Heartflow, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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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.
Sep 30, 2025 · Filed Nov 12, 2025
HTFL$55.80-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss .......................................................................................................................................................................... | $(92,396) | $(63,451) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization ............................................................................................................................ | 4,069 | 3,767 |
| Stock-based compensation expense ................................................................................................................. | 8,705 | 7,699 |
| Amortization of debt discount and debt issuance costs .................................................................................. | 5,367 | 1,473 |
| Amortization of right-of-use asset ....................................................................................................................... | 2,258 | 2,033 |
| Change in fair value of common stock warrant liability ................................................................................... | 34,586 | 4,490 |
| Change in fair value of derivative liability .......................................................................................................... | (7,311) | 222 |
| Loss on extinguishment of debt .......................................................................................................................... | 6,360 | — |
| Non-cash interest charges ................................................................................................................................... | 1,071 | 1,097 |
| Change in allowance for credit losses ............................................................................................................... | (171) | — |
| Changes in assets and liabilities: ....................................................................................................................... | ||
| Accounts receivable, net ............................................................................................................................... | (3,048) | (2,539) |
| Prepaid expenses and other current assets ............................................................................................... | (2,629) | (1,431) |
| Other non-current assets ............................................................................................................................... | (2,679) | (1,436) |
| Accounts payable ............................................................................................................................................ | (919) | (1,600) |
| Accrued expenses and other current liabilities .......................................................................................... | 5,955 | (2,869) |
| Operating lease liabilities ............................................................................................................................... | (2,725) | (2,380) |
| Other non-current liabilities ........................................................................................................................... | 80 | (38) |
| Net cash used in operating activities ..................................................................................................... | (43,427) | (54,963) |
| Cash flows from investing activities | ||
| Purchase of property and equipment ................................................................................................................. | (3,126) | (4,025) |
| Net cash used in investing activities .................................................................................................... | (3,126) | (4,025) |
| Cash flows from financing activities | ||
| Proceeds from IPO, net of offering costs .......................................................................................................... | 332,784 | — |
| Proceeds from convertible notes offering, net of issuance costs .................................................................. | 72,769 | — |
| Proceeds from exercise of stock options ........................................................................................................... | 2,441 | 3,195 |
| Repayment of principal under term loan ........................................................................................................... | (115,137) | — |
| Payments of exit, prepayment penalty and lender fees .................................................................................. | (6,764) | (1,809) |
| Net cash provided by financing activities ............................................................................................ | 286,093 | 1,386 |
| Effect of foreign exchange rates ............................................................................................................................... | 260 | (504) |
| Net increase (decrease) in cash, cash equivalents and restricted cash ...................................................... | 239,800 | (58,106) |
| Balance, beginning of period ............................................................................................................................... | 55,842 | 127,234 |
| Balance, end of period ......................................................................................................................................... | $295,642 | $69,128 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid (refunded) for taxes ........................................................................................................................... | $89 | $(72) |
| Cash paid for interest ........................................................................................................................................... | $8,573 | $15,067 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Purchases of property and equipment included in accounts payable .......................................................... | $7 | $59 |
| Derecognition of derivative liability in connection with debt refinancing ...................................................... | $— | $1,125 |
| Right-of-use asset obtained in exchange for lease obligation ....................................................................... | $561 | $— |
| Conversion of redeemable convertible preferred stock to common stock upon IPO ................................. | $768,566 | $— |
| Conversion of convertible notes to common stock upon IPO ........................................................................ | $94,139 | $— |
| 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 IPO offering costs included in accounts payable and accrued expenses and other current liabilities .................................................................................................................................................................. | $447 | $— |
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