0001464521-26-000042 | 10-K | XBRL Viewer

The entire disclosure for retirement benefits.

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Redeemable Convertible Preferred Stock (Schedule of Temporary Equity) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Temporary Equity [Line Items]
Number of Shares Authorized	0	122,231,454
Number of Shares Issued	0	122,231,454
Number of Shares Outstanding	0	122,231,454
Carrying Value		$ 768,566,000
Liquidation Value	$ 0	$ 951,917,000
Series A [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		4,082,965
Number of Shares Issued		4,082,965
Number of Shares Outstanding		4,082,965
Carrying Value		$ 2,041,000
Liquidation Value		$ 2,041,000
Series B-1 [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		1,954,846
Number of Shares Issued		1,954,846
Number of Shares Outstanding		1,954,846
Carrying Value		$ 6,940,000
Liquidation Value		$ 6,940,000
Series B-2 [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		2,848,263
Number of Shares Issued		2,848,263
Number of Shares Outstanding		2,848,263
Carrying Value		$ 10,111,000
Liquidation Value		$ 10,111,000
Series C [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		11,343,434
Number of Shares Issued		11,343,434
Number of Shares Outstanding		11,343,434
Carrying Value		$ 104,378,000
Liquidation Value		$ 193,167,000
Series D [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		7,151,873
Number of Shares Issued		7,151,873
Number of Shares Outstanding		7,151,873
Carrying Value		$ 110,756,000
Liquidation Value		$ 110,854,000
Series E [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		12,040,980
Number of Shares Issued		12,040,980
Number of Shares Outstanding		12,040,980
Carrying Value		$ 304,197,000
Liquidation Value		$ 305,018,000
Series F [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		61,344,029
Number of Shares Issued		61,344,029
Number of Shares Outstanding		61,344,029
Carrying Value		$ 168,957,000
Liquidation Value		$ 262,295,000
Series F-1 [Member]
Temporary Equity [Line Items]
Number of Shares Authorized		21,465,064
Number of Shares Issued		21,465,064
Number of Shares Outstanding		21,465,064
Carrying Value		$ 61,186,000
Liquidation Value		$ 61,491,000

Derivative Liability

12 Months Ended

Dec. 31, 2025

Derivative Liability [Abstract]

Derivative Liability

13. 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 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 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 and December 31, 2023, resulting in a loss of $222,000 and a gain of $4.2 million, respectively, within the 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	18.50%
Probability of business combination or IPO (with feature)	80.00%
Event date of business combination or IPO (with feature)	6/30/2025
Probability to incur new debt	0.00%
Event date to incur new debt	n/a
Probability of change of control	10.00%
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 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 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:


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

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. 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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Net Loss Per Share Attributable to Common Stockholders [Abstract]

Income Taxes (Reconciliation of Federal and Effective Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Tax at federal statutory rate, amount	$ (24,542)	$ (20,027)	$ (20,003)
Tax at federal statutory rate, percentage	21.00%
State taxes, net of federal benefit amount		(2,247)	(4,032)
Foreign rate differential, amount	$ 1,201	41	(50)
Foreign rate differential, percentage	(1.00%)
R&D credits, amount	$ (382)	(281)	(391)
R&D credit, percentage	0.30%
Change in valuation allowance, amount	$ 6,316	16,563	20,418
Change in valuation allowance, percentage	(5.40%)
Write-off of intercompany payable, amount	$ 4,759
Write-off of intercompany payable, percentage	(4.10%)
Mark-to-market warrant and derivative, amount	$ 7,683	3,482	1,075
Mark-to-market warrant and derivative, percentage	(6.50%)
Nondeductible executive compensation, amount	$ 1,239
Nondeductible executive compensation. percentage	(1.10%)
Other nondeductible items, amount	$ 2,621
Other nondeductible items, percentage	(2.20%)
Other, amount	$ 1,029	816	(192)
Other, percentage	(0.90%)
Stock-based compensation		1,706	3,722
Provision (benefit) for income taxes, amount	$ (76)	$ 53	$ 547
Provision (benefit for income taxes, percentage	0.10%

Revenue and Contract Balances (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change In Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 182	$ 498	$ 118
Contract liabilities added	279		470
Contract liabilities recognized as revenue	(134)	(316)	(90)
Balance at end of period	$ 327	$ 182	$ 498

