville Note (i.e., the failure to pay amounts under the Streeterville Note when due or to observe any covenant under the Note Purchase Agreement), the outstanding balance of the Streeterville Note automatically increases to the lesser of 18% or the maximum rate permitted by law.

During the six months ended October 31, 2025, the Company entered into agreements with Streeterville, pursuant to which Streeterville exchanged $1,975,000 in aggregate principal and $45,000 in accrued interest owed under the Streeterville Note for 570,626 shares of the Company's Common Stock. The issuance of the shares was made pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act (Note 5). During the six months ended October 31, 2025, the Company repaid in cash, $450,000 in principal on the Streeterville Note. As of the date of this Quarterly Report, the outstanding principal balance of the Streeterville Note has been repaid in full. As a result, the Company wrote off the remaining balance of unamortized OID and debt issuance costs of approximately $264,000.

As of October 31, 2025 and April 30, 2025, accrued interest was approximately $155,000 and $143,000, respectively, and is included in accrued interest expense in the accompanying condensed balance sheets.

**Note 5. Stockholders' Equity**

**Preferred Stock**

The Company authorized 20,000,000 shares of preferred stock, par value $0.001 per share ("Preferred Stock"), of which 10,000 shares have been designated as Series A Convertible Preferred Stock ("Series A Preferred Stock"), 10,000 shares have been designated as Series B Convertible Preferred Stock ("Series B Preferred Stock"), 600,000 shares have been designated as Series C Preferred Stock, and 4,285,714 shares have been designated as Series D Preferred Stock.

**Series C Preferred Stock**

The Series C Preferred Stock was originally issued at $25.00 per share. An amendment to, or waiver of rights in, the Series C Preferred Stock certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C Preferred Stock and FRV (so long as FRV owns at least 71,000 shares of Series C Preferred Stock).

At October 31, 2025 and April 30, 2025, there were 380,440 shares of Series C Preferred Stock outstanding.

Holders of the Series C Preferred Stock are entitled to receive dividends at an annual rate of $1.50 per share of Series C Preferred Stock, shall accrue and are payable out of funds legally available, are payable only when and if declared by the board of directors, and are noncumulative. No dividends have been declared to date. The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock.

Each share of Series C Preferred Stock is convertible, at the option of the holder at any time, into such number of fully paid and non-assessable shares of Common Stock determined by dividing the original issue price of $25.00 by the conversion price for such series in effect at the time of conversion for the Series C Preferred Stock. The conversion price for the Series C Preferred Stock is subject to adjustment in accordance with conversion provisions contained in the Company's certificate of formation, as amended.

At October 31, 2025, the outstanding shares of Series C Preferred Stock were convertible into 288,232 shares of Common Stock at a conversion price of $32.99 per share.

**Series D Preferred Stock**

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On March 10, 2025, the Company entered into a selling agency agreement (the "Placement Agent Agreement") with Digital offering LLC ("Digital Offering") to act as sole placement agent (the "Placement Agent") on a "best efforts" offering of up to 4,285,714 Units, with each Unit consisting of (a) one share of the Company's Series D Preferred Stock and (b) one warrant to purchase one share of the Company's Common Stock, $0.001 par value, for a total of 4,285,714 shares of the Company's Series D Preferred Stock and warrants to purchase up to an aggregate of 4,285,714 shares of Common Stock (collectively, the "Offering"), pursuant to certain subscription agreements with certain investors, upon which each investor must complete a Subscription Agreement and submit the applicable subscription price as set forth therein. The offering price is $3.50 per Unit, for a maximum offering amount of $15.0 million worth of Units. Each warrant is exercisable at any time from the date of issuance through the third anniversary from the date of issuance, unless earlier redeemed and is exercisable to purchase one share of Common Stock at $5.00 per share, subject to customary adjustment.

Pursuant to the Placement Agent Agreement, the Placement Agent will be entitled to receive from each closing of the Offering (i) a cash fee of 7% of the gross proceeds received by the Company from such closing, (ii) warrants (the "Agent Unit Warrants") to purchase 3% of the total number of Units sold by the Company at such closing (the "Agent Units") at an exercise price of $4.375 per Agent Unit Warrant, with each Agent Unit consisting of one share of Series D Preferred Stock (the "Agent Preferred Shares") and one Warrant (the "Agent Warrants" and the shares of Common Stock underlying such Agent Warrants, the "Agent Warrant Shares"), and (iii) reimbursement of certain of its out-of-pocket expenses. Digital Offering is acting on a "reasonable best efforts" basis, in connection with the Offering and is under no obligation to purchase any of the Units or arrange for the sale of any specific number or dollar amount of shares of the Units.

On February 10, 2025, in connection with the Series D Preferred Stock Offering, the Company's Board of Directors adopted a Certificate of Designations of Series D Preferred Stock, which was filed with the Secretary of State of the state of Texas (the "Texas Secretary of State") on May 21, 2025, to create, out of the Company's authorized but unissued preferred stock, the Series D Preferred Stock (the "Certificates of Designations of Series D Preferred Stock"). On May 28, 2025, the Company was notified by the Texas Secretary of State, that the Company's Certificate of Designations was made effective as of the filing date.

The Series D Preferred Stock has an initial stated value of $3.50 per share which is equal to the price per Unit, subject to appropriate adjustment in relation to certain events, such as recapitalizations, stock dividends, stock splits, stock combinations, reclassifications or similar events. The Series D Preferred Stock ranks, as to dividend rights and rights upon the Company's liquidation, dissolution, or winding up, senior to all classes or series of the Company's Common Stock. The terms of the Series D Preferred Stock do not limit the Company's ability to (i) incur indebtedness or (ii) issue additional equity securities that are equal or junior in rank to the shares of the Company's Series D Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up.

Holders of the Series D Preferred Stock are entitled to receive dividends, when, as and if declared by the board of directors, in its sole discretion, out of funds legally available for that purpose. Any dividends that may be declared shall be non-cumulative. No dividends have been declared to date.

The liquidation preference for each share of Series D Preferred Stock is $3.50. Upon a liquidation, dissolution or winding up of the Company, holders of shares of Series D Preferred Stock will be entitled to receive the liquidation preference with respect to their shares.

Each share of Series D Preferred Stock is convertible into one share of Common Stock, at the option of the holder at any time. The conversion rate shall not be adjusted for stock splits, stock dividends, recapitalizations or similar events. At any time after issuance upon the occurrence of any of the following events, the Company shall have a right to direct the mandatory conversion of the Series D Preferred Stock: (a) a change in control, (b) if the price of the Common Stock closes at or above $5.00 per share for 10 consecutive trading days, or (c) if the Company consummates a firm commitment public offering of Common Stock for gross proceeds of at least $15 million at an offering price per share equal to or greater than $5.00.

The Company may not authorize or issue any class or series of equity securities ranking senior to the Series D Preferred Stock as to dividends or distributions upon liquidation (including securities convertible into or exchangeable for any such senior equity securities) or amend the Company's Amended and Restated Certificate of Formation, as amended (whether by merger, consolidation, or otherwise), to materially, and adversely change the terms of the Series D Preferred Stock without the affirmative vote of at least a majority of the votes entitled to be cast on such matter by holders of the Company's outstanding shares of Series D Preferred Stock, voting together as a class. Otherwise, holders of the Company's Series D Preferred Stock do not have any voting rights.

During the six months ended October 31, 2025, the Company issued 1,912,383 Units consisting of Series D Preferred Stock and warrants to purchase shares of Common Stock for gross proceeds of approximately $6.7 million. During the six months ended October 31, 2025, 1,332,544 shares of Series D Preferred Stock converted into 1,332,544 shares of the Company's Common Stock.

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**Common Stock**

The Company's Certificate of Formation, as amended, authorizes 500,000,000 shares of Common Stock, $0.001 par value per share (the "Common Stock"). As of October 31, 2025 and April 30, 2025, the Company had issued 3,071,135 and 1,119,107 shares of Common Stock outstanding, respectively.

During the six months ended October 31, 2025, the Company entered into multiple exchange agreements with Streeterville that exchanged $1,975,000 in aggregate principal and $45,000 of accrued interest of its Streeterville Note for 570,626 shares of the Company's Common Stock. The issuance of the shares was made pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act.

During the six months ended October 31, 2025, the Company issued 1,332,544 shares of Common Stock as a result of conversions of Series D Preferred Stock.

On September 18, 2023, the Company entered into an Equity Distribution Agreement (the "EDA") with Maxim Group LLC as sales agent pursuant to which the Company may offer and sell up to $3.25 million shares of Common Stock under the ATM Facility. The shares may be issued and sold from time to time through or to the placement agent acting as sales agent or principal pursuant to our shelf registration statement on Form S-3 (the "Shelf S-3"), as filed with the SEC on September 18, 2023. The $3.25 million shares comprised of Common Stock that may be offered, issued and sold under the at-the-market offering prospectus is included in the $50.0 million of securities that may be offered, issued, and sold by the Company under the base prospectus of the Shelf S-3. The Shelf S-3 was declared effective by the SEC on September 28, 2023.

On November 9, 2023, the Company entered into Amendment No. 1 to the EDA with Maxim, pursuant to which the Company may sell up to $10.0 million shares of Common Stock from time to time through the sales agent.

On November 17, 2023, the Company entered into Amendment No. 2 to the EDA with Maxim, pursuant to which the Company may sell up to $15.0 million shares of Common Stock from time to time through the sales agent.

On August 3, 2025, the Company entered into Amendment No. 3 to the EDA with Maxim Group pursuant to which the Company may offer and sell, from time to time, up to $25,000,000 of shares of Common Stock and the parties further agreed that Maxim will be entitled to compensation at a commission rate equal to 4.0% of the gross sales price per share sold pursuant to the EDA up to a maximum of $11,036,310 in gross proceeds to the Company, and 3.0% of the gross sales price per share sold pursuant to the EDA from any gross proceeds to the Company in excess of such amount; provided, however, that in no event will the Company issue or sell through the Sales Agent such number of shares of Common Stock that would cause the Company or the offering of its shares of Common Stock to not satisfy the eligibility and transaction requirements for use of Form S-3 (including General Instruction I.B.6 of Form S-3).

During the six months ended October 31, 2025, the Company issued and sold 48,858 shares of Common Stock under the ATM Facility.

