0001464521-25-000019 | 10-Q | XBRL Viewer

Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following as of December 31, 2024 (in

thousands, except share amounts):


	December 31, 2024
Series	Number of Shares Authorized	Number of Shares Issued and Outstanding	Carrying Value	Liquidation Value
Series A ....................................................	4,082,965	4,082,965	$2,041	$2,041
Series B-1 ................................................	1,954,846	1,954,846	6,940	6,940
Series B-2 ................................................	2,848,263	2,848,263	10,111	10,111
Series C ...................................................	11,343,434	11,343,434	104,378	193,167
Series D ...................................................	7,151,873	7,151,873	110,756	110,854
Series E ...................................................	12,040,980	12,040,980	304,197	305,018
Series F ....................................................	61,344,029	61,344,029	168,957	262,295
Series F-1 ................................................	21,465,064	21,465,064	61,186	61,491
Total .........................................................	122,231,454	122,231,454	$768,566	$951,917

Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into

51,226,348 shares of common stock. Shares of Series A, Series B-1, Series B-2, Series C, Series D,

Series E, Series F and Series F-1 outstanding redeemable convertible preferred stock converted into

shares of common stock on a 0.342466:1, 0.403088:1, 0.403088:1, 0.576386:1, 0.646673:1, 0.695098:1,

0.342466:1, and 0.342466:1 basis, as adjusted for the Reverse Stock Split, respectively. As of September

30, 2025, the Company does not have any convertible preferred stock issued or outstanding.

Stockholders’ Equity

Preferred Stock

At September 30, 2025, the Company’s certificate of incorporation, as amended and restated, authorizes

the Company to issue up to 50,000,000 shares of preferred stock with $0.001 par value per share, of

which no shares were issued and outstanding.

Common Stock

At September 30, 2025, under the Company’s Amended and Restated Certificate of Incorporation, the

Company is authorized to issue 250,000,000 shares of $0.001 par value common stock, of which

83,473,696 shares were issued and outstanding. The holders of common stock are also entitled to

receive dividends whenever funds are legally available, when and if declared by the Board of Directors.

As of September 30, 2025, no dividends have been declared to date. Each share of common stock is

entitled to one vote.

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:


	September 30,	December 31,
	2025	2024
Redeemable convertible preferred stock ................................................	—	51,226,348
Options to purchase common stock .........................................................	10,006,820	8,537,203
Restricted stock units .................................................................................	813,283	—
Shares reserved for issuance under the Company’s equity plans ......	15,639,547	370,902
Common stock warrants ............................................................................	1,647,667	1,647,667
Total ..............................................................................................................	28,107,317	61,782,120

The entire disclosure for equity.

Schedule of Segment Reporting Information

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 291,167	$ 51,367
Accounts receivable, net	27,858	24,639
Restricted cash, current	0	150
Prepaid expenses and other current assets	8,761	6,132
Total current assets	327,786	82,288
Property and equipment, net	7,984	8,920
Operating lease right-of-use assets, net	17,108	18,805
Restricted cash, non-current	4,475	4,325
Other non-current assets	7,045	4,366
Total assets	364,398	118,704
Current liabilities:
Accounts payable	1,958	2,870
Accrued expenses and other current liabilities	30,368	25,319
Operating lease liabilities, current	5,523	5,416
Total current liabilities	37,849	33,605
Term loan	0	136,431
Common stock warrant liability	55,421	20,835
Operating lease liabilities, non-current	16,266	18,537
Other non-current liabilities	294	214
Total liabilities	109,830	209,622
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock issuable in series, $0.001 par value; none and 122,231,454 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation value of none and $951,917 as of September 30, 2025 and December 31, 2024, respectively	0	768,566
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 50,000,000 and no shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value; 200,000,000 and 210,300,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 83,473,696 and 6,122,048 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	83	6
Additional paid-in capital	1,318,352	112,241
Accumulated other comprehensive loss	(512)	(772)
Accumulated deficit	(1,063,355)	(970,959)
Total stockholders’ equity (deficit)	254,568	(859,484)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 364,398	$ 118,704

Employee Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Employee Retirement Plan (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Contribution Plan [Abstract]
Maximum contribution by participants (as percent)			100.00%
Company's contribution to each participating employee's eligible compensation (as percent)			4.00%
Matching contributions	$ 297	$ 377	$ 1,800	$ 1,400

Stock-Based Compensation Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	8,537,210
Options granted (in shares) \| shares	2,317,260
Options exercised (in shares) \| shares	(487,890)
Options canceled (in shares) \| shares	(359,760)
Ending balance (in shares) \| shares	10,006,820	8,537,210
Vested and exercisable (in shares) \| shares	3,892,199
Vested and expected to vest (in shares) \| shares	10,006,820
Awards Weighted-Average Exercise Price
Beginning balance (in dollar per share) \| $ / shares	$ 4.72
Options granted (in dollars per share) \| $ / shares	17.79
Options exercised (in dollars per share) \| $ / shares	4.98
Options canceled (in dollars per share) \| $ / shares	6.24
Ending balance (in dollar per share) \| $ / shares	7.68	$ 4.72
Vested and exercisable (in dollar per share) \| $ / shares	5.24
Vested and expected to vest (in dollar per share) \| $ / shares	$ 7.68
Stock Options Additional Disclosures
Weighted-Average Remaining Contractual Life (Years)	8 years 3 days	7 years 11 months 15 days
Vested and exercisable weighted-average remaining contractual life (in years)	6 years 8 months 12 days
Vested and expected to vest weighted-average remaining contractual life (in years)	8 years 3 days
Aggregate Intrinsic Value \| $	$ 260,007	$ 68,256
Vested and exercisable aggregate intrinsic value \| $	110,604
Vested and expected to vest aggregate intrinsic value \| $	$ 260,007

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2025	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		28,107,317	28,107,317	61,782,120
Weighted average granted date fair value (in dollars per share)		$ 10.84	$ 10.12
Aggregate intrinsic value		$ 4.8	$ 6.9
Stock-based compensation costs related to unvested stock options		$ 31.1	$ 31.1
2025 Performance Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		17,189,139	17,189,139
Percentage of common stock outstanding		5.00%	5.00%
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		10,006,820	10,006,820	8,537,203
Share-based payment award, expiration period (in years)			10 years
Share-based payment award, purchase price of common stock, percentage			110.00%
Percentage of voting power			10.00%
Vesting period (in years)			4 years
Weighted-average period (in years)			3 years 2 months 23 days
Options to purchase common stock \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)			4 years	4 years
Vesting, percentage			25.00%	25.00%
Options to purchase common stock \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)			4 years	4 years
Vesting, percentage			2.08333%	2.08333%
Options to purchase common stock \| Share-Based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, purchase price of common stock, percentage			100.00%
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		813,283	813,283	0
Vesting period (in years)	4 years
Weighted-average period (in years)			3 years 10 months 28 days
Unrecognized compensation costs		$ 15.0	$ 15.0
Estimated ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period (in years)			5 months 8 days
Unrecognized compensation costs		$ 1.3	$ 1.3
Estimated ESPP \| 2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	1,233,964
Percentage of common stock outstanding	1.00%
Share-based payment award, purchase price of common stock, percentage	85.00%

Balance Sheet Components - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 814	$ 1,058
Additions	0	0
Write-offs	(171)	(244)
Ending balance	$ 643	$ 814

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized (in shares)	0	122,231,454
Redeemable convertible preferred stock, shares issued (in shares)	0	122,231,454
Redeemable convertible preferred stock, shares outstanding (in shares)	0	122,231,454
Liquidation Value	$ 0	$ 951,917
Preferred shares, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred shares, shares authorized (in shares)	50,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized (in shares)	250,000,000	210,300,000
Common shares, shares issued (in shares)	83,473,696	6,122,048
Common shares, shares outstanding (in shares)	83,473,696	6,122,048

Leases - Operating Lease, Weighted Average Remaining Lease Term (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use assets	$ 17,108	$ 18,805
Weighted-average remaining lease term (years)	4 years 8 months 12 days	5 years 6 months
Weighted-average discount rate	9.10%	9.00%

Stock-Based Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,960	$ 2,336	$ 8,705	$ 7,699
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	127	71	229	231
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	959	563	1,887	1,566
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,874	$ 1,702	$ 6,589	$ 5,902

Subsequent Events (Details)			3 Months Ended		9 Months Ended
Subsequent Events (Details)	Oct. 22, 2025 USD ($) shares	Jul. 02, 2025 USD ($) ft² renewal_option	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Subsequent Event [Line Items]
Term of contract (in months)			12 months		12 months
Change in fair value of common stock warrant liability			$ 32,117,000	$ 585,000	$ 34,586,000	$ 4,490,000
Aggregate fair value of warrants issued			$ 55,421,000		$ 55,421,000		$ 20,835,000
Subsequent Event
Subsequent Event [Line Items]
Number of warrants issued to purchase (in shares) \| shares	1,646,317
Change in fair value of common stock warrant liability	$ 9,300,000
Aggregate fair value of warrants issued	$ 64,700,000
San Francisco, California
Subsequent Event [Line Items]
Rentable area (in square foot) \| ft²		8,100
Term of contract (in months)		39 months
Number of options \| renewal_option		1
Renewal option (in years)		3 years
Security deposit		$ 90,000
Average monthly lease payments		$ 40,000

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

The following table is representative of the significant expense categories regularly provided to the CODM

when managing the Company’s single reporting segment and includes a reconciliation to the consolidated

net loss shown in the condensed consolidated statements of operations and comprehensive loss for the

three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue ................................................................	$46,276	$32,934	$126,904	$90,831
Less(1):
Cost of revenue ...............................................	10,861	7,997	30,770	22,632
Research and development expenses:
Research and development .....................	10,260	6,986	27,582	19,107
Regulatory and clinical ..............................	7,037	4,877	18,671	12,131
Selling, general and administrative expenses:
Sales ............................................................	18,869	16,981	54,307	49,943
Marketing .....................................................	4,650	3,564	13,812	9,416
General and administrative .......................	9,698	7,458	28,078	22,766
Loss from operations ...........................................	(15,099)	(14,929)	(46,316)	(45,164)
Other income (expense), net(2) .....................	(35,726)	(4,211)	(45,991)	(18,239)
Provision for income taxes ............................	(30)	—	(89)	(48)
Segment net loss .................................................	$(50,855)	$(19,140)	(92,396)	$(63,451)

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Other income (expense), net represents the consolidated amounts for interest income, interest expense, change in fair value of

common stock warrant liability, change in fair value of derivative liability, loss on extinguishment of debt and other income (expense),

net as shown on the condensed consolidated statements of operations and comprehensive loss.

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the total

shown in the condensed consolidated statements of cash flows (in thousands):


	September 30,
	2025	2024
Cash and cash equivalents ...............................................................................	$291,167	$64,661
Restricted cash ....................................................................................................	4,475	4,467
Total cash, cash equivalents and restricted cash ..........................................	$295,642	$69,128

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the total

shown in the condensed consolidated statements of cash flows (in thousands):


	September 30,
	2025	2024
Cash and cash equivalents ...............................................................................	$291,167	$64,661
Restricted cash ....................................................................................................	4,475	4,467
Total cash, cash equivalents and restricted cash ..........................................	$295,642	$69,128

Commitment and Contingencies - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Loss Contingencies [Line Items]
Contractual obligation	$ 250,000		$ 250,000
Royalty expense	586,000	$ 428,000	1,500,000	$ 1,200,000
Estimated purchase commitment, amount			$ 4,500,000
Purchase commitment, period (in years)			3 years
Contingent liabilities	0		$ 0		$ 0
Minimum
Loss Contingencies [Line Items]
Contractual obligation	$ 50,000		$ 50,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Term Loan - Interest (Details) - 2024 Term Loan - Line of Credit	9 Months Ended
	Sep. 30, 2025
Debt Instrument [Line Items]
Option to pay interest in-kind (as percent)	1.00%
Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	7.00%
Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	6.00%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.00%
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Federal Reserve Bank Of New York Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
One-Month Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Common Stock Reserve for Issuance on Converted Basis

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:


	September 30,	December 31,
	2025	2024
Redeemable convertible preferred stock ................................................	—	51,226,348
Options to purchase common stock .........................................................	10,006,820	8,537,203
Restricted stock units .................................................................................	813,283	—
Shares reserved for issuance under the Company’s equity plans ......	15,639,547	370,902
Common stock warrants ............................................................................	1,647,667	1,647,667
Total ..............................................................................................................	28,107,317	61,782,120

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related expenses	$ 23,057	$ 18,206
Customer contract and rebate liabilities	520	1,041
Accrued royalty	1,015	736
Accrued professional fees	2,274	1,672
Accrued clinical trial expenses	962	1,215
Other	2,540	2,449
Total accrued expenses and other current liabilities	$ 30,368	$ 25,319

Summary of Significant Accounting Policies - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 46,276			$ 32,934			$ 126,904	$ 90,831
Less :
Cost of revenue	10,861			7,997			30,770	22,632
Selling, general and administrative expenses:
Loss from operations	(15,099)			(14,929)			(46,316)	(45,164)
Provision for income taxes	(30)			0			(89)	(48)
Net loss	(50,855)	$ (9,196)	$ (32,345)	(19,140)	$ (23,379)	$ (20,932)	(92,396)	(63,451)
Non-Invasive CAD Detection Solutions
Segment Reporting Information [Line Items]
Revenue	46,276			32,934			126,904	90,831
Less :
Cost of revenue	10,861			7,997			30,770	22,632
Research and development expenses:
Research and development	10,260			6,986			27,582	19,107
Regulatory and clinical	7,037			4,877			18,671	12,131
Selling, general and administrative expenses:
Sales	18,869			16,981			54,307	49,943
Marketing	4,650			3,564			13,812	9,416
General and administrative	9,698			7,458			28,078	22,766
Loss from operations	(15,099)			(14,929)			(46,316)	(45,164)
Other income (expense), net	(35,726)			(4,211)			(45,991)	(18,239)
Provision for income taxes	(30)			0			(89)	(48)
Net loss	$ (50,855)			$ (19,140)			$ (92,396)	$ (63,451)

Net Loss Per Share - Schedule of Outstanding Shares of Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	12,699,328	131,888,319
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	0	122,231,454
Outstanding options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	10,006,820	8,009,198
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	813,283	0
Estimated ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	231,558	0
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	1,647,667	1,647,667

Fair Value Measurement

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a

recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1	Level 2	Level 3	Total
Assets
Money market funds included in cash and cash equivalents ...............................................	$262,997	$—	$—	$262,997
Total ....................................................................	$262,997	$—	$—	$262,997
Liabilities
Common stock warrant liability ......................	$—	$—	$55,421	$55,421
Total ....................................................................	$—	$—	$55,421	$55,421


	December 31, 2024
	Level 1	Level 2	Level 3	Total
Assets
Money market funds included in cash and cash equivalents ...............................................	$36,882	$—	$—	$36,882
Total ....................................................................	$36,882	$—	$—	$36,882
Liabilities
Common stock warrant liability ......................	$—	$—	$20,835	$20,835
Total ....................................................................	$—	$—	$20,835	$20,835

The following tables present a reconciliation of the Company’s financial liabilities measured at fair value

as of September 30, 2025 and December 31, 2024 using significant unobservable inputs (Level 3) and

the change in fair value (in thousands):


	Common Stock Warrant Liability
Fair value as of January 1, 2024 .....................................................................................................	$4,440
Change in fair value ...........................................................................................................................	16,395
Fair value as of December 31, 2024 ...............................................................................................	20,835
Change in fair value ...........................................................................................................................	34,586
Fair value as of September 30, 2025 ..............................................................................................	$55,421

In determining the fair value of the common stock warrant liability, the Company used the Black-Scholes

option pricing model to estimate the fair value using unobservable inputs including the expected term,

expected volatility, risk-free interest rate and dividend yield (see Note 12).


	Term Loan Derivative Liability
Fair value as of January 1, 2024 .....................................................................................................	$903
Change in fair value ...........................................................................................................................	222
Derecognition in connection with debt refinancing .......................................................................	(1,125)
Fair value as of December 31, 2024 ...............................................................................................	$—

In determining the fair value of the term loan derivative liability, a two-step valuation approach was

employed, which included a probability-weighted scenario valuation method, the Black-Scholes-Merton

method, and the option pricing method, using unobservable inputs (see Note 13), which are classified as

Level 3 within the fair value hierarchy, and then comparing the instrument’s value with and without the

derivative features to estimate their combined fair value. The debt instrument is carried at amortized cost,

which approximates its fair value.