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(116,791)	$	(96,426)	$	(95,655)
Cumulative dividends on Series C redeemable convertible preferred stock		—		—		(1,239)
Deemed dividend upon down round of redeemable convertible preferred stock		—		—		(26,794)
Net loss attributable to common stockholders	$	(116,791)	$	(96,426)	$	(123,688)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		36,853,867		5,363,435		4,885,231
Net loss per share attributable to common stockholders, basic and diluted	$	(3.17)	$	(17.98)	$	(25.32)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31,
	2025		2024		2023
Redeemable convertible preferred stock		—		122,231,454		122,231,454
Outstanding options to purchase common stock		10,003,254		8,537,203		8,268,314
Restricted stock units		907,703		—		—
Estimated ESPP		231,558		—		—
Common stock warrants		—		1,647,667		1,647,667
		11,142,515		132,416,324		132,147,435

Commitment and Contingencies (Schedule of Future Minimum Royalty Commitments) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies [Abstract]
2026	$ 50
2027	50
2028	50
2029	50
2030	50
Thereafter	50
Total minimum royalty commitments	$ 300

Balance Sheet Components (Schedule of Available-for-sale Investments in an Unrealized Loss Position) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, fair value	$ 30,711
Less than 12 months, unrealized loss	(15)
Corporate Bonds/Notes [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, fair value	26,716
Less than 12 months, unrealized loss	(12)
Agency Bonds/Notes [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, fair value	3,995
Less than 12 months, unrealized loss	$ (3)

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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Employee Retirement Plan (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Retirement Plan [Abstract]
Maximum contribution by participants (as a percentage)	100.00%
Company's contribution to each participating employee's eligible compensation (as percent)	4.00%
Matching contributions	$ 2.0	$ 1.5	$ 1.4

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock [Member]	Total
Beginning balance (in shares) at Dec. 31, 2022	4,943,764				39,422,361
Beginning balance at Dec. 31, 2022					$ 538,423,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series F redeemable convertible preferred stock at $2.8505 per share, net of issuance costs of $5,904 (in shares)					61,344,029
Issuance of Series F redeemable convertible preferred stock at $2.8505 per share, net of issuance costs of $5,904					$ 168,957,000
Issuance of Series F-1 redeemable convertible preferred stock at $1.9098 per share upon conversion of convertible notes and accrued interest (in shares)					21,465,064
Issuance of Series F-1 redeemable convertible preferred stock at $1.9098 per share upon conversion of convertible notes and accrued interest					$ 61,186,000
Ending balance (in shares) at Dec. 31, 2023					122,231,454
Ending balance at Dec. 31, 2023					$ 768,566,000
Beginning balance at Dec. 31, 2022	$ 5,000	$ 58,436,000	$ 3,000	$ (752,084,000)		$ (693,640,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	99,900
Issuance of common stock upon exercise of stock options		589,000				589,000
Deemed dividend upon down round of redeemable convertible preferred stock		26,794,000		(26,794,000)
Repurchase of common stock (in shares)	(102,739)
Repurchase of common stock		(228,000)				(228,000)
Stock-based compensation expense		11,874,000				11,874,000
Foreign currency translation (loss) gain			(504,000)			(504,000)
Net loss				(95,655,000)		(95,655,000)
Ending balance (in shares) at Dec. 31, 2023	4,940,925
Ending balance at Dec. 31, 2023	$ 5,000	97,465,000	(501,000)	(874,533,000)		$ (777,564,000)
Ending balance (in shares) at Dec. 31, 2024					122,231,454	122,231,454
Ending balance at Dec. 31, 2024					$ 768,566,000	$ 768,566,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,181,123
Issuance of common stock upon exercise of stock options	$ 1,000	4,563,000				4,564,000
Stock-based compensation expense		10,213,000				10,213,000
Foreign currency translation (loss) gain			(271,000)			(271,000)
Net loss				(96,426,000)		$ (96,426,000)
Ending balance (in shares) at Dec. 31, 2024	6,122,048					6,122,048
Ending balance at Dec. 31, 2024	$ 6,000	112,241,000	(772,000)	(970,959,000)		$ (859,484,000)
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						$ (768,566,000)
Ending balance (in shares) at Dec. 31, 2025						0
Ending balance at Dec. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon IPO (in shares)	51,226,348
Conversion of redeemable convertible preferred stock to common stock upon IPO	$ 51,000	768,515,000				$ 768,566,000
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	$ 19,000	332,368,000				332,387,000
Conversion of convertible notes to common stock upon IPO, net (in shares)	6,470,743
Conversion of convertible notes to common stock upon IPO, net	$ 6,000	94,133,000				94,139,000
Net exercise of common stock warrants (in shares)	1,646,317
Net exercise of common stock warrants	$ 2,000	64,728,000				$ 64,730,000
Issuance of common stock upon exercise of stock options (in shares)	617,134					617,134
Issuance of common stock upon exercise of stock options	$ 1,000	3,297,000				$ 3,298,000
Issuance of common stock upon vesting of restricted stock units, net of shares withheld (in shares)	31,340
Issuance of common stock upon vesting of restricted stock units, net of shares withheld		(510,000)				(510,000)
Stock-based compensation expense		13,965,000				13,965,000
Unrealized gain on investments, net			156,000			156,000
Foreign currency translation (loss) gain			191,000			191,000
Net loss				(116,791,000)		$ (116,791,000)
Ending balance (in shares) at Dec. 31, 2025	85,280,597					85,280,597
Ending balance at Dec. 31, 2025	$ 85,000	$ 1,388,737,000	$ (425,000)	$ (1,087,750,000)		$ 300,647,000

