Heartflow, Inc.

For the period ended Jun 30, 2025. Filed Sep 19, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Sep 19, 2025

HTFL$55.80-1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Six Months EndedJune 30,
	2025	2024
Cash flows from operating activities:
Net loss ......................................................................................................................................................................................	$(41,541)	$(44,311)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization .........................................................................................................................................	2,767	2,378
Stock-based compensation expense .............................................................................................................................	4,745	5,363
Amortization of debt discount and debt issuance costs ..............................................................................................	3,765	1,333
Amortization of right-of-use asset ...................................................................................................................................	1,472	1,349
Change in fair value of common stock warrant liability ...............................................................................................	2,469	3,905
Change in fair value of derivative liability.......................................................................................................................	(2,493)	222
Non-cash interest charges ...............................................................................................................................................	1,110	388
Change in allowance for credit losses ............................................................................................................................	(171)	(1)
Changes in assets and liabilities: ....................................................................................................................................
Accounts receivable, net ...........................................................................................................................................	(4,877)	(3,573)
Prepaid expenses and other current assets ...........................................................................................................	(2,413)	(913)
Other non-current assets ...........................................................................................................................................	(1,883)	(937)
Accounts payable .......................................................................................................................................................	(1,433)	(1,453)
Accrued expenses and other current liabilities ......................................................................................................	(267)	(6,885)
Operating lease liabilities ...........................................................................................................................................	(1,787)	(1,563)
Other non-current liabilities .......................................................................................................................................	67	2
Net cash used in operating activities ................................................................................................................	(40,470)	(44,696)
Cash flows from investing activities
Purchase of property and equipment .............................................................................................................................	(1,891)	(3,005)
Net cash used in investing activities ................................................................................................................	(1,891)	(3,005)
Cash flows from financing activities
Proceeds from convertible notes offering, net of issuance costs ...............................................................................	72,813	—
Proceeds from exercise of stock options .......................................................................................................................	1,430	1,694
Payments of exit, prepayment penalty and lender fees ..............................................................................................	(1,066)	(1,291)
Payments of deferred offering costs ...............................................................................................................................	(2,028)	—
Net cash provided by financing activities ........................................................................................................	71,149	403
Effect of foreign exchange rates ............................................................................................................................................	55	(99)
Net increase (decrease) in cash, cash equivalents and restricted cash ..................................................................	28,843	(47,397)
Balance, beginning of period ...........................................................................................................................................	55,842	127,234
Balance, end of period ......................................................................................................................................................	$84,685	$79,837
Supplemental disclosure of cash flow information:
Cash paid (refunded) for taxes ........................................................................................................................................	$59	$(72)
Cash paid for interest ........................................................................................................................................................	$6,728	$10,618
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable .......................................................................	$26	$—
Derecognition of derivative liability in connection with debt refinancing ...................................................................	$—	$1,125
Right-of-use asset obtained in exchange for lease obligation ....................................................................................	$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	$—

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