The holders of Common Stock are entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors, subject to the rights of holders of Preferred Stock outstanding. No dividends were declared as of or through the six months ended October 31, 2025 and the year ended April 30, 2025.

**Common Stock Warrants**

The Company has issued warrants to investors in connection with funding or for services rendered and these warrants are convertible into a number of shares of the Company's Common Stock for a period of 5 years from the date of issuance.

The following is a summary of warrant activity during the six months ended October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Warrants <br>Outstanding and Exercisable** | **Exercise Price<br>Per Share** | **Weighted Average Strike Price per Share** |
| Balance, April 30, 2025 | 121055 | $0.001-$825.00 | $86.84 |
| Issued | 1925176 | $3.65-$5.00 | $4.99 |
| Cancelled | (793) |  |  |
| Forfeited | (132) |  |  |
| Balance, October 31, 2025 | 2045306 | $0.001-$825.00 | $9.78 |

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During the six months ended October 31, 2025, the Company issued warrants to purchase up to 1,912,383 shares of Common Stock, net of cancelled warrants, at an exercise price of $5.00 per share in connection with the Series D Preferred Stock Offering.

In September 2025, the Company issued warrants to purchase an aggregate amount of 12,000 shares of Common Stock at an exercise price of $3.65 per share as consideration for consulting services.

**Note 6. Stock-based Compensation**

The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Company's stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company.

Time-based grants generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have 10-year contractual terms. The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years.

**2023 Equity Incentive Plan**

On March 15, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (as amended, the "Equity Incentive Plan"). The Company's shareholders approved the Equity Incentive Plan at the Company's 2023 annual shareholder meeting held on January 17, 2024. The Equity Incentive Plan provides for the grant of nonstatutory stock options, incentive stock options, restricted stock, RSUs, performance units, performance shares, and other share-based awards. On November 27, 2023, the Company's Board of Directors approved and entered into Amendment No. 1 to the Equity Incentive Plan to increase the initial number of shares issuable under the Plan from 25,000 shares to 85,000 shares.

On July 9, 2025, the Company's Board of Directors approved an amendment to the Company's 2023 Equity Incentive Plan, to increase the maximum aggregate number of shares of the Company's Common Stock, $0.001 par value per share, that may be issued under the Equity Incentive Plan to 1,000,000 shares of Common Stock, plus such number of shares of Company's Common Stock, which is equal to the lesser of (i) 25% of the total number of shares of all classes of Company's Common Stock and the Company's preferred stock, $0.001 par value per share (the "Preferred Stock"), as converted to Common Stock, outstanding on the last day of each the immediately preceding fiscal year, and (ii) a lesser number of shares of our common stock determined by the Administrator (as defined in the Equity Incentive Plan) (collectively, the "Evergreen Shares")

During the six months ended October 31, 2025, the Company granted 604,000 stock options executive officers, directors, and board advisors. The stock options, which have an average exercise price of $4.36, will expire in 2035.

The following is a summary of service-based stock option activity during the six months ended October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Options<br>Outstanding** | **Weighted<br>Average<br>Exercise<br>Price** | **Average<br>Remaining<br>Contractual<br>Life<br>(in years)** |
| Outstanding - April 30, 2025 | 173659 | $17.00 | 9.5 |
| Granted | 604000 | 4.36 | 9.7 |
| Forfeited | (467) |  |  |
| Outstanding - October 31, 2025 | 777192 | $6.64 | 9.5 |
| Non-vested at October 31, 2025 | 723532 | $4.37 | 9.6 |
| Vested at October 31, 2025 | 53660 | $37.17 | 8.9 |

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The following is a summary of performance-based stock option activity during the six months ended October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Options<br>Outstanding** | **Weighted<br>Average<br>Exercise<br>Price** | **Average<br>Remaining<br>Contractual<br>Life<br>(in years)** |
| Outstanding - April 30, 2025 | 2787 | $320.00 | 5.1 |
| Forfeited | (159) |  |  |
| Outstanding - October 31, 2025 | 2628 | $286.53 | 4.8 |
| Non-vested at October 31, 2025 | 758 | $334.80 | 5.2 |
| Vested at October 31, 2025 | 1870 | $266.97 | 4.8 |

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During the six months ended October 31, 2025, management estimated the fair value of the awards utilizing the Black-Scholes Option Pricing model with the following weighted-average assumptions:

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| | |
|:---|:---|
| Risk free interest rate | 3.9% |
| Volatility | 83% |
| Weighted average expected term (in years) | 5.0 |

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During the six months ended October 31, 2025 and 2024, the Company recognized stock based compensation for stock options of $611,442 and $99,115, respectively.

As of October 31, 2025, there was approximately $1.5 million of unrecognized compensation costs related to non-vested service-based Common Stock options and approximately $0.2 million of unrecognized compensation costs related to non-vested performance-based Common Stock options.

**Restricted Stock Units**

During the six months ended October 31, 2025, the Company granted 125,000 RSUs to executives of the Company which are all unvested at October 31, 2025. The RSUs have a grant date fair value of $0.5 million and will vest upon FDA regulatory approval. No share-based compensation expense related to RSUs was recognized during the six months ended October 31, 2025. There was approximately $0.5 million of unrecognized compensation costs related to non-vested RSUs at October 31, 2025.

**Note 7. Commitments and Contingencies**

**Operating Leases**

The Company has a long-term operating lease for office, industrial, and laboratory space which was entered into in May 2017. On September 27, 2022, the Company entered into the First Amendment to Lease (the "Lease Amendment"), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months, commencing February 1, 2023, and expiring on May 31, 2028 (the "Extension Term"). Pursuant to the amendment, the Company will pay initial monthly payments of $13,129, beginning February 2023, subject to 3% annual increases. Rent expense for the six months ended October 31, 2025 was approximately $70,000.

The Company records right-of-use assets and liabilities at the present value of the fixed lease payments over the term at the commencement date. The Company uses its incremental borrowing rate of 12% to determine the present value of the lease as the rate implicit in the lease is typically not readily available.

Information related to the Company's right-of-use assets and lease liabilities consist of the following:

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| | |
|:---|:---|
|  | **October 31,** |
|  | **2025** |
| Right-of-use assets, net | $321633 |
| Lease liabilities, current | $128977 |
| Lease liabilities, net of current portion | 247263 |
| Total lease liabilities | $376240 |
| Weighted average remaining term (in years) | 2.6 |
| Weighted average discount rate | 12% |

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As of October 31, 2025, future maturities of lease liabilities due under lease agreements for the period ended are as follows:

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| | |
|:---|:---|
| April 30, 2026 | 82763 |
| April 30, 2027 | 169307 |
| April 30, 2028 | 173558 |
| April 30, 2029 | 14493 |
| Total future lease payments | 440121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less imputed interest | (63881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $376240 |

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**Litigation**

From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of business. The Company does not believe that the outcome of those matters will have a material adverse effect to the financial position, operating results or cash flows. However, there can be no assurance such legal proceedings will not have a material impact.

The Company is not aware of any material claims outstanding or pending against the Company as of October 31, 2025.

**Royalty Agreements**

In 2013, the Company entered into an agreement (the "Technology Agreement") with its founder, conveying ownership of all intellectual property and rights to the Company. As part of that agreement, the Company will make royalty payments, based upon paid MyoVista *wav*ECG device unit sales, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)$500 on each of the first 2,400 MyoVista *wav*ECG devices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)$200 on each MyoVista *wav*ECG device thereafter until royalties total $3,500,000.

The royalty obligation has a first priority security interest and pledge on the covered technology (as defined in the Technology Agreement, which essentially is comprised of the intellectual property of the MyoVista *wav*ECG device) in priority to the debt holders of the Loan and Security Agreement as discussed further in Note 4.

Upon (i) the aggregate payment of $3,000,000 of royalties; (ii) the Common Stock having a closing quoted share price of $6,875 per share or more; or (iii) receipt by the Company of a bona fide offer valuing the Common Stock at $6,875 or more, then the secured interest and pledge shall be released.

In the event of a bankruptcy of the Company, any balance of the $3,500,000 royalty not paid at that point would accelerate and become an immediately due debt obligation of the Company with the benefit of the secured interest and pledge (if it remained at such time).

In December 2015, the Company entered into an agreement with The University Court of The University of Glasgow ("Glasgow") for a non-exclusive license of the Glasgow algorithm interpretive analysis for the conventional ECG trace. The agreement was amended in March 2023, and as part of the agreement, the Company is required to make royalty payments, based upon MyoVista *wav*ECG device unit sales dependent on sale volumes per year, subject to minimum annual fees. To date, such amounts have been expensed to research and development as the Glasgow algorithm has been part of the device development and will form part of the submission for FDA clearance of the MyoVista *wav*ECG device.

**Collaboration Agreements**

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*Rutgers Collaboration Agreement*

On November 29, 2022, the Company entered into a multi-year Collaboration Agreement with Rutgers, The State University of New Jersey, to develop AI-ECG algorithms for new or improved ECG indications, which is expected to accelerate our product development pipeline and further expand the clinical value of an ECG for low-cost detection of heart disease.

*Mount Sinai Collaboration Agreement*

On September 20, 2023, the Company entered into multiple definitive license agreements (each a "License Agreement" and collectively, the "License Agreements") with Mount Sinai to commercialize a range of AI cardiovascular algorithms developed by Mount Sinai as well as a memorandum of understanding for ongoing cooperation encompassing de-identified data access, on-going research, and the evaluation of the MyoVista *wav*ECG. The License Agreements, of which there are eleven in total, cover rights to thirteen AI cardiovascular algorithms, two data science methods for use with ECG waveforms and three filed patents.

**Note 8 - Segment Information**

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. The Company has determined that its CODM is its Chief Executive Officer.