Leases (Narrative) (Details) $ in Thousands		1 Months Ended		12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Dec. 15, 2025 USD ($) ft² item	Jan. 31, 2023 ft² item	Aug. 31, 2021 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2025 USD ($)	Jul. 31, 2025 USD ($) ft²	Nov. 30, 2024 item	Oct. 31, 2024 USD ($) ft²	Apr. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease liability				$ 22,054
Operating lease right-of-use assets				17,488	$ 18,805
Cash paid for amounts included in measurement of operating lease liabilities				5,700	5,200	$ 4,100
Mountain View, California [Member]
Lessee, Lease, Description [Line Items]
Rentable area (in square feet) \| ft²			61,000
Proceeds from tenant improvement allowance			$ 1,800
Unused tenant improvement allowance			$ 1,400
Letter of credit provided in place of security deposit				4,300	4,300
Santa Rosa, California [Member]
Lessee, Lease, Description [Line Items]
Rentable area (in square feet) \| ft²										4,000
Leases, initial term (in months)										29 months
Security deposit										$ 8
Lease liability										169
Operating lease right-of-use assets										$ 169
San Francisco, California [Member]
Lessee, Lease, Description [Line Items]
Rentable area (in square feet) \| ft²								8,100
Leases, initial term (in months)								39 months
Security deposit								$ 90
Lease liability								1,254
Operating lease right-of-use assets								$ 1,254
Rohnert Park, California [Member]
Lessee, Lease, Description [Line Items]
Rentable area (in square feet) \| ft²	13,100
Unused tenant improvement allowance	$ 173
Leases, initial term (in months)	63 months
Security deposit	$ 39
Renewal term	3 years
Number of options \| item	1
Monthly payment	$ 32
Austin, Texas [Member]
Lessee, Lease, Description [Line Items]
Rentable area (in square feet) \| ft²		26,000
Security deposit				$ 150	$ 150
Lease liability							$ 561
Operating lease right-of-use assets							$ 561
Renewal term		5 years					12 months
Number of options \| item		0
Tokyo, Japan [Member]
Lessee, Lease, Description [Line Items]
Lease liability											$ 420
Operating lease right-of-use assets											$ 420
Renewal term											3 years
Number of contracts \| item									1

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Measurement [Abstract]

Fair Value Measurement

4. 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):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		—		81,479		—		81,479
U.S. treasury bills		—		39,593				39,593
Corporate bonds/notes		—		57,571		—		57,571
Agency bonds/notes		—		25,151		—		25,151
Asset-backed securities		—		21,711		—		21,711
Commercial paper		—		9,870		—		9,870
Total	$	32,515	$	235,375	$	—	$	267,890


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in 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 December 31, 2025, 2024 and 2023 using significant unobservable inputs (Level 3) and the change in fair value (in thousands):


	2022 Convertible Notes
Fair value as of January 1, 2023	$	56,066
Change in fair value		5,120
Derecognition of convertible notes upon conversion into redeemable convertible preferred stock		(61,186)
Fair value as of December 31, 2023	$	—

The 2022 Convertible Notes, which are not regularly traded, are classified as Level 3, since their values cannot be determined by using readily observable inputs or measures, such as market prices (see Note 9). The fair value of the 2022 Convertible Notes was estimated as the sum of its components (conversion features and the debt component) as of the issuance dates and as of the subsequent balance sheet dates. To value each of the conversion features, a “with and without” methodology was employed. The debt component was valued using a discounted cash flow method that measured the net present value of the principal and interest payments to be received by the holders of the 2022 Convertible Notes (excluding the conversion features) through the estimated maturity date.


