# EDGAR Filing Document

**Accession Number:** 0001468492
**File Stem:** 0001213900-25-063491
**Filing Date:** 2025-7
**Character Count:** 16094
**Document Hash:** a8a0d3dcba4f96376d99c47fc3684fb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-063491.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001213900-25-063491

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250709

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41422
- **FILM NUMBER:** 251120251

**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'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 9, 2025**

**HEARTSCIENCES INC.**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Texas** | **001-41422** | **26-1344466** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

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| | |
|:---|:---|
| **550 Reserve Street, Suite 360**<br>**Southlake, Texas** | **76092** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: (682) 237-7781**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

**Item 1.01** **Entry into a Material Definitive Agreement.**

The information set forth in Item 5.02 below is incorporated herein by reference.

**Item 5.02** **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Amendment No. 2 to the Company's Equity Incentive Plan*

On July 9, 2025, the Company's Board of Directors (the "Board") approved an amendment to the Company's 2023 Equity Incentive Plan, as amended (the "EIP Amendment" and as amended, the "Plan") to increase the maximum aggregate number of shares of the Company's common stock, $0.001 par value per share (the "common stock"), that may be issued under the Plan to 1,000,000 shares of common stock (the "Plan Shares Increase Amendment"). The Plan Shares Increase Amendment shall be considered and voted upon the shareholders of the Company at the Company's next annual meeting of shareholders.

*RSUs and Option Awards* 

 

On July 9, 2025, the Compensation Committee of the Board (the "Compensation Committee") amended existing cash bonus payment criteria and granted restricted stock unit awards to the Company's executive officers. The restricted stock unit awards were issued pursuant to the Plan. Andrew Simpson, the Company's Chief Executive Officer and Chairman of the Board of Directors, received 68,750 restricted stock units of the Company (the "RSUs"), and Mark Hilz, the Company's Chief Operating Officer, Secretary and Director, received 56,250 RSUs. The RSUs shall vest immediately upon the earlier of (i) FDA clearance of the Company's MyoVista Device (including AI algorithm) or (ii) the MyoVista Insights platform together with first AI algorithm. The RSUs shall also vest upon a Change of Control (as defined in each respective officer's employment agreement).

On July 9, 2025, the Compensation Committee approved an award of stock options (the "Options") to purchase shares of common stock to the Company's executive officers as follows: 275,000 Options to Andrew Simpson, the Company's President, Chief Executive Officer and Chairman of the Board of Directors, 225,000 Options to Mark Hilz, the Company's Chief Operating Officer, Secretary and Director, and 25,000 Options to Danielle Watson, the Company's Chief Financial Officer and Treasurer. Such Options were issued pursuant to the Plan, have an exercise price of $4.37 per share and will vest over three years, with one-third of the respective Options vesting on July 9, 2026 and the remaining two-thirds vesting in eight equal installments thereafter beginning on October 9, 2026 and on each subsequent three-month anniversary of such date. The vesting of these Options would accelerate upon the earlier of (i) FDA clearance of the Company's MyoVista Device (including AI algorithm) or (ii) the MyoVista Insights platform together with first AI algorithm. These Options were awarded pursuant to the form of the Company's standard Incentive Stock Option Agreement.

On July 9, 2025, the Compensation Committee also approved an award of 25,000 stock options (the "Director Options") to purchase shares of common stock to each of the Company's non-employee directors, Brian Szymczak, Bruce Brent and David R. Wells. The Director Options were issued pursuant to the Plan, have an exercise price of $4.37 per share, will vest as follows: one-fourth of the respective Director Options vested on October 9, 2025 and the remaining Director Options will vest in three equal installments thereafter on each subsequent three-month anniversary of such date.

**Item 8.01 Other Events.**

*Regulation A Offering* 

As previously disclosed, on February 12, 2025, the Company filed an Offering Statement on Form 1-A (File No. 024-12572) (as amended and supplemented from time to time, the "Form 1-A"), with the U.S. Securities and Exchange Commission (the "SEC") and which was qualified by the SEC on March 10, 2025, to register the offering of up to 4,285,714 units of the Company (the "Units") at an offering price of $3.50 per Unit, for a maximum offering amount of $15,000,000 worth of Units (collectively, the "Offering"). Each Unit consists of one share of the Company's Series D Preferred Stock (as defined below) and one warrant (each a "Warrant" and collectively the "Warrants") to purchase one share of the Company's common stock at an exercise price of $5.00 per share.

As of July 11, 2025, the Company has received a total of $1.7 million of gross proceeds, resulting in the issuance of 487,701 Units, as a result of several closings of the Offering. As of July 11, 2025, holders of 229,665 shares of Series D Preferred Stock received as part of the issued Units have elected to convert such shares of Series D Preferred Stock into 229,665 shares of common stock (the "Reg A Issuance").