Management and the CODM view the Company's operations and manage its business in one operating segment, which is the business of identifying, developing and commercializing products and AI-ECG solutions in the cardiovascular diagnostic technology field. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The Company's CODM reviews and evaluates the total net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The following table summarizes the segment's financial information including the Company's significant segment expenses:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended October 31,** | **Three months ended October 31,** | **Six months ended October 31,** | **Six months ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Gross Margin | $1411 | $- | $2551 | $- |
| Segment operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Clinical and regulatory | 202423 | 168111 | 393319 | 379380 |
| &nbsp;&nbsp;Research and development | 477838 | 980125 | 1242641 | 1953836 |
| &nbsp;&nbsp;Operations | 46765 | 50729 | 88272 | 90680 |
| &nbsp;&nbsp;Sales and marketing | 192772 | 97081 | 279714 | 196172 |
| &nbsp;&nbsp;General and administrative | 1155016 | 688987 | 1946127 | 1440632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (2073403) | (1985033) | (3947522) | (4060700) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (279534) | (117598) | (463222) | (140124) |
| &nbsp;&nbsp;Other income | 2168 | 19713 | 4981 | 66217 |
| Total other income (expense), net | (277366) | (97885) | (458241) | (73907) |
| Net loss | $(2350769) | $(2082918) | $(4405763) | $(4134607) |

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**Note 9. Subsequent Events**

Management has evaluated subsequent events after the balance sheet date of October 31, 2025, through the date of filing.

*Amendment No. 3 to the Company's Equity Incentive Plan*

Effective as of November 28, 2025, the Company's Board of Directors approved an amendment to the Equity Incentive Plan to increase the maximum aggregate number of shares of the Company's Common Stock, that may be issued under the Plan to 1,250,000 shares of Common Stock (the "Plan Amendment"). The number of shares of Common Stock available for issuance under the Plan will be subject to automatic increase on the first day of each fiscal year of the Company beginning with fiscal year beginning May 1, 2026,

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so that the number of shares of Common Stock available for issuance under the Plan is equal to the lesser of: (i) 25% of the total number of shares of all classes of Common Stock and preferred stock of the Company as converted to Common Stock outstanding on the last day of the immediately preceding fiscal year, and (ii) a lesser number of shares of Common Stock determined by the Administrator (as defined in the Equity Incentive Plan). The Plan Amendment is subject to the Company's receipt of shareholder approval of the Plan Amendment and shall be considered and voted upon the shareholders of the Company at the Company's next annual meeting of shareholders.

*RSUs and Restricted Share Awards*

Effective as of November 28, 2025, the Board approved the grant of the restricted shares of Common Stock and RSU awards to certain of the Company's executive officers, non-employee directors and employees (collectively, the "Equity Awards") under the Equity Incentive Plan, giving effect to the Plan Amendment. The vesting of such restricted shares and the settlement of the RSUs are subject to certain conditions. Mr. Simpson, the Company's current Chief Executive Officer and Chairman of the Board of Directors, received 70,000 restricted shares of Common Stock, Mark Hilz, the Company's Chief Operating Officer, Secretary and Director, will receive 45,000 RSUs, and Danielle Watson, the Company's Chief Financial Officer, will receive 15,000 RSUs, and each of the Company's non-employee directors will receive 15,000 RSUs.

The restricted shares granted to Mr. Simpson shall vest in full subject to the satisfaction of all of the following conditions with respect to the applicable portion of the shares: (i) approval of any amendment or modification to or restatement of the Equity Incentive Plan, which, among other things, contemplates this award; and (ii)(x) 1/3<sup>rd</sup> of these shares shall vest on the one-year anniversary of the grant date (the "Initial Vesting Date") and (y) thereafter, 1/12<sup>th</sup> of these shares shall vest on each subsequent quarterly anniversary of the Initial Vesting Date (each an "Additional Vesting Date" and together with the Initial Vesting Date, the "Vesting Dates"), such that all of these shares shall fully vest on the three year anniversary of the grant date. In the event of a Change of Control, 100% of the shares shall vest immediately before the consummation of such event.

The RSUs granted to Mr. Hilz and Ms. Watson shall be settled promptly after the date on which all of the following conditions are satisfied with respect to the applicable portion of such RSUs: (i) approval of any amendment or modification to or restatement of the Plan, which, among other things, contemplates the award of the applicable RSUs; and (ii)(x) 1/3<sup>rd</sup> of these RSUs shall vest on the Initial Vesting Date and (y) thereafter, 1/12<sup>th</sup> of these RSUs shall vest on each subsequent quarterly anniversary of the Initial Vesting Date, such that all of these RSUs shall fully vest on the three year anniversary of the grant date. In the event of a Change of Control, 100% of the RSUs shall vest immediately before the consummation of such event.

The RSUs granted to each non-employee Director shall be settled promptly after the date on which all of the following conditions are satisfied with respect to the applicable portion of such RSUs: (i) approval of any amendment or modification to or restatement of the Plan, which, among other things, contemplates the award of these RSUs; and (ii) 1/2 of these RSUs shall vest on the Initial Vesting Date and (ii) thereafter, 1/8<sup>th</sup> of these RSUs shall vest on each subsequent quarterly anniversary of the Initial Vesting Date (each a "Director Vesting Date" and together with the Initial Vesting Date, the "Director Vesting Dates"), such that all of these shares shall fully vest on the two-year anniversary of the grant date. In the event of a Change of Control, 100% of such RSUs shall vest immediately before the consummation of such event.

In addition, all of the equity awards described above shall immediately vest if the Company achieves $250,000 or more of revenue in any fiscal quarter ending following grant of awards.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods indicated. The discussion should be read in conjunction with our unaudited financial statements and the notes presented herein included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes set forth in our 2025 Annual Report on Form 10-K. The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in "Cautionary Note Regarding Forward-Looking Statements" and under "Risk Factors" as identified under Part 1, Item 1A of our 2025 Annual Report on Form 10-K.* 

**Overview** 

HeartSciences is a healthcare information technology company focused on advancing electrocardiography ("ECG" or "EKG") through artificial intelligence ("AI"). The Company has developed MyoVista Insights™, a cloud-native, vendor- and device-agnostic ECG management platform designed to improve workflow efficiency, streamline data management, and support the deployment of third-party AI-ECG algorithms. MyoVista Insights is classified as a Medical Device Data System ("MDDS") and is exempt from U.S. Food and Drug Administration ("FDA") 510(k) requirements. HeartSciences has also developed the MyoVista® *wav*ECG™ device, which provides conventional ECG functionality and is designed to host AI-ECG algorithms. The Company submitted the MyoVista *wav*ECG device to the FDA for 510(k) premarket clearance in December 2025 and has licensed or developed additional AI-ECG algorithms that may be submitted for regulatory clearance in the future.

Version 1 of the MyoVista Insights platform was launched in May 2025 and subsequently updated with Version 1.1. The platform is designed to streamline ECG study organization, enhance waveform analysis, and simplify clinical workflows, enabling more efficient interpretation of ECG data. The Company expects to generate revenues from installation fees, software-as-a-service ("SaaS") usage fees, and fees associated with AI-ECG algorithms made available through the platform's AI-ECG marketplace.

The future success of the MyoVista® *wav*ECG™ device is dependent on obtaining FDA clearance and the integration of an impaired cardiac relaxation (e') AI-ECG algorithm under development. Following the publication of updated American Society of Echocardiography ("ASE") guidelines for the assessment of Left Ventricular Diastolic Dysfunction ("LVDD"), including revised age-based thresholds for cardiac relaxation (e'), the Company elected to separate the FDA submissions for the MyoVista *wav*ECG device and the impaired cardiac relaxation algorithm. Additional development and validation will be required for the impaired cardiac relaxation algorithm to align with the updated clinical standards.

The Company will require additional funding to support working capital, continued development and commercialization of MyoVista Insights, and regulatory clearance of the MyoVista *wav*ECG device and the impaired cardiac relaxation AI-ECG algorithm.

MyoVista Insights is classified as a Medical Device Data System ("MDDS") and is exempt from U.S. Food and Drug Administration ("FDA") 510(k) premarket clearance requirements. In contrast, the MyoVista® *wav*ECG™ device and related AI-ECG algorithms are regulated as Class II medical devices and are subject to FDA premarket review, generally through the 510(k) premarket notification process or, in certain cases, the De Novo classification process. In December 2025, the Company submitted the MyoVista *wav*ECG device to the FDA for 510(k) premarket clearance.

Following the publication of updated guidelines by the American Society of Echocardiography ("ASE") for the assessment of Left Ventricular Diastolic Dysfunction ("LVDD"), including revised age-based thresholds for cardiac relaxation (e'), the Company determined that additional development and validation will be required for its impaired cardiac relaxation AI-ECG algorithm to align with the updated clinical standards

**Recent Developments** 

*Going Concern*

On July 24, 2025, our independent registered public accounting firm issued an opinion on our audited financial statements, included in our Annual Report on Form 10-K for the year ended April 30, 2025, that contained an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern because we have experienced recurring losses, negative cash flows from operations, and limited capital resources.

*Compliance with Nasdaq Listing Requirements*

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On March 19, 2025, we received a letter from Nasdaq stating that we were not in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market, under Listing Rule 5550(b)(1) (the "Minimum Stockholders' Equity Requirement"), because our stockholders' equity of $1,786,689 as reported in our Quarterly Report on Form 10-Q for the period ending January 31, 2025, was below the required minimum of $2.5 million, and because, as of January 31, 2025, we did not meet the alternative compliance standards, relating to the market value of listed securities of $25 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or two of the last three most recently completed fiscal years.

On May 5, 2025, we submitted to Nasdaq a plan to regain compliance with the Minimum Stockholders' Equity Requirement. On May 14, 2025, Nasdaq notified us that they granted us an extension of up to 180 calendar days from March 19, 2025, or through September 15, 2025, to regain compliance.

On September 16, 2025, we received a letter from Nasdaq informing the Company that the Nasdaq Listing Qualifications staff has confirmed that the Company has regained compliance with the Minimum Stockholders' Equity Requirement, and that the Company is therefore in compliance with Nasdaq's listing requirements. The Company's Common Stock and public warrants continue to be listed on Nasdaq.

*Patents*

In June 2025, we were granted a foundational patent from the USPTO covering the estimation of echocardiography parameters indicative of heart function using an ECG.

*FDA Breakthrough Device Designation*

In June 2025, we were granted "Breakthrough Device" designation by the FDA for our aortic stenosis ECG algorithm.

