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HeartBeam, Inc. (NASDAQ:BEAT) CFO Tim Cruickshank has made a notable purchase of the company’s common stock, according to a recent SEC filing. On February 14, 2025, Cruickshank acquired 17,647 shares at a price of $1.70 per share, amounting to a total investment of $29,999. This purchase was part of an offering that closed on the same day. The purchase price represents an 18% discount to the current trading price of $2.08, with InvestingPro analysis indicating the stock is slightly undervalued relative to its Fair Value.
In addition to the stock purchase, Cruickshank was granted options for 400,000 shares of HeartBeam’s common stock on September 25, 2024. These options have an exercise price of $2.28 per share and are set to vest over four years, with 25% vesting on September 26, 2025, and the remainder vesting monthly thereafter. The company, with a market capitalization of $56.8 million, maintains strong liquidity with a current ratio of 3.31.
These transactions reflect Cruickshank’s growing stake in HeartBeam as the company continues its operations in the medical instruments sector. InvestingPro data reveals the company holds more cash than debt, though it’s currently experiencing rapid cash burn. Discover more insights and 5 additional ProTips with an InvestingPro subscription.
In other recent news, HeartBeam, Inc. has set the price for its public offering at $1.70 per share, intending to raise $10 million before expenses. The company plans to use the proceeds to support strategic initiatives, including commercialization efforts and research and development projects. Additionally, HeartBeam has submitted a 510(k) application to the FDA for its 12-lead ECG synthesis software, which aims to improve cardiac rhythm and arrhythmia assessments. This submission follows the completion of the VALID-ECG study, which demonstrated the software’s clinical equivalence to standard ECGs. The company has also received FDA clearance for its novel ECG system, designed for arrhythmia assessment, which allows patients to record ECGs whenever they experience symptoms. HeartBeam is preparing to launch an Early Access Program to gather feedback before the system’s commercial release. These developments highlight HeartBeam’s ongoing efforts to enhance cardiac care through innovative technology.
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