	2025 Convertible Notes Derivative Liability
Fair value as of January 1, 2025 ....................................................................................	$—
Recognition in connection with convertible notes offering ..........................................	31,900
Change in fair value ..........................................................................................................	(7,311)
Derecognition upon conversion into common stock upon IPO ..................................	(24,589)
Fair value as of September 30, 2025 .............................................................................	$—

In determining the fair value of the convertible notes derivative liability, a two-step valuation approach was

employed, which included a probability-weighted scenario valuation method, the Monte Carlo Simulation

method, and the option pricing method, using unobservable inputs (see Note 13), which are classified as

Level 3 within the fair value hierarchy, and then comparing the instrument’s value with and without the

derivative features to estimate their combined fair value. The debt instrument is carried at amortized cost,

which approximates its fair value.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Future Minimum Royalty Commitments

Future minimum royalty

commitments due under the terms of these exclusive agreements as of September 30, 2025 are as

follows (in thousands):


		September 30,
		2025
Minimum Royalty Commitments:
2025 .................................................................................................................................................		$—
2026 .................................................................................................................................................		50
2027 .................................................................................................................................................		50
2028 .................................................................................................................................................		50
2029 .................................................................................................................................................		50
Thereafter ........................................................................................................................................		50
Total minimum royalty commitments ...........................................................................................		$250

Derivative Liability

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Liability

Term Loan

Prior to the 2024 Term Loan Refinancing in June 2024, the Term Loan contained certain prepayment

features, default put option and default interest adjustment features that were determined to be

embedded derivatives requiring bifurcation and separate accounting as a single compound derivative, as

discussed in Note 8. The fair value of the derivative liability was recorded at the issuance date as debt

discounts and reductions to the carrying value of long-term debt on the condensed consolidated balance

sheets. The derivative liability is remeasured to fair value at each reporting period, and the related

changes in fair value are recorded on the condensed consolidated statements of operations and

comprehensive loss. Through the time of the 2024 Term Loan Refinancing in June 2024, the Company

continued to adjust the derivative liability for changes in fair value of the Term Loan.

Estimating fair values of the derivative liability requires the development of significant and subjective

estimates that may, and are likely to, change over the duration of the instrument with related changes in

internal and external market factors. Since the derivative financial instrument is initially and subsequently

carried at fair value, the Company’s income will reflect the volatility in these estimate and assumption

changes.

The derivative liability was remeasured to fair value as of June 14, 2024, resulting in a loss of $222,000

within the condensed consolidated statements of operations and comprehensive loss. In connection with

the 2024 Term Loan Refinancing on June 14, 2024, the associated current fair value of the derivative

liability of $1.1 million as remeasured at the date of refinancing was derecognized and recorded as a debt

discount to the 2024 Term Loan.

The fair value of the derivative liability was estimated using a scenario-based analysis comparing the

probability-weighted present value of the Term Loan payoff at maturity with and without the bifurcated

features. The Company used both the Black-Scholes-Merton and option pricing method to estimate the

fair value of the derivative liability because it believes these techniques are reflective of all significant

assumption types and ranges of assumption inputs that market participants would likely consider in

transactions involving compound embedded derivatives. The option pricing method was employed as part

of a back-solve analysis to the Company’s Series F Preferred round of financing. The Company’s

assumptions used in determining the fair value of the derivative liability is as follows:


		June 14,
		2024
Debt yield .....................................................................................................................................		18.5%
Probability of business combination or IPO (with feature) ...................................................		80.0%
Event date of business combination or IPO (with feature) ...................................................		6/30/2025
Probability of Default ..................................................................................................................		5.0%
Event date of Default .................................................................................................................		9/30/2025
Probability to incur new debt ....................................................................................................		0.0%
Event date to incur new debt ....................................................................................................		n/a
Probability of change of control ................................................................................................		10.0%
Event date of change of control ...............................................................................................		6/30/2025
Event date (without feature) ......................................................................................................		1/19/2026

Debt yield — Discount rate that reconciles the total fair value of the Warrants and 2021 Credit Agreement

with the transaction value. Debt yield reflects a change in the credit benchmark for a “CCC” rated

obligation.

2025 Convertible Notes

The 2025 Convertible Notes were determined to contain certain settlement features and conversion put

options which require bifurcation and separate accounting as a single compound embedded derivative, as

discussed in Note 9. The fair value of the derivative liability was recorded at the issuance dates as a debt

discount and reduction to the carrying value of the 2025 Convertible Notes on the condensed

consolidated balance sheets. The derivative liability is remeasured to fair value at each reporting period

and the related changes in fair value are recorded on the condensed consolidated statements of

operations and comprehensive loss.

The fair value of the derivative liability was estimated using a scenario-based analysis comparing the

probability-weighted present value of the 2025 Convertible Notes with and without the bifurcated features.

The Company used the Monte Carlo Simulation method to estimate the fair value of the derivative liability

because it believes this technique is reflective of all significant assumption types and ranges of

assumption inputs that market participants would likely consider in transactions involving compound

embedded derivatives. The option pricing method was employed as part of a back-solve analysis for

scenarios in which the Company was expected to raise another financing round. The Company also

employed a waterfall analysis that allocated certain exit proceeds to its outstanding share classes for

scenarios in which the Company was assumed to exit via change of control or IPO. The Company’s

assumptions used in determining the issuance date fair value of the derivative liability is as follows:


	January 31,	March 26,
	2025	2025
Debt yield .................................................................................................................	7.0%	7.0%
Probability of IPO ....................................................................................................	60.0%	75.0%
Event date of IPO ....................................................................................................	5/5/2025	5/9/2025
Probability of change of control ............................................................................	20.0%	10.0%
Event date of change of control ............................................................................	1/31/2026	3/26/2026
Discount rate ............................................................................................................	31.3%	63.7%

The issuance date estimated fair values of the derivative liability was $11.1 million and $20.8 million in

January and March 2025, respectively, which were recorded as debt discounts. The derivative liability was

remeasured to fair value at the end of each reporting period and through the date of its conversion to

common stock upon the Company’s IPO, resulting in a gain of $4.8 million and $7.3 million for the three

and nine months ended September 30, 2025, respectively, within the condensed consolidated statements

of operations and comprehensive loss. The aggregate estimated fair value of the derivative liability at the

time of conversion was $24.6 million, based on the 20% discount from the IPO price, which was

reclassified to additional paid-in capital.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Stockholders’ Equity

Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following as of December 31, 2024 (in

thousands, except share amounts):


	December 31, 2024
Series	Number of Shares Authorized	Number of Shares Issued and Outstanding	Carrying Value	Liquidation Value
Series A ....................................................	4,082,965	4,082,965	$2,041	$2,041
Series B-1 ................................................	1,954,846	1,954,846	6,940	6,940
Series B-2 ................................................	2,848,263	2,848,263	10,111	10,111
Series C ...................................................	11,343,434	11,343,434	104,378	193,167
Series D ...................................................	7,151,873	7,151,873	110,756	110,854
Series E ...................................................	12,040,980	12,040,980	304,197	305,018
Series F ....................................................	61,344,029	61,344,029	168,957	262,295
Series F-1 ................................................	21,465,064	21,465,064	61,186	61,491
Total .........................................................	122,231,454	122,231,454	$768,566	$951,917

Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into

51,226,348 shares of common stock. Shares of Series A, Series B-1, Series B-2, Series C, Series D,

Series E, Series F and Series F-1 outstanding redeemable convertible preferred stock converted into

shares of common stock on a 0.342466:1, 0.403088:1, 0.403088:1, 0.576386:1, 0.646673:1, 0.695098:1,

0.342466:1, and 0.342466:1 basis, as adjusted for the Reverse Stock Split, respectively. As of September

30, 2025, the Company does not have any convertible preferred stock issued or outstanding.

Stockholders’ Equity

Preferred Stock

At September 30, 2025, the Company’s certificate of incorporation, as amended and restated, authorizes

the Company to issue up to 50,000,000 shares of preferred stock with $0.001 par value per share, of

which no shares were issued and outstanding.

Common Stock

At September 30, 2025, under the Company’s Amended and Restated Certificate of Incorporation, the

Company is authorized to issue 250,000,000 shares of $0.001 par value common stock, of which

83,473,696 shares were issued and outstanding. The holders of common stock are also entitled to

receive dividends whenever funds are legally available, when and if declared by the Board of Directors.

As of September 30, 2025, no dividends have been declared to date. Each share of common stock is

entitled to one vote.

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:


	September 30,	December 31,
	2025	2024
Redeemable convertible preferred stock ................................................	—	51,226,348
Options to purchase common stock .........................................................	10,006,820	8,537,203
Restricted stock units .................................................................................	813,283	—
Shares reserved for issuance under the Company’s equity plans ......	15,639,547	370,902
Common stock warrants ............................................................................	1,647,667	1,647,667
Total ..............................................................................................................	28,107,317	61,782,120

The entire disclosure for equity.

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Stock-based compensation expense	$ 3,960	$ 2,336	$ 8,705	$ 7,699
Amortization of capitalized internal-use software	951	761	3,000	1,500
Depreciation and amortization			4,069	3,767
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Capitalized internal use software costs	971	1,300	2,500	2,100
Stock-based compensation expense	6	121	17	198
Property and equipment, excluding software and software development costs
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 352	$ 413	$ 1,100	$ 885

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Fair Value Measurement - Schedule of Significant Unobservable Inputs (Level 3) and the Change in Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Common Stock Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 20,835	$ 4,440
Change in fair value	34,586	16,395
Fair value, ending balance	55,421	20,835
Term Loan Derivative Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0	903
Change in fair value		222
(Derecognition) recognition		(1,125)
Fair value, ending balance		0
2025 Convertible Notes Derivative Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0
Recognition in connection with convertible notes offering	31,900
Change in fair value	(7,311)
(Derecognition) recognition	(24,589)
Fair value, ending balance	$ 0	$ 0

Redeemable Convertible Preferred Stock - Schedule of Temporary Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	0			122,231,454
Temporary equity, shares issued (in shares)	0			122,231,454
Temporary equity, shares outstanding (in shares)	0	122,231,454	122,231,454	122,231,454	122,231,454	122,231,454	122,231,454	122,231,454
Carrying Value	$ 0	$ 768,566	$ 768,566	$ 768,566	$ 768,566	$ 768,566	$ 768,566	$ 768,566
Liquidation Value	$ 0			$ 951,917
Series A
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				4,082,965
Temporary equity, shares issued (in shares)				4,082,965
Temporary equity, shares outstanding (in shares)				4,082,965
Carrying Value				$ 2,041
Liquidation Value				$ 2,041
Series B-1
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				1,954,846
Temporary equity, shares issued (in shares)				1,954,846
Temporary equity, shares outstanding (in shares)				1,954,846
Carrying Value				$ 6,940
Liquidation Value				$ 6,940
Series B-2
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				2,848,263
Temporary equity, shares issued (in shares)				2,848,263
Temporary equity, shares outstanding (in shares)				2,848,263
Carrying Value				$ 10,111
Liquidation Value				$ 10,111
Series C
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				11,343,434
Temporary equity, shares issued (in shares)				11,343,434
Temporary equity, shares outstanding (in shares)				11,343,434
Carrying Value				$ 104,378
Liquidation Value				$ 193,167
Series D
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				7,151,873
Temporary equity, shares issued (in shares)				7,151,873
Temporary equity, shares outstanding (in shares)				7,151,873
Carrying Value				$ 110,756
Liquidation Value				$ 110,854
Series E
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				12,040,980
Temporary equity, shares issued (in shares)				12,040,980
Temporary equity, shares outstanding (in shares)				12,040,980
Carrying Value				$ 304,197
Liquidation Value				$ 305,018
Series F
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				61,344,029
Temporary equity, shares issued (in shares)				61,344,029
Temporary equity, shares outstanding (in shares)				61,344,029
Carrying Value				$ 168,957
Liquidation Value				$ 262,295
Series F-1
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				21,465,064
Temporary equity, shares issued (in shares)				21,465,064
Temporary equity, shares outstanding (in shares)				21,465,064
Carrying Value				$ 61,186
Liquidation Value				$ 61,491

Common Stock Warrant Liability - Schedule of Fair Value of Common Stock Warrant Liability Determined Using Black-Scholes Option Pricing Model (Details) - Common Stock Warrant Liability	Sep. 30, 2025 $ / shares yr	Dec. 31, 2024 $ / shares yr
Stock price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	33.66	12.68
Exercise price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0.03	0.03
Contractual term (in years)
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| yr	5.8	6.6
Expected volatility
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0.557	0.721
Weighted-average risk-free interest rate
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0.0380	0.0444
Dividend yield
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0	0

Derivative Liability (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Derivative Instruments

At September 30, 2025 and December 31, 2024, the fair value of the common stock warrant liability was

determined using the Black-Scholes option pricing model based on the following weighted average

assumptions:


	September 30,	December 31,
	2025	2024
Stock price ...............................................................................................	$33.66	$12.68
Exercise price ..........................................................................................	$0.03	$0.03
Contractual term (in years) ...................................................................	5.8	6.6
Expected volatility ...................................................................................	55.7%	72.1%
Weighted-average risk-free interest rate ............................................	3.80%	4.44%
Dividend yield ..........................................................................................	0%	0%

The Company’s

assumptions used in determining the fair value of the derivative liability is as follows:


		June 14,
		2024
Debt yield .....................................................................................................................................		18.5%
Probability of business combination or IPO (with feature) ...................................................		80.0%
Event date of business combination or IPO (with feature) ...................................................		6/30/2025
Probability of Default ..................................................................................................................		5.0%
Event date of Default .................................................................................................................		9/30/2025
Probability to incur new debt ....................................................................................................		0.0%
Event date to incur new debt ....................................................................................................		n/a
Probability of change of control ................................................................................................		10.0%
Event date of change of control ...............................................................................................		6/30/2025
Event date (without feature) ......................................................................................................		1/19/2026

The Company’s

assumptions used in determining the issuance date fair value of the derivative liability is as follows:


	January 31,	March 26,
	2025	2025
Debt yield .................................................................................................................	7.0%	7.0%
Probability of IPO ....................................................................................................	60.0%	75.0%
Event date of IPO ....................................................................................................	5/5/2025	5/9/2025
Probability of change of control ............................................................................	20.0%	10.0%
Event date of change of control ............................................................................	1/31/2026	3/26/2026
Discount rate ............................................................................................................	31.3%	63.7%

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 291,167	$ 51,367	$ 64,661
Restricted cash	4,475		4,467
Total cash, cash equivalents and restricted cash	$ 295,642	$ 55,842	$ 69,128	$ 127,234

Common Stock Warrant Liability (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value of Common Stock Warrant Liability Determined Using Black-Scholes Option Pricing Model

At September 30, 2025 and December 31, 2024, the fair value of the common stock warrant liability was

determined using the Black-Scholes option pricing model based on the following weighted average

assumptions:


	September 30,	December 31,
	2025	2024
Stock price ...............................................................................................	$33.66	$12.68
Exercise price ..........................................................................................	$0.03	$0.03
Contractual term (in years) ...................................................................	5.8	6.6
Expected volatility ...................................................................................	55.7%	72.1%
Weighted-average risk-free interest rate ............................................	3.80%	4.44%
Dividend yield ..........................................................................................	0%	0%

The Company’s

assumptions used in determining the fair value of the derivative liability is as follows:


		June 14,
		2024
Debt yield .....................................................................................................................................		18.5%
Probability of business combination or IPO (with feature) ...................................................		80.0%
Event date of business combination or IPO (with feature) ...................................................		6/30/2025
Probability of Default ..................................................................................................................		5.0%
Event date of Default .................................................................................................................		9/30/2025
Probability to incur new debt ....................................................................................................		0.0%
Event date to incur new debt ....................................................................................................		n/a
Probability of change of control ................................................................................................		10.0%
Event date of change of control ...............................................................................................		6/30/2025
Event date (without feature) ......................................................................................................		1/19/2026

The Company’s

assumptions used in determining the issuance date fair value of the derivative liability is as follows:


	January 31,	March 26,
	2025	2025
Debt yield .................................................................................................................	7.0%	7.0%
Probability of IPO ....................................................................................................	60.0%	75.0%
Event date of IPO ....................................................................................................	5/5/2025	5/9/2025
Probability of change of control ............................................................................	20.0%	10.0%
Event date of change of control ............................................................................	1/31/2026	3/26/2026
Discount rate ............................................................................................................	31.3%	63.7%

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Credit Loss

The following table presents a reconciliation of the allowance for credit losses (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period .........................................................	$814	$1,058
Additions ..............................................................................................	—	—
Write-offs ..............................................................................................	(171)	(244)
Balance at end of period ...................................................................	$643	$814

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Prepaid expenses ...............................................................................	$5,372	$3,017
Contract costs, current .......................................................................	2,453	2,453
Other .....................................................................................................	936	662
Total prepaid expenses and other current assets ........................	$8,761	$6,132

Schedule of Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	September 30,	December 31,
	2025	2024
Property and equipment at cost:
Computer equipment and software .................................................	$4,503	$4,489
Furniture, fixtures and equipment ....................................................	1,578	1,233
Capitalized internal-use software .....................................................	55,104	52,606
Leasehold improvements ..................................................................	2,145	2,057
Construction in progress ...................................................................	215	27
Total property and equipment ......................................................	63,545	60,412
Less: Accumulated depreciation and amortization ........................	(55,561)	(51,492)
Property and equipment, net ...........................................................	$7,984	$8,920

Schedule of Other Non-Current Assets

Other non-current assets are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Contract costs, net .............................................................................	$6,681	$3,701
Deferred offering costs ......................................................................	—	413
Other .....................................................................................................	364	252
Total other non-current assets .........................................................	$7,045	$4,366

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Accrued payroll and related expenses ............................................	$23,057	$18,206
Customer contract and rebate liabilities ..........................................	520	1,041
Accrued royalty ...................................................................................	1,015	736
Accrued professional fees .................................................................	2,274	1,672
Accrued clinical trial expenses .........................................................	962	1,215
Other .....................................................................................................	2,540	2,449
Total accrued expenses and other current liabilities ....................	$30,368	$25,319

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 5,372	$ 3,017
Contract costs, current	2,453	2,453
Other	936	662
Total prepaid expenses and other current assets	$ 8,761	$ 6,132

