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Stock market today: Wall Street climbs as bitcoin bursts above $99,000

Southlake, TX, Dec. 16, 2024 (GLOBE NEWSWIRE) -- HeartSciences Inc. (Nasdaq: HSCS; HSCSW) ("HeartSciences" or the "Company") , an artificial intelligence (AI)-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today reported financial results for the second quarter fiscal 2025 ended October 31, 2024 and provided a business update. Second Fiscal Quarter 2025 Highlights: In the run up to the close of 2024 and the second quarter of fiscal year 2025 (“Q2 FY2025”), HeartSciences saw across the board material progress and more positive developments for the field of AI-ECG, its MyoVista® wav ECG TM device, MyoVista® Insights TM cloud-native platform and first cloud-based AI-ECG algorithms. A summary of current status and business highlights during Q2 FY2025 include: HeartSciences is the only company building next-gen ECG device hardware, cloud-native software and AI-ECG algorithms. The ECG industry generally uses decades-old devices, outdated technology and legacy reporting and managements systems. AI-ECG presents a generational opportunity to modernize the ECG industry which is one of the most ubiquitous medical tests in the world. Our versatility will enable us to deliver AI-ECG solutions across a wide range of healthcare settings, from large hospital systems to simple nurse-led mobile testing services. There has been excellent progress on the MyoVista Insights platform. Phase 1 will be completed by the end of the calendar year. HeartSciences has invested millions of dollars in 2024 to develop a cloud-native ECG reporting system which will run on Amazon Web Services (AWS). MyoVista Insights is a cybersecure modern technology stack which is intended to radically upgrade ECG reporting. Phase 1 does not require regulatory clearance (as it is reporting based) and the Company is in discussions for this to be implemented in test sites in the first half of 2025. Phase 2, which requires regulatory clearance, will add AI-ECG reporting. The Company has built the system to provide both Company-developed and third-party AI-ECG algorithms. HeartSciences intends to operate it like an app store for AI-ECG. This will radically reduce the cost and regulatory burden on the Company in developing all of its own algorithms and ensure the Company can bring a broad panel of AI-ECG algorithms to clinical practice in an expeditious manner. HeartSciences is aiming for Phase 2 regulatory clearance in the second half of 2025. Thereafter in Phase 3, HeartSciences’ intention is for MyoVista Insights to provide an ECG management system which is a multi-billion dollar market. It is a necessity for all hospital systems worldwide to have an ECG management system. Current systems are generally dependent on decades-old IT architecture which are on-premise, server-based, lack flexibility and are costly for health systems. MyoVista Insights is a cloud-native application running on AWS, built to be much lower cost and provide considerably upgraded interoperability and cybersecurity. Pre-validation work on the Company’s first cloud-based AI-ECG algorithm, which will be a low ejection fraction (LVEF ≤ 40) algorithm licensed from Icahn School of Medicine at Mount Sinai, New York (Mount Sinai) is progressing. Assuming this work is successful, FDA validation studies, expected to be conducted using retrospective data, would follow. There has been considerable progress on the MyoVista® wav ECGTM device and HeartSciences remains on track for FDA submission around the end of the first calendar quarter 2025. The Company has requested a final pre-submission meeting with the FDA to finalize the validation study reporting plan associated with the category outputs of the MyoVista wav ECG. Assuming the meeting is satisfactory, final validation and FDA submission are expected to take place expeditiously thereafter. Other notable highlights: HeartSciences’ MyoVista wavECG AI-ECG algorithm and many of the AI-ECG algorithms that would be delivered by the MyoVista Insights cloud platform have been included in the CMS 2025 OPPS final rule, effective January 2025. This would enable appropriate reimbursement immediately upon commercial launch and is a significant milestone in AI-ECG being widely adopted. HeartSciences successfully demonstrated its MyoVista® wavECGTM at the United Nations General Assembly Digital Health Symposium after its selection as a technology to radically transform healthcare. Launch of our new website at https://www.heartsciences.com . Management Commentary “We end calendar 2024 in a strong position, having made significant progress. HeartSciences is the only Company developing across the board ECG solutions