	Common Stock Warrant Liability
Fair value as of January 1, 2023	$	2,120
Change in fair value		2,320
Fair value as of December 31, 2023		4,440
Change in fair value		16,395
Fair value as of December 31, 2024		20,835
Change in fair value		43,894
Reclassification to common stock upon net exercise		(64,729)
Fair value as of December 31, 2025	$	—

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, 2023	$	5,061
Change in fair value		(4,158)
Fair value as of December 31, 2023	$	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.


	Convertible Notes Derivative Liability
Fair value as of January 1, 2025	$	—
Recognition of derivative liability related to Convertible Notes		31,900
Change in fair value		(7,311)
Derecognition upon conversion into common stock upon IPO		(24,589)
Fair value as of December 31, 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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Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income Taxes

17. Income Taxes

The components of net loss before income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	(110,784)	$	(96,422)	$	(95,634)
Foreign		(6,083)		49		526
Net loss before income taxes	$	(116,867)	$	(96,373)	$	(95,108)

For the years ended December 31, 2025, 2024 and 2023, the Company did not record any federal or state provision for income tax expense. For the years ended December 31, 2025, 2024 and 2023, the Company recorded an income tax (provision) benefit of $76,000, $(53,000) and $(547,000), respectively, from foreign jurisdictions.

As described in Note 2, Summary of Significant Accounting Policies, the Company has elected to prospectively adopt ASU 2023-09. The following table is a reconciliation of the total income tax expense computed at the U.S. federal statutory rate of 21% to the Company’s total income tax expense for the year ended December 31, 2025, in accordance with ASU 2023-09 (in thousands):

‎


	Year Ended December 31, 2025
		Amount	Percentage
U.S. federal statutory rate	$	(24,542)	21.0%
Foreign tax effects		1,201	-1.0%
Tax credits:
R&D credits		(382)	0.3%
Change in valuation allowance		6,316	-5.4%
Nontaxable or nondeductible items:
Write-off of intercompany payable		4,759	-4.1%
Mark-to-market on warrant and derivative		7,683	-6.5%
Nondeductible executive compensation		1,239	-1.1%
Other nondeductible items		2,621	-2.2%
Other		1,029	-0.9%
Provision for income taxes	$	(76)	0.1%

The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to ASU 2023-09 (in thousands):


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	$	(20,027)	$	(20,003)
State taxes, net of federal benefit		(2,247)		(4,032)
Change in valuation allowance		16,563		20,418
Stock-based compensation		1,706		3,722
Mark-to-market on warrant and derivative		3,482		1,075
R&D credits		(281)		(391)
Foreign rate differential		41		(50)
Other		816		(192)
Provision for income taxes	$	53	$	547

Significant components of the net deferred tax assets for federal and state income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	154,356	$	143,066
Research and development credits		7,628		7,111
Stock-based compensation		1,586		1,611
Interest limitation		10,651		8,964
Accruals and reserves		5,370		9,502
Fixed asset and intangible asset basis		3,654		4,615
Operating lease liabilities		5,386		5,955
Research and development capitalization		15,408		20,675
Total deferred tax assets		204,039		201,499

Deferred tax liabilities:
Capitalized contract costs		(2,704)		(1,556)
Operating lease right-of-use assets		(4,256)		(4,653)
Other		(109)		(66)
Total deferred tax liabilities		(7,069)		(6,275)
Deferred tax assets, net		196,970		195,224
Valuation allowance		(196,784)		(195,224)
Net deferred taxes	$	186	$	—

As the Company has incurred annual net operating losses since inception, a full valuation allowance is provided against U.S. net deferred tax assets due to uncertainties regarding the Company’s ability to realize these assets. The

U.S. valuation allowance increased by $1.6 million, $16.8 million and $20.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table summarizes the activity related to the valuation allowance for deferred tax assets as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	195,224	$	178,406	$	157,982
Additions		5,346		16,818		20,424
Deductions		(3,786)		—		—
Balance at end of period	$	196,784	$	195,224	$	178,406

