HeartFlow Holding, Inc. was incorporated in the state of Delaware in July 2007 as Cardiovascular

Simulation, Inc. and changed its name to HeartFlow, Inc. in May 2009. On March 1, 2021, HeartFlow, Inc.

completed an internal reorganization in which a newly formed parent holding company, HeartFlow

On July 17, 2025, HeartFlow Holding, Inc.’s stockholders and Board of Directors approved the

consolidation of HeartFlow Holding, Inc. with and into HeartFlow, Inc., with HeartFlow, Inc. continuing as

the surviving company. The previous holders of HeartFlow Holding, Inc.’s common stock and preferred

securities became holders of HeartFlow, Inc.’s common stock and preferred securities based on a 1-to-1

conversion ratio, and the equity incentive plan, outstanding equity awards, outstanding warrants and

certain other equity-related agreements of HeartFlow Holding, Inc. were assumed by HeartFlow, Inc. In

connection with this consolidation, HeartFlow, Inc. changed its name to Heartflow, Inc. (the “Company”).

The Company is a commercial-stage medical technology company that has pioneered the use of software

and artificial intelligence (“AI”) to deliver a non-invasive solution for diagnosing and managing coronary

artery disease (“CAD”). The Company’s novel Heartflow Platform uses AI and advanced computational

fluid dynamics to create a personalized 3D model of a patient’s heart based off a single coronary

computed tomography angiography (“CCTA”). This results in actionable data on blood flow, stenosis,

plaque volume and plaque composition. The Company’s Heartflow FFRCT Analysis and Plaque Analysis

software assists physicians in diagnosing, managing and delivering precision care to patients with CAD.

The Company was awarded Conformité Européene Mark for its Heartflow FFRCT Analysis in July 2011.

The Company received clearance from the U.S. Food and Drug Administration (“FDA”) in November 2014

for its Heartflow FFRCT Analysis and in October 2022 for its Plaque Analysis.

The Company’s headquarters is located in Mountain View, California, and the Company also has offices

in Santa Rosa and San Francisco, California, Austin, Texas, and Tokyo, Japan.

The Company had the following wholly-owned subsidiaries as of September 30, 2025:


Entity Name		Country of Incorporation
HeartFlow Japan G.K. ..................................................		Japan
HeartFlow U.K. Ltd ........................................................		United Kingdom
HeartFlow Technology U.K. Limited ...........................		United Kingdom

Effective July 2024, HeartFlow International Sarl, a wholly-owned subsidiary in Switzerland, was

On July 31, 2025, the Company’s Board of Directors approved an amendment to the Company’s

amended and restated certificate of incorporation to immediately effect a reverse stock split of the shares

of the Company’s outstanding common stock at a ratio of 1.0-for-2.92 (the “Reverse Stock Split”). The

number of authorized shares and par value per share were not adjusted as a result of the Reverse Stock

Split. All references to shares, options to purchase common stock, share amounts, per share amounts,

and related information contained in the condensed consolidated financial statements have been

retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. The

shares of common stock underlying outstanding stock options and other equity instruments were

proportionately reduced, and the respective exercise prices, if applicable, were proportionately increased

in accordance with the terms of the agreements governing such securities. In addition, the conversion

ratios for each series of the Company’s redeemable convertible preferred stock, which automatically

converted into shares of common stock upon the closing of the Company’s initial public offering (“IPO”) of

On August 11, 2025, the Company completed its IPO of 19,166,667 shares of its common stock, which

included an additional 2,500,000 shares of common stock purchased by the underwriters pursuant to their

option to purchase additional shares, at a price to the public of $19.00 per share. The gross proceeds to

the Company from the IPO were approximately $364.2 million, before deducting underwriting discounts

and commissions and estimated offering expenses payable by the Company of $31.8 million. Immediately

prior to the closing of the Company’s IPO, all of the outstanding shares of the Company’s redeemable

convertible preferred stock converted into shares of the Company’s common stock. Additionally, upon the

closing of the Company’s IPO, the aggregate outstanding principal balance under the 2025 Convertible

Notes (as defined in Note 2) automatically converted into shares of the Company’s common stock.

The Company has incurred operating losses and negative cash flows from operations since its inception

and has an accumulated deficit of approximately $1.1 billion and $971.0 million as of September 30, 2025

and December 31, 2024, respectively. The Company expects to incur losses for the foreseeable future.

Historically, the Company’s activities have been financed through sales of shares of redeemable

convertible preferred stock, common stock and convertible promissory notes, borrowings under term

As of September 30, 2025, the Company had $291.2 million in cash and cash equivalents.

Based on the Company’s current operating plan, the Company believes that the expected cash generated

from revenue transactions with customers and its existing cash and cash equivalents will be sufficient to

fund the Company’s planned operating expenses and capital expenditure requirements for at least the

next 12 months from the date these condensed consolidated financial statements were available to be

However, the Company may experience lower than expected cash generated from operating activities or

greater than expected capital expenditures, cost of revenue, or operating expenses and may need to

raise additional capital to fund operations, further research and development activities, or acquire, invest

in, or license other businesses, assets, or technologies. The Company’s future capital needs will depend

upon many factors, including the market’s acceptance of the Company’s products, the cost and pace of

developing new products, and the costs of supporting sales growth.