to upgrade archaic devices, clinical capabilities, and reporting and management systems which are a necessity for any healthcare system worldwide.” “By calendar year end, our Phase 1 MyoVista Insights cloud-native platform will be complete after millions of dollars of investment. Feedback to date has been excellent and we are in discussions for early deployment in test environments. Our ultimate vision is to offer a path to modernize legacy ECG management systems, as they are generally inflexible and costly due to decades-old IT architecture. Instead, we will provide a next-gen, cybersecure cloud-native system to meet the sophisticated data driven needs of today’s health systems. Our AI-ECG marketplace will facilitate far quicker rollout of AI-ECG and allow patients and health systems environments to realize their significant benefits.” “Our MyoVista wav ECG is approaching FDA submission and will allow next-to-patient, immediate access to AI-ECG results which is suitable for many frontline healthcare settings and territories around the world. Our versatility will enable us to deliver AI-ECG solutions across a wide range of healthcare settings, from large hospital systems to simple nurse-led mobile testing services.” concluded Mr. Simpson. Second Quarter Fiscal 2025 Financial Results There were no revenues during Q2 FY2025. As of October 31, 2024, cash and cash equivalents were approximately $4.1 million and shareholders’ equity was approximately $4.0 million. Complete financial results have been filed in the Company’s Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission and is available on the Company’s website. About HeartSciences HeartSciences is a medical technology company focused on applying innovative AI-based technology to an ECG (also known as an EKG) to expand and improve an ECG’s clinical utility. Millions of ECGs are performed every week and the Company's objective is to improve healthcare by making it a far more valuable cardiac screening tool, particularly in frontline or point-of-care clinical settings. HeartSciences has one of the largest libraries of AI-ECG algorithms and intends to provide these AI-ECG algorithms on a device agnostic cloud-based solution as well as a low-cost ECG hardware platform. Working with clinical experts, HeartSciences ensures that all solutions are designed to work within existing clinical care pathways, making it easier for clinicians to use AI-ECG technology to improve their patient's care and lead to better outcomes. HeartSciences' first product candidate for FDA clearance, the MyoVista® wavECGTM, or the MyoVista®, is a resting 12-lead ECG that is also designed to provide diagnostic information related to cardiac dysfunction which has traditionally only been available through the use of cardiac imaging. The MyoVista® also provides conventional ECG information in the same test. For more information, please visit: https://www.heartsciences.com . X: @HeartSciences Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, statements about HeartSciences' beliefs and expectations. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Potential risks and uncertainties include, but are not limited to, risks discussed in HeartSciences' Annual Report on Form 10-K for the fiscal year ended April 30, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on July 29, 2024, HeartSciences’ Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2024, filed with the SEC on September 12, 2024, HeartSciences’ Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024, filed with the SEC on December 16, 2024 and in HeartSciences' other filings with the SEC at www.sec.gov . Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Contacts: HeartSciences Gene Gephart +1-682-244-2578 Ext. 2024 info@heartsciences.com Investors Gilmartin Group Vivian Cervantes investorrelations@heartsciences.com

The dollar steadied on Thursday as traders awaited clarity on U.S. President-elect Donald Trump's proposed policies amid an uncertain outlook for interest rates, while bitcoin forged towards $100,000 for the first time. Bitcoin BTC= has been on a blistering rally in the past few weeks on speculation that Trump will create an easier regulatory environment for cryptocurrencies. It hit a record high of $97,902 on Thursday, underpinned by a report Trump's social media company was in talks to buy crypto trading firm Bakkt . It was last up 3.8% at $98,050. The dollar index =USD was up 0.1% at 106.72, and not far off last week's one-year high of 107.07. "The U.S. is still the main driver, really. It feels a bit of a risk-off morning. The yen is the main winner so far, and I think that's this week, with Ukraine at front and centre at the moment," IG chief strategist Chris Beauchamp said, referring