As of December 31, 2025, the Company had net operating loss carryforwards of approximately $609.9 million and $467.4 million available to reduce future taxable income, if any, for federal and state income tax purposes, respectively. Of these amounts, $422.9 million of federal net operating losses are carried forward indefinitely, and are limited to offset 80% of future taxable income. The remaining federal net operating losses will expire starting in 2030. State net operating losses will expire starting in 2026. Utilization of net operating loss carryforwards may be subject to an annual limitation in certain situations where changes occur in the stock ownership of a company. A Section 382 study of the Company’s historic ownership changes through December 31, 2025 was completed, and the Company determined that certain loss and credit carryforwards are subject to annual limitations under Section 382. The majority of the Company’s tax attributes are expected to be fully available and no longer subject to these annual limitations by 2029, and no tax attributes were identified as being permanently disallowed as a result of Section 382.

The Company also had federal and California research and development credit carryforwards of approximately $10.2 million and $7.4 million, respectively, as of December 31, 2025. The federal credits will expire starting in 2030, if not utilized. The California credits have no expiration date.

Deferred income taxes have not been provided for undistributed earnings of the Company’s consolidated foreign subsidiaries because of the Company’s intent to reinvest such earnings indefinitely in active foreign operations. The Company believes that future domestic cash generation will be sufficient to meet future domestic cash needs. The Company has not recorded a deferred tax liability on the undistributed earnings of non-U.S. subsidiaries. The foreign withholding taxes would not have a material impact on the Company’s financial position and results of operation. As of December 31, 2025, 2024 and 2023, the Company had $1.1 million. $1.1 million and $0.6 million, respectively, in unremitted earnings that were indefinitely reinvested related to its consolidated foreign subsidiaries.

The Company’s gross unrecognized tax benefits as of December 31, 2025, 2024 and 2023 was $9.2 million, $8.6 million and $8.2 million, respectively, all of which would affect the Company’s income tax expense if recognized before consideration of the Company’s valuation allowance. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of provision for income taxes, in which none was incurred during the years ended December 31, 2025, 2024 and 2023.

The following table summarizes the activity related to unrecognized tax benefits as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	8,597	$	8,188	$	7,371
Increase related to current year tax positions		552		558		817
Changes related to prior tax positions		75		(149)		—
Balance at end of period	$	9,224	$	8,597	$	8,188

The Company did not pay any income taxes during the year ended December 31, 2025. The cash paid (refunded) for income taxes during the years ended December 31, 2024 and 2023 was $(72,000) and $405,000, respectively.

The Company files income tax returns in the U.S. federal jurisdiction, various state and certain foreign jurisdictions. In the normal course of business, the Company is subject to examination by their respective taxing authorities. The Company had been selected for audit by the Internal Revenue Service for its 2022 tax year. The examination was

closed during 2025 with no tax adjustments. The statute of limitations remains effectively open for the U.S. federal and state tax jurisdictions for all tax years from 2010 through 2025. Tax years outside the normal statute of limitations remain open to examination by tax authorities due to tax attributes generated in earlier years which have been carried forward and may be examined and adjusted in subsequent years when utilized.

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 consolidated financial statements for the year ended December 31, 2025.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies [Abstract]

Convertible Notes

12 Months Ended

Dec. 31, 2025

Convertible Notes [Abstract]

Convertible Notes

9. Convertible Notes

2022 Convertible Notes

During the period from September 2022 through December 2022, the Company issued convertible promissory notes to certain investors (the “Note Investors”), with an aggregate principal amount of $40.0 million (the “Convertible Notes”). The Convertible Notes bore interest at a rate of 8% per annum, compounded monthly. The aggregate principal amount and interest accrued on the Convertible Notes was due September 30, 2026, and could not be prepaid by the Company without the consent of a majority of the Note Investors.

In March 2023, the Company completed the IPO, which constituted a Qualified Financing (as defined in the indenture governing the Convertible Notes), and all of the Convertible Notes, including principal and interest, were converted into 21,465,064 shares of Series F-1 redeemable convertible preferred stock and the Company derecognized the Convertible Notes from its consolidated balance sheets. The Company remeasured the fair value of the Convertible Notes immediately before the conversion and recognized a loss of $5.1 million from the change in fair value within the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.

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 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.

Balance Sheet Components (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21,092	$ 60,412
Less: Accumulated depreciation and amortization	(12,505)	(51,492)
Property and equipment, net	8,587	8,920
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,223	4,489
Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,114	1,233
Capitalized Internal-Use Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	12,529	52,606
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,086	2,057
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 140	$ 27

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Basis of Presentation

The accompanying 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.

