$HTFL

Heartflow, Inc.

CIK:0001464521|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Revenue	$ 64,082	$ 43,424	$ 116,669	$ 80,629
Cost of revenue	10,892	10,646	21,315	19,910
Gross profit	53,190	32,778	95,354	60,719
Operating expenses:
Research and development	26,261	15,032	47,881	28,956
Selling, general and administrative	44,829	31,461	87,395	62,980
Asset impairment charge			7,482
Total operating expenses	71,090	46,493	142,758	91,936
Loss from operations	(17,900)	(13,715)	(47,404)	(31,217)
Interest income	2,305	635	4,769	1,178
Interest expense		(6,621)	(3)	(11,714)
Change in fair value of common stock warrant liability		(863)		(2,469)
Change in fair value of derivative liability		11,538		2,493
Other income (expense), net	(126)	(111)	(440)	247
Loss before provision for income taxes	(15,721)	(9,137)	(43,078)	(41,482)
Provision for income taxes	(22)	(59)	(45)	(59)
Net loss	(15,743)	(9,196)	(43,123)	(41,541)
Comprehensive loss:
Net loss	(15,743)	(9,196)	(43,123)	(41,541)
Other comprehensive loss:
Foreign currency translation gain (loss)	(9)	291	253	55
Unrealized loss on investments, net	(204)		(726)
Total comprehensive loss	$ (15,956)	$ (8,905)	$ (43,596)	$ (41,486)
Net loss per share, basic	$ (0.18)	$ (1.46)	$ (0.50)	$ (6.66)
Net loss per share, diluted	$ (0.18)	$ (1.46)	$ (0.50)	$ (6.66)
Weighted-average shares used to compute net loss per share, basic	86,398,778	6,316,315	86,021,323	6,240,885
Weighted-average shares used to compute net loss per share, diluted	86,398,778	6,316,315	86,021,323	6,240,885

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (43,123)	$ (41,541)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,643	2,767
Stock-based compensation expense	14,466	4,745
Asset impairment charge	7,482
Amortization of debt discount and debt issuance costs		3,765
Amortization of right-of-use asset	2,054	1,472
Accretion of discounts on investments, net	(1,439)
Change in fair value of common stock warrant liability		2,469
Change in fair value of derivative liability		(2,493)
Non-cash interest charges		1,110
Change in allowance for credit losses		(171)
Changes in assets and liabilities:
Accounts receivable	(13,418)	(4,877)
Prepaid expenses and other current assets	(4,582)	(2,413)
Other non-current assets	(1,522)	(1,883)
Accounts payable	1,743	(1,433)
Accrued expenses and other current liabilities	(912)	(267)
Operating lease liabilities	(2,075)	(1,787)
Other non-current liabilities	2	67
Net cash used in operating activities	(38,681)	(40,470)
Cash flows from investing activities:
Purchase of property and equipment	(3,813)	(1,891)
Purchase of investments	(45,313)
Maturities of investments	68,923
Net cash provided by (used in) investing activities	19,797	(1,891)
Cash flows from financing activities:
Proceeds from convertible notes offering, net of issuance costs		72,813
Proceeds from exercise of stock options	6,568	1,430
Issuance of common stock under employee stock purchase plan	3,288
Payments of exit, prepayment penalty and lender fees		(1,066)
Payment of taxes related to vested restricted stock units	(1,646)
Payment of deferred offering costs		(2,028)
Net cash provided by financing activities	8,210	71,149
Effect of foreign exchange rates	253	55
Net increase (decrease) in cash and cash equivalents	(10,421)	28,843
Balance, beginning of period	49,485	55,842
Balance, end of period	39,064	84,685
Supplemental disclosure of cash flow information:
Cash paid for interest		6,728
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	25	26
Right-of-use asset obtained in exchange for lease obligation	$ 7,148	561
Conversion of term loan principal to convertible notes		23,000
Issuance of convertible notes to certain employees in lieu of cash compensation		1,353
Reclassification of term loan debt discount to convertible notes debt discount		239
Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities		2,205
Unpaid convertible notes issuance costs included in accounts payable and accrued expenses and other current liabilities		$ 83

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 34,362	$ 44,776
Short-term investments	128,189	132,010
Accounts receivable, net of allowance for credit losses of $626 at June 30, 2026 and December 31, 2025	42,761	29,343
Prepaid expenses and other current assets	18,657	14,075
Total current assets	223,969	220,204
Long-term investments	84,289	103,365
Property and equipment, net	9,646	8,587
Operating lease right-of-use assets	15,236	17,488
Restricted cash, non-current	4,702	4,709
Other non-current assets	6,621	5,099
Total assets	344,463	359,452
Current liabilities
Accounts payable	4,937	3,169
Accrued expenses and other current liabilities	32,367	33,279
Operating lease liabilities, current	6,784	5,922
Total current liabilities	44,088	42,370
Operating lease liabilities, non-current	20,343	16,132
Other non-current liabilities	305	303
Total liabilities	64,736	58,805
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.001 par value; 250,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 86,717,381 and 85,280,597 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	87	85
Additional paid-in capital	1,411,411	1,388,737
Accumulated other comprehensive loss	(898)	(425)
Accumulated deficit	(1,130,873)	(1,087,750)
Total stockholders’ equity	279,727	300,647
Total liabilities and stockholders’ equity	$ 344,463	$ 359,452