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (92,396)	$ (63,451)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,069	3,767
Stock-based compensation expense	8,705	7,699
Amortization of debt discount and debt issuance costs	5,367	1,473
Amortization of right-of-use asset	2,258	2,033
Change in fair value of common stock warrant liability	34,586	4,490
Change in fair value of derivative liability	(7,311)	222
Loss on extinguishment of debt	6,360	0
Non-cash interest charges	1,071	1,097
Change in allowance for credit losses	(171)	0
Changes in assets and liabilities:
Accounts receivable, net	(3,048)	(2,539)
Prepaid expenses and other current assets	(2,629)	(1,431)
Other non-current assets	(2,679)	(1,436)
Accounts payable	(919)	(1,600)
Accrued expenses and other current liabilities	5,955	(2,869)
Operating lease liabilities	(2,725)	(2,380)
Other non-current liabilities	80	(38)
Net cash used in operating activities	(43,427)	(54,963)
Cash flows from investing activities
Purchase of property and equipment	(3,126)	(4,025)
Net cash used in investing activities	(3,126)	(4,025)
Cash flows from financing activities
Proceeds from IPO, net of offering costs	332,784	0
Proceeds from convertible notes offering, net of issuance costs	72,769	0
Proceeds from exercise of stock options	2,441	3,195
Repayment of principal under term loan	(115,137)	0
Payments of exit, prepayment penalty and lender fees	(6,764)	(1,809)
Net cash provided by financing activities	286,093	1,386
Effect of foreign exchange rates	260	(504)
Net increase (decrease) in cash, cash equivalents and restricted cash	239,800	(58,106)
Balance, beginning of period	55,842	127,234
Balance, end of period	295,642	69,128
Supplemental disclosure of cash flow information:
Cash paid (refunded) for taxes	89	(72)
Cash paid for interest	8,573	15,067
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	7	59
Derecognition of derivative liability in connection with debt refinancing	0	1,125
Right-of-use asset obtained in exchange for lease obligation	561	0
Conversion of redeemable convertible preferred stock to common stock upon IPO	768,566	0
Conversion of convertible notes to common stock upon IPO	94,139	0
Conversion of term loan principal to convertible notes	23,000	0
Issuance of convertible notes to certain employees in lieu of cash compensation	1,353	0
Reclassification of term loan debt discount to convertible notes debt discount	239	0
Unpaid IPO offering costs included in accounts payable and accrued expenses and other current liabilities	$ 447	$ 0

Derivative Liability - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 11, 2025	Jun. 14, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Jan. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain in change in fair value of derivative liability		$ (222)	$ 4,818	$ 0	$ 7,311	$ (222)
Derivative liability	$ 24,600						$ 20,800	$ 11,100
2024 Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability		$ 1,100
2025 Convertible Promissory Notes \| Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability							$ 20,800	$ 11,100
Conversion price, discount percentage	20.00%

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Summary of Significant Accounting Policies

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company as

well as its wholly owned subsidiaries and have been prepared in accordance with accounting principles

generally accepted in the United States of America (“U.S. GAAP”). All significant intercompany balances

and transactions have been eliminated in consolidation.

The unaudited interim condensed consolidated financial statements have been prepared on the same

basis as the annual consolidated financial statements and, in the opinion of management, reflect all

adjustments, which include only normal recurring adjustments, necessary to a fair statement of the

Company’s consolidated financial position as of September 30, 2025, and the results of its operations for

the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months

ended September 30, 2025 and 2024. The condensed consolidated balance sheet at December 31,

2024, was derived from audited annual consolidated financial statements but does not contain all of the

footnote disclosures from the annual financial statements. These interim financial results are not

necessarily indicative of results expected for the full fiscal year or for any subsequent interim period and

should be read in conjunction with the annual consolidated financial statements included in the

Company’s registration statement on Form S-1 (File No. 333-288733), which became effective on August

7, 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make

estimates and assumptions that affect the amounts reported in the financial statements and

accompanying notes. Management used significant judgment when making estimates in the

determination of the fair value of its common stock and stock options, deferred income tax valuation

allowance, capitalized internal-use software, depreciation of property and equipment, allowance for credit

losses, revenue recognition, valuation of operating lease right-of-use (“ROU”) assets and operating lease

liabilities, and the fair value of convertible debt, common stock warrant liability and derivative liability.

Management evaluates its estimates and assumptions on an ongoing basis using historical experience

and other factors and adjusts those estimates and assumptions as facts and circumstances dictate.

Actual results could materially differ from those estimates.

Segment Information

The Company operates and manages its business as one reportable and operating segment, which is the

business of non-invasive CAD detection solutions. The Company’s Chief Executive Officer, who is the

Chief Operating Decision Maker (“CODM”), reviews financial information, including revenue and net loss,

presented on a consolidated basis for purposes of making operating decisions, allocating resources and

evaluating financial performance.

The Company’s measure of segment profit or loss is consolidated net loss, which is used by the CODM to

measure actual results versus expectations, set performance metrics, and develop the annual budget to

achieve the Company’s long-term objectives. Significant segment expenses within consolidated net loss

includes cost of revenue, research and development, and selling, general and administrative expenses,

which are each separately presented on the Company’s condensed consolidated statements of

operations and comprehensive loss. Other expense items that are presented on the condensed

consolidated statements of operations include interest income, interest expense, changes in fair value of

warrant liability, other income, net, and provision for income taxes.

The following table is representative of the significant expense categories regularly provided to the CODM

when managing the Company’s single reporting segment and includes a reconciliation to the consolidated

net loss shown in the condensed consolidated statements of operations and comprehensive loss for the

three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue ................................................................	$46,276	$32,934	$126,904	$90,831
Less(1):
Cost of revenue ...............................................	10,861	7,997	30,770	22,632
Research and development expenses:
Research and development .....................	10,260	6,986	27,582	19,107
Regulatory and clinical ..............................	7,037	4,877	18,671	12,131
Selling, general and administrative expenses:
Sales ............................................................	18,869	16,981	54,307	49,943
Marketing .....................................................	4,650	3,564	13,812	9,416
General and administrative .......................	9,698	7,458	28,078	22,766
Loss from operations ...........................................	(15,099)	(14,929)	(46,316)	(45,164)
Other income (expense), net(2) .....................	(35,726)	(4,211)	(45,991)	(18,239)
Provision for income taxes ............................	(30)	—	(89)	(48)
Segment net loss .................................................	$(50,855)	$(19,140)	(92,396)	$(63,451)

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Other income (expense), net represents the consolidated amounts for interest income, interest expense, change in fair value of

common stock warrant liability, change in fair value of derivative liability, loss on extinguishment of debt and other income (expense),

net as shown on the condensed consolidated statements of operations and comprehensive loss.

The Company derives revenue and has long-lived assets primarily in the United States of America.

Revenue by geography is further described in Note 3.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments that are readily convertible to known amounts of

cash and purchased with an original maturity of three months or less to be cash equivalents. Cash

equivalents consist primarily of amounts invested in money market accounts.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the total

shown in the condensed consolidated statements of cash flows (in thousands):


	September 30,
	2025	2024
Cash and cash equivalents ...............................................................................	$291,167	$64,661
Restricted cash ....................................................................................................	4,475	4,467
Total cash, cash equivalents and restricted cash ..........................................	$295,642	$69,128

As of September 30, 2025 and December 31, 2024, restricted cash represents deposits held as security

in connection with the Company’s facility lease agreements.

Fair Value of Financial Instruments

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value

is an exit price, representing the amount that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants. As such, fair value is a market-based

measurement that should be determined based on assumptions that market participants would use in

pricing an asset or a liability.

The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that

prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest

priority to valuations based upon unadjusted quoted prices in active markets for identical assets or

liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs

that are significant to the valuation (Level 3 measurements). The accounting guidance establishes three

levels of the fair value hierarchy as follows:

Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or

liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be

corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to

the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of

input that is significant to the fair value measurement. The Company’s assessment of the significance of a

particular input to the fair value measurement in its entirety requires management to make judgments and

considers factors specific to the asset or liability.

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s financial

instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities,

approximate fair value due to their relatively short maturities and market interest rates, if applicable.

Management believes that the Company’s Term Loan (as defined in Note 8) and 2025 Convertible Notes

(as defined below in this Note 2) then outstanding bear interest at the prevailing market rates for

instruments with similar characteristics; accordingly, the carrying value of these instruments approximated

their fair value as of December 31, 2024. Fair value accounting is applied to the common stock warrant

liability and derivative liability. No derivative liability was outstanding as of September 30, 2025 or

December 31, 2024.

Concentration of Credit Risk and Significant Customers

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash

equivalents, restricted cash and accounts receivable. The Company maintains bank deposits in federally

insured financial institutions, and these deposits may at times exceed federally insured limits. To date, the

Company has not experienced any losses on its cash deposits. The Company currently has full control of

its cash and cash equivalents balance.

No single customer represented more than 10% of the Company’s revenue during the three and nine

months ended September 30, 2025 and 2024.

No single customer represented more than 10% of the Company’s accounts receivable as of

September 30, 2025 and December 31, 2024.

Deferred Offering Costs

The Company capitalizes certain legal, accounting and other third-party fees that are directly associated

with in-process equity financings as deferred offering costs until such financings are consummated. After

consummation of the equity financing, these costs are recorded as a reduction of the proceeds from the

offering, either as a reduction of the carrying value of preferred stock or in stockholders’ equity (deficit) as

a reduction of additional paid-in capital generated as a result of the offering. As of September 30, 2025

and December 31, 2024, deferred offering costs of $0 and $413,000, respectively, were capitalized within

other non-current assets in the condensed consolidated balance sheets. The deferred offering costs were

reclassified as a reduction to equity as a result of the closing of the IPO in August 2025.

Leases

At the inception of a contractual arrangement, the Company determines whether the contract contains a

lease by assessing whether there is an identified asset and whether the contract conveys the right to

control the use of the identified asset in exchange for consideration over a period of time.

An ROU asset and corresponding lease liability are recorded on the condensed consolidated balance

sheets based on the present value of lease payments over the lease term. An ROU asset represents the

right to control the use of an identified asset over the lease term, and a lease liability represents the

obligation to make lease payments arising from the lease. Leases with an initial term of 12 months or less

are not recorded in the condensed consolidated balance sheets. The Company uses its incremental

borrowing rate to determine the present value of lease payments, as the discount rate implicit in the lease

is not readily available. The lease terms used to calculate the ROU asset and related lease liabilities

include options to extend or terminate the lease when it is reasonably certain that the Company will

exercise that option. The Company elected to account for contracts that contain lease and non-lease

components as a single lease component. For the three and nine months ended September 30, 2025 and

2024, the Company’s only leases were for its facilities, which are classified as operating leases with lease

expense recognized on a straight-line basis over the lease term. Variable lease costs, which primarily

consist of common area maintenance, taxes, and utility charges, are expensed as incurred. The

Company does not have any finance leases.

Term Loan

Prior to its repayment in August 2025, the Term Loan (as defined in Note 8) was accounted for at

amortized cost. Original debt issuance costs were deferred and presented as a reduction to the carrying

value of the Term Loan. Debt discount and debt issuance costs were amortized using the effective interest

method and recorded in interest expense within the condensed consolidated statements of operations

and comprehensive loss. See Note 8 for information about the repayment of the 2024 Term Loan and

termination of the 2024 Credit Agreement.

Upon repayment of the 2024 Term Loan, the remaining unamortized debt discount and debt issuance

costs were recognized as a loss on extinguishment of debt within the condensed consolidated statements

of operations and comprehensive loss.

2025 Convertible Notes

The Company issued convertible notes in January 2025 and March 2025 (the “2025 Convertible Notes”)

to various investors and certain employees (the “Requisite Holders”), which were accounted for at

amortized cost. Debt issuance costs were deferred and presented as a reduction to the carrying value of

the 2025 Convertible Notes prior to its conversion upon the IPO. The Company determined that certain

features of the 2025 Convertible Notes contained embedded derivatives that provided the Requisite

Holders with multiple settlement alternatives, and the embedded features that qualified as derivatives

were accounted for separately. Debt discount and debt issuance costs were amortized using the effective

interest method and recorded to interest expense within the condensed consolidated statements of

operations and comprehensive loss. The Company recognized the changes in fair value of the derivative

liability as changes in fair value of derivative liability within the condensed consolidated statements of

operations and comprehensive loss through the IPO date. Upon the closing of the Company’s IPO, the

aggregate principal balance of the 2025 Convertible Notes of $98.3 million converted into 6,470,743

shares of common stock, and the derivative liability balance of $24.6 million and the remaining

unamortized debt discount and debt issuance costs of $28.8 million were reclassified to additional paid-in

capital. Refer to Note 9 and Note 13 for additional information.

Common Stock Warrants

The Company’s warrants to purchase common stock that were issued in connection with the Term Loan

are classified as a liability. The warrants are recorded at fair value upon issuance and are subject to

remeasurement to fair value at each balance sheet date, with any changes in fair value recognized as a

change in fair value of common stock warrant within the condensed consolidated statements of

operations and comprehensive loss. Refer to Note 12 and Note 18 for additional information.

Embedded Derivatives

Prior to its refinancing in June 2024, the Term Loan (as defined in Note 8) contained certain prepayment

features, a default put option and default interest adjustment features that were determined to be

embedded derivatives requiring bifurcation and separate accounting as a single compound derivative, as

discussed in Note 13. The impact of bifurcation of the embedded derivative on the date of issuance was

reflected as a debt discount. The fair value of the derivative liability related to the Company’s Term Loan,

as discussed in Note 8, was estimated using a scenario-based analysis comparing the probability-

weighted present value of the Term Loan payoff at maturity with and without the bifurcated features. This

method isolates the value of the embedded derivative by measuring the difference in the host contract’s

value with and without the isolated features. The resulting cash flows are discounted at the Company’s

borrowing rate, as adjusted for fluctuations in the market interest rate from the inception of the Company’s

comparative borrowings to the reporting date, to measure the fair value of the embedded derivative. Until

its derecognition in June 2024, the derivative liability was remeasured to fair value at each reporting

period, and the related change was reflected as change in fair value of derivative liability on the

condensed consolidated statements of operations and comprehensive loss.

Prior to their conversion upon the IPO, the 2025 Convertible Notes contained certain settlement features

and default put options that were determined to be embedded derivatives requiring bifurcation and

separate accounting as a single compound derivative, as discussed in Note 13. The impact of the

bifurcation of the embedded derivatives on the date of issuances in January and March 2025 was

reflected as a debt discount. The fair value of the derivative liability related to the Company’s 2025

Convertible Notes, as discussed in Note 9, were estimated using a scenario-based analysis comparing

the probability-weighted present value of the 2025 Convertible Notes with and without the bifurcated

features. This method isolates the value of the embedded derivatives by measuring the difference in the

host contract’s value with and without the isolated features. To measure the fair value of the embedded

derivatives, the resulting cash flows were discounted using appropriate discount rates that reflect the

overall implied risk of the instruments based on their purchase prices and adjusted for fluctuations in the

market and Company interest rates when necessary. Prior to the Company’s IPO, the derivative liability

was remeasured to fair value at each reporting period and the related change was reflected as a change

in fair value of derivative liability on the condensed consolidated statements of operations and

comprehensive loss until the conversion of the 2025 Convertible Notes in connection with the IPO in

August 2025.

Redeemable Convertible Preferred Stock

Prior to its IPO, the Company recorded redeemable convertible preferred stock at fair value on the dates

of issuance, net of issuance costs, which was classified outside of stockholders’ equity (deficit) because

the preferred shares were contingently redeemable upon the occurrence of an event that is outside of the

Company’s control. Upon the closing of the Company's IPO, all shares of convertible preferred stock then

outstanding automatically converted into an aggregate of 51,226,348 shares of common stock. Refer to

Note 10 for additional information.

Revenue Recognition

The Company sells its Heartflow Platform to medical providers in the United States and in select

international markets. The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company identified a single performance obligation, which is comprised of a highly interdependent

bundle of goods or services that are not distinct on their own but are as a group and consists of providing

implementation services and the requested analysis, including an image file and related licenses and

support. Revenue recognition commences only after completion of installation, implementation and

training for new customer accounts. The Company’s service consists of providing a visualization of the

patient’s coronary arteries and enables physicians to create more effective treatment plans. This service

is normally billable upon delivery of the analysis to the physician. Payment terms are generally net 30

days.

Substantially all of the Company’s revenue is from usage-driven fees and generated on a “pay-per-click”

basis each time a physician orders the Company’s Heartflow FFRCT Analysis and Plaque Analysis.

Revenue is recognized when control of these services is transferred to the customer, at an amount that

reflects the consideration the Company expects to be entitled to receive in exchange for those services.

The Company recognizes usage-driven fee revenue upon delivery of the requested analysis to the

physician, which is when control of these services is transferred to the customer. The Company

recognizes revenue on a straight-line basis over the contract term for subscriptions where the customer

pays a fixed amount upfront for unlimited analyses. Contracts with customers typically include a fixed

amount of consideration and are generally cancellable with 30 days’ written notice.

The transaction price consists of fixed consideration and variable consideration related to utilization and

volume rebates for reimbursement claims from government and commercial payors which are known and

determinable based on the number of analyses delivered within each quarterly period. The transaction

price (inclusive of both fixed consideration and variable consideration that is not constrained) is

recognized as revenue when control transfers. The Company uses a portfolio approach to estimate

variable consideration using the expected value method.

Unbilled Receivables

Unbilled receivables generally represent revenue in which the Company has satisfied its performance

obligation prior to invoicing. The Company records unbilled receivables within accounts receivable, net on

the condensed consolidated balance sheets, based on the Company’s unconditional right to payment at

the end of the applicable period.