*Streeterville Note Purchase Agreement and Promissory Note*

In September 2024, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement"), with Streeterville Capital, LLC, an accredited investor ("Streeterville"), pursuant to which the Company issued to Streeterville an unsecured note in the original principal amount of $2,510,000 (the "Streeterville Note"). The Streeterville Note carried an OID of $500,000, and $10,000 was reimbursement for Streeterville's transaction expenses. Additionally, the Company incurred debt financing costs of $159,700. As a result, the Company received aggregate net proceeds of approximately $1.9 million in connection with the issuance of the Streeterville Note. As of the date of this Quarterly Report, the Company and Streeterville has exchanged $2,060,000 in aggregate principal and $45,000 in accrued interest for 597,578 shares of the Company's Common Stock and the Company has repaid in cash $450,000 of principal. The issuance of the shares were made pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act.

*Series D Preferred Stock Offering and Certificate of Designations of Series D Preferred Stock*

On March 10, 2025, the Company entered into a selling agency agreement (the "Placement Agent Agreement") with Digital Offering LLC ("Digital Offering") to act as sole placement agent (the "Placement Agent") on a "best efforts" offering of up to 4,285,714 Units, with each Unit consisting of (a) one share of our Series D Convertible Preferred Stock (the "Series D Preferred Stock") and (b) one warrant to purchase one share of our Common Stock, $0.001 par value, for a total of 4,285,714 shares of our Series D Preferred Stock and warrants to purchase up to an aggregate of 4,285,714 shares of our Common Stock (collectively, the "Offering"), pursuant to certain subscription agreements with certain investors, upon which each investor must complete a Subscription Agreement and submit the applicable subscription price as set forth therein. The offering price is $3.50 per Unit, for a maximum offering amount of $15.0 million worth of Units. Each warrant is exercisable at any time from the date of issuance through the third anniversary from the date of issuance, unless earlier redeemed, and is exercisable to purchase one share of Common Stock at $5.00 per share, subject to customary adjustment.

Pursuant to the Placement Agent Agreement, the Placement Agent will be entitled to receive from each closing of the Offering (i) a cash fee of 7% of the gross proceeds received by the Company from such closing, (ii) warrants (the "Agent Unit Warrants") to purchase 3% of the total number of Units sold by the Company at such closing (the "Agent Units") at an exercise price of $4.375 per Agent Unit Warrant, with each Agent Unit consisting of one share of Series D Preferred Stock (the "Agent Preferred Shares") and one Warrant (the "Agent Warrants" and the shares of Common Stock underlying such Agent Warrants, the "Agent Warrant Shares"), and (iii) reimbursement of certain of its out-of-pocket expenses. Digital Offering is acting on a "reasonable best efforts" basis, in connection with the Offering and is under no obligation to purchase any of the Units or arrange for the sale of any specific number or dollar amount of shares of the Units.

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The Company refers to the offering therein as the "Series D Preferred Stock Offering". On February 10, 2025, in connection with the Series D Preferred Stock Offering, the Company's board of directors adopted a Certificate of Designations of Series D Preferred Stock to be filed with the Secretary of State of the State of Texas (the "TX Secretary") to create, out of the Company's authorized but unissued preferred stock, the Series D Preferred Stock. The Company filed the Certificate of Designations of Series D Preferred Stock with the TX Secretary on May 21, 2025.

As of the date of this Quarterly Report, we have issued 1,912,383 Units consisting of shares of Series D Preferred Stock and Warrants to purchase shares of Common Stock for gross proceeds of approximately $6.7 million. As of the date of this Quarterly Report, no Agent Units have been issued and 1,332,544 shares of Series D Preferred Stock have been converted into 1,332,544 shares of Common Stock.

*Amendment No. 3 to the Equity Distribution Agreement*

On August 3, 2025, the Company entered into Amendment No. 3 to the Original EDA (the "Third Amended EDA" and, collectively with the Amendments to the EDA, the "EDA") with Maxim Group pursuant to which the Company may offer and sell, from time to time, up to $25,000,000 of shares of Common Stock and the parties further agreed that Maxim will be entitled to compensation at a commission rate equal to 4.0% of the gross sales price per share sold pursuant to the EDA up to a maximum of $11,036,310 in gross proceeds to the Company, and 3.0% of the gross sales price per share sold pursuant to the EDA from any gross proceeds to the Company in excess of such amount; provided, however, that in no event will the Company issue or sell through the Sales Agent such number of shares of Common Stock that would cause the Company or the offering of its shares of Common Stock to not satisfy the eligibility and transaction requirements for use of Form S-3 (including General Instruction I.B.6 of Form S-3). Pursuant to General Instruction I.B.6 of Form S-3, in no event will the Company sell the shelf securities in a public primary offering with a value exceeding more than one-third of the aggregate market value of the Company's voting and non-voting ordinary shares held by non-affiliates in any 12-month period as long as the aggregate market value of the Company's outstanding ordinary shares held by non-affiliates is less than $75 million. During the 12 calendar months prior to, the Company has not sold any shares of Common Stock pursuant to General Instruction I.B.6 of Form S-3.

**Results of Operations**

*Revenues* 

Revenues, which have been minimal to date, consist mainly of sales of devices, electrodes and other supplies in the establishment of distributor relationships outside the U.S. during the approval, development and improvement of the MyoVista *wav*ECG.

*Cost of Sales* 

Cost of sales consists primarily of costs related to materials, components and subassemblies. Cost of sales also includes certain direct costs such as those incurred for shipping and freight.

**Operating Expenses** 

Our operating expenses have consisted solely of R&D expenses and selling, general and administrative expenses.

*Research and Development Expenses* 

Our R&D activities primarily consist of clinical, regulatory, engineering and research work associated with our MyoVista *wav*ECG device and MyoVista Insights platform. R&D expenses include payroll and personnel-related costs for our R&D, clinical and regulatory personnel, including expenses related to stock-based compensation for such employees, consulting services, clinical trial expenses, regulatory expenses, prototyping and testing. R&D expenses also include costs attributable to clinical trial expenses including clinical trial design, site development and study costs, data, related travel expenses, the cost of products used for clinical activities, internal and external costs associated with regulatory compliance and patent costs. We have expensed R&D costs as they have been incurred.

*Selling, General and Administrative Expenses* 

Our selling, general and administrative expenses consist of payroll and personnel-related costs for field support personnel, business development, consulting, stock-based compensation, and for administrative personnel that support our general operations such as executive management and financial accounting. Selling, general and administrative expenses also include costs attributable to professional fees for legal and accounting services, premises costs, IT, insurance, consulting, recruiting fees, travel expenses and depreciation.

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*Interest Expense* 

Interest expense relates to our outstanding debt and related amortization of debt discount and deferred offering costs.

*Other Income (Expense), Net* 

Other income (expense), net primarily consists of interest earned on cash balances.

The following table summarizes our results of operations for the periods presented on our statement of operations data.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended October 31,** | **Three months ended October 31,** |  |  | **Six months ended October 31,** | **Six months ended October 31,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
|  | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** | **(In thousands, except percentages, unaudited)** |
| Revenue | $2 | $— | $2 | —% | $4 | $— | $4 | —% |
| Cost of sales | 1 |  | 1 | —% | 2 |  | 2 | —% |
| Gross margin | 1 |  | 1 | —% | 2 |  | 2 | —% |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 727 | 1199 | (472) | (39)% | 1724 | 2424 | (700) | (29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 1348 | 786 | 562 | 71% | 2226 | 1637 | 589 | 36% |
| Total operating expenses | 2075 | 1985 | 90 |  | 3950 | 4061 | (111) | (3)% |
| Loss from operations | (2073) | (1985) | (88) |  | (3948) | (4061) | 113 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (280) | (118) | (162) | 137% | (463) | (140) | (323) | 231% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 2 | 20 | (18) | (89)% | 5 | 66 | (61) | (92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (277) | (98) | (179) | 183% | (458) | (74) | (384) | 519% |
| Net loss | $(2351) | $(2083) | $(268) | 13% | $(4406) | $(4135) | $(271) | 7% |

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*Summary of Statements of Operations for the three and six months ended October 31, 2025 compared with the three and six months ended October 31, 2024:*

Revenues were $2,000 and $4,000, and cost of sales were $1,000 and $2,000 for the three and six months ended October 31, 2025 and there were no revenues for the three and six months ended October 31, 2024. Our revenues in the fiscal years have been mainly generated from suppliers in the establishment of distributor relationships outside the United States as part of obtaining feedback during product development and improvement of the MyoVista *wav*ECG.

Research and development expenses were $0.7 million and $1.7 million for the three and six months ended October 31, 2025, representing a decrease of $473,000, or 39%, and a decrease of $0.7 million, or 29%, when compared to the same periods in 2024. The decrease is primarily due to reduced cloud consulting costs as we have completed phase 1 of our MyoVista Insights platform and lower costs due to capitalization of software costs associated with the MyoVista Insights platform.

Selling, general, and administrative expenses were approximately $1.3 million and $2.2 million for the three and six months ended October 31, 2025, representing an increase of $562,000, or 71%, and an increase of $589,000, or 36%, when compared to the same periods in 2024. The increase is primarily due to approximately $484,000 increase in stock compensation expense and $70,000 in compensation expense related to personnel and hiring expenses during the quarter ended October 31, 2025, offset by reductions in marketing costs, professional fees related to the Reverse Stock Split, and patent costs in an aggregate amount of approximately $91,000.

Interest expense was $280,000 and $463,000 for the three and six months ended October 31, 2025, representing an increase of $162,000, or 137%, and an increase of $323,000, or 231%, when compared to the same periods in 2024. Interest expense in Fiscal 2025 is related to interest on the FRV Note and interest and debt service amortization on the Streeterville Note. During the quarter ended October 31, 2025, the outstanding principal balance of the Streeterville Note has been repaid in full and as a result, the Company wrote off the remaining balance of unamortized OID and debt issuance costs of approximately $264,000 to interest expense.

Other income of $2,000 and $5,000 during the three and six months ended October 31, 2025 is related to interest earned on our cash balances.

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**Liquidity, Capital Resources, and Going Concern Considerations**

We have incurred losses each year since inception and have experienced negative cash flows from operations in each year since inception. We incurred a net loss of $4.4 million for the period ended October 31, 2025. As of October 31, 2025, we had an accumulated deficit of $80.5 million and stockholder's equity of $4.2 million and working capital of $2.2 million.

Based on our current business plan assumptions and expected cash burn rate, we believe that the existing cash is insufficient to fund operations for the next twelve months following the issuance of these financial statements. These factors raise substantial doubt regarding our ability to continue as a going concern.

