HeartSciences Inc. (HSCS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 16, 2026

Risk Assessment Details

Potential Dilution: 1267.8% of current shares
Recent Dilution: 148.42% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
3.2M
Potential Supply
40M
Additional shares possible
Splits
None
Past 2 years

Summary

HSCS currently has 3.16M outstanding shares. with significant dilution risk as 40.1M authorized shares could dilute existing holders by 1267.8%. The company has significantly diluted shareholders by 148.42% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 16, 2026

10-Q filing | 3.2M shares outstanding

3.2M 40M
Dec 15, 2025

10-Q filing | 3.2M shares outstanding

3.2M 40M
Oct 01, 2025

8-K filing: HeartSciences Inc. reports the issuance of common stock through a Regulation A offering and a debt exchange, resulting in 3,069,635 shares outstanding as of October 1, 2025. ($6.7M proceeds)

3.1M 40M
Sep 11, 2025

10-Q filing | 2.6M shares outstanding

2.6M 40M
Aug 22, 2025

8-K filing: HeartSciences, Inc. reports the issuance of shares of common stock through a Regulation A offering and a debt exchange, resulting in 2,535,066 shares of common stock issued and outstanding as of August 22, 2025. ($5.2M proceeds)

2.5M 40M
Jul 30, 2025

8-K filing: HeartSciences, Inc. reports the issuance of 1,241,188 Units through a Regulation A Offering, resulting in $4.3 million of gross proceeds, and the exchange of $1,105,000 of debt for 301,111 shares of common stock, leading to 2,244,247 shares of common stock outstanding. ($1.11M proceeds)

2.2M 40M
Jul 24, 2025

10-K filing | 1.9M shares outstanding

1.9M 40M
Jul 21, 2025

8-K filing: The Company has received $2.8 million in gross proceeds from the issuance of 797,452 Units in a Regulation A Offering, with 486,815 shares of Series D Preferred Stock converted into common stock, resulting in 1,797,914 shares of Common Stock outstanding as of July 16, 2025.

1.8M 40M
Jul 14, 2025

8-K filing: The company issued shares through a Regulation A offering and a debt exchange, resulting in 1,555,049 shares outstanding as of July 11, 2025. ($1.7M proceeds)

1.6M 40M
Jun 04, 2025

8-K filing: HeartSciences Inc. filed a Certificate of Designations designating 4,285,714 shares of Series D Convertible Preferred Stock and previously disclosed an offering of up to 4,285,714 units at $3.50 per Unit, with each unit consisting of preferred stock and a warrant.

990K 40M
May 28, 2025

8-K filing: HeartSciences Inc. filed a Certificate of Designations for Series D Convertible Preferred Stock, offering up to 4,285,714 units at $3.50 per unit, with each unit consisting of one share of Series D Preferred Stock and one warrant to purchase one share of common stock at $5.00 per share. ($15.0M proceeds)

990K 40M
Mar 13, 2025

10-Q filing | 1.0M shares outstanding

990K 40M
Dec 17, 2024

RW filing: The company confirms that no securities have been, or will be, issued or sold pursuant to the Registration Statement or the public offering prospectus contained therein and requests that all fees paid to the Commission be credited for future use.

920K 40M
Dec 16, 2024

10-Q filing | 0.9M shares outstanding

920K 42M
Sep 27, 2024

S-1/A filing: Heart Test Laboratories, Inc. is offering on a best efforts basis up to 1,882,353 shares of its common stock and placement agent warrants to purchase up to 75,294 shares of our Common Stock issuable to the placement agent.

910K 42M
Sep 12, 2024

10-Q filing | 0.9M shares outstanding

910K 40M
Jul 29, 2024

10-K filing | 0.9M shares outstanding

860K 40M
May 17, 2024
Stock Split

8-K filing: Stock split 1-for-100 | Outstanding: 65,561,630 → 655,616

660K 400K
Mar 14, 2024

10-Q filing | 65.6M shares outstanding

66M 4B
Mar 05, 2024

S-1 filing: This S-1 filing relates to the resale of up to 34,684,859 shares of Heart Test Laboratories, Inc.'s common stock by selling stockholders.

64M 4B
Dec 14, 2023

10-Q filing | 63.6M shares outstanding

64M 4B
Dec 06, 2023

8-K filing: Heart Test Laboratories, Inc. satisfied the Additional Financing requirement of $10,000,000 on December 1, 2023, making the License Agreements no longer subject to termination, and the MTS Warrants are fully exercisable.

11M 4B
Nov 17, 2023

8-K filing: Heart Test Laboratories, Inc. reports several material events including the conversion of notes into common stock, warrant amendments, the closing of the Mount Sinai transaction involving the issuance of common stock and warrants, and an amendment to the Equity Distribution Agreement with Maxim Group LLC.

