HTFL on Nasdaq
Heartflow, Inc.
American surgical and medical instruments and apparatus company.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with SI-Bone (United States), Neuronetics, Inc. or TREACE MEDICAL CONCEPTS, INC., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
76.8%Gross margin3
-36.4%Operating margin3
-66.3%Net margin3
39.9%Revenue growth, 20253
-38.8%Return on equity3
-$59.0MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 92% of the revenue Heartflow, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $77.7M | $115.0M | $162.7M |
| Outside the United States | $9.4M | $10.8M | $13.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue17¢$40.8M
- Research and development27¢$64.9M
- Selling, general and admin56¢$134.3M
- Income tax0¢$76.0K
Out of $176.0M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $176.0M | $125.8M | $87.2M |
| Cost of revenue | $40.8M | $31.4M | $29.1M |
| Gross profit | $135.2M | $94.4M | $58.1M |
| Research and development | $64.9M | $43.5M | $35.9M |
| Selling, general and administrative | $134.3M | $112.2M | $95.1M |
| Total operating expenses | $199.3M | $155.7M | $131.0M |
| Loss from operations | -$64.1M | -$61.2M | -$72.9M |
| Interest income | $5.5M | $4.1M | $5.5M |
| Interest expense | -$15.2M | -$22.8M | -$24.7M |
| Change in fair value of common stock warrant liability | -$43.9M | -$16.4M | -$2.3M |
| Change in fair value of derivative liability | $7.3M | -$222.0K | $4.2M |
| Change in fair value of convertible note | -$5.1M | ||
| Loss on extinguishment of debt | -$6.4M | ||
| Other income (expense), net | -$223.0K | $168.0K | $325.0K |
| Loss before provision for income taxes | -$116.9M | -$96.4M | -$95.1M |
| (Provision for) benefit from income taxes | $76.0K | -$53.0K | -$547.0K |
| Net loss | -$116.8M | -$96.4M | -$95.7M |
| Cumulative dividends on Series C redeemable convertible preferred stock | -$1.2M | ||
| Deemed dividend upon down round of redeemable convertible preferred stock | -$26.8M | ||
| Net loss attributable to common stockholders | -$116.8M | -$96.4M | -$123.7M |
| Foreign currency translation gain (loss) | $191.0K | -$271.0K | -$504.0K |
| Unrealized gain on investments, net | $156.0K | ||
| Total other comprehensive income (loss) | $347.0K | -$271.0K | -$504.0K |
| Total comprehensive loss | -$116.4M | -$96.7M | -$96.2M |
| 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 | 36.9M shares | 5.4M shares | 4.9M shares |
| Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted | 36.9M shares | 5.4M shares | 4.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $44.8M | $51.4M | $122.8M | |
| Short-term investments | $132.0M | |||
| Accounts receivable, net of allowance for credit losses of $626 and $814 at December 31, 2025 and 2024, respectively | $29.3M | $24.6M | ||
| Restricted cash, current | $150.0K | |||
| Prepaid expenses and other current assets | $14.1M | $6.1M | ||
| Total current assets | $220.2M | $82.3M | ||
| Long-term investments | $103.4M | |||
| Property and equipment, net | $8.6M | $8.9M | ||
| Operating lease right-of-use assets | $17.5M | $18.8M | ||
| Restricted cash, non-current | $4.7M | $4.3M | ||
| Other non-current assets | $5.1M | $4.4M | ||
| Total assets | $359.5M | $118.7M | ||
| Accounts payable | $3.2M | $2.9M | ||
| Accrued expenses and other current liabilities | $33.3M | $25.3M | ||
| Operating lease liabilities, current | $5.9M | $5.4M | ||
| Total current liabilities | $42.4M | $33.6M | ||
| Term loan | $136.4M | |||
| Common stock warrant liability | $0 | $20.8M | ||
| Operating lease liabilities, non-current | $16.1M | $18.5M | ||
| Other non-current liabilities | $303.0K | $214.0K | ||
| Total liabilities | $58.8M | $209.6M | ||
| 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 | $768.6M | |||
| 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 | $85.0K | $6.0K | ||
| Additional paid-in capital | $1.4B | $112.2M | ||
| Accumulated other comprehensive loss | -$425.0K | -$772.0K | ||