On March 10, 2025, the Company commenced an offering on a "best efforts" basis for a maximum of up to 4,285,714 Units. Each Unit (each a "Unit" and collectively the "Units") consists of one (1) share of Series D Convertible Preferred Stock, par value $0.001 per share (the "Series D Preferred Stock"), and one (1) warrant the ("Warrants"), each to purchase one (1) share of the Company's Common Stock. The Units will be sold at an offering price of $3.50 per Unit, for a maximum offering amount of $15.0 million worth of units. During the six months ended October 31, 2025, the Company issued 1,912,383 Units for gross proceeds of approximately $6.7 million. There was approximately $8.3 million available for issuance as of the financial statement issuance date. We expect any proceeds received from the offering will be used for working capital and general corporate purposes.

In September 2023, the Company entered into an Equity Distribution Agreement ("EDA") with an institutional investor, pursuant to which the Company may offer and sell an aggregate of up to $3.25 million of its shares of Common Stock in At-the-Market offerings ("ATM Facility"). In November 2023, the EDA was further amended increasing the aggregate amount of Common Stock that may be sold under the ATM Facility to up to $15.0 million, and further amended again in August 2025, increasing the aggregate amount of Common Stock that may be sold under the ATM Facility from to up to $25.0 million. The Company is eligible to sell up to $14.7 million worth of shares of Common Stock as the aggregate market value of the Company's shares of Common Stock eligible for sale under the EDA is subject to limitations of General Instruction I.B.6 of Form S-3 until such time that the Company's public float equals or exceeds $75.0 million. In the event the aggregate market value of the Company's outstanding Common Stock held by non-affiliates equals or exceeds $75.0 million, then the one-third limitation on sales set forth in General Instruction I.B.6 of Form S-3 shall not apply to additional sales made pursuant to the EDA. During the six months ended October 31, 2025, the Company issued and sold 48,858 shares under the ATM Facility for net proceeds of approximately $0.2 million. There was approximately $4.2 million available for issuance as of the financial statement issuance date. We expect any proceeds received from the ATM Facility will be used for working capital and general corporate purposes.

In March 2023, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") providing for the purchase, from time to time at the Company's discretion, of up to $15.0 million of the Company's Common Stock, over the thirty-six (36) month term of the purchase agreement ("Equity Line"). There were no shares issued under the equity line during the six months ended October 31, 2025. As of the date of this Quarterly Report, the Company has issued and sold an aggregate 253,617 shares of Common Stock, including 1,625 commitment shares, under the Equity Line receiving gross proceeds of approximately $2.2 million and there was approximately $12.8 million available for issuance under the Equity Line. We expect any proceeds received from the Equity Line will be used for working capital and general corporate purposes.

Our cash requirements are, and will continue to be, dependent upon a variety of factors. We expect to continue devoting significant capital resources to R&D, clinical studies and go-to-market strategies. We will need to continue to raise capital through the sale of additional equity securities, debt, or capital inflows from strategic partnerships, however we can provide no assurance that that we will be able to consummate the sale of any such securities or strategic relationships will be available on terms acceptable to us, if at all.

Since our inception, we have raised capital through the public and private sale of debt and equity. As of October 31, 2025, we had cash and cash equivalents balance of approximately $2.0 million, an increase of $0.9 million from $1.1 million as of April 30, 2025.

The table below presents our cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Six months ended October 31,** | **Six months ended October 31,** |
| **U.S. dollars, in thousands** | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Net cash used in operating activities | $(4288) | $(4202) |
| Net cash used in investing activities | $(17) | $(7) |
| Net cash provided by financing activities | $5157 | $2453 |
| Net change in cash and cash equivalents during the period | $853 | $(1756) |

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*Operating Activities* 

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Net cash used by our operating activities of $4.3 million during the six months ended October 31, 2025 is primarily due to our net loss of $4.4 million, plus $1.1 million in non-cash expenses less $961,000 of net changes in operating assets and liabilities.

Net cash used by our operating activities of $4.2 million during the six months ended October 31, 2024 is primarily due to our net loss of $4.1 million, plus $243,000 in non-cash expenses less $311,000 of net changes in operating assets and liabilities.

*Financing Activities* 

Net cash provided by financing activities of $5.2 million during the six months ended October 31, 2025 is primarily from the issuance of Series D Preferred Stock and warrants.

Net cash provided by financing activities of $2.4 million during the six months ended October 31, 2024 is primarily from the issuance of Common Stock under the Equity Line, ATM Facility, and net proceeds from the Streeterville Note.

**Critical Accounting Policies and Estimates** 

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our 2025 Annual Report on Form 10-K.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

Not required to be provided by a smaller reporting company.

**Item 4. Controls and Procedures.**

*Disclosure Controls and Procedures*

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the SEC. The Company's disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. Based upon the most recent evaluation of internal controls over financial reporting, our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer) determined that our disclosure controls and procedures were not effective as of October 31, 2025 as a result of identified material weaknesses in our internal control over financial reporting. The identified material weaknesses were as follows: (i) lack of proper approval processes and review processes and documentation for such reviews; (ii) we did not maintain sufficient U.S. GAAP and SEC accounting resources commensurate with those required of a public company; and (iii) insufficient number of staff to maintain optimal segregation of duties and levels of oversight. We have taken and continue to take remedial steps to improve our internal controls over financial reporting, which includes designing and implementing effective processes and controls over significant accounts and disclosure, and the preparation of account reconciliations and review of journal entries. Our Chief Financial Officer frequently attends continuing education for updates on accounting policies and procedures. We cannot assure you that these measures will significantly improve or remediate the material weaknesses described above. Management is monitoring the effectiveness of these and other processes, procedures and controls and will make any further changes deemed appropriate. We are committed to ensuring that our internal controls over financial reporting are designed and operating effectively. Management believes the foregoing actions will effectively remediate the material weaknesses, however, our material weaknesses will not be considered remediated until controls are in place for a period of time, the controls are tested, and management concludes that the controls are properly designed and operating effectively.

*Changes in Internal Control Over Financial Reporting*

Except as described above with respect to the remediation steps we are taking, there have been no changes in our internal control over financial reporting during the quarter ended October 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

*CEO and CFO Certifications*

Exhibits 31.1 and 31.2 to this Quarterly Report are the Certifications of our Chief Executive Officer and Chief Financial Officer, respectively. These Certifications are required in accordance with Section 302 of the Sarbanes-Oxley Act (the "Section 302 Certifications"). This Item 4 of this Quarterly Report, which you are currently reading, is the information concerning the evaluation

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referred to above and in the Section 302 Certifications and this information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

There are no actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company, threatened against or affecting the Company, our Common Stock, any of our officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect on the Company.

**Item 1A. Risk Factors.**

We operate in a rapidly changing environment that involves a number of risks, which could materially affect our business, financial condition or future results, some of which are beyond our control. In addition to the other information set forth in this Quarterly Report on Form 10-Q, the risks and uncertainties that we believe are most important for you to consider are discussed in Part I-Item 1A under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended April 30, 2025 (the "Annual Report"). During the six months ended October 31, 2025, there were no material changes to the risk factors that were disclosed in our Annual Report except as noted below.

**Risks Related to the Ownership of our Securities**

***Future sales and issuances of our Common Stock or rights to purchase our Common Stock, including pursuant to our Equity Incentive Plan and other equity securities could result in dilution of the percentage ownership of our stockholders and could cause our stock price to fall.*** 

We expect that significant additional capital may be needed in the future to continue our planned operations, including conducting clinical trials, commercialization efforts, expanded R&D activities and costs associated with operating a public company. To raise capital, we may sell Common Stock or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell Common Stock or other equity securities, investors may be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights, preferences and privileges senior to the holders of our Common Stock. As of December 12, 2025, there were 3,178,507 shares of our Common Stock outstanding. In addition, as of December 12, 2025 there were 380,440 shares of Series C Preferred Stock outstanding that, as of such date, were convertible into 290,919 shares of Common Stock, 542,467 shares of Series D Preferred Stock outstanding that, as of such date, were convertible into 542,467 shares of Common Stock and options, restricted stock units, and warrants exercisable for 2,922,204 shares of our Common Stock, of which 775,000 are reserved for issuance under the Plan, as amended and are subject to shareholder approval.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

In September 2025, we issued warrants to purchase an aggregate amount of 12,000 shares of our Common Stock at an exercise price of $3.65 per share as consideration for consulting services.

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

Not applicable.