Contract Costs

Costs associated with product revenue include a flat rate commission per analysis and new customer site

commissions as well as implementation and onboarding costs. The Company capitalizes new customer

site commissions and certain contract fulfillment costs, which include implementation and onboarding

costs that are considered to be incremental to the acquisition of new customer contracts. Capitalized

contract fulfillment costs are amortized over an estimated period of benefit of two years and capitalized

new site commission costs are amortized over an estimated period of benefit of three years. The

estimated period of benefit is determined by evaluating average customer life, the nature of the related

benefit, and the specific facts and circumstances of the arrangements. The Company evaluates these

assumptions at least annually and periodically reviews whether events or changes in circumstances have

occurred that could impact the period of benefit.

The Company expenses flat rate commissions when incurred as commensurate with its usage-driven fee

revenue recognition and amortizes capitalized new customer site commissions to selling, general and

administrative expense in the condensed consolidated statements of operations and comprehensive loss.

The Company amortizes capitalized contract fulfillment costs to cost of revenue in the condensed

consolidated statements of operations and comprehensive loss. Short-term capitalized contract costs are

included in prepaid expenses and other current assets, and the long-term portion is included in other non-

current assets in the condensed consolidated balance sheets.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents the transaction price allocated to

performance obligations that are unsatisfied, or partially unsatisfied. It includes contract liabilities and

amounts that will be invoiced and recognized as revenue in future periods and does not include contracts

where the customer is not committed. The customer is considered not committed when they are able to

terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a

practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for

contracts with an original expected length of one year or less.

Contract Liabilities

The Company records contract liabilities when billings or payments are received in advance of revenue

recognition from subscription services. The contract liabilities balance is reduced as the revenue

recognition criteria is met, generally within 12 months. Once services are available to customers, the

Company records amounts due in accounts receivable, net and contract liabilities within accrued

expenses and other current liabilities on the condensed consolidated balance sheets. To the extent the

Company bills customers in advance of the billing period commencement date, the accounts receivable

and corresponding contract liabilities amount are netted to zero on the condensed consolidated balance

sheets, unless such amounts have been paid as of the balance sheet date.

Cost of Revenue

Cost of revenue includes, but is not limited to, personnel and related expenses, stock-based

compensation costs, third-party hosting fees, amortization of capitalized internal-use software,

amortization of contract fulfillment costs as well as royalties associated with technology licenses used in

connection with the delivery of the Company’s Heartflow Platform and allocated overhead, including rent,

equipment, depreciation, technology services and utilities, related to the Company’s production team. The

role of the production team is to support the Company’s patient case volume revenue by performing

defined quality-related activities on CCTA scans submitted by its customers for analysis. The production

team also supports activities in the Company’s clinical trials and research and development, which are

allocated as research and development expense.

Stock-Based Compensation

The Company accounts for share-based payments at fair value. The grant date fair value of options

granted is measured using the Black-Scholes option pricing model. Option awards vest based on the

satisfaction of a service requirement, and stock-based compensation expense is recorded on a straight-

line basis over the applicable service period, which is generally four years. For performance-based stock

options, the Company will assess the probability of performance conditions being achieved in each

reporting period. The amount of stock-based compensation expense recognized in any one period related

to performance-based stock options can vary based on the achievement or anticipated achievement of

the performance conditions. Forfeitures are recognized in the period in which the forfeiture occurs.

The Company accounts for stock-based compensation for restricted stock units at their fair value, based

on the closing market price of the Company’s common stock on the date of grant. These costs are

recognized on a straight-line basis over the requisite service period, which is usually the vesting period.

The Company accounts for stock-based compensation for its employee stock purchase plan based on the

estimated fair value of the options on the date of grant. The Company estimates the grant date fair value

using the Black-Scholes option pricing model for each purchase period. These costs are recognized on a

straight-line basis over the offering period.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method,

deferred tax assets and liabilities are determined based on the temporary differences between the

financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in

which the differences are expected to reverse. As a result of the history of net operating losses, the

Company has provided for a full valuation allowance against the deferred tax assets for assets that are

not more-likely-than-not to be realized.

The Company applies a comprehensive model for the recognition, measurement, presentation and

disclosure in the condensed consolidated financial statements of any uncertain tax positions that have

been taken or are expected to be taken on a tax return using a two-step approach. The first step is to

evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of

available evidence indicates that it is more likely than not that the tax position will be sustained upon

examination by the relevant taxing authorities, based on the technical merits of the position. For tax

positions that are more likely than not to be sustained upon audit, the second step is to measure the tax

benefit in the financial statements as the largest benefit that has a greater than 50% likelihood of being

sustained upon settlement. Significant judgment is required to evaluate uncertain tax positions. Changes

in facts and circumstances could have a material impact on the Company’s effective tax rate and results

of operations. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits

as a component of provision for income taxes in the condensed consolidated statements of operations

and comprehensive loss.

Comprehensive Loss

Comprehensive loss is comprised of net loss and foreign currency translation gains and losses.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the local currency except for HeartFlow

International Sarl, which was the U.S. Dollar. For all non-functional currency balances, the

remeasurement of such balances to the functional currency results in either a foreign exchange

transaction gain or loss, which is recorded within other income, net within the condensed consolidated

statements of operations and comprehensive loss. The Company recognized foreign exchange

transaction loss of $(342,000) and $(587,000) during the three months ended September 30, 2025 and

2024, respectively, and $(95,000) and $(782,000) during the nine months ended September 30, 2025 and

2024, respectively. The Company recognized $205,000 and $(405,000) during the three months ended

September 30, 2025 and 2024, respectively, and $260,000 and $(504,000) during the nine months ended

September 30, 2025 and 2024, respectively, of foreign currency translation gain (loss) in the statements

of comprehensive loss related to foreign subsidiaries which have local functional currencies.

Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss by the weighted-average number

of shares of common stock outstanding during the period, without consideration of potentially dilutive

securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average

number of shares of common stock and potentially dilutive securities outstanding for the period. For

purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock,

common stock warrants and stock options are considered to be potentially dilutive securities.

Basic and diluted net loss per share is presented in conformity with the two-class method required for

participating securities as the redeemable convertible preferred stock and common stock subject to

repurchase are considered participating securities. The Company’s participating securities do not have a

contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to

common stockholders. Diluted net loss per share is the same as basic net loss per share because the

effects of potentially dilutive items were anti-dilutive given the Company’s net loss position during the

three and nine months ended September 30, 2025 and 2024.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards

Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified

effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our

Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to

complying with new or revised accounting standards, which means that when a standard is issued or

revised and it has different application dates for public and nonpublic companies, the Company will adopt

the new or revised standard at the time nonpublic companies adopt the new or revised standard and will

do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition

period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early

adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic

companies.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income

Tax Disclosures, which requires enhanced income tax disclosures, including specific categories and

disaggregation of information in the effective tax rate reconciliation, disaggregated information related to

income taxes paid, income or loss from continuing operations before income tax expense or benefit, and

income tax expense or benefit from continuing operations. This guidance is effective for annual periods

beginning after December 15, 2024. The adoption of ASU 2023-09 is expected to have a disclosure only

impact on the Company’s consolidated financial statements for the year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive

Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement

Expenses, which requires more detailed disclosures about specified categories of expenses (including

employee compensation, depreciation, and amortization) included in certain expense captions presented

on the face of the income statement. This ASU is effective for fiscal years beginning after December 15,

2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption

permitted. The amendments may be applied either (i) prospectively to financial statements issued for

reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in

the financial statements. The Company is currently evaluating the impact of this pronouncement on the

disclosures in its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical

expedient related to the estimation of expected credit losses for current accounts receivable and current

contract assets that arise from transactions accounted for under Accounting Standards Codification Topic

606: Revenue from Contracts with Customers. The practical expedient permits an entity to assume that

current conditions as of the balance sheet date do not change for the remaining life of the current

accounts receivable and current contract assets. This ASU is effective for fiscal years beginning after

December 15, 2025 on a prospective basis, and for interim periods within fiscal years beginning after

December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of the

adoption of this pronouncement on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use

Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which

amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40 by

removing all references to project development stages and provides new guidance on how to evaluate

whether the probable-to-complete recognition threshold has been met to begin capitalizing software

costs. This ASU is effective for fiscal years beginning after December 15, 2027 and for interim periods

within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU may be

applied on a prospective, retrospective or modified prospective basis. The Company is currently

evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

Revenue and Contract Balances (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Total Revenue From Customers By Geographic Region

The following table summarizes total revenue from customers by geographic region (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
United States ...............................................................	$42,946	$30,170	$117,230	$82,970
United Kingdom ...........................................................	1,519	1,301	4,533	3,802
Japan.............................................................................	1,462	1,109	4,183	3,100
Rest of Europe .............................................................	349	354	958	959
Total revenue ...............................................................	$46,276	$32,934	$126,904	$90,831

Schedule of Capitalized Contract Costs

The following table provides the breakdown of capitalized contract costs on the condensed consolidated

balance sheets (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period ..........................................................	$6,154	$2,941
Contract costs capitalized ..................................................................	7,188	6,952
Contract costs amortized ....................................................................	(4,207)	(3,739)
Balance at end of period .....................................................................	$9,135	$6,154

Schedule of Contract Liabilities Included Within Accrued Expenses and Other Current Liabilities

The following table provides the breakdown of contract liabilities included within accrued expenses and

other current liabilities on the condensed consolidated balance sheets (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period ..........................................................	$182	$498
Contract liabilities added ....................................................................	42	—
Contract liabilities recognized as revenue .......................................	(75)	(316)
Balance at end of period .....................................................................	$149	$182

Term Loan (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Components of the Term Loan

The components of the Term Loan are as follows (in thousands):


	December 31,
	2024
Principal value of Term Loan ..................................................................................................	$138,137
Accreted exit fee .......................................................................................................................	567
Debt discount ............................................................................................................................	(2,095)
Debt issuance costs .................................................................................................................	(178)
Total Term Loan .......................................................................................................................	$136,431

Employee Retirement Plan	9 Months Ended
Employee Retirement Plan	Sep. 30, 2025
Defined Contribution Plan [Abstract]
Employee Retirement Plan	Employee Retirement Plan The Company has a qualified retirement plan under section 401(k) of the IRC under which participants may contribute up to 100% of their eligible compensation, subject to maximum deferral limits specified by the IRC. The Company may make matching contributions of up to 4.0% of an employee’s eligible compensation, subject to conditions specified by the IRC. The Company’s matching contributions totaled $297,000 and $377,000 during the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $1.4 million during the nine months ended September 30, 2025 and 2024, respectively.

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease cost	$ 1,266	$ 1,223	$ 3,784	$ 3,664
Variable lease cost	360	362	1,016	1,125
Total lease cost	$ 1,626	$ 1,585	$ 4,800	$ 4,789

Term Loan - Prepayment Terms and Other Fees (Details) $ in Thousands				1 Months Ended	9 Months Ended
	Aug. 22, 2025 USD ($)	Aug. 18, 2025 USD ($)	Jun. 14, 2024 USD ($) installment	Jan. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Payment for debt extinguishment or debt prepayment cost					$ 6,764	$ 1,809
Repayments of Long-Term Debt					115,137	$ 0
2024 Term Loan
Debt Instrument [Line Items]
Repayment upon consummation of initial public offering or special purpose acquisition companies, minimum				$ 50,000	35,000
Repayments of Long-Term Debt		$ 55,000
Exit fee and early prepayment fee, amount		$ 5,800
Aggregate principal amount	$ 60,100
Accrued interest	$ 1,000
2024 Term Loan \| IPO
Debt Instrument [Line Items]
Repayment upon consummation of initial public offering or special purpose acquisition companies, maximum				150,000	150,000
2024 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt Issuance Costs, Net			$ 9,200		$ 178
Exit fee (as percent)			0.03
Early prepayment fee (as percent)			0.03
Debt instrument, early repayment fee, amount			$ 8,300
Number of quarterly installments \| installment			16
Debt instrument, early repayment fee, quarterly installments			$ 518
Agent fee			150
Debt instrument, periodic payment, agent fees			30
2024 Term Loan \| Line of Credit \| Upfront Fee
Debt Instrument [Line Items]
Upfront fee			721
Payment for debt extinguishment or debt prepayment cost			721
2024 Term Loan \| Line of Credit \| Agent Fee
Debt Instrument [Line Items]
Payment for debt extinguishment or debt prepayment cost			$ 30
2024 Credit Agreement
Debt Instrument [Line Items]
Exit fee (as percent)		0.03
Early prepayment fee (as percent)		0.03
2024 Credit Agreement \| 2024 Term Loan
Debt Instrument [Line Items]
Repayment upon consummation of initial public offering or special purpose acquisition companies if underwriters exercise options, minimum				$ 55,000
Prepayments After Second Anniversary \| 2024 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Prepayment fee (as percent)					1.50%
Prepayments Thereafter \| 2024 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Prepayment fee (as percent)					3.00%

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	0.00%	0.00%	0.00%	0.00%

Convertible Notes

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Convertible Notes

Term Loan

2024 Credit Agreement

On June 14, 2024, the Company entered into a Credit Agreement and Guaranty (the “2024 Credit

Agreement”) with Hayfin for a $138.1 million term loan (the “2024 Term Loan”) to refinance its outstanding

loan obligations under the 2021 Credit Agreement, as amended (the “2021 Credit Agreement”). In

addition, in connection with the 2024 Term Loan, the Company entered into several other adjoining

agreements with Hayfin. The 2024 Term Loan extended the maturity date from January 19, 2026 to

June 14, 2028. The 2024 Credit Agreement was accounted for as a debt modification for accounting

purposes.

On January 24, 2025, in connection with the issuance of the 2025 Convertible Notes, the Company

entered into Amendment No.1 to the 2024 Credit Agreement, in which Hayfin converted $23.0 million of

principal under the 2024 Term Loan to 2025 Convertible Notes under the same terms as the other

purchasers of the 2025 Convertible Notes. The amendment was accounted for as a debt modification for

accounting purposes.

Prepayment Terms and Other Fees

Any prepayment or repayment of the principal balance of the 2024 Term Loan was subject to an exit fee.

The Company accreted the exit fee over the loan term using the effective interest method. Under the

2024 Term Loan, the Company had the option to prepay the 2024 Term Loan subject to a prepayment fee

of 1.5% for prepayments after the second anniversary but on or prior to the third anniversary of the 2024

Term Loan and a prepayment fee of 3% for prepayments thereafter. The 2024 Credit Agreement required

the Company to repay the loan in full immediately upon the occurrence of a change in control. In addition,

immediately upon the consummation of an IPO or SPAC transaction, as defined in the terms of the 2024

Credit Agreement, the Company was required to repay the 2024 Term Loan in an amount equal to the

lesser of (i) the net cash proceeds of such IPO or SPAC transaction in excess of $150.0 million and (ii)

$35.0 million. In connection with Amendment No.1 to the 2024 Term Loan in January 2025, the amount

immediately payable upon the consummation of an IPO or SPAC transaction, as defined in the terms of

the 2024 Credit Agreement, was amended where repayment of the 2024 Term Loan was required to be at

an amount equal to the lesser of (i) the net cash proceeds of such IPO or SPAC transaction in excess of

$150.0 million and (ii) $50.0 million (or $55.0 million if the underwriters exercised any portion of their

option to purchase additional shares).

On June 14, 2024, concurrently with entering the 2024 Credit Agreement, the Company signed a fee

letter agreement with Hayfin under which the Company agreed to pay $9.2 million in fees to Hayfin, which

consisted of a 3% exit fee and a 3% early prepayment fee due under the 2021 Credit Agreement in the

amount of $8.3 million payable in sixteen equal quarterly installments of approximately $518,000 through

March 31, 2028, agent fees of $150,000, due in annual installments of $30,000 through March 31, 2028

and an upfront fee of $721,000. The Company paid the $721,000 upfront fee and $30,000 agent fee upon

the closing of the 2024 Term Loan. The exit fee and early prepayment fee was required to be repaid in full

immediately upon the occurrence of a financing event, including, but not limited to, any IPO, SPAC

transaction, or issuance of convertible notes or equity. The exit fee and early prepayment fee remaining

under the original terms of the 2024 Term Loan, which were immediately due and payable upon issuance

of the 2025 Convertible Notes, was amended in January 2025 to be immediately due and payable upon

the next occurrence of a financing event and was fully repaid on August 18, 2025 upon completion of the

Company’s IPO as described above.

On August 18, 2025, the Company repaid $55.0 million of indebtedness outstanding under the 2024

Credit Agreement for which it was obligated in connection with the completion of the Company’s IPO and

approximately $5.8 million in fees consisting of a 3% exit fee and a 3% early prepayment fee due under

the 2021 Credit Agreement, as amended.

On August 22, 2025, the Company prepaid in full all outstanding amounts under, and terminated, the

2024 Credit Agreement, in the aggregate principal amount of $60.1 million plus accrued interest of $1.0

million. The Company did not incur exit or prepayment fees in connection with the termination of the 2024

Credit Agreement.