to an escalation in the conflict between Ukraine and Russia. Invest wisely: Best online brokers Cryptocurrency: Trump's social media company in talks to buy crypto firm Bakkt, FT reports The euro EUR=EBS, one of the main casualties of the dollar's post-election ascent, was down 0.2% at $1.0518. European leaders and policymakers are grappling with the potential ramifications of Trump's proposed tariff hikes, while political uncertainty in the region's largest economies - Germany and France - is adding to that mix. French far-right leader Marine Le Pen on Wednesday threatened to seek to topple Prime Minister Michel Barnier's fragile coalition government if her National Rally (RN) party's cost-of-living concerns were not incorporated into the 2025 budget. "There are enough things to be concerned about to just tilt people towards being more cautious at the moment," Beauchamp said. The seemingly unstoppable dollar has been helped by sharp swings in expectations for U.S. interest rates. The market currently sees just a 54% chance of a cut from the Federal Reserve next month, down from 82.5% only a week ago, according to CME's FedWatch Tool. A Reuters poll showed most economists expect the Fed to cut rates at its December meeting, with shallower cuts in 2025 than expected a month ago due to the risk of higher inflation from Trump's policies. Trump bump The dollar has rallied more than 2% since the Nov. 5 U.S. presidential election, driven by an expectation that Trump's proposals on raising trade tariffs and cutting taxes could reignite inflation and limit the Fed's ability to cut rates. At the same time, traders are sizing up what Trump's campaign pledges of tariffs mean for the rest of the world, with Europe and China both likely in the firing line. "Right now, we are kind of stuck in a wait-and-worry zone because Trump is in the midst of forming his cabinet," said Moh Siong Sim, currency strategist at Bank of Singapore. "There's a lot of things that are missing there in terms of understanding," including the timing and magnitude of policies, and those details won't be known for a couple of months or so, he said. Elsewhere, Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets, a day after it fired U.S. ATACMS missiles. And Russia fired an intercontinental ballistic missile during an attack on the Ukrainian city of Dnipro on Thursday, Kyiv's air force said. With geopolitical tensions running high, the Japanese yen JPY=EBS has outperformed. The dollar was last down 0.5% on the day at 154.585 yen. The yen has lost around 10% in value in the last couple of months, as traders have bet heavily in favour of the dollar, given the chances that U.S. rates will remain well above Japanese ones for some time. Bank of Japan Governor Kazuo Ueda said on Thursday the central bank would "seriously" take into account foreign exchange rate moves in compiling its economic and price forecasts. He noted that there was still a month to go until the BOJ's next policy meeting in December, adding that there would be more information to digest by then. Additional reporting by Brigid Riley in Tokyo. Editing by Mark Potter and Bernadette Baum

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Brice Cherry: Aranda, Bears deserve to feel happy over their resurrection from the deadIn one of my earlier AI and coding articles, where I looked at how ChatGPT can rewrite and improve your existing code , one of the commenters, @pbug5612, had an interesting question: Who owns the resultant code? What if it contains business secrets - have you shared it all with Google or MS, etc.? It's a good question and one that doesn't have an easy answer. Over the past two weeks, I've reached out to attorneys and experts to try to get a definitive answer. Also: I've tested dozens of AI chatbots since ChatGPT's stunning debut. Here's my top pick There's a lot to unpack here, but a good starting point is the overall theme of this discussion. As attorney Collen Clark of law firm Schmidt & Clark states: Ultimately, until more definitive legal precedents are established, the legal implications of using AI-generated code remain complex and uncertain. That's not to say there is a shortage of opinions. In this article, I'll discuss the copyright implications of using ChatGPT to write your code. In a related article , I discuss issues of liability pertaining to AI-generated code. Who owns the code? Here's a probable scenario. You're working on an application. Most of that application is your direct work. You've defined the UI, crafted the business logic, and written most of the code. However, you've used ChatGPT to write a few modules and linked that resulting code into your app. Continue to Part 2: If you use AI-generated code, what's your