------

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 1.1 | [<u>Underwriting Agreement dated June 15, 2022 by and between the Company and The Benchmark Company, LLC (incorporated by reference to Exhibit 1.1 to our Current Report on Form 8-K filed on June 15, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522174671/d355494dex11.htm) |
| 1.2 | [<u>Equity Distribution Agreement, dated as of September 18, 2023 by and between the Company and Maxim Group LLC (incorporated by reference to Exhibit 1.2 to our Registration Statement on Form S-3, filed with the SEC on September 18, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312523236506/d431930dex12.htm) |
| 1.3 | [<u>Amendment No. 1 to Equity Distribution Agreement dated November 9, 2023 between the Company and Maxim Group LLC (incorporated by referred to Exhibit 1.1 to our Current Report on Form 8-K filed with the SEC on November 13, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023085393/ea187969ex1-2_hearttest.htm) |
| 1.4 | [<u>Amendment No. 2 to Equity Distribution Agreement dated November 17, 2023 between the Company and Maxim Group LLC (filed as Exhibit 1.3 on our Current Report on Form 8-K filed with the SEC on November 17, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023088345/ea188483ex1-3_hearttest.htm) |
| 1.5 | [<u>Amendment No. 3 to Equity Distribution Agreement dated August 3, 2025 between the Company and Maxim Group LLC (filed as Exhibit 1.4 on our Current Report on Form 8-K filed with the SEC on August 4, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025070889/ea025148801ex1-4_heart.htm) |
| 1.6 | [<u>Engagement Agreement, dated as of October 17, 2024, by and between the Company and Digital Offering, LLC (incorporated by reference to Exhibit 1.1 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025012899/ea023072301ex1-1_heart.htm) |
| 1.7 | [<u>Form of Selling Agency Agreement with Digital Offering, by and between the Company and Digital Offering, LLC (incorporated by reference to Exhibit 1.2 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025018955/ea023253301ex1-2_heart.htm) |
| 1.8 | [<u>First Amendment to Selling Agency Agreement with Digital Offering, by and between the Company and Digital Offering, LLC dated March 10, 2025 (filed as Exhibit 56 to our Quarterly Report on Form 10-Q, filed with the SEC on March 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017025038699/hscs-ex10_56.htm) |
| 3.1 | [<u>Amended and Restated Certificate of Formation of the Company (incorporated by reference to Exhibit 3.1 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex31.htm) |
| 3.2 | [<u>Certificate of Designations, Number, Voting Power, Preferences and Rights of Series C Convertible Preferred Stock of the Company (incorporated by reference to Exhibit 3.2 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex32.htm) |
| 3.3 | [<u>Third Amended and Restated Bylaws of the Company</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025060467/ea024785501ex3-1_heart.htm) |
| 3.4 | [<u>Form of Certificate of Amendment to Amended and Restated Certificate of Formation of the Company (incorporated by reference to Exhibit 3.4 to Amendment No. 1 to our Registration Statement on Form S-1 filed June 6, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522167822/d271308dex34.htm) |
| 3.5 | [<u>Certificate of Amendment to Amended and Restated Certificate of Formation of the Company as amended (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 23, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522180207/d333562dex31.htm) |
| 3.6 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Formation, dated as of May 6, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed May 6, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390024041736/ea020577601ex3-1_heart.htm) |
| 3.7 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Formation of the Company, dated as of October 10, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed October 18, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390024088995/ea021806101ex3-1_heart.htm) |
| 3.8 | [<u>Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock of the Company (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed May 28, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017025078404/hscs-ex4_1.htm) |
| 4.1 | [<u>Form of Registration Rights Agreement by and between the Company and Buyers listed as signatories thereto, dated December 22, 2021 (incorporated by reference to Exhibit 4.2 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex42.htm) |
| 4.2 | [<u>Form of Registration Rights Agreement by and among the Company and the parties listed as signatories thereto related to the Series C Preferred Stock (incorporated by reference to Exhibit 4.3 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex43.htm) |
| 4.3 | [<u>Form of Bridge Warrant (incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex44.htm) |
| 4.4 | [<u>Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.5 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex45.htm) |
| 4.5 | [<u>Form of $1M Lender Warrant and $1.5M Lender Warrant (incorporated by reference to Exhibit 4.6 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex46.htm) |
| 4.6 | [<u>Form of Investor Warrant (incorporated by reference to Exhibit 4.7 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex47.htm) |
| 4.7 | [<u>Representative's Warrant Agreement issued June 17, 2022 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed June 23, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522180207/d333562dex41.htm) |
| 4.8 | [<u>Warrant Agent Agreement dated June 17, 2022 between the Company and American Stock Transfer & Trust Company, LLC (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed June 23, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522180207/d333562dex42.htm) |
| 4.9 | [<u>Form of Certificated Warrant (incorporated by reference to Exhibit 4.10 to Amendment No. 2 to our Registration Statement on Form S-1 filed June 10, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522171788/d271308dex410.htm) |

---

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4.10 [<u>Amendment No. 1 to Bridge Warrants dated September 8, 2022 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on September 9, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017022018272/hscs-ex4_1.htm)

4.11 [<u>Form of Amendment No. 2 to Bridge Warrants dated February 3, 2023 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on February 3, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023001791/hscs-ex4_1.htm)

4.12 [<u>Form of Amended and Restated Warrant to Purchase Common Stock, as amended through February 3, 2023 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on February 22, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023003775/hscs-ex4_1.htm)

4.13 [<u>Form of Pre-Funded Warrant, issued pursuant to Amendment No. 2 to Warrants to Purchase Common Stock (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K/A, filed with the SEC on March 14, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023007637/hscs-ex4_2.htm)

4.14 [<u>Form of Warrant to Purchase Common Stock dated September 7, 2023 (incorporated by reference to Exhibit 4.1 our Current Report on Form 8-K, filed with the SEC on September 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023047034/hscs-ex4_1.htm)

4.15 [<u>Form of Pre-Funded Purchase Warrant dated as of September 20, 2023 (incorporated by reference to Exhibit 4.1 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex4_1.htm)

4.16 [<u>Form of Common Stock Warrant dated September 20, 2023 (incorporated by reference to Exhibit 4.2 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex4_2.htm)

4.17 [<u>Form of Common Warrant (incorporated by reference to Exhibit 3.17 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025018955/ea023253301ex3-17_heart.htm)

4.18 [<u>Form of Selling Agent's Warrant (incorporated by reference to Exhibit 3.18 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025018955/ea023253301ex3-18_heart.htm)

4.19 [<u>Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025018955/ea023253301ex4-1_heart.htm)

4.20 [<u>Form of Escrow Agreement (incorporated by reference to Exhibit 8.1 to our Offering Statement on Form 1-A/A, filed with the SEC on March 3, 20225)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025018955/ea023253301ex8-1_heart.htm)

10.1 [<u>MyoVista Technology Agreement, by and between the Company and Guangren "Gary" Chen, dated December 31, 2013 (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex101.htm)

10.2 [<u>First Amendment of MyoVista Technology Agreement by and between the Company and Guangren "Gary" Chen, dated March 13, 2017 (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex102.htm)

10.3 [<u>Master Assignment by and between the Company and Guangren "Gary" Chen, dated January 1, 2014 (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex103.htm)

10.4 [<u>Security Agreement and Pledge by and between the Company and Guangren "Gary" Chen, dated March 14, 2014 (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex104.htm)

10.5 [<u>Evaluation, Option and License Agreement by and between the Company and The University Court of The University of Glasgow, dated June 2, 2015 (incorporated by reference to Exhibit 10.5 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex105.htm)

10.6 [<u>Exercise of Option Agreement by and between the Company and The University Court of The University of Glasgow, dated December 23, 2015 (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex106.htm)

10.7 [<u>$130K Note by and between the Company and Front Range Ventures, LLC, dated August 12, 2019 (incorporated by reference to Exhibit 10.7 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex107.htm)

10.8 [<u>$1M Loan and Security Agreement by and among the Company, Front Range Ventures, LLC and John Q. Adams, Sr., dated April 24, 2020 (incorporated by reference to Exhibit 10.8 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex108.htm)

10.9 [<u>Amendment No. 1 to the $1M Loan and Security Agreement, dated September 30, 2021 (incorporated by reference to Exhibit 10.9 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex109.htm)

10.10 [<u>Amendment No. 2 to the $1M Loan and Security Agreement, dated November 3, 2021 (incorporated by reference to Exhibit 10.10 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1010.htm)

10.11 [<u>Form of $1.5M Note (incorporated by reference to Exhibit 10.11 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1011.htm)

10.12 [<u>Form of Amendment No. 1 to the Form of $1.5M Note by and among the Company and the Requisite Noteholders, dated November 2, 2021 (incorporated by reference to Exhibit 10.12 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1012.htm)

10.13 [<u>Form of Securities Purchase Agreement by and between the Company and Purchasers listed as signatories thereto, dated December 22, 2021 (incorporated by reference to Exhibit 10.13 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1013.htm)

10.14 [<u>Form of Bridge Note (incorporated by reference to Exhibit 10.14 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1014.htm)

10.15 [<u>FRV Side Letter by and between the Company and Front Range Ventures, LLC, dated April 10, 2019 (incorporated by reference to Exhibit 10.16 to Amendment No. 1 to our Registration Statement on Form S-1 filed June 6, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522167822/d271308dex1016.htm)

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| | |
|:---|:---|
| 10.16† | [<u>Amended and Restated Employment Agreement by and between the Company and Mark Hilz, dated April 5, 2022 (incorporated by reference to Exhibit 10.17 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1017.htm) |
| 10.17† | [<u>Employment Agreement by and between the Company and Andrew Simpson, dated April 5, 2022 (incorporated by reference to Exhibit 10.18 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1018.htm) |
| 10.18 | [<u>Form of Amendment No. 3 to the $1M Loan and Security Agreement, dated May 2022 (incorporated by reference to Exhibit 10.19 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1019.htm) |
| 10.19 | [<u>Form of Amendment No. 2 to the Form of $1.5M Note by and among the Company and the Requisite Noteholders, dated May 2022 (incorporated by reference to Exhibit 10.20 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1020.htm) |
| 10.20† | [<u>Form of Time-Based Vesting Nonstatutory Stock Option Agreement of the Company (incorporated by reference to Exhibit 10.21 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1021.htm) |
| 10.21† | [<u>Form of Performance-Based Vesting Nonstatutory Stock Option Agreement of the Company (incorporated by reference to Exhibit 10.22 to our Registration Statement on Form S-1 filed May 17, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312522153172/d271308dex1022.htm) |
| 10.22 | [<u>Amendment No. 4 to the $1M Loan and Security Agreement, dated January 24, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed with the SEC on January 24, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023001100/hscs-ex10_1.htm) |
| 10.23 | [<u>Purchase Agreement, dated as of March 10, 2023, by and between the Company and Lincoln Park (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 10, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023007467/hscs-ex10_1.htm) |
| 10.24 | [<u>Registration Rights Agreement, dated as of March 10, 2023, by and between the Company and Lincoln Park (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 13, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023007467/hscs-ex10_2.htm) |
| 10.25† | [<u>The 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 16, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023008500/hscs-ex10_1.htm) |
| 10.26† | [<u>Form of the Company's Incentive Stock Option Agreement under the 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023009503/hscs-ex10_1.htm) |
| 10.27† | [<u>Form of the Company's Non-Qualified Stock Option Agreement under the Company's 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023009503/hscs-ex10_2.htm) |
| 10.28† | [<u>Amendment No. 1 to the Company's 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.29 to the Registration Statement on Form S-8, filed with the SEC on February 26, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390024016966/ea192488ex10-29_hearttest.htm) |
| 10.29† | [<u>Amendment No. 2 to the Company's 2023 Equity Incentive plan (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on July 14, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025063491/ea024876501ex10-1_heart.htm) |
| 10.30 | [<u>Amendment No. 2 License Agreement by and between the Company and The University Court of The University of Glasgow, dated March 31, 2023 (incorporated by reference to Exhibit 10.29 to the Annual Report on Form 10-K, filed with the SEC on July 19, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023033424/hscs-ex10_29.htm) |
| 10.31 | [<u>Senior Unsecured Promissory Drawdown Loan Note by and among the Company and Matthews Southwest Holdings, Inc., dated September 6, 2023 and executed on September 7, 2023 (incorporated by reference to Exhibit 10.1 our Current Report on Form 8-K, filed with the SEC on September 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023047034/hscs-ex10_1.htm) |
| 10.32 | [<u>Securities Purchase Agreement, dated as of September 20, 2023, by and between the Company and Icahn School of Medicine at Mount Sinai (incorporated by reference to Exhibit 10.1 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_1.htm) |
| 10.33 | [<u>License: Pulmonary Embolism Detection From the Electrocardiogram Using Deep Learning (incorporated by reference to Exhibit 10.2 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_2.htm) |
| 10.34 | [<u>License: Deep Learning Algorithm to Predict PVC-Related Cardiomyopathy (incorporated by reference to Exhibit 10.3 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_3.htm) |
| 10.35 | [<u>License: Deep Learning on ECGs to Derive Left and Right Ventricular Function (incorporated by reference to Exhibit 10.4 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_4.htm) |
| 10.36 | [<u>License: Prediction of right ventricular size and systolic function from the 12-lead ECG (incorporated by reference to Exhibit 10.5 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_5.htm) |
| 10.37 | [<u>License: Deep learning for electrocardiograms to identify left heart valvular dysfunction – aortic stenosis (incorporated by reference to Exhibit 10.6 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_6.htm) |
| 10.38 | [<u>License: Deep learning for electrocardiograms to identify left heart valvular dysfunction – mitral regurgitation (incorporated by reference to Exhibit 10.7 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_7.htm) |
| 10.39 | [<u>License: HeartBEiT: Vision Transformers improve diagnostic performance for electrocardiograms (incorporated by reference to Exhibit 10.8 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_8.htm) |
| 10.40 | [<u>License: Derivation of low Left Ventricular Ejection fraction based on a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.9 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_9.htm) |
| 10.41 | [<u>License: Diagnosis of Hypertrophic Cardiomyopathy using a model derived from a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.10 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_10.htm) |