Interest

During its term, the 2024 Term Loan bore interest at a floating per annum rate in an amount equal to the

sum of (i) 7.0% (or 6.0% if the alternative base rate (“ABR”) is in effect) plus (ii) the greater of (x) the

forward-looking term rate based on the Secured Overnight Financing Rate (“SOFR”) for a respective

tenor (or the alternative base rate, if applicable), and (y) 2.0%. The ABR equals the sum of (i) 6.0% plus

(ii) the greater of (1) the Wall Street Journal Prime Rate, plus 0.5%, (2) the Federal Reserve Bank of New

York rate plus 0.5% or (3) CBA Term SOFR for one month tenor plus 1.0%. The Company had the option

to pay interest in-kind at the rate equal to the cash interest rate plus 1.0%.

Debt Issuance Costs and Debt Discount

Debt issuance costs include third-party costs incurred in connection with the original Credit Agreement.

Debt discount includes fees paid to the lender, warrants issued to the lender and the embedded derivative

liability as described below.

Prior to the refinancing of the 2021 Credit Agreement with the 2024 Term Loan (the “2024 Term Loan

Refinancing”), certain prepayment features of the Term Loan, default put option and default interest

adjustment features were determined to be embedded derivatives requiring bifurcation and separate

accounting for at fair value as a single compound derivative. The fair value of the derivative liability was

$2.1 million, as of the issuance date in January 2021, and was remeasured to fair value at each reporting

period. In connection with the 2024 Term Loan Refinancing, the associated current fair value of the

derivative liability of $1.1 million was remeasured at the date of refinancing and was derecognized and

recorded as a debt discount to the 2024 Term Loan. Refer to Note 13 for additional information.

In connection with the conversion of $23.0 million of principal under the 2024 Term Loan to 2025

Convertible Notes under Amendment No.1 to the 2024 Credit Agreement in January 2025, $239,000 of

pro-rata debt discount under the 2024 Term Loan was reclassified as a debt discount under the 2025

Convertible Notes.

Prior to the term loan repayment in August 2025, the debt issuance costs and debt discount were

classified as an offset to the Term Loan on the condensed consolidated balance sheets, and was accreted

over the loan term using the effective interest method.

Debt Components

The components of the Term Loan are as follows (in thousands):


	December 31,
	2024
Principal value of Term Loan ..................................................................................................	$138,137
Accreted exit fee .......................................................................................................................	567
Debt discount ............................................................................................................................	(2,095)
Debt issuance costs .................................................................................................................	(178)
Total Term Loan .......................................................................................................................	$136,431

Convertible Notes

2025 Convertible Notes

In January and March 2025, the Company issued convertible promissory notes to Requisite Holders in

the aggregate amount of $98.3 million, which was comprised of $74.0 million in principal amount of notes

issued for cash consideration, $1.3 million in principal amount of notes issued in lieu of cash

compensation to certain employees and $23.0 million in principal amount of notes issued from the

conversion of principal under the 2024 Term Loan. Net cash proceeds was $72.8 million after deducting

$1.2 million of debt issuance costs.

Prior to its conversion upon the Company’s IPO, the 2025 Convertible Notes were due and payable in full

48 months from the issue date and did not accrue interest for one year following the date of issuance.

Upon completion of the Company’s IPO in August 2025, the 2025 Convertible Notes automatically

converted into 6,470,743 shares of the Company’s common stock at $15.20 per share, which was a 20%

discount to the IPO price.

Prior to its conversion upon the Company’s IPO, the 2025 Convertible Notes contained embedded

derivative features, including conversion upon a change in control and automatic conversion upon

completion of a qualified IPO, that were required to be bifurcated and accounted for separately as a single

derivative instrument. The issuance date estimated fair values of the derivative liability was $11.1 million

and $20.8 million in January and March 2025, respectively, which was accounted for as a debt discount.

See Note 13 for additional information. The debt issuance costs and debt discount were classified as an

offset to the 2025 Convertible Notes on the condensed consolidated balance sheets, and were accreted

over the loan term using the effective interest method. Upon the closing of the Company’s IPO, the

remaining unamortized debt discount and debt issuance costs of $28.8 million were reclassified to

additional paid-in capital.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John C.M. Farquhar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2025, John C.M. Farquhar, our President and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 427,900 shares of our common stock. The duration of the trading arrangement is until January 11, 2027, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name	John C.M. Farquhar
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2025
Expiration Date	January 11, 2027
Arrangement Duration	486 days
Aggregate Available	427,900
Campbell D.K. Rogers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2025, Campbell D.K. Rogers, M.D., our Chief Medical Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 254,144 shares of our common stock. The duration of the trading arrangement is until April 2, 2026, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name	Campbell D.K. Rogers
Title	Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2025
Expiration Date	April 2, 2026
Arrangement Duration	202 days
Aggregate Available	254,144
Julie A. Cullivan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2025, Julie A. Cullivan, one of our directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 17,122 shares of our common stock. The duration of the trading arrangement is until March 27, 2026, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name	Julie A. Cullivan
Title	directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2025
Expiration Date	March 27, 2026
Arrangement Duration	196 days
Aggregate Available	17,122

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		3 Months Ended						9 Months Ended
	Aug. 11, 2025 USD ($) shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Capitalized Contract Cost [Line Items]
Number of reportable segments \| segment								1
Number of operating segments \| segment								1
Deferred offering costs		$ 0						$ 0			$ 413
Leases, initial term (in months)		12 months						12 months
Derivative liability	$ 24,600			$ 20,800						$ 11,100
Revenue, customer contract period (in days)								30 days
Foreign exchange transaction (losses)		$ (342)			$ (587)			$ (95)	$ (782)
Foreign currency translation gain (loss)		$ 205	$ 291	(236)	$ (405)	$ (100)	$ 1	$ 260	$ (504)
Redeemable convertible preferred stock
Capitalized Contract Cost [Line Items]
Conversion of convertible notes to common stock (in shares) \| shares	51,226,348
2025 Convertible Promissory Notes \| Convertible Debt
Capitalized Contract Cost [Line Items]
Debt instrument, aggregate amount				98,300
Conversion of convertible notes to common stock (in shares) \| shares	6,470,743
Derivative liability				$ 20,800						$ 11,100
Debt discount and debt issuances costs reclassified to additional paid-in-capital	$ 28,800
Options
Capitalized Contract Cost [Line Items]
Applicable service period (in years)								4 years
Implementation and Onboarding Costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization period (in years)		2 years						2 years
New Site Commission Costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization period (in years)		3 years						3 years

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company as well as its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to a fair statement of the Company’s consolidated financial position as of September 30, 2025, and the results of its operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. The condensed consolidated balance sheet at December 31, 2024, was derived from audited annual consolidated financial statements but does not contain all of the footnote disclosures from the annual financial statements. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period and should be read in conjunction with the annual consolidated financial statements included in the Company’s registration statement on Form S-1 (File No. 333-288733), which became effective on August 7, 2025.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management used significant judgment when making estimates in the determination of the fair value of its common stock and stock options, deferred income tax valuation allowance, capitalized internal-use software, depreciation of property and equipment, allowance for credit losses, revenue recognition, valuation of operating lease right-of-use (“ROU”) assets and operating lease liabilities, and the fair value of convertible debt, common stock warrant liability and derivative liability. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions as facts and circumstances dictate. Actual results could materially differ from those estimates.
Segment Information	Segment Information The Company operates and manages its business as one reportable and operating segment, which is the business of non-invasive CAD detection solutions. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), reviews financial information, including revenue and net loss, presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. The Company’s measure of segment profit or loss is consolidated net loss, which is used by the CODM to measure actual results versus expectations, set performance metrics, and develop the annual budget to achieve the Company’s long-term objectives. Significant segment expenses within consolidated net loss includes cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company’s condensed consolidated statements of operations and comprehensive loss. Other expense items that are presented on the condensed consolidated statements of operations include interest income, interest expense, changes in fair value of warrant liability, other income, net, and provision for income taxes.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments that are readily convertible to known amounts of cash and purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The accounting guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and market interest rates, if applicable. Management believes that the Company’s Term Loan (as defined in Note 8) and 2025 Convertible Notes (as defined below in this Note 2) then outstanding bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of these instruments approximated their fair value as of December 31, 2024. Fair value accounting is applied to the common stock warrant liability and derivative liability.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. The Company maintains bank deposits in federally insured financial institutions, and these deposits may at times exceed federally insured limits. To date, the Company has not experienced any losses on its cash deposits. The Company currently has full control of its cash and cash equivalents balance. No single customer represented more than 10% of the Company’s revenue during the three and nine months ended September 30, 2025 and 2024. No single customer represented more than 10% of the Company’s accounts receivable as of September 30, 2025 and December 31, 2024.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds from the offering, either as a reduction of the carrying value of preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering.
Leases	Leases At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. An ROU asset and corresponding lease liability are recorded on the condensed consolidated balance sheets based on the present value of lease payments over the lease term. An ROU asset represents the right to control the use of an identified asset over the lease term, and a lease liability represents the obligation to make lease payments arising from the lease. Leases with an initial term of 12 months or less are not recorded in the condensed consolidated balance sheets. The Company uses its incremental borrowing rate to determine the present value of lease payments, as the discount rate implicit in the lease is not readily available. The lease terms used to calculate the ROU asset and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company elected to account for contracts that contain lease and non-lease components as a single lease component. For the three and nine months ended September 30, 2025 and 2024, the Company’s only leases were for its facilities, which are classified as operating leases with lease expense recognized on a straight-line basis over the lease term. Variable lease costs, which primarily consist of common area maintenance, taxes, and utility charges, are expensed as incurred. The Company does not have any finance leases.
Term Loan and 2025 Convertible Notes	Term Loan Prior to its repayment in August 2025, the Term Loan (as defined in Note 8) was accounted for at amortized cost. Original debt issuance costs were deferred and presented as a reduction to the carrying value of the Term Loan. Debt discount and debt issuance costs were amortized using the effective interest method and recorded in interest expense within the condensed consolidated statements of operations and comprehensive loss. See Note 8 for information about the repayment of the 2024 Term Loan and termination of the 2024 Credit Agreement. Upon repayment of the 2024 Term Loan, the remaining unamortized debt discount and debt issuance costs were recognized as a loss on extinguishment of debt within the condensed consolidated statements of operations and comprehensive loss. 2025 Convertible Notes The Company issued convertible notes in January 2025 and March 2025 (the “2025 Convertible Notes”) to various investors and certain employees (the “Requisite Holders”), which were accounted for at amortized cost. Debt issuance costs were deferred and presented as a reduction to the carrying value of the 2025 Convertible Notes prior to its conversion upon the IPO. The Company determined that certain features of the 2025 Convertible Notes contained embedded derivatives that provided the Requisite Holders with multiple settlement alternatives, and the embedded features that qualified as derivatives were accounted for separately. Debt discount and debt issuance costs were amortized using the effective interest method and recorded to interest expense within the condensed consolidated statements of operations and comprehensive loss. The Company recognized the changes in fair value of the derivative liability as changes in fair value of derivative liability within the condensed consolidated statements of operations and comprehensive loss through the IPO date. Upon the closing of the Company’s IPO, the aggregate principal balance of the 2025 Convertible Notes of $98.3 million converted into 6,470,743 shares of common stock, and the derivative liability balance of $24.6 million and the remaining unamortized debt discount and debt issuance costs of $28.8 million were reclassified to additional paid-in capital.
Common Stock Warrants	Common Stock Warrants The Company’s warrants to purchase common stock that were issued in connection with the Term Loan are classified as a liability. The warrants are recorded at fair value upon issuance and are subject to remeasurement to fair value at each balance sheet date, with any changes in fair value recognized as a change in fair value of common stock warrant within the condensed consolidated statements of operations and comprehensive loss.
Embedded Derivatives	Embedded Derivatives Prior to its refinancing in June 2024, the Term Loan (as defined in Note 8) contained certain prepayment features, a default put option and default interest adjustment features that were determined to be embedded derivatives requiring bifurcation and separate accounting as a single compound derivative, as discussed in Note 13. The impact of bifurcation of the embedded derivative on the date of issuance was reflected as a debt discount. The fair value of the derivative liability related to the Company’s Term Loan, as discussed in Note 8, was estimated using a scenario-based analysis comparing the probability- weighted present value of the Term Loan payoff at maturity with and without the bifurcated features. This method isolates the value of the embedded derivative by measuring the difference in the host contract’s value with and without the isolated features. The resulting cash flows are discounted at the Company’s borrowing rate, as adjusted for fluctuations in the market interest rate from the inception of the Company’s comparative borrowings to the reporting date, to measure the fair value of the embedded derivative. Until its derecognition in June 2024, the derivative liability was remeasured to fair value at each reporting period, and the related change was reflected as change in fair value of derivative liability on the condensed consolidated statements of operations and comprehensive loss. Prior to their conversion upon the IPO, the 2025 Convertible Notes contained certain settlement features and default put options that were determined to be embedded derivatives requiring bifurcation and separate accounting as a single compound derivative, as discussed in Note 13. The impact of the bifurcation of the embedded derivatives on the date of issuances in January and March 2025 was reflected as a debt discount. The fair value of the derivative liability related to the Company’s 2025 Convertible Notes, as discussed in Note 9, were estimated using a scenario-based analysis comparing the probability-weighted present value of the 2025 Convertible Notes with and without the bifurcated features. This method isolates the value of the embedded derivatives by measuring the difference in the host contract’s value with and without the isolated features. To measure the fair value of the embedded derivatives, the resulting cash flows were discounted using appropriate discount rates that reflect the overall implied risk of the instruments based on their purchase prices and adjusted for fluctuations in the market and Company interest rates when necessary. Prior to the Company’s IPO, the derivative liability was remeasured to fair value at each reporting period and the related change was reflected as a change in fair value of derivative liability on the condensed consolidated statements of operations and comprehensive loss until the conversion of the 2025 Convertible Notes in connection with the IPO in August 2025.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Prior to its IPO, the Company recorded redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs, which was classified outside of stockholders’ equity (deficit) because the preferred shares were contingently redeemable upon the occurrence of an event that is outside of the Company’s control. Upon the closing of the Company's IPO, all shares of convertible preferred stock then outstanding automatically converted into an aggregate of 51,226,348 shares of common stock. Refer to Note 10 for additional information.
Revenue Recognition, Contract Costs, Remaining Performance Obligations and Contract Liabilities	Revenue Recognition The Company sells its Heartflow Platform to medical providers in the United States and in select international markets. The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. The Company identified a single performance obligation, which is comprised of a highly interdependent bundle of goods or services that are not distinct on their own but are as a group and consists of providing implementation services and the requested analysis, including an image file and related licenses and support. Revenue recognition commences only after completion of installation, implementation and training for new customer accounts. The Company’s service consists of providing a visualization of the patient’s coronary arteries and enables physicians to create more effective treatment plans. This service is normally billable upon delivery of the analysis to the physician. Payment terms are generally net 30 days. Substantially all of the Company’s revenue is from usage-driven fees and generated on a “pay-per-click” basis each time a physician orders the Company’s Heartflow FFRCT Analysis and Plaque Analysis. Revenue is recognized when control of these services is transferred to the customer, at an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. The Company recognizes usage-driven fee revenue upon delivery of the requested analysis to the physician, which is when control of these services is transferred to the customer. The Company recognizes revenue on a straight-line basis over the contract term for subscriptions where the customer pays a fixed amount upfront for unlimited analyses. Contracts with customers typically include a fixed amount of consideration and are generally cancellable with 30 days’ written notice. The transaction price consists of fixed consideration and variable consideration related to utilization and volume rebates for reimbursement claims from government and commercial payors which are known and determinable based on the number of analyses delivered within each quarterly period. The transaction price (inclusive of both fixed consideration and variable consideration that is not constrained) is recognized as revenue when control transfers. The Company uses a portfolio approach to estimate variable consideration using the expected value method. Contract Costs Costs associated with product revenue include a flat rate commission per analysis and new customer site commissions as well as implementation and onboarding costs. The Company capitalizes new customer site commissions and certain contract fulfillment costs, which include implementation and onboarding costs that are considered to be incremental to the acquisition of new customer contracts. Capitalized contract fulfillment costs are amortized over an estimated period of benefit of two years and capitalized new site commission costs are amortized over an estimated period of benefit of three years. The estimated period of benefit is determined by evaluating average customer life, the nature of the related benefit, and the specific facts and circumstances of the arrangements. The Company evaluates these assumptions at least annually and periodically reviews whether events or changes in circumstances have occurred that could impact the period of benefit. The Company expenses flat rate commissions when incurred as commensurate with its usage-driven fee revenue recognition and amortizes capitalized new customer site commissions to selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. The Company amortizes capitalized contract fulfillment costs to cost of revenue in the condensed consolidated statements of operations and comprehensive loss. Short-term capitalized contract costs are included in prepaid expenses and other current assets, and the long-term portion is included in other non- current assets in the condensed consolidated balance sheets. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to performance obligations that are unsatisfied, or partially unsatisfied. It includes contract liabilities and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is considered not committed when they are able to terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Contract Liabilities The Company records contract liabilities when billings or payments are received in advance of revenue recognition from subscription services. The contract liabilities balance is reduced as the revenue recognition criteria is met, generally within 12 months. Once services are available to customers, the Company records amounts due in accounts receivable, net and contract liabilities within accrued expenses and other current liabilities on the condensed consolidated balance sheets. To the extent the Company bills customers in advance of the billing period commencement date, the accounts receivable and corresponding contract liabilities amount are netted to zero on the condensed consolidated balance sheets, unless such amounts have been paid as of the balance sheet date.
Unbilled Receivables	Unbilled Receivables Unbilled receivables generally represent revenue in which the Company has satisfied its performance obligation prior to invoicing. The Company records unbilled receivables within accounts receivable, net on the condensed consolidated balance sheets, based on the Company’s unconditional right to payment at the end of the applicable period.
Cost of Revenue	Cost of Revenue Cost of revenue includes, but is not limited to, personnel and related expenses, stock-based compensation costs, third-party hosting fees, amortization of capitalized internal-use software, amortization of contract fulfillment costs as well as royalties associated with technology licenses used in connection with the delivery of the Company’s Heartflow Platform and allocated overhead, including rent, equipment, depreciation, technology services and utilities, related to the Company’s production team. The role of the production team is to support the Company’s patient case volume revenue by performing defined quality-related activities on CCTA scans submitted by its customers for analysis. The production team also supports activities in the Company’s clinical trials and research and development, which are allocated as research and development expense.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for share-based payments at fair value. The grant date fair value of options granted is measured using the Black-Scholes option pricing model. Option awards vest based on the satisfaction of a service requirement, and stock-based compensation expense is recorded on a straight- line basis over the applicable service period, which is generally four years. For performance-based stock options, the Company will assess the probability of performance conditions being achieved in each reporting period. The amount of stock-based compensation expense recognized in any one period related to performance-based stock options can vary based on the achievement or anticipated achievement of the performance conditions. Forfeitures are recognized in the period in which the forfeiture occurs. The Company accounts for stock-based compensation for restricted stock units at their fair value, based on the closing market price of the Company’s common stock on the date of grant. These costs are recognized on a straight-line basis over the requisite service period, which is usually the vesting period. The Company accounts for stock-based compensation for its employee stock purchase plan based on the estimated fair value of the options on the date of grant. The Company estimates the grant date fair value using the Black-Scholes option pricing model for each purchase period. These costs are recognized on a straight-line basis over the offering period.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. As a result of the history of net operating losses, the Company has provided for a full valuation allowance against the deferred tax assets for assets that are not more-likely-than-not to be realized. The Company applies a comprehensive model for the recognition, measurement, presentation and disclosure in the condensed consolidated financial statements of any uncertain tax positions that have been taken or are expected to be taken on a tax return using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, based on the technical merits of the position. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit in the financial statements as the largest benefit that has a greater than 50% likelihood of being sustained upon settlement. Significant judgment is required to evaluate uncertain tax positions. Changes in facts and circumstances could have a material impact on the Company’s effective tax rate and results of operations. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes in the condensed consolidated statements of operations and comprehensive loss.
Comprehensive Loss	Comprehensive LossComprehensive loss is comprised of net loss and foreign currency translation gains and losses.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiaries is the local currency except for HeartFlow International Sarl, which was the U.S. Dollar. For all non-functional currency balances, the remeasurement of such balances to the functional currency results in either a foreign exchange transaction gain or loss, which is recorded within other income, net within the condensed consolidated statements of operations and comprehensive loss.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock, common stock warrants and stock options are considered to be potentially dilutive securities. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock and common stock subject to repurchase are considered participating securities. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders. Diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss position during the three and nine months ended September 30, 2025 and 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual periods beginning after December 15, 2024. The adoption of ASU 2023-09 is expected to have a disclosure only impact on the Company’s consolidated financial statements for the year ended December 31, 2025. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this pronouncement on the disclosures in its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Accounting Standards Codification Topic 606: Revenue from Contracts with Customers. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This ASU is effective for fiscal years beginning after December 15, 2025 on a prospective basis, and for interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40 by removing all references to project development stages and provides new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met to begin capitalizing software costs. This ASU is effective for fiscal years beginning after December 15, 2027 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on a prospective, retrospective or modified prospective basis. The Company is currently evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

