Heartflow, Inc.

Listed Company

HTFLCIK 0001464521NasdaqNon-AcceleratedEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$176.03M

Net Income

$-116.79M

Total Assets

$359.45M

Equity

$300.65M

Shares Out

85.76M

Op. Cash Flow

$-54.02M

Business

Heartflow, Inc. is a publicly listed company in Surgical & Medical Instruments & Apparatus, incorporated in Delaware. Common stock trades on Nasdaq under the ticker HTFL.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenue	176	126	87
Cost of revenue	41	31	29
Gross profit	135	94	58
Research and development	65	44	36
Selling, general and administrative	134	112	95
Total operating expenses	199	156	131
Loss from operations	−64	−61	−73
Interest income	6	4	5
Interest expense	−15	−23	−25
Change in fair value of common stock warrant liability	−44	−16	−2
Change in fair value of derivative liability	7	−222,000	4
Change in fair value of convertible note	—	—	−5
Loss on extinguishment of debt	−6	—	—
Other income (expense), net	−223,000	168,000	325,000
Loss before provision for income taxes	−117	−96	−95
(Provision for) benefit from income taxes	76,000	−53,000	−547,000
Net loss	−117	−96	−96
Cumulative dividends on Series C redeemable convertible preferred stock	—	—	−1
Deemed dividend upon down round of redeemable convertible preferred stock	—	—	−27
Net loss attributable to common stockholders	−117	−96	−124
Foreign currency translation gain (loss)	191,000	−271,000	−504,000
Unrealized gain on investments, net	156,000	—	—
Total other comprehensive income (loss)	347,000	−271,000	−504,000
Total comprehensive loss	−116	−97	−96
Net loss per share attributable to common stockholders, basic	−3.17	−17.98	−25.32
Net loss per share attributable to common stockholders, diluted	−3.17	−17.98	−25.32
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	37	5	5
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	37	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	45	51	123	—
Short-term investments	132	—	—	—
Accounts receivable, net of allowance for credit losses of $626 and $814 at December 31, 2025 and 2024, respectively	29	25	—	—
Restricted cash, current	—	150,000	—	—
Prepaid expenses and other current assets	14	6	—	—
Total current assets	220	82	—	—
Long-term investments	103	—	—	—
Property and equipment, net	9	9	—	—
Operating lease right-of-use assets	17	19	—	—
Restricted cash, non-current	5	4	—	—
Other non-current assets	5	4	—	—
Total assets	359	119	—	—
Accounts payable	3	3	—	—
Accrued expenses and other current liabilities	33	25	—	—
Operating lease liabilities, current	6	5	—	—
Total current liabilities	42	34	—	—
Term loan	—	136	—	—
Common stock warrant liability	0	21	—	—
Operating lease liabilities, non-current	16	19	—	—
Other non-current liabilities	303,000	214,000	—	—
Total liabilities	59	210	—	—
Commitments and contingencies (Note 7)	—	—	—	—
Redeemable convertible preferred stock issuable in series, $0.001 par value; none and 122,231,454 shares authorized, issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation value of none and $951,917 as of December 31, 2025 and 2024, respectively	—	769	—	—
Preferred stock, $0.001 par value; 50,000,000 and no shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	—	—	—	—
Common stock, $0.001 par value; 250,000,000 and 210,300,000 shares authorized as of December 31, 2025 and 2024, respectively; 85,280,597 and 6,122,048 shares issued and outstanding as of December 31, 2025 and 2024. respectively	85,000	6,000	—	—
Additional paid-in capital	1,389	112	—	—
Accumulated other comprehensive loss	−425,000	−772,000	—	—
Accumulated deficit	−1,088	−971	−1	—
Total stockholders equity (deficit)	301	−859	−778	−694
Total liabilities, redeemable convertible preferred stock and stockholders equity (deficit)	359	119	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization	5	5	5
Stock-based compensation expense	14	10	12
Amortization of debt discount and debt issuance costs	5	2	3
Amortization of right-of-use asset	3	3	3
Accretion of discounts on investments, net	−2	—	—
Paid-in-kind interest	—	—	144,000
Non-cash interest charges	1	2	865,000
Change in allowance for credit losses	188,000	−244,000	1
Accounts receivable, net	−5	−4	−9
Prepaid expenses and other current assets	−8	−998,000	−357,000
Other non-current assets	−733,000	−3	−402,000
Accounts payable	218,000	−327,000	−623,000
Accrued expenses and other current liabilities	9	426,000	4
Operating lease liabilities	−4	−3	−2
Other non-current liabilities	89,000	−215,000	190,000
Net cash used in operating activities	−54	−69	−76
Purchase of property and equipment	−5	−4	−6
Purchases of investments	−234	—	—
Net cash used in investing activities	−239	−4	−6
Proceeds from issuance of Series F redeemable convertible preferred shares, net of issuance costs	—	—	169
Proceeds from initial public offering, net of issuance costs	332	—	—
Proceeds from convertible notes offering, net of issuance costs	73	—	—
Proceeds from exercise of stock options	3	5	589,000
Repayment of term loan	−115	—	—
Payments of exit, prepayment penalty and lender fees	−7	−2	—
Payment of taxes related to vested restricted stock units	−510,000	—	—
Repurchase of common stock	—	—	−228,000
Net cash provided by financing activities	286	2	169
Effect of foreign exchange rates	191,000	−271,000	−504,000
Net increase (decrease) in cash and cash equivalents	−6	−71	86
Cash paid for interest	9	19	21
Purchases of property and equipment included in accounts payable	81,000	—	808,000
Right-of-use asset obtained in exchange for lease obligation	2	579,000	—
Conversion of redeemable convertible preferred stock to common stock upon IPO	769	—	—
Conversion of convertible notes to common stock upon IPO	94	—	—
Conversion of term loan principal to convertible notes	23	—	—
Reclassification of warrant liability to common stock upon net exercise	65	—	—
Issuance of convertible notes to certain employees in lieu of cash compensation	1	—	—
Reclassification of term loan debt discount to convertible notes debt discount	239,000	—	—
Derecognition of derivative liability in connection with debt refinancing	—	1	—
Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities	—	413,000	—
Reduction in right-of-use asset and lease obligation due to amendment in lease terms	—	—	2
Deemed dividend upon down round of redeemable convertible preferred stock	—	—	27
Conversion of convertible note into Series F-1 redeemable convertible preferred stock	—	—	61

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