Heartflow, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 12, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| Part I: Financial Information | 4 | |
| Item 1. | Condensed Consolidated Financial Statements (unaudited) | 4 |
| Condensed Consolidated Balance Sheets | 4 | |
| Condensed Consolidated Statements of Operations and Comprehensive Loss | 5 | |
| Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 6 | |
| Condensed Consolidated Statements of Cash Flows | 8 | |
| Notes to Condensed Consolidated Financial Statements | 9 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 40 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 52 |
| Item 4. | Controls and Procedures | 53 |
| Part II: Other Information | 54 | |
| Item 1. | Legal Proceedings | 54 |
| Item 1A. | Risk Factors | 54 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 104 |
| Item 3. | Defaults Upon Senior Securities | 104 |
| Item 4. | Mine Safety Disclosures | 104 |
| Item 5. | Other Information | 104 |
| Item 6. | Exhibits | 106 |
| SIGNATURES | 107 | |
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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.