Term Loan - Debt Issuance Costs and Debt Discount (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Aug. 11, 2025	Mar. 31, 2025	Jan. 31, 2025	Jun. 14, 2024	Jan. 31, 2021
Debt Instrument [Line Items]
Derivative liability			$ 24,600	$ 20,800	$ 11,100
Proceeds from convertible notes offering, net of issuance costs	$ 72,769	$ 0
2024 Term Loan
Debt Instrument [Line Items]
Derivative liability						$ 1,100
Debt instrument, pro-rata debt discount					$ 239
2024 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Derivative liability	1,100						$ 2,100
2024 Term Loan \| Convertible Debt
Debt Instrument [Line Items]
Proceeds from convertible notes offering, net of issuance costs	$ 23,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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Revenue and Contract Balances - Schedule of Capitalized Contract Costs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Capitalized Contract Costs [Roll Forward]
Balance at beginning of period	$ 6,154	$ 2,941
Contract costs capitalized	7,188	6,952
Contract costs amortized	(4,207)	(3,739)
Balance at end of period	$ 9,135	$ 6,154

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a

recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1	Level 2	Level 3	Total
Assets
Money market funds included in cash and cash equivalents ...............................................	$262,997	$—	$—	$262,997
Total ....................................................................	$262,997	$—	$—	$262,997
Liabilities
Common stock warrant liability ......................	$—	$—	$55,421	$55,421
Total ....................................................................	$—	$—	$55,421	$55,421


	December 31, 2024
	Level 1	Level 2	Level 3	Total
Assets
Money market funds included in cash and cash equivalents ...............................................	$36,882	$—	$—	$36,882
Total ....................................................................	$36,882	$—	$—	$36,882
Liabilities
Common stock warrant liability ......................	$—	$—	$20,835	$20,835
Total ....................................................................	$—	$—	$20,835	$20,835

Schedule of Significant Unobservable Inputs (Level 3) and the Change in Fair Value

The following tables present a reconciliation of the Company’s financial liabilities measured at fair value

as of September 30, 2025 and December 31, 2024 using significant unobservable inputs (Level 3) and

the change in fair value (in thousands):


	Common Stock Warrant Liability
Fair value as of January 1, 2024 .....................................................................................................	$4,440
Change in fair value ...........................................................................................................................	16,395
Fair value as of December 31, 2024 ...............................................................................................	20,835
Change in fair value ...........................................................................................................................	34,586
Fair value as of September 30, 2025 ..............................................................................................	$55,421


	Term Loan Derivative Liability
Fair value as of January 1, 2024 .....................................................................................................	$903
Change in fair value ...........................................................................................................................	222
Derecognition in connection with debt refinancing .......................................................................	(1,125)
Fair value as of December 31, 2024 ...............................................................................................	$—


	2025 Convertible Notes Derivative Liability
Fair value as of January 1, 2025 ....................................................................................	$—
Recognition in connection with convertible notes offering ..........................................	31,900
Change in fair value ..........................................................................................................	(7,311)
Derecognition upon conversion into common stock upon IPO ..................................	(24,589)
Fair value as of September 30, 2025 .............................................................................	$—

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands,

except share and per share amounts):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Numerator:
Net loss ............................................................................	$(50,855)	$(19,140)	$(92,396)	$(63,451)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted .................................	49,106,752	5,586,424	20,686,526	5,185,007
Net loss per share, basic and diluted ..........................	$(1.04)	$(3.43)	$(4.47)	$(12.24)

The following outstanding shares of potentially dilutive securities were excluded from the computation of

diluted net loss per share for the period presented because including them would have been antidilutive:


	September 30,
	2025	2024
Redeemable convertible preferred stock ............................................................	—	122,231,454
Outstanding options to purchase common stock ...............................................	10,006,820	8,009,198
Restricted stock units .............................................................................................	813,283	—
Estimated ESPP ......................................................................................................	231,558	—
Common stock warrants ........................................................................................	1,647,667	1,647,667
Total ...........................................................................................................................	12,699,328	131,888,319

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 63,545	$ 60,412
Less: Accumulated depreciation and amortization	(55,561)	(51,492)
Property and equipment, net	7,984	8,920
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	4,503	4,489
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,578	1,233
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment	55,104	52,606
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	2,145	2,057
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 215	$ 27

Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Allowance for Credit Losses

The following table presents a reconciliation of the allowance for credit losses (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period .........................................................	$814	$1,058
Additions ..............................................................................................	—	—
Write-offs ..............................................................................................	(171)	(244)
Balance at end of period ...................................................................	$643	$814

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Prepaid expenses ...............................................................................	$5,372	$3,017
Contract costs, current .......................................................................	2,453	2,453
Other .....................................................................................................	936	662
Total prepaid expenses and other current assets ........................	$8,761	$6,132

Property and equipment, net

Property and equipment consisted of the following (in thousands):


	September 30,	December 31,
	2025	2024
Property and equipment at cost:
Computer equipment and software .................................................	$4,503	$4,489
Furniture, fixtures and equipment ....................................................	1,578	1,233
Capitalized internal-use software .....................................................	55,104	52,606
Leasehold improvements ..................................................................	2,145	2,057
Construction in progress ...................................................................	215	27
Total property and equipment ......................................................	63,545	60,412
Less: Accumulated depreciation and amortization ........................	(55,561)	(51,492)
Property and equipment, net ...........................................................	$7,984	$8,920

The Company capitalized certain internal-use software costs totaling $971,000 and $1.3 million, including

stock-based compensation of $6,000 and $121,000, related to internal-use software development efforts,

during the three months ended September 30, 2025 and 2024, respectively, and $2.5 million and $2.1

million, including stock-based compensation of $17,000 and $198,000, during the nine months ended

September 30, 2025 and 2024, respectively. Amortization of capitalized internal-use software totaled

$951,000 and $761,000 for the three months ended September 30, 2025 and 2024, respectively, and

$3.0 million and $1.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Depreciation and amortization expense related to property and equipment, excluding capitalized internal-

use software, was $352,000 and $413,000 for three months ended September 30, 2025 and 2024,

respectively, and $1.1 million and $885,000 for the nine months ended September 30, 2025 and 2024,

respectively.

Other Non-Current Assets

Other non-current assets are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Contract costs, net .............................................................................	$6,681	$3,701
Deferred offering costs ......................................................................	—	413
Other .....................................................................................................	364	252
Total other non-current assets .........................................................	$7,045	$4,366

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following (in thousands):


	September 30,	December 31,
	2025	2024
Accrued payroll and related expenses ............................................	$23,057	$18,206
Customer contract and rebate liabilities ..........................................	520	1,041
Accrued royalty ...................................................................................	1,015	736
Accrued professional fees .................................................................	2,274	1,672
Accrued clinical trial expenses .........................................................	962	1,215
Other .....................................................................................................	2,540	2,449
Total accrued expenses and other current liabilities ....................	$30,368	$25,319

Leases - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Jan. 31, 2023 ft² renewal_option	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Nov. 30, 2024 contract	Oct. 31, 2024 USD ($) ft²	Apr. 30, 2024 USD ($)	Aug. 31, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Restricted cash, non-current	$ 4,475		$ 4,475		$ 4,475		$ 4,325
Lease liability	21,789		21,789		21,789
Operating lease right-of-use assets, net	17,108		17,108		17,108		18,805
Cash paid for amounts included in measurement of operating lease liabilities			1,400	$ 1,400	4,200	$ 4,000
Mountain View, California
Lessee, Lease, Description [Line Items]
Rentable area (in square foot) \| ft²											61,000
Restricted cash, non-current											$ 4,300
Santa Rosa, California
Lessee, Lease, Description [Line Items]
Rentable area (in square foot) \| ft²									4,000
Lease term (in months)									29 months
Security deposit									$ 8
Lease liability									169
Operating lease right-of-use assets, net									$ 169
Austin, Texas
Lessee, Lease, Description [Line Items]
Rentable area (in square foot) \| ft²		26,000
Security deposit	150		150		150		$ 150
Lease liability	561		561		561
Operating lease right-of-use assets, net	$ 561		$ 561		$ 561
Renewal option (in years)		5 years
Number of options \| renewal_option		0
Extended renewal term (in months)	12 months
Tokyo, Japan
Lessee, Lease, Description [Line Items]
Lease liability										$ 420
Operating lease right-of-use assets, net										$ 420
Renewal option (in years)										3 years
Number of contracts \| contract								1

Common Stock Warrant Liability - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Mar. 03, 2023	Mar. 17, 2022	Jan. 19, 2021
Class of Warrant or Right [Line Items]
Aggregate fair value of warrants issued	$ 55,421		$ 55,421		$ 20,835
Change in fair value of common stock warrant liability	32,117	$ 585	34,586	$ 4,490
Common Stock Warrant, Initial Term Loan
Class of Warrant or Right [Line Items]
Number of warrants issued to purchase (in shares)								108,154
Exercise price of warrants (in dollars per share)								$ 0.03
Aggregate fair value of warrants issued	4,300		4,300
Common Stock Warrant, New Money Term Loan
Class of Warrant or Right [Line Items]
Number of warrants issued to purchase (in shares)							77,253
Exercise price of warrants (in dollars per share)							$ 0.03
Aggregate fair value of warrants issued	$ 3,500		$ 3,500
Common Stock Warrant, Credit Agreement
Class of Warrant or Right [Line Items]
Number of warrants issued to purchase (in shares)						1,462,260
Exercise price of warrants (in dollars per share)						$ 0.03
Warrants term						10 years

Commitment and Contingencies - Schedule of Future Minimum Royalty Commitments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 0
2026	50
2027	50
2028	50
2029	50
Thereafter	50
Total minimum royalty commitments	$ 250

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events For the interim condensed consolidated financial statements as of September 30, 2025, and for the three and nine months then ended, the Company has evaluated events through the date the unaudited interim condensed consolidated financial statements were available to be issued. 2025 Facility Lease On July 2, 2025, the Company entered into a facility lease agreement for approximately 8,100 rentable square feet of office space in San Francisco, California for 39 months through November 30, 2028, with the option to extend for one additional three-year period. In connection with the lease, the Company paid a security deposit of $90,000. The average monthly lease payments are approximately $40,000 per month during the lease term. The lease commenced on November 1, 2025. Hayfin Common Stock Warrants Exercise On October 22, 2025, Hayfin net exercised all common stock warrants outstanding for 1,646,317 shares of common stock. The common stock warrant liability was remeasured to fair value through the date of exercise, with the related change of approximately $9.3 million being reflected as a change in fair value of common stock warrant liability on the consolidated statements of operations and comprehensive loss. The final fair value of $64.7 million will be reclassified to stockholders equity (deficit). Civil Investigative Demand Investigation In October 2025, the Company and certain of its employees received civil investigative demands (the “CID”) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act (the “Investigation”). The CID requests information, documents, and testimony focused on the Company’s financial and contractual arrangements with providers and its sales and marketing activities. The Company is cooperating with the Investigation and is unable to express a view at this time regarding the likely duration, or ultimate outcome, of the Investigation or estimate the possibility of, or amount or range of, any possible financial impact. Depending on the outcome of the Investigation, there may be a material impact on the Company’s business, results of operations, financial condition, or cash flows.

Business Overview (Details) $ / shares in Units, $ in Thousands				9 Months Ended
	Aug. 11, 2025 USD ($) $ / shares shares	Jul. 31, 2025	Jul. 17, 2025	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consolidating transaction, conversion ratio			1
Reverse stock split, ratio		0.34246575
Sale of stock, price (in dollars per share) \| $ / shares	$ 19.00
Proceeds from IPO, net of offering costs	$ 364,200			$ 332,784	$ 0
Accumulated deficit				1,063,355		$ 970,959
Cash and cash equivalents				$ 291,167	$ 64,661	$ 51,367
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued and sold (in shares) \| shares	19,166,667
Payments of deferred offering costs	$ 31,800
Over-Allotment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued and sold (in shares) \| shares	2,500,000

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Royalty Commitments

The Company has entered into various exclusive technology licensing agreements and other software

licensing agreements. The terms of the agreements require the Company to make annual royalty

payments in fixed amounts as well as certain milestone and revenue-based payments. The revenue-

based royalty percentage is in the low single digits, subject to reductions and offsets in certain

circumstances with a minimum royalty commitment of $50,000 annually. Future minimum royalty

commitments due under the terms of these exclusive agreements as of September 30, 2025 are as

follows (in thousands):


		September 30,
		2025
Minimum Royalty Commitments:
2025 .................................................................................................................................................		$—
2026 .................................................................................................................................................		50
2027 .................................................................................................................................................		50
2028 .................................................................................................................................................		50
2029 .................................................................................................................................................		50
Thereafter ........................................................................................................................................		50
Total minimum royalty commitments ...........................................................................................		$250

The Company incurred royalty expense of $586,000 and $428,000 for the three months ended

September 30, 2025 and 2024, respectively, and $1.5 million and $1.2 million for the nine months ended

September 30, 2025 and 2024, respectively.

Purchase Commitments

Open purchase commitments consist of agreements to purchase goods and services that are entered into

in the ordinary course of business. These amounts were not recorded as liabilities on the condensed

consolidated balance sheets as of September 30, 2025 and December 31, 2024 as the Company had not

yet received the related goods or services. As of September 30, 2025, the Company had estimated open

purchase commitments for goods and services of $4.5 million over the next three years.

Contingencies

The Company is not involved in any pending legal proceedings that it believes could have a material

adverse effect on its financial condition, results of operations or cash flows. The Company may pursue or

be subject to litigation and other legal actions from time to time arising in the ordinary course of business,

including intellectual property, products liability, breach of contract, commercial, employment, and other

similar claims which could have an adverse impact on its reputation, business and financial condition and

divert the attention of its management from the operation of its business. The Company discloses

information regarding each material claim where the likelihood of a loss contingency is probable or

reasonable possible and accrues a liability for such matters when it is probable that future expenditures

will be made, and such expenditures can be reasonably estimated. There were no contingent liabilities

requiring accrual or disclosures as of September 30, 2025 and December 31, 2024.