11M 4B
Nov 13, 2023

8-K filing: Heart Test Laboratories, Inc. entered into Amendment No. 1 to the Original Equity Distribution Agreement with Maxim Group LLC, potentially allowing the issuance and sale of up to $10,000,000 of its shares of Common Stock. ($3.25M proceeds)

11M 4B
Oct 16, 2023

S-1/A filing: Heart Test Laboratories, Inc. is offering up to 19,047,619 shares of its common stock and placement agent warrants to purchase up to 761,905 shares of common stock, with Maxim Group LLC as the exclusive placement agent.

11M 4B
Sep 21, 2023

8-K filing: Heart Test Laboratories, Inc. entered into license agreements with Icahn School of Medicine at Mount Sinai and a Securities Purchase Agreement, agreeing to sell common stock and warrants to Mount Sinai contingent on future financings.

11M 4B
Sep 18, 2023

S-3 filing: Heart Test Laboratories, Inc. files an S-3 to issue up to $50,000,000 of any combination of common stock, preferred stock, or debt securities and also files for an at the market offering of common stock through Maxim Group LLC for up to $3,250,000 million.

11M 4B
Sep 14, 2023

10-Q filing | 10.3M shares outstanding

10M 19M
Sep 07, 2023

8-K filing: Heart Test Laboratories, Inc. entered into a Senior Unsecured Promissory Drawdown Loan Note with Matthews Southwest Holdings, Inc., issuing warrants to acquire common stock as a facility fee.

10M 19M
Jul 19, 2023

10-K filing | 10.4M shares outstanding

10M 19M
Jun 07, 2023

S-1 filing: Heart Test Laboratories, Inc. is offering up to 8,000,000 shares of its common stock on a best efforts basis, with an assumed public offering price of $1.00 per share.

10M 19M
Mar 29, 2023

S-1 filing: This S-1 filing relates to the offering of common stock by the selling shareholder, Lincoln Park, with the company potentially receiving up to $15,000,000 in gross proceeds from sales to Lincoln Park under a purchase agreement.

14M 11M
Mar 16, 2023

10-Q filing | 9.7M shares outstanding

9.7M 7M
Mar 13, 2023

8-K filing: Heart Test Laboratories, Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC for the purchase of up to $15.0 million worth of the Company's common stock, and issued 100,000 shares as initial commitment shares.

8.2M 7M
Feb 22, 2023

8-K filing: Heart Test Laboratories, Inc. issued 1,322,304 shares of common stock pursuant to exercises of Bridge Warrants, receiving approximately $1.3 million in proceeds. ($1.3M proceeds)

8.2M 7M
Feb 03, 2023

8-K filing: Heart Test Laboratories, Inc. amended the warrants to purchase common stock, adjusting the exercise price to $1.00 for a limited period, with a cap on the number of shares that can be issued.

8.2M 7M
Jan 11, 2023

8-K filing: On January 10, 2023, an investor exercised pre-funded warrants to acquire 139,356 shares of the company's common stock at $0.0001 per share for a total of $13.94. ($0.0M proceeds)

8.2M 7M
Dec 15, 2022

10-Q filing | 8.2M shares outstanding

8.2M 7M
Oct 06, 2022

S-1/A filing: This prospectus relates to the offer and resale from time to time by the selling securityholders named in this prospectus of shares of common stock of Heart Test Laboratories, Inc.

8.2M 7M
Sep 12, 2022

S-1 filing: This prospectus relates to the offer and resale from time to time by the selling securityholders named in this prospectus of shares of common stock of Heart Test Laboratories, Inc.

8.2M 7M
Sep 12, 2022

10-Q filing | 8.2M shares outstanding

8.2M 7M
Jun 13, 2022

S-1/A filing: This is the initial public offering of Heart Test Laboratories, Inc. We are offering units of securities (the “Units”), with each Unit consisting of (a) one share of our common stock, par value $0.001 per share (“Common Stock”), and (b) a warrant (the “Warrants”) to purchase one share of our Common Stock. The shares of our Common Stock and the Warrants are immediately separable and will be issued separately but will be purchased together in this offering.

3.3M 3.6M
Jun 10, 2022

S-1/A filing: Heart Test Laboratories, Inc. is conducting an initial public offering of units, each consisting of one share of common stock and one warrant, with an anticipated IPO price between $4.50 and $5.50 per unit, seeking to raise approximately $8.75 million.

3.3M 1.9M
Jun 06, 2022

S-1/A filing: Initial public offering of units of securities, with each unit consisting of one share of common stock and a warrant to purchase one share of common stock.

3.3M 1.9M
May 17, 2022

S-1 filing: Heart Test Laboratories, Inc. is offering units of securities, with each unit consisting of one share of common stock and a warrant to purchase one share of common stock.

N/A 0
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