| Accumulated deficit | -$1.1B | -$971.0M | -$1.1M | |
| Total stockholders equity (deficit) | $300.6M | -$859.5M | -$777.6M | -$693.6M |
| Total liabilities, redeemable convertible preferred stock and stockholders equity (deficit) | $359.5M | $118.7M | ||
| Accounts receivable, allowance for credit losses | $626.0K | $814.0K | ||
| Redeemable convertible preferred stock, par value (in dollars per share) | $0.00 | |||
| Redeemable convertible preferred stock, shares authorized (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, shares issued (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, shares outstanding (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, aggregate liquidation value | $0 | $951.9M | ||
| Preferred shares, par value (in dollars per share) | $0.00 | |||
| Preferred shares, shares authorized (in shares) | 50.0M shares | 0 shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common shares, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common shares, shares authorized (in shares) | 250.0M shares | 210.3M shares | ||
| Common shares, shares issued (in shares) | 85.3M shares | 6.1M shares | ||
| Common shares, shares outstanding (in shares) | 85.3M shares | 6.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $44.8M | $51.4M | $122.8M | |
| Short-term investments | $132.0M | |||
| Accounts receivable, net of allowance for credit losses of $626 and $814 at December 31, 2025 and 2024, respectively | $29.3M | $24.6M | ||
| Restricted cash, current | $150.0K | |||
| Prepaid expenses and other current assets | $14.1M | $6.1M | ||
| Total current assets | $220.2M | $82.3M | ||
| Long-term investments | $103.4M | |||
| Property and equipment, net | $8.6M | $8.9M | ||
| Operating lease right-of-use assets | $17.5M | $18.8M | ||
| Restricted cash, non-current | $4.7M | $4.3M | ||
| Other non-current assets | $5.1M | $4.4M | ||
| Total assets | $359.5M | $118.7M | ||
| Accounts payable | $3.2M | $2.9M | ||
| Accrued expenses and other current liabilities | $33.3M | $25.3M | ||
| Operating lease liabilities, current | $5.9M | $5.4M | ||
| Total current liabilities | $42.4M | $33.6M | ||
| Term loan | $136.4M | |||
| Common stock warrant liability | $0 | $20.8M | ||
| Operating lease liabilities, non-current | $16.1M | $18.5M | ||
| Other non-current liabilities | $303.0K | $214.0K | ||
| Total liabilities | $58.8M | $209.6M | ||
| 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 | $768.6M | |||
| 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 | $85.0K | $6.0K | ||
| Additional paid-in capital | $1.4B | $112.2M | ||
| Accumulated other comprehensive loss | -$425.0K | -$772.0K | ||
| Accumulated deficit | -$1.1B | -$971.0M | -$1.1M | |
| Total stockholders equity (deficit) | $300.6M | -$859.5M | -$777.6M | -$693.6M |
| Total liabilities, redeemable convertible preferred stock and stockholders equity (deficit) | $359.5M | $118.7M | ||
| Accounts receivable, allowance for credit losses | $626.0K | $814.0K | ||
| Redeemable convertible preferred stock, par value (in dollars per share) | $0.00 | |||
| Redeemable convertible preferred stock, shares authorized (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, shares issued (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, shares outstanding (in shares) | 0 shares | 122.2M shares | ||
| Redeemable convertible preferred stock, aggregate liquidation value | $0 | $951.9M | ||
| Preferred shares, par value (in dollars per share) | $0.00 | |||
| Preferred shares, shares authorized (in shares) | 50.0M shares | 0 shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common shares, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common shares, shares authorized (in shares) | 250.0M shares | 210.3M shares | ||
| Common shares, shares issued (in shares) | 85.3M shares | 6.1M shares | ||
| Common shares, shares outstanding (in shares) | 85.3M shares | 6.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$116.8M | -$96.4M | -$95.7M |