liability exposure? Who owns the code written by ChatGPT? Does the inclusion of that code invalidate any ownership claims you have on the overall application? Attorney Richard Santalesa , a founding member of the SmartEdgeLaw Group based in Westport, Conn., focuses on technology transactions, data security, and intellectual property matters. He points out that there are issues of contract law as well as copyright law -- and they're treated differently. From a contractual point of view, Santalesa contends that most companies producing AI-generated code will, "as with all of their other IP, deem their provided materials -- including AI-generated code -- as their property." OpenAI (the company behind ChatGPT) does not claim ownership of generated content. According to their terms of service , "OpenAI hereby assigns to you all its right, title, and interest in and to Output." Also: AI is coming to a business near you. But let's sort these problems first Clearly, though, if you're creating an application that uses code written by an AI, you'll need to carefully investigate who owns (or claims to own) what. For a view of code ownership outside the US, ZDNET turned to Robert Piasentin , a Vancouver-based partner in the Technology Group at McMillan LLP, a Canadian business law firm. He says that ownership, as it pertains to AI-generated works, is still an "unsettled area of the law." That said, there has been work done to try to clarify the issue. In 2021, the Canadian agency ISED (Innovation, Science and Economic Development Canada) recommended three approaches to the question: Ownership belongs to the person who arranged for the work to be created. Ownership and copyright are only applicable to works produced by humans, and thus, the resultant code would not be eligible for copyright protection. A new "authorless" set of rights should be created for AI-generated works. Also: 92% of programmers are using AI tools, says GitHub developer survey Piasentin, who was also called to the bar in England and Wales, says: "Much like Canada, there is no English legislation that directly regulates the design, development, and use of AI systems. However, the UK is among the first countries in the world to expressly define who can be the author of a computer-generated work." "Under the UK Copyright Designs and Patents Act, with respect to computer-generated work, the author of the work is the person who undertook the arrangements necessary to create the work and is the first owner of any copyright in it," he explains. Piasenten says there may already be some UK case law precedent, based not on AI but on video game litigation. A case before the High Court (roughly analogous to the US Supreme Court) determined that images produced in a video game were the property of the game developer, not the player -- even though the player manipulated the game to produce a unique arrangement of game assets on the screen. Because the player had not "undertaken the necessary arrangements for the creation of those images," the court ruled in favor of the developer. Also: I've tested a lot of AI tools for work. These 4 actually help me get more done every day Ownership of AI-generated code may be similar in that, "the person who undertook the necessary arrangements for the AI-generated work -- that is, the developer of the generative AI -- may be the author of the work," Piasenten notes. That doesn't necessarily rule out the prompt-writer as the author. Notably, it also doesn't rule out the unspecified (and possibly unknowable) author who sourced the training data as an author of AI-generated code. Fundamentally, until there's a lot more case law, the issue is murky. What about copyright? Let's touch on the difference between ownership and copyright. Ownership is a practical power that determines who has control over the source code of a program and who has the authority to modify, distribute, and control the codebase. Copyright is a broader legal right granted to creators of original works, and is essential to controlling who can use or copy the work. If you look at litigation as something of a battle, Santalesa describes copyright as "one arrow in the legal quiver." The idea is that copyright claims provide an additional claim, "above and beyond any other claims, such as breach of contract, breach of confidentiality, misappropriation of IP rights, etc." He adds that the strength of the claim hinges on wilful infringement, which can be a challenge even to define when it comes to AI-based code. Also: How to use ChatGPT to write code Then there's the issue of what can qualify as a work of authorship -- in other words, something that can be copyrighted. According to the Compendium of the U.S. Copyright Office Practices , Third Edition, to