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Heartflow, Inc.

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

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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$56.66+8.1%Stored close · as of Nov 9, 2026

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

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Table of Contents

Page
Part I: Financial Information4
Item 1.Condensed Consolidated Financial Statements4
Condensed Consolidated Balance Sheets4
Condensed Consolidated Statements of Operations and Comprehensive Loss5
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit6
Condensed Consolidated Statements of Cash Flows7
Notes to Condensed Consolidated Financial Statements8
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations40
Item 3.Quantitative and Qualitative Disclosures About Market Risk52
Item 4.Controls and Procedures53
Part II: Other Information54
Item 1.Legal Proceedings54
Item 1A.Risk Factors54
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds103
Item 3.Defaults Upon Senior Securities104
Item 4.Mine Safety Disclosures104
Item 5.Other Information104
Item 6.Exhibits105
SIGNATURES106

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains express or implied forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. We intend

such forward-looking statements contained in this Quarterly Report on Form 10-Q to be covered by the safe

harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than

statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our

strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of

management, and expected market growth, are forward-looking statements. In some cases, you can identify

forward-looking statements by words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,”

“could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,”

“objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that

concern our expectations, strategy, plans, or intentions.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to,

statements regarding our future results of operations and financial positions, plans for our current and future

products, anticipated product launches, the impact of macroeconomic conditions, industry and business trends,

and our expectations regarding business strategy, plans, market growth, regulatory climate, competitive

landscape and our objectives for future operations.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-

looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations,

estimates, forecasts, and projections about future events and trends that we believe may affect our business,

financial condition, results of operations, and prospects. Although we believe that we have a reasonable basis for

each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the

future results, levels of activity, performance, or events and circumstances reflected in the forward-looking

statements will be achieved or occur at all. Forward-looking statements involve known and unknown risks and

uncertainties and are subject to other important factors that may cause our actual results, performance or

achievements to be materially different from any future results, performance or achievements expressed or

implied by the forward-looking statements, including, but not limited to, those factors discussed in Part II, Item 1A,

“Risk Factors” in this Quarterly Report on Form 10-Q, as such risks and uncertainties may be amended,

supplemented or superseded from time to time by our subsequent periodic reports on Form 10-Q and Form 10-K

we file with the United States Securities and Exchange Commission. We qualify all of our forward-looking

statements by these cautionary statements. Moreover, we operate in a very competitive and rapidly changing

environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks

and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report

on Form 10-Q.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date

on which the statements are made. We undertake no obligation to update any forward-looking statements made

in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on

Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We

may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and

you should not place undue reliance on our forward-looking statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.