Heartflow, Inc.
HTFL · Surgical & Medical Instruments & Apparatus · 86.2M shares · EDGAR filings ↗
Net buyback after stock comp: -$12M (gross $228K, SBC $12M)
Reference price $35.00 · est. market cap ~$3.0B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46AI cardiac-imaging (FFRct) company — recently public, growing but heavy burn, funded.
Strengths
- High gross margin, strong liquidity — gross margin 77%, current ratio 5.2 (75th)
Risks
- Operating/net losses, heavy burn — operating margin -36%, FCF -$59M (4th)
- Reimbursement/adoption dependence — per 10-K
- Path-to-profit execution — per 10-K
Notable findings
- Net lossNet loss (net margin -66.3%)
- Cash burnNegative free cash flow (-59.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- FDA approvalFDA clearance/approval — HeartFlow Analysis (2025-07-18)
- Strong balance sheetStrong balance sheet — $384M cash & investments, ~26 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 18 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$125M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
76.8%
Operating margin
-36.4%
Net margin
-66.3%
Return on equity
-38.8%
Return on assets
-32.5%
Revenue growth (QoQ)
7.0%
Current ratio
5.2×
Free cash flow
-$59M
EBITDA
-$59M
Tangible book value
$301M
Cash & investments
$384M
Cash runway
26q
Stock comp / revenue
7.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Farquhar John C.M. | Sell | 39K | $35.00 |
| 2026-06-15 | Rogers Campbell | Option exercise | 10K | $2.22 |
| 2026-06-10 | Farquhar John C.M. | Sell | 23K | $28.50 |
| 2026-05-18 | Rogers Campbell | Option exercise | 9.2K | $19.00 |
| 2026-05-18 | Rogers Campbell | Sell | 9.2K | $28.34 |
| 2026-05-11 | Farquhar John C.M. | Sell | 23K | $29.12 |
| 2026-05-07 | Verghese Vikram | Tax withheld | 473 | $29.98 |
| 2026-05-07 | Rogers Campbell | Tax withheld | 637 | $29.98 |
| 2026-05-07 | Farquhar John C.M. | Tax withheld | 1.9K | $29.98 |
| 2026-05-07 | Jones Marie L. | Tax withheld | 82 | $29.98 |
| 2026-05-06 | Jones Marie L. | Tax withheld | 485 | $30.29 |
| 2026-05-06 | Rogers Campbell | Tax withheld | 1.6K | $30.29 |
| 2026-05-06 | Verghese Vikram | Tax withheld | 1.5K | $30.29 |
| 2026-05-06 | Farquhar John C.M. | Tax withheld | 5.3K | $30.29 |
| 2026-04-30 | Bain Capital Life Sciences Investors, LLC | Sell | 893K | $29.18 |
| 2026-04-30 | Bain Capital Life Sciences Investors, LLC | Sell | 56K | $30.05 |
| 2026-04-29 | Bain Capital Life Sciences Investors, LLC | Sell | 797K | $29.37 |
| 2026-04-28 | Bain Capital Life Sciences Investors, LLC | Sell | 254K | $30.51 |
| 2026-04-10 | Farquhar John C.M. | Sell | 23K | $26.72 |
| 2026-04-01 | Rogers Campbell | Option exercise | 19K | $2.22 |
| 2026-04-01 | Rogers Campbell | Option exercise | 41K | $2.22 |
| 2026-04-01 | Rogers Campbell | Option exercise | 6.8K | $2.22 |
| 2026-04-01 | Rogers Campbell | Sell | 65K | $24.64 |
| 2026-04-01 | Rogers Campbell | Option exercise | 291 | $8.33 |
| 2026-03-24 | Lightcap Jeffrey C | Other | 206K | — |
| 2026-03-24 | HealthCor Partners Management LP | Other | 4.6M | — |
| 2026-03-19 | Rogers Campbell | Option exercise | 48K | $2.22 |
| 2026-03-19 | Rogers Campbell | Sell | 65K | $25.69 |
| 2026-03-19 | Rogers Campbell | Option exercise | 19K | $2.22 |
| 2026-03-18 | Farquhar John C.M. | Sell | 9.7K | $25.00 |
| 2026-03-11 | BARABE TIMOTHY C | Option exercise | 8.7K | $2.22 |
| 2026-03-10 | Farquhar John C.M. | Sell | 13K | $22.66 |
| 2026-03-06 | Farquhar John C.M. | Grant | 2.6K | $16.15 |
| 2026-03-05 | Cullivan Julie A | Sell | 9.1K | $25.00 |
| 2026-02-17 | BARABE TIMOTHY C | Option exercise | 2.5K | $8.33 |
| 2026-02-12 | Rogers Campbell | Sell | 65K | $24.49 |
| 2026-02-12 | Rogers Campbell | Option exercise | 19K | $2.22 |
| 2026-02-12 | Rogers Campbell | Option exercise | 40K | $8.33 |
| 2026-02-12 | Rogers Campbell | Option exercise | 7.9K | $2.22 |
| 2026-02-10 | Farquhar John C.M. | Sell | 23K | $27.46 |
| 2026-02-06 | Farquhar John C.M. | Tax withheld | 1.5K | $27.74 |
| 2026-02-06 | Farquhar John C.M. | Grant | 184K | — |
| 2026-02-06 | Rogers Campbell | Tax withheld | 515 | $27.74 |
| 2026-02-06 | Rogers Campbell | Grant | 54K | — |
| 2026-02-06 | Verghese Vikram | Tax withheld | 542 | $27.74 |
| 2026-02-06 | Verghese Vikram | Grant | 68K | — |
| 2026-02-06 | Jones Marie L. | Grant | 22K | — |