| Depreciation and amortization | $5.4M | $5.4M | $4.7M |
| Stock-based compensation expense | $14.0M | $10.2M | $11.9M |
| Amortization of debt discount and debt issuance costs | $5.4M | $1.6M | $2.8M |
| Amortization of right-of-use asset | $3.1M | $2.7M | $2.9M |
| Accretion of discounts on investments, net | -$1.7M | ||
| Change in fair value of common stock warrant liability | $43.9M | $16.4M | $2.3M |
| Change in fair value of derivative liability | -$7.3M | $222.0K | -$4.2M |
| Change in fair value of convertible note | $5.1M | ||
| Loss on extinguishment of debt | $6.4M | ||
| Paid-in-kind interest | $144.0K | ||
| Non-cash interest charges | $1.1M | $2.0M | $865.0K |
| Change in allowance for credit losses | $188.0K | -$244.0K | $1.2M |
| Accounts receivable, net | -$4.9M | -$3.8M | -$9.3M |
| Prepaid expenses and other current assets | -$7.9M | -$998.0K | -$357.0K |
| Other non-current assets | -$733.0K | -$2.7M | -$402.0K |
| Accounts payable | $218.0K | -$327.0K | -$623.0K |
| Accrued expenses and other current liabilities | $9.3M | $426.0K | $3.8M |
| Operating lease liabilities | -$3.7M | -$3.2M | -$1.8M |
| Other non-current liabilities | $89.0K | -$215.0K | $190.0K |
| Net cash used in operating activities | -$54.0M | -$69.0M | -$76.4M |
| Purchase of property and equipment | -$5.0M | -$4.4M | -$6.1M |
| Purchases of investments | -$233.5M | ||
| Net cash used in investing activities | -$238.6M | -$4.4M | -$6.1M |
| Proceeds from issuance of Series F redeemable convertible preferred shares, net of issuance costs | $169.0M | ||
| Proceeds from initial public offering, net of issuance costs | $332.4M | ||
| Proceeds from convertible notes offering, net of issuance costs | $72.8M | ||
| Proceeds from exercise of stock options | $3.3M | $4.6M | $589.0K |
| Repayment of term loan | -$115.1M | ||
| Payments of exit, prepayment penalty and lender fees | -$6.8M | -$2.3M | |
| Payment of taxes related to vested restricted stock units | -$510.0K | ||
| Repurchase of common stock | -$228.0K | ||
| Net cash provided by financing activities | $286.0M | $2.2M | $169.3M |
| Effect of foreign exchange rates | $191.0K | -$271.0K | -$504.0K |
| Net increase (decrease) in cash and cash equivalents | -$6.4M | -$71.4M | $86.3M |
| Cash paid for interest | $8.6M | $19.2M | $20.8M |
| Purchases of property and equipment included in accounts payable | $81.0K | $808.0K | |
| Right-of-use asset obtained in exchange for lease obligation | $1.8M | $579.0K | |
| Conversion of redeemable convertible preferred stock to common stock upon IPO | $768.6M | ||
| Conversion of convertible notes to common stock upon IPO | $94.1M | ||
| Conversion of term loan principal to convertible notes | $23.0M | ||
| Reclassification of warrant liability to common stock upon net exercise | $64.7M | ||
| Issuance of convertible notes to certain employees in lieu of cash compensation | $1.4M | ||
| Reclassification of term loan debt discount to convertible notes debt discount | $239.0K | ||
| Derecognition of derivative liability in connection with debt refinancing | $1.1M | ||
| Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities | $413.0K | ||
| Reduction in right-of-use asset and lease obligation due to amendment in lease terms | $1.8M | ||
| Deemed dividend upon down round of redeemable convertible preferred stock | $26.8M | ||
| Conversion of convertible note into Series F-1 redeemable convertible preferred stock | $61.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Heartflow, Inc., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerJohn C.m. Farquhar Aug 7, 2025 to now6
- Chief financial officerVikram Verghese Aug 7, 2025 to now7
Board members and other officers (10)
- Chief Medical OfficerCampbell Rogers Aug 7, 2025 to now8
- Chief Accounting Officer, VPMarie L. Jones Aug 7, 2025 to now9
- Board memberCasey M. Tansey Aug 7, 2025 to now10
- Board memberJeffrey C. Lightcap Aug 7, 2025 to now11