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| | |
|:---|:---|
| 10.42 | [<u>License: Diagnosis of STEMI using a model derived from a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.11 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_11.htm) |
| 10.43 | [<u>License: Electrocardiogram Deep Learning Interpretability Toolbox (incorporated by reference to Exhibit 10.12 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023049073/hscs-ex10_12.htm) |
| 10.44 | [<u>Amendment No. 5 to the $1M Loan and Security Agreement, dated September 29, 2023 (incorporated by reference to Exhibit 10.45 to our Registration Statement on Form S-1 filed October 16, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000101376223003918/fs12023a1ex10-45_hearttest.htm) |
| 10.45 | [<u>Note Conversion Letter Agreement, dated November 16, 2023, by and between the Company and Matthews Southwest Holdings, Inc. (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023088345/ea188483ex10-1_hearttest.htm) |
| 10.46 | [<u>Note Conversion Letter Agreement, dated November 16, 2023, by and between the Company and John Q. Adams (filed as Exhibit 10.2 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023088345/ea188483ex10-2_hearttest.htm) |
| 10.47 | [<u>Warrant Amendment, dated November 16, 2023, by and between the Company and Matthews Southwest Holdings, Inc. (filed as Exhibit 10.3 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023088345/ea188483ex10-3_hearttest.htm) |
| 10.48 | [<u>Warrant Amendment, dated November 16, 2023, by and between the Company and John Q. Adams (filed as Exhibit 10.4 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390023088345/ea188483ex10-4_hearttest.htm) |
| 10.49 | [<u>Amendment No. 6 to Loan and Security Agreement by and between the Company and Front Range Ventures LLC dated August 19, 2024 (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on August 19, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017024099524/hscs-ex10_1.htm) |
| 10.50 | [<u>Amendment No. 7 to Loan and Security Agreement by and between the Company and Front Range Ventures LLC dated September 26, 2025 (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on October 1, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312525227023/hscs-ex10_1.htm) |
| 10.51 | [<u>No. 2 Amended and Restated Secured Promissory Note by and between the Company and Front Range Ventures LLC dated August 19, 2024 (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on August 19, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017024099524/hscs-ex10_2.htm) |
|  | [<u>No. 3 Amended and Restated Secured Promissory Note by and between the Company and Front Range Ventures LLC dated September 26, 2025 (filed as Exhibit 10.2 on our Current Report on Form 8-K, filed with the SEC on October 1, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1468492/000119312525227023/hscs-ex10_2.htm) |
| 10.52† | [<u>Employment Agreement by and between the Company and Danielle Watson, dated October 15, 2021 (incorporated by reference to Exhibit 10.19 to our Registration Statement on Form S-1 filed October 16, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000101376223003918/fs12023a1ex10-19_hearttest.htm) |
| 10.53 | [<u>Note Purchase Agreement, by and between the Company and Streeterville Capital, LLC dated September 6, 2024 (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on September 10, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017024105155/hscs-ex10_1.htm) |
| 10.54 | [<u>Purchase Note dated September 6, 2024 (filed as Exhibit 10.2 on our Current Report on Form 8-K, filed with the SEC on September 10, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017024105155/hscs-ex10_2.htm) |
| 10.55† | [<u>Amendment No. 3 to the HeartSciences Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on November 28, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1468492/000121390025116128/ea026773501ex10-1_heartsci.htm) |
| 19.1 | [<u>Insider Trading Policy</u>](hscs-ex19_1.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](hscs-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](hscs-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](hscs-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](hscs-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

\* Filed herewith

\*\* Furnished herewith

† Management contract or compensatory arrangement

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | HeartSciences Inc. | HeartSciences Inc. |
| Date: December 15, 2025 | By: | */s/ Andrew Simpson* |
|  | Name: | Andrew Simpson |
|  | Title:  | President, Chief Executive Officer, and Chairman of the Board of Directors<br>(Principal Executive Officer) |
| Date: December 15, 2025 | By: | */s/ Danielle Watson* |
|  | Name: | Danielle Watson |
|  | Title: | Chief Financial Officer and Treasurer<br>(Principal Financial and Accounting Officer) |

---

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## Exhibit 19.1

Exhibit 19.1

**HEARTSCIENCES INC.**

**AMENDED AND RESTATED INSIDER TRADING POLICY** 

**September 22, 2025**

**Purpose**

This Amended and Restated Insider Trading Policy, as amended (this "***Policy***") provides guidelines with respect to transactions in the securities of HeartSciences Inc., a Texas corporation (the "***Company***"), and the handling of confidential information about the Company and the companies with which the Company does business. The Company's Board of Directors has adopted this Policy to promote compliance with federal, state and foreign securities laws that prohibit certain persons who are aware of material nonpublic information about a company from: (i) trading in securities of that company; or (ii) providing material nonpublic information to other persons who may trade on the basis of that information.

**Persons Subject to the Policy**

This Policy applies to all officers of the Company, all members of the Company's Board of Directors, all employees of the Company, all members of the executive leadership team and their administrative staff, all members of the accounting and financial reporting departments, all other persons who, in the normal course of their duties, are likely to have regular access to material nonpublic information of the Company, Family Members (as defined below), Controlled Entities (as defined below) and other persons, as determined by the Company or the Compliance Officer (as defined below), who should be subject to this Policy, such as contractors or consultants, who have access to material nonpublic information (collectively, "***Covered Persons***").

**Transactions Subject to the Policy**

This Policy applies to transactions in the Company's securities (collectively referred to in this Policy as "***Company Securities***"), including the Company's common stock, options to purchase common stock, or any other type of securities that the Company may issue, including (but not limited to) preferred stock, convertible notes and warrants, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company's Securities.

**Individual Responsibility**

Persons subject to this Policy have ethical and legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company Securities while in possession of material nonpublic information. Each individual is responsible for making sure that he or she complies with this Policy, and that any Family Member or Controlled Entity whose transactions are subject to this Policy, as discussed below, also comply with this Policy. In all cases, the responsibility for determining whether an individual is in possession of material nonpublic information rests with that individual, and any action on the part of the Company, the

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Compliance Officer (as defined below) or any other employee or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. You could be subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this Policy or applicable securities laws, as described below in more detail under the heading "Consequences of Violations."

**Administration of the Policy**

The Chief Financial Officer shall serve as the "***Compliance Officer***" for the purposes of this Policy, and in his or her absence, another employee designated by the Compliance Officer shall be responsible for administration of this Policy. All determinations and interpretations by the Compliance Officer shall be final and not subject to further review.

**Statement of Policy**

It is the policy of the Company that no Covered Person who is aware of material nonpublic information relating to the Company may, directly or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Engage in transactions in Company Securities, except as otherwise specified in this Policy under the headings "Transactions Under Company Plans," "Transactions Not Involving a Purchase or Sale" and "Rule 10b5-1 Plans;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Recommend the purchase or sale of any Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Disclose material nonpublic information to persons within the Company whose jobs do not require them to have that information, or outside of the Company to other persons, including, but not limited to, family, friends, business associates, investors and expert consulting firms, unless any such disclosure is made in accordance with the Company's policies regarding the protection or authorized external disclosure of information regarding the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Assist anyone engaged in the above activities.

In addition, it is the policy of the Company that no director, officer or other employee of the Company (or any other person designated as subject to this Policy) who, in the course of working for the Company, learns of material nonpublic information about a company with which the Company does business, including a customer or supplier of the Company, may trade in that company's securities until the information becomes public or is no longer material.

There are no exceptions to this Policy, except as specifically noted herein. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from this Policy. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

See Exhibit A for a definition and description of material nonpublic information.

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**Transactions by Family Members and Others**

This Policy applies to (i) your family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), (ii) anyone else who lives in your home, and (iii) any family members who do not live in your home but whose transactions in Company Securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in Company Securities (collectively referred to as "***Family Members***"). You are responsible for the transactions of Family Members and therefore should make them aware of the need to confer with you before they trade in Company Securities, and you should treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for your own account. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Family Members.