| 2026-02-06 | Jones Marie L. | Tax withheld | 94 | $27.74 |
| 2026-02-05 | Cullivan Julie A | Sell | 8.0K | $27.32 |
| 2026-02-04 | Bain Capital Life Sciences Investors, LLC | Sell | 2.0M | $28.05 |
| 2025-12-16 | Lightcap Jeffrey C | Buy | 40K | $26.34 |
| 2025-11-07 | Farquhar John C.M. | Tax withheld | 1.3K | $32.56 |
| 2025-11-07 | Verghese Vikram | Tax withheld | 471 | $32.56 |
| 2025-11-07 | Jones Marie L. | Tax withheld | 81 | $32.56 |
| 2025-11-07 | Rogers Campbell | Tax withheld | 439 | $32.56 |
| 2025-08-11 | HealthCor Partners Management LP | Conversion | 833K | — |
| 2025-08-11 | HealthCor Partners Management LP | Conversion | 4.6M | — |
| 2025-08-11 | Bain Capital Life Sciences Investors, LLC | Conversion | 12.0M | — |
| 2025-08-11 | Bain Capital Life Sciences Investors, LLC | Conversion | 434K | $15.20 |
| 2025-08-11 | WELDON WILLIAM C | Conversion | 136K | — |
| 2025-08-11 | Lightcap Jeffrey C | Conversion | 833K | — |
| 2025-08-11 | Lightcap Jeffrey C | Conversion | 1.2M | — |
| 2025-08-11 | Lightcap Jeffrey C | Conversion | 4.6M | — |
| 2025-08-11 | HealthCor Partners Management LP | Conversion | 1.2M | — |
| 2025-08-11 | Verghese Vikram | Conversion | 9.5K | — |
| 2025-08-11 | Jones Marie L. | Conversion | 6.6K | — |
| 2025-08-11 | BARABE TIMOTHY C | Conversion | 132K | — |
| 2025-08-11 | Tansey Casey M | Conversion | 3.1M | — |
| 2025-08-11 | Tansey Casey M | Conversion | 98K | — |
| 2025-08-11 | Tansey Casey M | Conversion | 16K | — |
| 2025-08-07 | Farquhar John C.M. | Grant | 60K | — |
| 2025-08-07 | Verghese Vikram | Grant | 21K | — |
| 2025-08-07 | Jones Marie L. | Grant | 3.6K | — |
| 2025-08-07 | Rogers Campbell | Grant | 21K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06831409 ↗ | Using CTA Measures to Define Cardiac Risk In NFL Alumni Coronary Artery Disease (CAD), Heart Disease | — | Recruiting | 2026-12-31 |
| NCT07479433 ↗ | The NAVIGATE-PCI Registry: A New Approach to VIew CT-derived Guidance Ahead of Stenting To Plan Efficient PCI Coronary Artery Disease (CAD) | — | Recruiting | 2026-09-30 |
| NCT06376851 ↗ | AI DErived Plaque Quantification: CCTA and AI-QCPA for Determining Effective CAD Management Coronary Artery Disease | — | Active Not Recruiting | 2026-03-27 |
| NCT05325112 ↗ | Assessing Diagnostic Value of Non-invasive FFR-CT in Coronary Care in the Emergency Department Coronary Artery Disease | — | Terminated | 2022-11-14 |
| NCT05138289 ↗ | The REVEALPLAQUE Study: A pRospEctiVe, multicEnter Study to AnaLyze PLAQUE Using CCTA Coronary Artery Disease (CAD) (E.G., Angina, Myocardial Infarction, and Atherosclerotic Heart Disease (ASHD)) | — | Completed | 2022-11-08 |
| NCT03702244 ↗ | The PRECISE Protocol: Prospective Randomized Trial of the Optimal Evaluation of Cardiac Symptoms and Revascularization Coronary Artery Disease | NA | Completed | 2022-05-20 |
| NCT02499679 ↗ | Assessing Diagnostic Value of Non-invasive FFRCT in Coronary Care Coronary Artery Disease | — | Completed | 2019-02-01 |
| NCT01943903 ↗ | The PLATFORM Study: Prospective LongitudinAl Trial of FFRct: Outcome and Resource IMpacts) Coronary Artery Disease | — | Completed | 2015-12-01 |
| NCT01757678 ↗ | HeartFlowNXT - HeartFlow Analysis of Coronary Blood Flow Using Coronary CT Angiography Coronary Artery Disease | NA | Completed | 2013-09-01 |
| NCT01233518 ↗ | Determination of Fractional Flow Reserve by Anatomic Computed Tomographic Angiography Coronary Artery Disease | NA | Completed | 2011-11-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-16 | 0001464521-26-000081 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001464521-26-000071 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001464521-26-000069 ↗ |
| 10-K | 2026-03-18 | 2025-12-31 | 0001464521-26-000042 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001464521-26-000040 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001464521-26-000005 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001464521-25-000019 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001464521-25-000018 ↗ |
| 10-Q | 2025-09-19 | 2025-06-30 | 0001464521-25-000012 ↗ |
| 8-K | 2025-09-10 | 2025-09-10 | 0001464521-25-000009 ↗ |
| 8-K | 2025-08-25 | 2025-08-22 | 0001464521-25-000005 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001628280-25-039636 ↗ |