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 uses significant judgment when making estimates in the determination of stock-based compensation, 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, common stock warrant liability and for periods prior to the Company’s IPO, the fair value of convertible debt, the valuation of common stock 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 consolidated statements of operations and comprehensive loss. Other expense items that are presented on the consolidated statements of operations include interest income, interest expense, changes in fair value of warrant liability, change in fair value of derivative liability, loss on extinguishment of debt, 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 consolidated statements of operations and comprehensive loss for the years ended December 31, 2025, 2024 and 2023 (in thousands):


			Year Ended December 31,
			2025		2024		2023
Revenue			$	176,034	$	125,808	$	87,174
Less⁽¹⁾:
	Cost of revenue			40,837		31,359		29,123
	Research and development expenses
		Research and development		38,673		25,983		22,330
		Regulatory and clinical		26,245		17,534		13,524
	Selling, general and administrative expenses
		Sales		75,709		66,895		53,374
		Marketing		19,146		14,470		9,949
		General and administrative		39,490		30,789		31,788
	Loss from operations			(64,066)		(61,222)		(72,914)
		Other income (expense), net⁽²⁾		(52,801)		(35,151)		(22,194)
		(Provision for) benefit from income taxes		76		(53)		(547)
	Segment net loss		$	(116,791)	$	(96,426)	$	(95,655)

(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 convertible note, 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 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 consolidated statements of cash flows (in thousands):


	December 31,
	2025		2024		2023
Cash and cash equivalents	$	44,776	$	51,367	$	122,767
Restricted cash		4,709		4,475		4,467
Total cash, cash equivalents and restricted cash	$	49,485	$	55,842	$	127,234

As of December 31, 2025 and 2024, restricted cash primarily represents deposits held as security in connection with the Company’s facility lease agreements.

Investments

Short-term and long-term investments consist of debt securities classified as available-for-sale. Short-term investments have original maturities greater than 90 days, but less than one year as of the balance sheet date. Long-term investments have maturities greater than one year as of the balance sheet date. All investments are recorded at fair value based on the fair value hierarchy. Unrealized gains and losses, deemed temporary in nature, are reported as a separate component of accumulated other comprehensive income (loss). Realized gains and losses are included in earnings and are derived based on the specific-identification method for determining the costs of investments sold. Amortization of premiums and accretion of discounts are reported as a component of interest income.

A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the investment. The Company evaluates the securities in an unrealized loss position for expected credit losses by considering factors such as historical experience, market data, issuer-specific factors, current economic conditions and credit ratings. The Company did not recognize any credit losses on its available-for-sale securities during the year ended December 31, 2025 and there were no impairment charges for unrealized losses during the period. The Company had no investments during the year ended December 31, 2024.

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 December 31, 2025 and 2024, the carrying amounts of the Company’s financial instruments carried at amortized cost, 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 believed that the Company’s Term Loan (as defined in Note 8) and 2025 Convertible Notes (as defined below in this Note 2) then outstanding bore 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 investments, common stock warrant liability and derivative liability. No common stock warrant liability or derivative liability were outstanding as of December 31, 2025.

Concentration of Credit Risk and Significant Customers

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, investments, 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. Cash equivalents are invested in highly rated money market funds. The Company invests in a variety of financial instruments, such as, but not limited to, commercial paper, corporate bonds/notes, U.S. government securities, U.S. treasury bills, agency bonds/notes, and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents or investments.

No single customer represented more than 10% of the Company’s revenue during the years ended December 31, 2025, 2024 and 2023.

No single customer represented more than 10% of the Company’s accounts receivable as of December 31, 2025 and 2024.

Accounts Receivable

The Company performs ongoing credit evaluations of its customers’ financial conditions and generally extends credit to customers without requiring collateral. Accounts receivable are recorded at the amounts billed less estimated allowances for credit losses for any potential uncollectible amounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation or amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of assets, which generally ranges from two to five years. Leasehold improvements are amortized over the lesser of their useful life or the remaining life of the lease. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in results from operations in the period realized. Maintenance and repairs are expensed as incurred.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets, including property and equipment, for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted future cash flows over the remaining useful life of the long-lived assets in measuring whether they are recoverable. If the carrying value of the asset exceeds the estimated undiscounted future cash flows, a loss is recorded as the excess of the asset’s carrying value over its fair value. No assets were determined to be impaired during the years ended December 31, 2025, 2024 and 2023.