qualify as "a work of 'authorship,' a work must be created by a human being...Works that do not satisfy this requirement are not copyrightable." Additionally, the Compendium notes that the U.S. Copyright Office "will not register works produced by nature, animals, or plants. Likewise, the Office cannot register a work purportedly created by divine or supernatural beings." While the Copyright Office doesn't specifically say whether AI-created work is copyrightable or not, it's probable that that block of code you had ChatGPT write for you isn't copyrightable. Also: 25 AI tips to boost your programming productivity with ChatGPT Piasenten says this applies in Canada, too. Provisions that point to "the life of the author" and the requirement that the author be a resident of a certain country imply a living human. Piasenten notes that, in CCH Canada Ltd. v Law Society of Upper Canada, the Supreme Court of Canada found that original work is derived from "an exercise of skill and judgment" and cannot be "purely mechanical exercise." Messy for coders Let's wrap up this part of our discussion with some thoughts from Sean O'Brien, lecturer in cybersecurity at Yale Law School and founder of the Yale Privacy Lab . Taking us from analogies and speculation to actual rulings, O'Brien points to some US Copyright Office actions on AI-generation. "The U.S. Copyright Office concluded this year that a graphic novel with images generated by the AI software, Midjourney, constituted a copyrightable work because the work as a whole contained significant contributions by a human author, such as human-authored text and layout," O'Brien says. "However, the isolated images themselves are not subject to copyright." If this ruling were applied to software, the overall application would be copyrighted, but the routines generated by the AI would not be subject to copyright. Among other things, this requires programmers to label what code is generated by an AI to be able to copyright the rest of the work. Also: The most popular programming languages in 2024 (and what that even means) There are also some messy licensing issues. O'Brian points out that ChatGPT "can't properly provide the copyright information, specifically refusing to place free and open source licenses, like the GNU General Public License, on code." Yet, he says: "It's already been proven that GPL'd code can be verbatim repeated by ChatGPT, creating a license infringement mess. Microsoft and GitHub continue to integrate such OpenAI-based systems into code authoring platforms used by millions, and that could muddy the waters beyond recognition." What does it all mean? We haven't even touched on liability and other legal issues, which you'll want to read about in Part II . There are some clear conclusions here, though. First, this is somewhat uncharted territory. Even the attorneys say there's not enough precedent to be sure what's what. I should point out that in my discussions with the various attorneys, they all strongly recommended seeking an attorney for advice on these matters, but in the same breath, acknowledged there wasn't enough case law for anyone to have more than a rough clue how it was all going to shake out. Second, it's likely the code written by an AI can't be owned or copyrighted in a way that provides legal protections. Also: Generative AI brings new risks to everyone. Here's how you can stay safe This opens a huge can of worms because unless code is rigorously documented, it will be very difficult to defend what is subject to copyright and what's not. Let's wrap this up with some more thoughts from Yale's O'Brien, who believes that ChatGPT and similar software are leaning on the concept of fair use. However, he says: There have been no conclusive decisions around this affirmation of fair use, and a 2022 class action called it "pure speculation" because no court has yet considered whether usage of AI training sets arising from public data constitutes fair use. Pure speculation. When considering whether you own and can copyright your code, you don't want a legal analysis to end with the words "pure speculation." And yet here we are. Continue to Part 2: If you use AI-generated code, what's your liability exposure? You can follow my day-to-day project updates on social media. Be sure to follow me on Twitter at @DavidGewirtz , on Facebook at Facebook.com/DavidGewirtz , on Instagram at Instagram.com/DavidGewirtz , and on YouTube at YouTube.com/DavidGewirtzTV . How to use ChatGPT to write Excel formulas How to use ChatGPT to write code ChatGPT vs. Bing Chat: Which AI chatbot should you use? How to use ChatGPT to build your resume How does ChatGPT work? How to get started using ChatGPT

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