Indemnifications

The Company provides general indemnifications to management and the members of the Company’s

board of directors (the “Board of Directors”) when they act, in good faith, in the best interest of the

Company. The Company is unable to develop an estimate of the maximum potential amount of future

payments that could potentially result from any hypothetical future claim, but expects the risk of having to

make any payments under these general business indemnifications to be remote. The Company also

maintains insurance coverage that would generally enable the Company to recover a portion of any future

amounts paid.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share (in thousands,

except share and per share amounts):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Numerator:
Net loss ............................................................................	$(50,855)	$(19,140)	$(92,396)	$(63,451)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted .................................	49,106,752	5,586,424	20,686,526	5,185,007
Net loss per share, basic and diluted ..........................	$(1.04)	$(3.43)	$(4.47)	$(12.24)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of

diluted net loss per share for the period presented because including them would have been antidilutive:


	September 30,
	2025	2024
Redeemable convertible preferred stock ............................................................	—	122,231,454
Outstanding options to purchase common stock ...............................................	10,006,820	8,009,198
Restricted stock units .............................................................................................	813,283	—
Estimated ESPP ......................................................................................................	231,558	—
Common stock warrants ........................................................................................	1,647,667	1,647,667
Total ...........................................................................................................................	12,699,328	131,888,319

Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Money market funds included in cash and cash equivalents	$ 262,997	$ 36,882
Total	262,997	36,882
Liabilities
Common stock warrant liability	55,421	20,835
Total	55,421	20,835
Level 1
Assets
Money market funds included in cash and cash equivalents	262,997	36,882
Total	262,997	36,882
Liabilities
Common stock warrant liability	0	0
Total	0	0
Level 2
Assets
Money market funds included in cash and cash equivalents	0	0
Total	0	0
Liabilities
Common stock warrant liability	0	0
Total	0	0
Level 3
Assets
Money market funds included in cash and cash equivalents	0	0
Total	0	0
Liabilities
Common stock warrant liability	55,421	20,835
Total	$ 55,421	$ 20,835

Convertible Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Aug. 11, 2025	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Jan. 31, 2025
Line of Credit Facility [Line Items]
Debt conversion, converted instrument, amount			$ 94,139	$ 0
Proceeds from convertible notes offering, net of issuance costs			72,769	$ 0
Derivative liability	$ 24,600	$ 20,800			$ 11,100
2025 Convertible Promissory Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, aggregate amount		98,300
Proceeds from convertible notes offering, net of issuance costs			72,800
Debt Issuance Costs, Net			$ 1,200
Debt instrument, term			48 months
Conversion of convertible notes to common stock (in shares)	6,470,743
Common stock converted (in dollars per share)	$ 15.20
Conversion price, discount percentage	20.00%
Derivative liability		20,800			$ 11,100
Debt discount and debt issuances costs reclassified to additional paid-in-capital	$ 28,800
2025 Convertible Promissory Notes, Settled in Cash \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, aggregate amount		74,000
2025 Convertible Promissory Notes, Settled in Lieu of Cash \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, issued on employee-based compensation		1,300
2025 Convertible Promissory Notes, Issued From Conversion Of Principal Under 2024 Term Loan \| Convertible Debt
Line of Credit Facility [Line Items]
Debt conversion, converted instrument, amount		$ 23,000

Derivative Liability - Schedule of Derivative Instruments (Details)	Mar. 26, 2025	Jan. 31, 2025	Jun. 14, 2024
Debt yield \| Valuation Technique, Black-Scholes-Merton Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input			0.185
Debt yield \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input	0.070	0.070
Probability of IPO \| Valuation Technique, Black-Scholes-Merton Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input			0.800
Probability of IPO \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input	0.750	0.600
Probability of Default \| Valuation Technique, Black-Scholes-Merton Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input			0.050
Probability to incur new debt \| Valuation Technique, Black-Scholes-Merton Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input			0.000
Probability of change of control \| Valuation Technique, Black-Scholes-Merton Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input			0.100
Probability of change of control \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input	0.100	0.200
Discount rate \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative laibility, measurement input	0.637	0.313

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity under the Company’s 2009 Equity Incentive Plan and 2025 Plan is set forth below (in

thousands, except share and per share amounts):


	Number of Options	Awards Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance at December 31, 2024 .............................	8,537,210	$4.72	7.96	$68,256
Options granted .......................................................	2,317,260	$17.79
Options exercised ....................................................	(487,890)	$4.98
Options canceled .....................................................	(359,760)	$6.24
Balance at September 30, 2025 ............................	10,006,820	$7.68	8.01	$260,007
Vested and exercisable, September 30, 2025 ....	3,892,199	$5.24	6.70	$110,604
Vested and expected to vest, September 30, 2025 .......................................................................	10,006,820	$7.68	8.01	$260,007

Schedule of Restricted Stock Unit Activity

A summary of RSUs activity is set forth below:


	Number of Restricted Stock Units	Awards Weighted- Average Grant Date Fair Value
Unvested at December 31, 2024 .......................................................	—	$—
Awards granted .....................................................................................	822,386	$19.14
Awards vested ......................................................................................	—	—
Awards canceled ..................................................................................	(9,103)	$19.00
Unvested at September 30, 2025 ......................................................	813,283	$19.14

Schedule of Stock-Based Compensation

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model

based on the following assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected life (in years) ........................	6.0	5.6	6.0	5.6
Expected volatility .................................	56.6%-57.9%	54.5%-54.6%	55.0%-57.9%	53.7%-54.6%
Risk-free interest rate ...........................	3.7%-3.9%	3.5%	3.7%-4.2%	3.5%-4.4%
Dividend yield ........................................	–%	–%	–%	–%

The Company estimated the fair value of the shares to be issued under the Company’s 2025 ESPP using

the Black-Scholes option-pricing model based on the following assumptions:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2025	2025
Expected life (in years) .............................................................	0.6	0.6
Expected volatility .....................................................................	58.1%	58.1%
Risk-free interest rate ...............................................................	4.1%	4.1%
Dividend yield ............................................................................	–%	–%

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense is as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Cost of revenue ...............................................	$127	$71	$229	$231
Research and development ..........................	959	563	1,887	1,566
Selling, general and administrative ..............	2,874	1,702	6,589	5,902
Total stock-based compensation expense .	$3,960	$2,336	$8,705	$7,699

Revenue and Contract Balances - Schedule of Total Revenue From Customers By Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 46,276	$ 32,934	$ 126,904	$ 90,831
United States
Disaggregation of Revenue [Line Items]
Total revenue	42,946	30,170	117,230	82,970
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenue	1,519	1,301	4,533	3,802
Japan
Disaggregation of Revenue [Line Items]
Total revenue	1,462	1,109	4,183	3,100
Rest of Europe
Disaggregation of Revenue [Line Items]
Total revenue	$ 349	$ 354	$ 958	$ 959

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Balance Sheet Components - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract costs, net	$ 6,681	$ 3,701
Deferred offering costs	0	413
Other	364	252
Total other non-current assets	$ 7,045	$ 4,366

Term Loan - 2024 Credit Agreement (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 24, 2025	Sep. 30, 2025	Sep. 30, 2024	Jun. 14, 2024
Debt Instrument [Line Items]
Proceeds from convertible notes offering, net of issuance costs		$ 72,769	$ 0
2024 Term Loan \| Convertible Debt
Debt Instrument [Line Items]
Proceeds from convertible notes offering, net of issuance costs		$ 23,000
2024 Term Loan \| Convertible Debt \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity				$ 138,100
Proceeds from convertible notes offering, net of issuance costs	$ 23,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Share-Based Payment Arrangement [Abstract]

Revenue and Contract Balances - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Change In Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 182	$ 498
Contract liabilities added	42	0
Contract liabilities recognized as revenue	(75)	(316)
Balance at end of period	$ 149	$ 182

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation Plans

In 2009, the Company adopted its 2009 Equity Incentive Plan which provided for the grant of stock

options to the Company’s employees, members of the Board of Directors and consultants. Effective upon

the Company’s IPO in August 2025, the Company’s Board of Directors approved the termination of the

2009 Equity Incentive Plan and the adoption of the 2025 Performance Incentive Plan (“2025 Plan”).

Options granted under the 2025 Plan may be either incentive stock options (“ISOs”) or nonqualified stock

options (“NSOs”). ISOs may be granted only to employees. NSOs, Stock Appreciation Rights, Restricted

Stock, and Restricted Stock Units (“RSUs”) may be granted to employees, members of the Board of

Directors and consultants. A total of 17,189,139 shares of common stock were initially reserved for

issuance pursuant to the 2025 Plan. In addition, the shares reserved for issuance under the 2025 Plan

will also include shares reserved but not issued under the 2009 Equity Incentive Plan, plus any share

awards granted under the 2009 Equity Incentive Plan that expire or terminate without having been

exercised in full or that are forfeited or repurchased. In addition, the number of shares available for

issuance under the 2025 Plan will also include an annual increase on the first day of each fiscal year

beginning in fiscal 2026, equal to or greater than (i) 5% of the outstanding shares of common stock as of

the last day of the immediately preceding fiscal year less any Board of Directors-approved increase(s)

during the preceding fiscal year; or (ii) an amount as determined by the Board of Directors.

Options under the 2009 Equity Incentive Plan and 2025 Plan have a term of ten years from the grant

date. The option exercise price will be determined by the Board of Directors, but will be no less than

100% of the fair market value per share on the date of grant. In addition, in the case of an ISO granted to

an employee who owns stock representing more than 10% of the voting power of all classes of stock of

the Company, the per share exercise price will be no less than 110% of the fair market value per share on

the date of grant. Through September 30, 2025 and December 31, 2024, options granted generally vest

over (i) four years with 25% vesting on the first anniversary of the issuance date and 1/48th per month

thereafter or (ii) vesting monthly in equal installments over four years.

Stock option activity under the Company’s 2009 Equity Incentive Plan and 2025 Plan is set forth below (in

thousands, except share and per share amounts):


	Number of Options	Awards Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance at December 31, 2024 .............................	8,537,210	$4.72	7.96	$68,256
Options granted .......................................................	2,317,260	$17.79
Options exercised ....................................................	(487,890)	$4.98
Options canceled .....................................................	(359,760)	$6.24
Balance at September 30, 2025 ............................	10,006,820	$7.68	8.01	$260,007
Vested and exercisable, September 30, 2025 ....	3,892,199	$5.24	6.70	$110,604
Vested and expected to vest, September 30, 2025 .......................................................................	10,006,820	$7.68	8.01	$260,007

The weighted-average grant date fair value of options granted during the three and nine months ended

September 30, 2025 was $10.84 and $10.12 per share, respectively.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying

stock options and the fair value of the Company’s common stock for stock options that were in-the-money

at each reporting period. The aggregate intrinsic value of stock options exercised during the three and

nine months ended September 30, 2025 was $4.8 million and $6.9 million, respectively.

Restricted Stock Units

In August 2025, the Company began granting RSUs under the 2025 Plan. RSUs generally vest over four

years in equal quarterly increments. The fair value of RSUs is based on the Company’s closing stock

price on the date of grant. A summary of RSUs activity is set forth below:


	Number of Restricted Stock Units	Awards Weighted- Average Grant Date Fair Value
Unvested at December 31, 2024 .......................................................	—	$—
Awards granted .....................................................................................	822,386	$19.14
Awards vested ......................................................................................	—	—
Awards canceled ..................................................................................	(9,103)	$19.00
Unvested at September 30, 2025 ......................................................	813,283	$19.14

2025 Employee Stock Purchase Plan

In August 2025, the Company’s Board of Directors adopted the 2025 Employee Stock Purchase Plan

(“2025 ESPP”) to be effective upon the Company’s IPO, under which eligible employees are permitted to

purchase common stock at a discount through payroll deductions. A total of 1,233,964 shares of common

stock are reserved for issuance and will be increased on the first day of each fiscal year, beginning in

2026, by an amount equal to the lesser of (i) 1.0% of the issued and outstanding shares of common stock

as of the last day of the immediately preceding fiscal year; or (ii) an amount as determined by the Board

of Directors. The price of the common stock purchased will be the lower of 85% of the fair market value of

the common stock at the beginning of an offering period or at the end of a purchase period. The 2025

ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of

the Internal Revenue Code of 1986, as amended (the “IRC”).

Stock-Based Compensation

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model

based on the following assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected life (in years) ........................	6.0	5.6	6.0	5.6
Expected volatility .................................	56.6%-57.9%	54.5%-54.6%	55.0%-57.9%	53.7%-54.6%
Risk-free interest rate ...........................	3.7%-3.9%	3.5%	3.7%-4.2%	3.5%-4.4%
Dividend yield ........................................	–%	–%	–%	–%

The Company estimated the fair value of the shares to be issued under the Company’s 2025 ESPP using

the Black-Scholes option-pricing model based on the following assumptions:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2025	2025
Expected life (in years) .............................................................	0.6	0.6
Expected volatility .....................................................................	58.1%	58.1%
Risk-free interest rate ...............................................................	4.1%	4.1%
Dividend yield ............................................................................	–%	–%

The significant assumptions used in these calculations are summarized as follows:

Fair value of common stock. Because there had been no public market for the Company’s common stock

prior to the IPO, the fair value of common stock shares underlying stock options has historically been

determined by the Board of Directors at the time of option grant by considering an independent valuation

performed by a third-party valuation firm as well as a number of objective and subjective factors, including

a valuation of comparable companies, sales of convertible preferred stock to unrelated third parties,

operating and financial performance, the lack of liquidity of capital stock and general and industry specific

economic outlook, among other factors. The fair value of common stock was determined in accordance

with applicable elements of the American Institute of Certified Public Accountants Practice Aid, Valuation

of Privately-Held-Company Equity Securities Issued as Compensation. Subsequent to its IPO, the fair

value of the underlying common stock is based on the closing price of the Company’s common stock on

the Nasdaq Stock Market on the date of grant.

Expected term. The expected term of stock options represents the weighted-average period the stock

options are expected to remain outstanding. The Company does not have sufficient historical exercise

and post-vesting termination activity to provide accurate data for estimating the expected term of options

and has opted to use the “simplified method,” whereby the expected term equals the arithmetic average

of the vesting term and the original contractual term of the option.

Expected volatility. As the Company was not publicly traded prior to the IPO and does not have sufficient

trading history after the IPO, the expected volatility for the Company’s stock options was determined by

using an average of historical volatilities of selected industry peers deemed to be comparable to the

Company’s business corresponding to the expected term of the awards.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the

time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of

the awards.

Expected dividend yield. The expected dividend rate is zero as the Company currently has no history or

expectation of declaring dividends on its common stock.

The Company also issues stock options with vesting based upon completion of performance goals. The

fair value for these performance-based awards is recognized over the period during which the goals are

to be achieved. Stock-based compensation expense recognized at fair value includes the impact of

estimated probability that the goals would be achieved, which is assessed prior to the requisite service

period for the specific goals.