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 December 31, 2025 and 2024, deferred offering costs of $0 and $413,000,

respectively, were capitalized within other non-current assets in the 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.

Internal-Use Software

The Company capitalizes certain costs related to internal-use software during the application development stage. Costs related to planning and post implementation activities are expensed as incurred. Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life, which is generally two years, after the product is deployed and ready for use. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Capitalized internal-use software costs are classified as a component of property and equipment, net.

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 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 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 years ended December 31, 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 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 consolidated statements of operations and comprehensive loss.

Convertible Notes

2022 Convertible Notes

The Company issued Convertible Notes from September 2022 to December 2022, which were all converted to Series F-1 redeemable convertible preferred stock in March 2023. Refer to Notes 9 for additional information. The Convertible Notes contained embedded features that provided the Note Investors with multiple settlement alternatives. Rather than accounting for the embedded features that qualified as derivatives separately, the Company elected to account for the Convertible Notes at fair value each reporting period. Debt issuance costs were expensed as incurred. Until their conversion in March 2023, the Company recognized the changes in fair value (including interest) as change in fair value of convertible note within the consolidated statements of operations and comprehensive loss.

2025 Convertible Notes

The Company issued convertible notes in January 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 their 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 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 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

Prior to its net exercise in October 2025, the Company’s warrants to purchase common stock that were issued in connection with the Term Loan were classified as a liability. The warrants were recorded at fair value upon issuance and were subject to remeasurement to fair value at each balance sheet date, with any changes in fair value recognized as change in fair value of common stock warrant within the consolidated statements of operations and comprehensive loss. Refer to Note 12 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 were 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 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 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.

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 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 FFR_CTAnalysis 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 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 consolidated statements of operations and comprehensive loss. During the year ended December 31, 2023, new site commission costs were not capitalized as the amount was not material. The Company amortizes capitalized contract fulfillment costs to cost of revenue in the consolidated statements of operations and comprehensive loss.

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

Cost of Revenue

Cost of revenue consists of personnel and related expenses, including stock-based compensation costs, primarily related to our production team. Additional costs include 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 product and allocated overhead, which includes facilities expenses, equipment, depreciation and technology services. These costs are partially offset by capitalized contract fulfillment costs. 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 portion of these costs that supports patient case volume revenue is recorded as cost of revenue. The production team also supports activities in the Company’s clinical trials and research and development, which are allocated as research and development expense.

Research and Development

Costs related to research, design, development, clinical studies, regulatory activities, and medical affairs are charged to research and development and are expensed as incurred. These costs include, but are not limited to, personnel and related expenses, clinical trials, stock-based compensation costs, third-party consulting costs, the portion of the costs incurred by the production team to support clinical trials and research and development efforts, and allocated overhead, including rent, equipment, depreciation and utilities.

Clinical Trials

The Company accrues and expenses costs for its clinical trial activities performed by third parties, including clinical research organizations and other service providers, based upon estimates of the work completed over the life of the individual study in accordance with associated agreements. The Company determines these estimates through discussion with internal personnel and outside service providers as to progress or stage of completion of trials or services pursuant to contracts with clinical research organizations and other service providers and the agreed-upon fee to be paid for such services.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs includes design and production costs, including website development, testimonial videos, written media campaigns and other items. Advertising costs of $2.0 million, $1.5 million and $778,000 was expensed during the years ended December 31, 2025, 2024 and 2023, respectively.

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 in the United States 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 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 consolidated statements of operations and comprehensive loss.

Comprehensive Loss

Comprehensive loss is comprised of net loss, changes in unrealized gains and losses on investments classified as available-for-sale 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 consolidated statements of operations and comprehensive loss. The Company recognized foreign exchange transaction losses of $216,000, $269,000 and $172,000 during the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized $191,000, $(271,000) and $(504,000) of foreign currency translation gain (loss), respectively, in the statements of comprehensive loss related to foreign subsidiaries which have local functional currencies.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders 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 attributable to common stockholders 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, common stock options and restricted stock units are considered to be potentially dilutive securities.

Basic and diluted net loss per share attributable to common stockholders 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 years ended December 31, 2025, 2024 and 2023.

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.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“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. During the year ended December 31, 2025, the Company adopted ASU 2023-09

prospectively, which had a disclosure only impact on its consolidated financial statements. Refer to Note 17 for additional details.