**Transactions by Entities that You Influence or Control**

This Policy applies to any entities that you influence or control, including any corporations, partnerships or trusts (collectively referred to as "***Controlled Entities***"), and transactions by these Controlled Entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

**Additional Procedures**

The Company has established additional procedures in order to assist the Company in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of material nonpublic information, and to avoid the appearance of any impropriety. These additional procedures are applicable only to those individuals described below.

*Pre-Clearance Procedures*. No Covered Person may engage in any transaction in Company Securities without first obtaining pre-clearance of the transaction from the Compliance Officer.

A request for pre-clearance should be submitted to the Compliance Officer at least two business days in advance of the proposed transaction. The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance, and may, in its sole discretion, determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Company Securities, and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the Company, and should describe fully those circumstances to the Compliance Officer. The requestor should also indicate whether he or she has effected any non-exempt "opposite-way" transactions within the past six months, and should be prepared to report the proposed transaction on an appropriate U.S. Securities and Exchange Commission ("***SEC***") Form 4 or Form 5 within the period permitted by law. The

------

requestor should also be prepared to comply with SEC Rule 144 and file SEC Form 144, if necessary, at the time of any sale.

*Quarterly Trading Restrictions*. Covered Persons may not conduct any transactions involving the Company's Securities (other than as specified by this Policy), during a "***Blackout Period***" beginning the first day of the first calendar month after the end of each fiscal quarter and ending one full business day following the date of the public release of the Company's earnings results for that ended fiscal quarter. In other words, Covered Persons may only conduct transactions in Company Securities during the "***Window Period***" beginning on the second business day following the public release of the Company's quarterly earnings and ending the last day of the last calendar month of each fiscal quarter.

*Event-Specific Trading Restriction Periods*. From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event remains material and nonpublic, the persons designated by the Compliance Officer may not trade Company Securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Compliance Officer, designated persons should refrain from trading in Company Securities even sooner than the typical Blackout Period described above. In that situation, the Compliance Officer may notify these persons that they should not trade in the Company's Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or extension of a Blackout Period will not be announced to the Company as a whole, and should not be communicated to any other person. Even if the Compliance Officer has not designated you as a person who should not trade due to an event-specific restriction, you should not trade while aware of material nonpublic information. Exceptions will not be granted during an event-specific trading restriction period.

*Exceptions*. The quarterly trading restrictions and event-driven trading restrictions do not apply to those transactions to which this Policy does not apply, as described below under the headings "Transactions Under Company Plans" and "Transactions Not Involving a Purchase or Sale." Further, the requirement for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to transactions conducted pursuant to approved Rule 10b5-1 plans, described under the heading "Rule 10b5-1 Plans."

**Transactions Under Company Plans**

This Policy does not apply in the case of the following transactions, except as specifically noted:

*Stock Option Exercises*. This Policy does not apply to the exercise of an employee stock option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This Policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

*Restricted Stock Awards*. This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold

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shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The Policy does apply, however, to any market sale of restricted stock.

*401(k) Plan*. This Policy does not apply to purchases of Company Securities in the Company's 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. This Policy does apply, however, to certain elections you may make under the 401(k) plan, including: (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund; (b) an election to make an intra- plan transfer of an existing account balance into or out of the Company stock fund; (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance; and (d) an election to pre-pay a plan loan if the pre- payment will result in allocation of loan proceeds to the Company stock fund.

*Other Similar Transactions*. Any other purchase of Company Securities from the Company or sales of Company Securities to the Company are not subject to this Policy.

**Transactions Not Involving a Purchase or Sale**

*Bona fide* gifts are not transactions subject to this Policy, unless the person making the gift has reason to believe that the recipient intends to sell the Company Securities while the Covered Person is aware of material nonpublic information, or the person making the gift is subject to the trading restrictions specified below under the heading "Additional Procedures" and the sales by the recipient of the Company Securities occur during a Blackout Period. Further, transactions in mutual funds that are invested in Company Securities are not transactions subject to this Policy.

**Special and Prohibited Transactions**

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this Policy engage in certain types of transactions. It therefore is the Company's policy that any persons covered by this Policy may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

*Short Sales*. Short sales of Company Securities (*i.e.*, the sale of a security that the seller does not own) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In addition, short sales may reduce a seller's incentive to seek to improve the Company's performance. For these reasons, short sales of Company Securities are prohibited. In addition, Section 16(c) of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***") prohibits Covered Persons from engaging in short sales. (Short sales arising from certain types of hedging transactions are governed by the paragraph below captioned "Hedging Transactions.")

*Publicly-Traded Options*. Given the relatively short term of publicly-traded options, transactions in options may create the appearance that a Covered Person is trading based on material nonpublic information and focus a director's, officer's or other employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in

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put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. (Option positions arising from certain types of hedging transactions are governed by the next paragraph below.)

*Hedging Transactions*. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such hedging transactions may permit a director, officer or employee to continue to own Company Securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, Covered Persons are prohibited from engaging in any such transactions.

*Margin Accounts and Pledged Securities*. Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic information or otherwise is not permitted to trade in Company Securities, unless approved by the Compliance Officer, Covered Persons are prohibited from holding Company Securities in a margin account or otherwise pledging Company Securities as collateral for a loan. (Pledges of Company Securities arising from certain types of hedging transactions are governed by the paragraph above captioned "Hedging Transactions.")

*Standing and Limit Orders*. Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described below) create heightened risks for insider trading violations similar to the use of margin accounts. There is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result the broker could execute a transaction when a director, officer or other employee is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on Company Securities. If a person subject to this Policy determines that they must use a standing order or limit order, the order should be limited to short duration and should otherwise comply with the restrictions and procedures outlined below under the heading "Additional Procedures."

**Rule 10b5-1 Plans**

Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this Policy must enter into a Rule 10b5-1 plan for transactions in Company Securities that meets certain conditions specified in the Rule (a "***Rule 10b5-1 Plan***"). If the plan meets the requirements of Rule 10b5-1, Company Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with the Policy, a Rule 10b5-1 Plan must be approved by the Compliance Officer and meet the requirements of Rule 10b5-1 and any guidelines for Rule 10b5-1 as may be adopted by the Company from time to time. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of material nonpublic information. Once the plan is adopted, the person must not exercise any influence over the amount of Company Securities to be

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traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party.

Any Rule 10b5-1 Plan must be submitted for approval five days prior to the entry into the Rule 10b5-1 Plan. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required.

**Post-Termination Transactions**

This Policy continues to apply to transactions in Company Securities even after termination of service to the Company. If an individual is in possession of material nonpublic information when his or her service terminates, that individual and his or her Family Members and Controlled Entities may not trade in Company Securities until that information has become public or is no longer material.

**Consequences of Violations**

The purchase or sale of securities while aware of material nonpublic information, or the disclosure of material nonpublic information to others who then trade in Company Securities, is prohibited by the federal and state laws. Insider trading violations are pursued vigorously by the SEC, U.S. Attorneys and state enforcement authorities as well as the laws of foreign jurisdictions. Punishment for insider trading violations is severe, and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on the individuals who trade, or who communicate or "tip" material nonpublic or inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by company personnel.

In addition, an individual's failure to comply with this Policy may subject the individual to Company-imposed sanctions, including dismissal for cause, whether or not the employee's failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish a person's reputation and irreparably damage a career.

**Company Assistance**

Any person who has a question about this Policy or its application to any proposed transaction may obtain additional guidance from the Compliance Officer, who can be reached by telephone at 682-237-7781.

**Certification**

All persons subject to this Policy must certify their understanding of, and intent to comply with, this Policy.

Adopted: September 22, 2025

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**EXHIBIT A**

**Definition of Material Nonpublic Information**

*Material Information*. Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could be expected to affect the Company's stock price, whether it is positive or negative, should be considered material. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight. While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Projections of future earnings or losses, or other earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to previously announced earnings guidance, or the decision to suspend earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A pending or proposed merger, acquisition or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A pending or proposed acquisition or disposition of a significant asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A pending or proposed joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A Company restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Significant related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in dividend policy, the declaration of a stock split, or an offering of additional securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bank borrowings or other financing transactions out of the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The establishment of a repurchase program for Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in the Company's pricing or cost structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Major marketing changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in auditors or notification that the auditor's reports may no longer be relied upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Development of a significant new product, process, or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pending or threatened significant litigation, or the resolution of such litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Impending bankruptcy or the existence of severe liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The gain or loss of a significant customer or supplier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The imposition of a ban on trading in Company Securities or the securities of another company.

*When Information is Considered Public*. Information that has not been disclosed to the public is generally considered to be nonpublic information. In order to establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through the Dow Jones "broad tape," newswire services, a broadcast on widely- available radio or television programs, publication in a widely-available newspaper, magazine or news website, or public disclosure documents filed with the SEC that are available on the SEC's website. By contrast, information would likely not be considered widely disseminated if it is

------

available only to the Company's employees, or if it is only available to a select group of analysts, brokers and institutional investors.

Once information is widely disseminated, it is still necessary to afford the investing public with sufficient time to absorb the information. As a general rule, information should not be considered fully absorbed by the marketplace until after the first business day after the day on which the information is released. If, for example, the Company were to make an announcement on a Monday, you should not trade in Company Securities until Wednesday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific material nonpublic information.

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Andrew Simpson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of HeartSciences Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: December 15, 2025 | By: | */s/ Andrew Simpson* |
|  |  | **Andrew Simpson** |
|  |  | **President, Chief Executive Officer, and Chairman of the Board of Directors**<br>**(Principal Executive Officer)** |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Danielle Watson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of HeartSciences Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 15, 2025 | By: | */s/ Danielle Watson* |
|  |  | **Danielle Watson** |
|  |  | **Chief Financial Officer and Treasurer**<br>**(Principal Financial and Accounting Officer)** |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of HeartSciences Inc. (the "Company") for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Andrew Simpson, as the Chief Executive Officer of the Company, hereby, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: December 15, 2025 | By: | */s/ Andrew Simpson* |
|  |  | **Andrew Simpson** |
|  |  | **President, Chief Executive Officer, and Chairman of the Board of Directors**<br>**(Principal Executive Officer)** |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of HeartSciences Inc. (the "Company") for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Danielle Watson, as the Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: December 15, 2025 | By: | */s/ Danielle Watson* |
|  |  | **Danielle Watson** |
|  |  | **Chief Financial Officer and Treasurer**<br>**(Principal Financial and Accounting Officer)** |

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