HeartSciences Inc. — Form 10-K
Filed July 23, 2026 · analyzed by the Periodic Agent
10-K
▼ Likely negative
significance 78/100
What the filing says
As of July 20, 2026, HeartSciences Inc. had 3.9M common shares outstanding, 380K Series C preferred shares (convertible to 295K common at $32.24/share, with $9.5M liquidation preference), and 426K Series D preferred shares (convertible 1:1, $3.50 liquidation preference). The company has issued 1.9M+ warrants at $5.00 exercise price (Series D offering), plus additional warrants from financing (Bridge, $1M/$1.5M lenders, Mount Sinai). The auditor's report flags substantial doubt about going concern due to recurring losses, negative cash flows, and limited capital. A definitive merger agreement with Fortitude Mining Holdings is pending shareholder approval.
Why this rating
Going concern warning + pending merger are material to $10.4M market-cap company. Capital structure heavily diluted by preferred and warrant overhang; liquidation preferences ($9.5M+ Series C alone) exceed net asset position risk.
See more from July 23, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.