Braveheart Bio — Q2 2026 Earnings Summary

Financial Performance

• Cash and cash equivalents were $122.8 million as of June 30, 2026, compared to $89.2 million as of December 31, 2025.
• On an as-adjusted basis including IPO net proceeds, cash and cash equivalents would have been approximately $527.3 million.
• Research and development expenses were $11.1 million for the three months ended June 30, 2026, compared to $0.0 million for the same period in 2025.
• General and administrative expenses were $4.8 million for the three months ended June 30, 2026, compared to less than $0.1 million for the same period in 2025.
• Net loss was $15.0 million for the three months ended June 30, 2026, compared to a net loss of $0.4 million for the same period in 2025.
• Net loss attributable to common stockholders was $18.6 million, or $2.51 per share (basic and diluted), for the three months ended June 30, 2026, compared to a net loss of $0.4 million, or $0.14 per share, for the same period in 2025.
• A non-cash deemed dividend of $3.6 million was recorded due to the issuance of Series A preferred stock in April 2026.
• Total operating expenses were $15.9 million for the three months ended June 30, 2026, compared to $0.4 million for the same period in 2025.
• Interest income was $0.9 million for the three months ended June 30, 2026, compared to $0.0 million for the same period in 2025.
• Total assets were $127.0 million as of June 30, 2026, compared to $89.4 million as of December 31, 2025.
• Total liabilities were $9.3 million as of June 30, 2026, compared to $5.3 million as of December 31, 2025.
• Accumulated deficit was $(95.9) million as of June 30, 2026, compared to $(66.1) million as of December 31, 2025.

Guidance and Future Outlook

• Braveheart Bio estimates that existing cash and cash equivalents, together with IPO net proceeds, will be sufficient to fund projected operating expenses and capital expenditure requirements into 2029.
• The company expects to dose the first patient in the LIONHEART-HCM Phase 3 study in obstructive HCM (oHCM) in 2026.
• Interim analysis results from the LIONHEART-HCM trial are expected in the second half of 2027.
• The company expects to initiate the NOBLEHEART-HCM Phase 3 study in non-obstructive HCM (nHCM) in the first half of 2027.

Business Segments and Product Lines

• The lead product candidate, BHB-1893, is a next-generation oral small-molecule cardiac myosin inhibitor (CMI) being developed for oHCM and nHCM.
• In May 2026, results from a Phase 2 trial of BHB-1893 in nHCM were announced, showing rapid, substantial, and statistically significant reductions in cardiac biomarkers, improved functional status and exercise capacity, and statistically significant improvements in myocardial relaxation, hemodynamic benefit, and cardiac remodeling compared to placebo.
• No patients in the Phase 2 nHCM intervention cohorts required trial drug interruption for LVEF reductions.
• Braveheart Bio initiated the LIONHEART-HCM Phase 3 trial in oHCM following Phase 2 results announced in March 2026.
• The company holds an active U.S. investigational new drug application (IND) for the nHCM program.
• In April 2026, the company completed the third closing of its Series A preferred stock financing, issuing 60,000,000 shares at $1.00 per share for gross proceeds of $60.0 million.
• Braveheart Bio completed its initial public offering in August 2026, issuing 24,437,500 shares of common stock at $18.00 per share for gross proceeds of approximately $439.9 million.
• Common stock began trading on the Nasdaq Global Market under the ticker "BRVE" on August 6, 2026.
• As of September 3, 2026, there were 90,038,969 shares of common stock outstanding.

Market and Competitive Landscape

• Braveheart Bio aims to address limitations of currently available CMIs by designing BHB-1893 for rapid onset, consistent depth of response, preservation of systolic function, prompt reversibility, and straightforward titration and monitoring.
• The company is evaluating the potential of BHB-1893 as the preferred treatment option in two indications.

Risks and Challenges

• Forward-looking statements involve risks including uncertainties related to clinical development activities, the ability to obtain regulatory approvals on expected timelines, and dependence on third parties for clinical trials, manufacturing, and commercialization.
• Risks include the need for substantial additional funds to complete development and commercialize a product candidate, regulatory developments, and the competitive landscape.
• Actual results could differ materially from forward-looking statements due to risks related to research and development, intellectual property protection, and the ability to attract and retain key personnel.

Management Commentary and Tone

• Travis Murdoch, M.D., CEO and President, stated that clinical programs continue to advance and the IPO has provided a strong financial foundation to advance global Phase 3 programs.
• Management noted that sites are being activated and patients are screening for the LIONHEART-HCM Phase 3 study, with the company on track to dose the first patient in 2026.
• Management expressed confidence in the favorable profile of BHB-1893, citing its pharmacokinetic profile and lack of LVEF reduction interruptions in the Phase 2 trial.

Other Key Points

• The press release includes a 1-for-4.38 reverse stock split of common stock effected on July 29, 2026, with all share and per share amounts retroactively adjusted.
• The deemed dividend of $3.6 million represents the excess of the estimated fair value of Series A preferred stock over the $1.00 per share purchase price and did not affect net loss or cash flows.
• R&D expenses for the three months ended June 30, 2026, included related party amounts of $389,000.
• G&A expenses for the three months ended June 30, 2026, included nominal related party amounts.
• Accounts payable as of June 30, 2026, included related party amounts of $0.
• Accrued expenses and other current liabilities as of June 30, 2026, included related party amounts of $389,000.