*Debt Exchange*

In addition, as of July 11, 2025, the Company has exchanged $855,000 of its unsecured promissory note issued to a certain third party in September 2024 for 233,229 shares of the Company's common stock reducing the principal amount of such note by such amount (the "Debt Exchange").

As a result of the Reg A Issuance and the Debt Exchange, there are 1,555,049 shares of common stock issued and outstanding as of July 11, 2025.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1\* | [Amendment No. 2 to the HeartSciences Inc. 2023 Equity Incentive Plan.](ea024876501ex10-1_heart.htm) |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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\* Filed herewith.

**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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **HeartSciences Inc.** | **HeartSciences Inc.** |
| Date: July 14, 2025 | By: | /s/*Andrew Simpson* |
|  | Name:<br> Title: | Andrew Simpson<br> President, Chief Executive Officer and Chairman of the Board of Directors |

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## Exhibit 10.1

**EXHIBIT 10.1**

**AMENDMENT NO. 2 TO THE HEARTSCIENCES INC.<br> 2023 EQUITY INCENTIVE PLAN**

WHEREAS, the Board of Directors and shareholders of HeartSciences Inc. (the "Company") have previously adopted the HeartSciences Inc. 2023 Equity Incentive Plan (the "Plan");

WHEREAS, on May 17, 2024, the Corporation effected a 1-for-100 reverse stock split (the "Reverse Stock Split") of its outstanding shares of common stock, $0.001 par value per share (the "Common Stock"), thereby causing the number of shares of Common Stock issuable under the Plan to be eighty-five thousand (85,000) shares;

WHEREAS, pursuant to Section 3(a) of the Plan, a total of: (i) eighty five thousand (85,000) shares of Common Stock; and (ii) 303,179 shares of Common Stock, which is twenty-five percent (25%) of the total number of shares of all classes of common stock and preferred stock, as converted to common stock of the Company outstanding on the last day of the 2025 fiscal year (the "Evergreen Shares") issuable under the Plan, are currently reserved for issuance under the Plan;

WHEREAS, the Company desires to increase the number of shares of Common Stock issuable under the Plan from eighty five thousand (85,000) plus the Evergreen Shares collectively, to one million (1,000,000) shares, including shares previously issued thereunder; and

WHEREAS, the Company desires to make certain other changes to the Plan as more fully discussed below, and Section 19 of the Plan permits the Company to amend the Plan from time to time, subject to certain limitations specified therein.

NOW, THEREFORE, the following amendments and modifications are hereby made a part of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows:

"(a) Reservation of Shares. Subject to the provisions of Section 13 of the Plan and the following sentence, the maximum aggregate number of Shares that may be issued under the Plan is 1,000,000 Shares. The number of Shares available for issuance under the Plan will be subject to automatic increase on the first day of each Fiscal Year beginning with Fiscal Year beginning May 1, 2026, so that the number of Shares available for issuance under the Plan is equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Twenty five percent (25%) of the total number of shares of all classes of common stock and preferred stock as converted to common stock of the Company outstanding on the last day of the immediately preceding Fiscal Year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a lesser number of Shares determined by the Administrator."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 19 of the Plan is hereby amended and restated in its entirety to read as follows:

"<u>Amendment and Termination of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendment and Termination</u>. The Administrator may at any time amend, alter, suspend or terminate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Approval</u>. The Company will obtain shareholder approval of the Plan and any Plan amendment to the extent necessary or desirable to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect of Amendment or Termination</u>. No amendment, alteration, suspension or termination of the Plan or any Award will materially adversely impair the rights of any Participant or beneficiary under any Award theretofore granted under the Plan, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company except (x) to the extent any such action is made to cause the Plan to comply with Applicable Law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 22. The Administrator shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 13) affecting the Company, or the financial statements of the Company, or of changes in Applicable Laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. Termination of the Plan will not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 23 of the Plan is hereby amended and restated in its entirety to read as follows:

<u>"Shareholder Approval</u>. The Plan (or any material amendment thereof) will be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required under Applicable Laws, including without limitation Section 422 of the Code. In the event that shareholder approval is not obtained within twelve (12) months after the date the Plan (or any material amendment thereof) is adopted by the Board, all Incentive Stock Options granted under the Plan shall be deemed to be Nonstatutory Stock Options and shall continue to be in effect. Notwithstanding any other provisions of the Plan, any Awards made under the Plan shall continue to be in effect irrespective of shareholder approval."

In all other respects, the Plan, as amended, is hereby ratified and confirmed and shall remain in full force and effect.

IN WITNESS WHEREOF, the Company has executed this Amendment No. 2 to the Company's 2023 Equity Incentive Plan as of July 9, 2025.

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|:---|
| **HEARTSCIENCES INC.** |
| By: |
| Name: |
| Title: |

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