Total stock-based compensation expense is as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Cost of revenue ...............................................	$127	$71	$229	$231
Research and development ..........................	959	563	1,887	1,566
Selling, general and administrative ..............	2,874	1,702	6,589	5,902
Total stock-based compensation expense .	$3,960	$2,336	$8,705	$7,699

As of September 30, 2025, total unrecognized stock-based compensation costs related to unvested stock

options was $31.1 million, which is expected to be recognized over a remaining weighted-average period

of 3.23 years, a total of $15.0 million of unrecognized compensation costs related to unvested RSUs

expected to be recognized over a period of approximately 3.91 years and $1.3 million of unrecognized

compensation costs related to the ESPP, which the Company will recognize over 0.44 years.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	2025 Convertible Promissory Notes Convertible Debt	Convertible Preferred Stock	Common Stock	Common Stock 2025 Convertible Promissory Notes Convertible Debt	Common Stock Convertible Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital 2025 Convertible Promissory Notes Convertible Debt	Additional Paid-In Capital Convertible Preferred Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023	122,231,454
Beginning balance at Dec. 31, 2023	$ 768,566
Ending balance (in shares) at Mar. 31, 2024	122,231,454
Ending balance at Mar. 31, 2024	$ 768,566
Common stock, beginning of period (in shares) at Dec. 31, 2023				4,940,925
Balance, beginning of period at Dec. 31, 2023	(777,564)			$ 5			$ 97,465			$ (501)	$ (874,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				10,561
Issuance of common stock upon exercise of stock options	77						77
Stock-based compensation expense	2,723						2,723
Foreign currency translation (loss) gain	1									1
Net loss	(20,932)										(20,932)
Common stock, end of period (in shares) at Mar. 31, 2024				4,951,486
Balance, end of period at Mar. 31, 2024	$ (795,695)			$ 5			100,265			(500)	(895,465)
Beginning balance (in shares) at Dec. 31, 2023	122,231,454
Beginning balance at Dec. 31, 2023	$ 768,566
Ending balance (in shares) at Sep. 30, 2024	122,231,454
Ending balance at Sep. 30, 2024	$ 768,566
Common stock, beginning of period (in shares) at Dec. 31, 2023				4,940,925
Balance, beginning of period at Dec. 31, 2023	(777,564)			$ 5			97,465			(501)	(874,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation (loss) gain	(504)
Net loss	(63,451)
Common stock, end of period (in shares) at Sep. 30, 2024				5,825,792
Balance, end of period at Sep. 30, 2024	$ (830,625)			$ 6			108,358			(1,005)	(937,984)
Beginning balance (in shares) at Mar. 31, 2024	122,231,454
Beginning balance at Mar. 31, 2024	$ 768,566
Ending balance (in shares) at Jun. 30, 2024	122,231,454
Ending balance at Jun. 30, 2024	$ 768,566
Common stock, beginning of period (in shares) at Mar. 31, 2024				4,951,486
Balance, beginning of period at Mar. 31, 2024	(795,695)			$ 5			100,265			(500)	(895,465)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				613,614
Issuance of common stock upon exercise of stock options	1,617			$ 1			1,616
Stock-based compensation expense	2,640						2,640
Foreign currency translation (loss) gain	(100)									(100)
Net loss	(23,379)										(23,379)
Common stock, end of period (in shares) at Jun. 30, 2024				5,565,100
Balance, end of period at Jun. 30, 2024	$ (814,917)			$ 6			104,521			(600)	(918,844)
Ending balance (in shares) at Sep. 30, 2024	122,231,454
Ending balance at Sep. 30, 2024	$ 768,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				260,692
Issuance of common stock upon exercise of stock options	1,501						1,501
Stock-based compensation expense	2,336						2,336
Foreign currency translation (loss) gain	(405)									(405)
Net loss	(19,140)										(19,140)
Common stock, end of period (in shares) at Sep. 30, 2024				5,825,792
Balance, end of period at Sep. 30, 2024	$ (830,625)			$ 6			108,358			(1,005)	(937,984)
Beginning balance (in shares) at Dec. 31, 2024	122,231,454
Beginning balance at Dec. 31, 2024	$ 768,566
Ending balance (in shares) at Mar. 31, 2025	122,231,454
Ending balance at Mar. 31, 2025	$ 768,566
Common stock, beginning of period (in shares) at Dec. 31, 2024	6,122,048			6,122,048
Balance, beginning of period at Dec. 31, 2024	$ (859,484)			$ 6			112,241			(772)	(970,959)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				130,813
Issuance of common stock upon exercise of stock options	578						578
Stock-based compensation expense	2,492						2,492
Foreign currency translation (loss) gain	(236)									(236)
Net loss	(32,345)										(32,345)
Common stock, end of period (in shares) at Mar. 31, 2025				6,252,861
Balance, end of period at Mar. 31, 2025	$ (888,995)			$ 6			115,311			(1,008)	(1,003,304)
Beginning balance (in shares) at Dec. 31, 2024	122,231,454
Beginning balance at Dec. 31, 2024	$ 768,566
Ending balance (in shares) at Sep. 30, 2025	0
Ending balance at Sep. 30, 2025	$ 0
Common stock, beginning of period (in shares) at Dec. 31, 2024	6,122,048			6,122,048
Balance, beginning of period at Dec. 31, 2024	$ (859,484)			$ 6			112,241			(772)	(970,959)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	487,890
Foreign currency translation (loss) gain	$ 260
Net loss	$ (92,396)
Common stock, end of period (in shares) at Sep. 30, 2025	83,473,696			83,473,696
Balance, end of period at Sep. 30, 2025	$ 254,568			$ 83			1,318,352			(512)	(1,063,355)
Beginning balance (in shares) at Mar. 31, 2025	122,231,454
Beginning balance at Mar. 31, 2025	$ 768,566
Ending balance (in shares) at Jun. 30, 2025	122,231,454
Ending balance at Jun. 30, 2025	$ 768,566
Common stock, beginning of period (in shares) at Mar. 31, 2025				6,252,861
Balance, beginning of period at Mar. 31, 2025	(888,995)			$ 6			115,311			(1,008)	(1,003,304)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				136,583
Issuance of common stock upon exercise of stock options	852						852
Stock-based compensation expense	2,253						2,253
Foreign currency translation (loss) gain	291									291
Net loss	(9,196)										(9,196)
Common stock, end of period (in shares) at Jun. 30, 2025				6,389,444
Balance, end of period at Jun. 30, 2025	$ (894,795)			$ 6			118,416			(717)	(1,012,500)
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon IPO (in shares)	(122,231,454)
Conversion of redeemable convertible preferred stock to common stock upon IPO	$ (768,566)
Ending balance (in shares) at Sep. 30, 2025	0
Ending balance at Sep. 30, 2025	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon IPO (in shares)					6,470,743	51,226,348
Conversion of redeemable convertible preferred stock to common stock upon IPO		$ 94,139	$ 768,566		$ 6	$ 51		$ 94,133	$ 768,515
Issuance of common stock upon IPO, net of underwriting discounts, commissions and offering costs (in shares)				19,166,667
Issuance of common stock upon IPO, net of underwriting discounts, commissions and offering costs	332,337			$ 19			332,318
Issuance of common stock upon exercise of stock options (in shares)				220,494
Issuance of common stock upon exercise of stock options	1,011			$ 1			1,010
Stock-based compensation expense	3,960						3,960
Foreign currency translation (loss) gain	205									205
Net loss	$ (50,855)										(50,855)
Common stock, end of period (in shares) at Sep. 30, 2025	83,473,696			83,473,696
Balance, end of period at Sep. 30, 2025	$ 254,568			$ 83			$ 1,318,352			$ (512)	$ (1,063,355)

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease Costs

Operating lease cost consisted of the following (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Operating lease cost .........................................	$1,266	$1,223	$3,784	$3,664
Variable lease cost ............................................	360	362	1,016	1,125
Total lease cost ..................................................	$1,626	$1,585	$4,800	$4,789

Schedule of Aggregate Lease Payments

The following table summarizes the maturities of the aggregate lease payments under the Company’s

operating lease liabilities as of September 30, 2025 (in thousands):


		September 30,
		2025
Operating Leases:
2025 ................................................................................................................................................		$1,458
2026 ................................................................................................................................................		5,799
2027		5,186
2028 ................................................................................................................................................		5,155
2029 ................................................................................................................................................		5,309
Thereafter .......................................................................................................................................		3,646
Total minimum lease payments ..................................................................................................		26,553
Less: Amount of lease payments representing interest .....................................................		4,764
Present value of future minimum lease payments ..................................................................		$21,789
Less: current portion ................................................................................................................		5,523
Operating lease liabilities, net of current portion ......................................................................		$16,266

Schedule of Additional Information Related to Operating Leases

The following table summarizes additional information related to the Company’s operating leases (in

thousands, except weighted-average data):


	September 30,	December 31,
	2025	2024
Right-of-use assets .................................................................................	$17,108	$18,805
Weighted-average remaining lease term (years) ...............................	4.7	5.5
Weighted-average discount rate ...........................................................	9.1%	9.0%

Business Overview

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Overview

Description of Business

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

Holding, Inc., was established.

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

dissolved.

Reverse Stock Split

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

common stock, were proportionally adjusted.

Initial Public Offering

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.

Liquidity

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

loans and revenue received from customers.

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

issued.

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.

Common Stock Warrant Liability

9 Months Ended

Sep. 30, 2025

Common Stock Warrant Liability

On January 19, 2021, in connection with entering into the Credit Agreement, the Company issued Hayfin

a warrant to purchase 108,154 shares of common stock at an exercise price of $0.03 per share. On

March 17, 2022, upon amendment to the Credit Agreement, the Company issued Hayfin a warrant to

purchase 77,253 shares of common stock at an exercise price of $0.03 per share. On March 3, 2023,

upon Amendment No. 4 to the Credit Agreement and as a result of antidilution adjustment provisions in

connection with the Series F redeemable convertible preferred stock financing, the Company issued

Hayfin a warrant to purchase 1,462,260 shares of common stock at an exercise price of $0.03 per share

(collectively, the “Warrants”). As of September 30, 2025 and December 31, 2024, all warrants remained

outstanding.

The Warrants have a net exercise provision under which their holders may, in lieu of payment of the

exercise price in cash, surrender the warrant and receive a net amount of shares based on the fair market

value of the Company’s stock at the time of exercise of the Warrants after deduction of the aggregate

exercise price. The Warrants also have customary antidilution protection provisions. The Warrants are

scheduled to terminate on the ten-year anniversary of the issuance date, however, the Warrants are

scheduled to automatically net exercise immediately prior to termination if the fair market value of one

share of common stock exceeds the then current exercise price per share of common stock. In

connection with certain change of control transactions, which include SPAC combinations, mergers,

consolidations and the sale or lease of substantially all of the assets of the Company, the Warrants

automatically net exercise if the fair market value of one share of common stock exceeds the then current

exercise price per share of common stock. The Warrants do not automatically net exercise in connection

with an IPO.

The aggregate fair value of the Warrants issued in connection with the 2021 Credit Agreement and the

amended 2021 Credit Agreement was $4.3 million and $3.5 million, respectively, at issuance and was

recognized as a debt discount and recorded as a warrant liability.

The warrant liabilities were remeasured to fair value, resulting in a loss of $32.1 million and $585,000

during the three months ended September 30, 2025 and 2024, respectively, and a loss of $34.6 million

and $4.5 million during the nine months ended September 30, 2025 and 2024, respectively, within the

condensed consolidated statements of operations and comprehensive loss.

At September 30, 2025 and December 31, 2024, the fair value of the common stock warrant liability was

determined using the Black-Scholes option pricing model based on the following weighted average

assumptions:


	September 30,	December 31,
	2025	2024
Stock price ...............................................................................................	$33.66	$12.68
Exercise price ..........................................................................................	$0.03	$0.03
Contractual term (in years) ...................................................................	5.8	6.6
Expected volatility ...................................................................................	55.7%	72.1%
Weighted-average risk-free interest rate ............................................	3.80%	4.44%
Dividend yield ..........................................................................................	0%	0%

See Note 18 for information about the common stock warrant exercise.

Stockholders’ Equity - Schedule Of Common Stock Reserve For Issuance On Converted Basis (Details) - shares	Sep. 30, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	28,107,317	61,782,120
Options to purchase common stock
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	10,006,820	8,537,203
Restricted stock units
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	813,283	0
Shares reserved for issuance under the Company’s equity plans
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	15,639,547	370,902
Redeemable convertible preferred stock
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	0	51,226,348
Common stock warrants
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	1,647,667	1,647,667

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-Based Compensation Plans - Schedule of Fair Value Of Stock Options Using The Black-Scholes Option-Pricing Model (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate maximum	3.90%
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years	5 years 7 months 6 days	6 years	5 years 7 months 6 days
Expected volatility minimum	56.60%	54.50%	55.00%	53.70%
Expected volatility maximum	57.90%	54.60%	57.90%	54.60%
Risk-free interest rate minimum	3.70%		3.70%	3.50%
Risk-free interest rate maximum			4.20%	4.40%
Risk-free interest rate		3.50%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Estimated ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	7 months 6 days		7 months 6 days
Expected volatility	58.10%		58.10%
Risk-free interest rate	4.10%		4.10%
Dividend yield	0.00%		0.00%

Stockholders’ Equity - Narrative (Details)	9 Months Ended
Stockholders’ Equity - Narrative (Details)	Sep. 30, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 $ / shares shares
Equity [Abstract]
Preferred shares, shares authorized (in shares)	50,000,000	0
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, shares authorized (in shares)	250,000,000	210,300,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common shares, shares issued (in shares)	83,473,696	6,122,048
Common shares, shares outstanding (in shares)	83,473,696	6,122,048
Dividends declared \| $	$ 0
Redeemable convertible preferred stock, number of votes entitled (in votes) \| vote	1

Leases - Schedule of Aggregate Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Operating Leases:
2025	$ 1,458
2026	5,799
2027	5,186
2028	5,155
2029	5,309
Thereafter	3,646
Total minimum lease payments	26,553
Less: Amount of lease payments representing interest	4,764
Present value of future minimum lease payments	21,789
Less: current portion	5,523	$ 5,416
Operating lease liabilities, net of current portion	$ 16,266	$ 18,537

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ (50,855)	$ (9,196)	$ (32,345)	$ (19,140)	$ (23,379)	$ (20,932)	$ (92,396)	$ (63,451)
Denominator:
Weighted-average shares used to compute net loss per share, basic (in shares)	49,106,752			5,586,424			20,686,526	5,185,007
Weighted-average shares used to compute net loss per share, diluted (in shares)	49,106,752			5,586,424			20,686,526	5,185,007
Net loss per share, basic (in dollars per share)	$ (1.04)			$ (3.43)			$ (4.47)	$ (12.24)
Net loss per share, diluted (in dollars per share)	$ (1.04)			$ (3.43)			$ (4.47)	$ (12.24)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Revenue from Contract with Customer [Abstract]

Revenue and Contract Balances

9 Months Ended

Sep. 30, 2025

Revenue and Contract Balances

Disaggregation of Revenue

The following table summarizes total revenue from customers by geographic region (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
United States ...............................................................	$42,946	$30,170	$117,230	$82,970
United Kingdom ...........................................................	1,519	1,301	4,533	3,802
Japan.............................................................................	1,462	1,109	4,183	3,100
Rest of Europe .............................................................	349	354	958	959
Total revenue ...............................................................	$46,276	$32,934	$126,904	$90,831

Revenues by geography are determined based on the region of the Company’s contracting entity, which

may be different than the region of the customer.

Contract Balances

Unbilled receivables included within accounts receivable on the condensed consolidated balance sheets

as of September 30, 2025 and December 31, 2024 was $224,000 and $574,000, respectively.

The following table provides the breakdown of capitalized contract costs on the condensed consolidated

balance sheets (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period ..........................................................	$6,154	$2,941
Contract costs capitalized ..................................................................	7,188	6,952
Contract costs amortized ....................................................................	(4,207)	(3,739)
Balance at end of period .....................................................................	$9,135	$6,154

The following table provides the breakdown of contract liabilities included within accrued expenses and

other current liabilities on the condensed consolidated balance sheets (in thousands):


	Nine Months Ended September 30,	Year Ended December 31,
	2025	2024
Balance at beginning of period ..........................................................	$182	$498
Contract liabilities added ....................................................................	42	—
Contract liabilities recognized as revenue .......................................	(75)	(316)
Balance at end of period .....................................................................	$149	$182

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Term Loan - Schedule of Components of Term Loan (Details) - 2024 Term Loan - Line of Credit - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 14, 2024
Debt Instrument [Line Items]
Principal value of Term Loan	$ 138,137
Accreted exit fee	567
Debt discount	(2,095)
Debt issuance costs	(178)	$ (9,200)
Total Term Loan	$ 136,431

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Temporary Equity

Redeemable convertible preferred stock consisted of the following as of December 31, 2024 (in

thousands, except share amounts):


	December 31, 2024
Series	Number of Shares Authorized	Number of Shares Issued and Outstanding	Carrying Value	Liquidation Value
Series A ....................................................	4,082,965	4,082,965	$2,041	$2,041
Series B-1 ................................................	1,954,846	1,954,846	6,940	6,940
Series B-2 ................................................	2,848,263	2,848,263	10,111	10,111
Series C ...................................................	11,343,434	11,343,434	104,378	193,167
Series D ...................................................	7,151,873	7,151,873	110,756	110,854
Series E ...................................................	12,040,980	12,040,980	304,197	305,018
Series F ....................................................	61,344,029	61,344,029	168,957	262,295
Series F-1 ................................................	21,465,064	21,465,064	61,186	61,491
Total .........................................................	122,231,454	122,231,454	$768,566	$951,917

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 46,276	$ 32,934	$ 126,904	$ 90,831
Cost of revenue	10,861	7,997	30,770	22,632
Gross profit	35,415	24,937	96,134	68,199
Operating expenses:
Research and development	17,297	11,863	46,253	31,238
Selling, general and administrative	33,217	28,003	96,197	82,125
Total operating expenses	50,514	39,866	142,450	113,363
Loss from operations	(15,099)	(14,929)	(46,316)	(45,164)
Interest income	1,725	820	2,903	3,474
Interest expense	(3,451)	(5,298)	(15,165)	(17,616)
Change in fair value of common stock warrant liability	(32,117)	(585)	(34,586)	(4,490)
Change in fair value of derivative liability	4,818	0	7,311	(222)
Loss on extinguishment of debt	(6,360)	0	(6,360)	0
Other income (expense), net	(341)	852	(94)	615
Loss before provision for income taxes	(50,825)	(19,140)	(92,307)	(63,403)
Provision for income taxes	(30)	0	(89)	(48)
Net loss	(50,855)	(19,140)	(92,396)	(63,451)
Comprehensive loss:
Net loss	(50,855)	(19,140)	(92,396)	(63,451)
Other comprehensive loss:
Foreign currency translation gain (loss)	205	(405)	260	(504)
Total comprehensive loss	$ (50,650)	$ (19,545)	$ (92,136)	$ (63,955)
Net loss per share, basic (in dollars per share)	$ (1.04)	$ (3.43)	$ (4.47)	$ (12.24)
Net loss per share, diluted (in dollars per share)	$ (1.04)	$ (3.43)	$ (4.47)	$ (12.24)
Weighted-average shares used to compute net loss per share, basic (in shares)	49,106,752	5,586,424	20,686,526	5,185,007
Weighted-average shares used to compute net loss per share, diluted (in shares)	49,106,752	5,586,424	20,686,526	5,185,007

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company had an effective tax rate of 0% for both the three and nine months ended September 30, 2025 and 2024. The Company continues to incur operating losses. During the three and nine months ended September 30, 2025 and 2024, the Company has evaluated all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, the Company continues to maintain a full valuation allowance against its net deferred tax assets. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States which contains a broad range of tax reform provisions affecting businesses. The provisions of the OBBBA did not have a material impact on the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2025.

The entire disclosure for income tax.

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