- Board memberJohn C.m. Farquhar Aug 7, 2025 to now6
- Board memberJulie A. Cullivan Aug 7, 2025 to now12
- Board memberNicholas Downing Aug 7, 2025 to now13
- Board memberTimothy C. Barabe Aug 7, 2025 to now14
- Board memberWayne J. Riley Aug 7, 2025 to now15
- Board memberWilliam C. Weldon Aug 7, 2025 to now16
Former names
- Cardiovascular Simulation, Inc.Jul 10, 2009 to Jun 14, 20102
Timeline
- Aug 7, 2025New chief executive John C.m. Farquhar becomes CEO6
Filings
179 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 9 major events, 88 insider forms, 14 large holders, 63 other. The latest 20:
- Oct 14, 20264 PRIMARY DOCUMENT EDGAR
- Oct 13, 2026144 EDGAR
- Sep 21, 20264 PRIMARY DOCUMENT EDGAR
- Sep 18, 2026144 EDGAR
- Sep 18, 2026144 EDGAR
- Sep 18, 2026144 EDGAR
- Sep 18, 20264 PRIMARY DOCUMENT EDGAR
- Sep 17, 2026144 EDGAR
- Sep 15, 2026144 EDGAR
- Sep 15, 20264 PRIMARY DOCUMENT EDGAR
- Sep 14, 2026144 EDGAR
- Sep 14, 20264 PRIMARY DOCUMENT EDGAR
- Sep 11, 2026144 EDGAR
- Sep 11, 2026144 EDGAR
- Sep 10, 2026144 EDGAR
- Sep 10, 20264 PRIMARY DOCUMENT EDGAR
- Sep 8, 2026144 EDGAR
- Sep 4, 20264 PRIMARY DOCUMENT EDGAR
- Sep 3, 2026144 EDGAR
- Sep 2, 2026144 EDGAR
The 179 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 14 such filings since October 2021, the latest 10:
- Aug 14, 2026SCHEDULE 13G/A
- Aug 13, 2026SCHEDULE 13G/A
- Aug 6, 2026SCHEDULE 13G/A
- Jul 28, 2026SCHEDULE 13G
- May 15, 2026SCHEDULE 13G/A
- May 11, 2026SCHEDULE 13G/A
- Mar 31, 2026SCHEDULE 13G
- Mar 5, 2026SCHEDULE 13G/A
- Feb 10, 2026SCHEDULE 13G/A
- Nov 24, 2025SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Bain Capital Life Sciences Investors, LLC | 8,448,158 | $247.9M | 14.7% | −2,000,000 |
| Wellington Management Group Llp | 7,864,226 | $230.7M | 0.0% | −4,118,057 |
| BlackRock, Inc. | 5,197,747 | $152.5M | 0.0% | +3,735,163 |
| Fmr LLC | 4,820,944 | $141.4M | 0.0% | −576,858 |
| Vanguard Portfolio Management LLC | 3,584,428 | $105.2M | 0.0% | +1,538,490 |
| Bamco Inc /ny/ | 3,225,133 | $94.6M | 0.1% | −602,398 |
| Vanguard Capital Management LLC | 2,753,206 | $80.8M | 0.0% | +859,711 |
| Jupiter Topco LLC | 2,419,336 | $71.0M | 0.0% | New |
| Invesco Ltd. | 2,298,718 | $67.4M | 0.0% | +385,628 |
| Point72 Asset Management, L.P. | 1,721,279 | $50.5M | 0.1% | +1,182,928 |
| Summit Partners Public Asset Management, LLC | 1,694,651 | $49.7M | 1.3% | +802,558 |
| Alliancebernstein L.P. | 1,924,268 | $46.8M | 0.0% | +699,942 |
| State Street Corp | 1,465,895 | $43.3M | 0.0% | +1,015,345 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1,465,650 | $43.0M | 0.0% | +50,822 |
| Geode Capital Management, LLC | 1,360,391 | $39.9M | 0.0% | +818,732 |
| Nuveen, LLC | 1,353,168 | $39.7M | 0.0% | +1,329,929 |
| Morgan Stanley | 1,054,889 | $31.0M | 0.0% | +202,957 |
| UBS Group AG | 975,510 | $28.6M | 0.0% | +546,426 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 931,160 | $27.3M | 0.0% | New |
| Millennium Management LLC | 922,893 | $27.1M | 0.0% | −170,524 |
| 12 West Capital Management LP | 902,500 | $26.5M | 5.0% | +262,500 |
| Franklin Resources Inc | 817,701 | $24.0M | 0.0% | +23,980 |
| Citadel Advisors LLC | 799,883 | $23.5M | 0.0% | +43,278 |
| Champlain Investment Partners, LLC | 733,607 | $21.5M | 0.6% | +166,183 |
| Voya Investment Management LLC | 733,183 | $21.5M | 0.0% | +5,516 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARHeartflow, Inc. filings on SEC EDGAR
- 2SEC EDGARHeartflow, Inc. filings on SEC EDGAR
- 3SEC EDGARHeartflow, Inc. 10-K for fiscal 2025
- 4SEC EDGARHeartflow, Inc. 10-Q for fiscal 2026
- 5SEC EDGARHeartflow, Inc. 10-Q for fiscal 2026
- 6
- 7
- 8
- 9
- 10SEC EDGARCasey M. Tansey, Board member
- 11SEC EDGARJeffrey C. Lightcap, Board member
- 12SEC EDGARJulie A. Cullivan, Board member
- 13SEC EDGARNicholas Downing, Board member
- 14SEC EDGARTimothy C. Barabe, Board member
- 15SEC EDGARWayne J. Riley, Board member
- 16SEC EDGARWilliam C. Weldon, Board member