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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________\n\nFORM 10-Q\n\n_________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ____ to ____\n\nCommission File Number: 001-42790\n\n_________________________\n\nHeartflow, Inc.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n_________________________\n\nDelaware\n\n26-0506743\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n135 Main Street, Suite 1000\n\nSan Francisco, California\n\n94105\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\nRegistrant’s telephone number, including area code: (650) 241-1221\n\n331 E. Evelyn Avenue, Mountain View, CA 94041\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, $0.001 par value per share\n\nHTFL\n\nThe Nasdaq Stock Market LLC\n\n(Nasdaq Global Select Market)\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x   No  o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x   No  o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\no\n\nEmerging growth company\n\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes o   No   x\n\nAs of April 30, 2026, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 86,240,828.\n\n[Table of Contents](#contents)\n\nTable of Contents\n\nPage\n\n[Part I. Financial Information](#part1)\n\n5\n\n[Item 1.](#Item1)\n\n[Condensed Consolidated Financial Statements (unaudited)](#Item1)\n\n5\n\n[Condensed Consolidated Balance Sheets](#bs)\n\n5\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss](#pl)\n\n6\n\n[Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)](#equity)\n\n7\n\n[Condensed Consolidated Statements of Cash Flows](#cf)\n\n8\n\n[Notes to Condensed Consolidated Financial Statements](#notes)\n\n9\n\n[Item 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n32\n\n[Item 3.](#item3)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#item3)\n\n42\n\n[Item 4.](#item4)\n\n[Controls and Procedures](#item4)\n\n43\n\n[Part II. Other Information](#part2)\n\n44\n\n[Item 1.](#legal)\n\n[Legal Proceedings](#legal)\n\n44\n\n[Item 1A.](#risk_factors)\n\n[Risk Factors](#risk_factors)\n\n44\n\n[Item 2.](#securities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#securities)\n\n44\n\n[Item 3.](#defaults)\n\n[Defaults Upon Senior Securities](#defaults)\n\n44\n\n[Item 4.](#mine_safety)\n\n[Mine Safety Disclosures](#mine_safety)\n\n45\n\n[Item 5.](#other_information)\n\n[Other Information](#other_information)\n\n45\n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n46\n\n[SIGNATURES](#signatures)\n\n47\n\n \n\n‎\n\n2\n\n[Table of Contents](#contents)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis 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, expected market growth, plans for our current and future products, anticipated product launches, and the impact of macroeconomic conditions, industry, and business trends, 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.\n\nYou 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, we have incurred significant net losses since our inception, we expect to incur additional substantial losses in the foreseeable future and we may not be able to achieve or sustain profitability; our revenue is currently generated almost entirely from the sales of only one product, Heartflow FFRCT Analysis, and we are therefore highly dependent on the success of this product, which makes it difficult to evaluate our current business, predict our future prospects and forecast our financial performance and any growth; if healthcare providers are unwilling to change their standard practice regarding the evaluation of CAD, our business, financial condition, results of operations and prospects will be adversely affected; if third-party payors, including government payors, do not cover and provide adequate reimbursement for the Heartflow Platform, or if existing payment amounts are reduced or coding policies change, adoption of the Heartflow Platform by healthcare providers may be negatively impacted, and our business, financial condition, results of operations and prospects will be adversely affected; we face risks associated with a concentrated customer base; we face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may develop products that are more effective, accurate, reliable, cost-effective or more advanced than ours, which may harm our financial condition, and if we are unable to compete successfully or our potential market share is reduced, we may be unable to increase or sustain our revenue or achieve profitability; the commercialization of Heartflow Plaque Analysis is nascent, and we may not be able to achieve or maintain sufficient market acceptance or the levels of utilization we expect from Heartflow Plaque Analysis or any other future product; we face risks associated with our use and development of AI models, which may result in operational challenges, legal liability, reputational concerns and competitive risks; if we fail to properly manage our future growth, our business could suffer; our business could be disrupted by catastrophic events; we depend on our information technology systems, and any failure of these systems could harm our business and adversely affect our business and operating results; our networks and those of our third-party service providers may become the target of bad actors or security breaches that we cannot anticipate or successfully defend, which could have an adverse impact on our business; we face extensive regulatory requirements to bring our products to market, and our failure to receive and maintain regulatory clearances or approvals of our current and future products in the United States or abroad or to comply with medical device regulatory requirements could adversely affect our business; if we are unable to obtain and maintain sufficient intellectual property rights, or the scope of our rights is not sufficiently broad, third parties could develop and commercialize technology and products similar or identical to ours, and our ability to successfully commercialize our technology and products may be adversely affected; and those factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 18, 2026, 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 SEC. 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\n\n3\n\n[Table of Contents](#contents)\n\nemerge 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.\n\nThe 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.\n\n \n\n‎\n\n4\n\n[Table of Contents](#contents)\n\nPart I. Financial Information"}