$HNGE

Hinge Health, Inc.

CIK:0001673743|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 212,817	$ 139,098	$ 395,124	$ 262,923
Cost of revenue	28,868	41,335	56,942	64,927
Gross profit	183,949	97,763	338,182	197,996
Operating expenses:
Research and development	34,057	279,962	64,395	303,462
Sales and marketing	81,408	147,228	150,210	193,944
General and administrative	28,044	251,244	51,068	268,125
Total operating expenses	143,509	678,434	265,673	765,531
Income (loss) from operations	40,440	(580,671)	72,509	(567,535)
Other income:
Other income, net	3,990	4,694	7,863	9,695
Net income (loss) before income taxes	44,430	(575,977)	80,372	(557,840)
Provision for (benefit from) income taxes	740	(326)	1,554	672
Net income (loss)	43,690	(575,651)	78,818	(558,512)
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment	0	0	0	104,174
Income allocated to participating securities	(588)	0	(1,784)	0
Net income (loss) attributable to common stockholders	$ 43,102	$ (575,651)	$ 77,034	$ (454,338)
Net income (loss) attributable to common stockholders per share:
Basic (in usd per share)	$ 0.55	$ (13.10)	$ 0.98	$ (15.05)
Diluted (in usd per share)	$ 0.52	$ (13.10)	$ 0.94	$ (15.05)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic (in shares)	78,969	43,931	78,795	30,190
Diluted (in shares)	83,424	43,931	82,344	30,190
Other comprehensive income (loss):
Unrealized loss on marketable securities, net of taxes	$ (16)	$ (44)	$ (344)	$ (102)
Comprehensive income (loss)	$ 43,674	$ (575,695)	$ 78,474	$ (558,614)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 78,818	$ (558,512)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,234	2,646
Stock-based compensation	30,784	590,990
Amortization of deferred commissions	35,290	19,870
Accretion of discounts and amortization of premiums on marketable securities, net	704	326
Non-cash operating lease expense	1,834	1,688
Provision for credit losses	1,613	2,780
Deferred income taxes	13	96
Other	(1)	(2)
Changes in operating assets and liabilities:
Accounts receivable	(60,984)	(59,584)
Deferred commissions	(49,079)	(27,650)
Inventory	(1,132)	(3,114)
Prepaid expenses and other current assets	(11,320)	(6,609)
Other assets	(327)	(485)
Accounts payable and accrued liabilities	2,592	6,997
Operating lease liabilities	(2,154)	(1,792)
Deferred revenue	115,611	57,505
Net cash provided by operating activities	144,496	25,150
Investing activities:
Purchase of property and equipment	(206)	(248)
Capitalized internal use software	(3,178)	(2,336)
Purchases of marketable securities	(89,877)	(175,282)
Maturities of marketable securities	169,960	164,556
Acquisition of a business	0	(4,000)
Net cash provided by (used in) investing activities	76,699	(17,310)
Financing activities:
Proceeds from exercise of common stock options	680	256
Issuance of common stock in connection with the employee stock purchase plan	7,276	0
Proceeds from issuance of common stock in initial public offering, net of issuance costs	0	255,675
Repurchase and retirement of common stock	(131,491)	0
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units	(19,791)	(272,258)
Payment on Repurchase Agreement with Coatue	0	(50,000)
Proceeds from repayment of non-recourse loans to employees	0	4,934
Payments for deferred offering costs	0	(10,061)
Net cash used in financing activities	(143,326)	(71,454)
Net increase (decrease) in cash, cash equivalents, and restricted cash	77,869	(63,614)
Cash, cash equivalents and restricted cash, beginning of period	209,796	302,586
Cash, cash equivalents and restricted cash, end of period	287,665	238,972
Reconciliation of cash, cash equivalents, and restricted cash to the unaudited condensed consolidated balance sheets:
Cash and cash equivalents	286,224	237,170
Restricted cash	1,441	1,802
Total cash, cash equivalents, and restricted cash	287,665	238,972
Supplemental cash flow information:
Cash paid for income taxes	1,357	199
Supplemental disclosures of noncash investing and financing activities:
Stock-based compensation capitalized in internal-use software	656	0
Unpaid deferred offering costs at period end	0	538
Right-of-use assets obtained in exchange for lease obligation	0	686
Conversion of redeemable convertible preferred stock for Coatue in connection with initial public offering	0	150,694
Conversion of redeemable convertible preferred stock for all other in connection with initial public offering	0	346,530
Conversion of redeemable convertible preferred stock Series E to common stock	199,874	0
Unpaid excise tax at the end of the period on repurchase and retirement of common stock included in additional-paid in capital	796	0
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment	$ 0	$ 104,174

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 286,224	$ 207,995
Short-term marketable securities	103,167	155,867
Accounts receivable, net of allowance for credit losses of $6,706 and $6,092 as of June 30, 2026 and December 31, 2025, respectively	125,432	66,061
Deferred commissions	43,440	31,344
Inventory	16,769	15,636
Prepaid expenses and other current assets	68,321	57,001
Total current assets	643,353	533,904
Long-term marketable securities	84,742	113,172
Goodwill	64,096	64,096
Intangible assets, net	2,063	2,512
Property, equipment and software, net	12,745	10,490
Operating lease right-of-use assets	5,027	6,861
Other assets	15,372	13,726
Total assets	827,398	744,761
Current liabilities:
Accounts payable and accrued liabilities	60,719	57,331
Operating lease liabilities	4,254	4,223
Deferred revenue	416,466	300,855
Total current liabilities	481,439	362,409
Operating lease liabilities, noncurrent	1,631	3,816
Total liabilities	483,070	366,225
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock:
Redeemable convertible preferred stock, $0.00001 par value; 4,330,341 shares of Series E authorized as of June 30, 2026 and December 31, 2025; 0 shares and 2,581,837 shares of Series E preferred stock issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of $0 and $200,000 as of June 30, 2026 and December 31, 2025, respectively	0	199,874
Stockholders’ equity:
Additional paid-in capital	1,316,870	1,229,678
Accumulated other comprehensive loss	(364)	(20)
Accumulated deficit	(972,178)	(1,050,996)
Total stockholders’ equity	344,328	178,662
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	827,398	744,761
Class A Common Stock
Stockholders’ equity:
Common stock, value	0	0
Class B Common Stock
Stockholders’ equity:
Common stock, value	$ 0	$ 0