Recent Accounting Pronouncements Not Yet Adopted

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 the Company on January 1, 2026. The Company does not expect adoption of this pronouncement to have a material impact 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.

Balance Sheet Components (Summary of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Components [Abstract]
Prepaid expenses	$ 5,964	$ 3,017
Contract costs, current	6,669	2,453
Other	1,442	662
Total prepaid expenses and other current assets	$ 14,075	$ 6,132

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

Summary of Available-for-sale Investments and Restricted Cash


	December 31, 2025
		Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses			Fair Value
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		81,385		94		—		81,479
U.S. treasury bills		39,568		25		—		39,593
Corporate bonds/notes		57,564		19		(12)		57,571
Agency bonds/notes		25,147		7		(3)		25,151
Asset-backed securities		21,689		22		—		21,711
Commercial paper		9,868		2		—		9,870
Total	$	267,736	$	169	$	(15)	$	267,890

Classified as:
Cash equivalents							$	27,806
Short-term investments								132,010
Long-term investments								103,365
Restricted cash								4,709
Total							$	267,890

Summary of Fair Value of Cash Equivalents and Available-for-sale Investments Classified by Maturity


	December 31, 2025
Amounts maturing within one year	$	159,816
Amounts maturing after one year through two years		103,365
Total	$	263,181

Schedule of Available-for-sale Investments in an Unrealized Loss Position


	December 31, 2025
	Less than 12 months
	Fair Value		Unrealized Loss
Assets
Corporate bonds/notes	$	26,716	$	(12)
Agency bonds/notes		3,995		(3)
Total	$	30,711	$	(15)

Schedule of Allowance for Credit Loss


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	814	$	1,058
Additions		—		—
Write-offs		(188)		(244)
Balance at end of period	$	626	$	814

Summary of Prepaid Expenses and Other Current Assets


	December 31,
	2025		2024
Prepaid expenses	$	5,964	$	3,017
Contract costs, current		6,669		2,453
Other		1,442		662
Total prepaid expenses and other current assets	$	14,075	$	6,132

Schedule of Property and Equipment, Net


	December 31,
	2025		2024
Property and equipment at cost:
Computer equipment and software	$	4,223	$	4,489
Furniture, fixtures and equipment		2,114		1,233
Capitalized internal-use software		12,529		52,606
Leasehold improvements		2,086		2,057
Construction in progress		140		27
Total property and equipment		21,092		60,412
Less: Accumulated depreciation and amortization		(12,505)		(51,492)
Property and equipment, net	$	8,587	$	8,920

Schedule of Other Non-Current Assets


	December 31,
	2025		2024
Contract costs, net	$	4,260	$	3,701
Deferred offering costs		—		413
Other		839		252
Total other non-current assets	$	5,099	$	4,366

Schedule of Accrued Expenses and Other Current Liabilities


	December 31,
	2025		2024
Accrued payroll and related expenses	$	28,150	$	18,206
Accrued professional fees		1,162		1,672
Accrued clinical trial expenses		864		1,215
Customer contract and rebate liabilities		627		1,041
Accrued royalty		550		736
Other		1,926		2,449
	$	33,279	$	25,319

Income Taxes (Summary of Components of Net Loss Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
United States	$ (110,784)	$ (96,422)	$ (95,634)
International	(6,083)	49	526
Loss before provision for income taxes	$ (116,867)	$ (96,373)	$ (95,108)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Commitments and Contingencies [Abstract]

Fair Value Measurement (Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	$ 267,890	$ 36,882
Total Liabilities		20,835
Level 1 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	32,515	36,882
Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	235,375
Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Liabilities		20,835
Money Market Funds Included In Cash Equivalents [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	27,806	36,882
Money Market Funds Included In Cash Equivalents [Member] \| Level 1 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	27,806	36,882
Money Market Funds Included In Restricted Cash, Noncurrent [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	4,709
Money Market Funds Included In Restricted Cash, Noncurrent [Member] \| Level 1 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	4,709
U.S. Government Securities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	81,479
U.S. Government Securities [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	81,479
U.S. Treasury Bills [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	39,593
U.S. Treasury Bills [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	39,593
Corporate Bonds/Notes [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	57,571
Corporate Bonds/Notes [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	57,571
Agency Bonds/Notes [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	25,151
Agency Bonds/Notes [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	25,151
Asset-Backed Securities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	21,711
Asset-Backed Securities [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	21,711
Commercial Paper [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	9,870
Commercial Paper [Member] \| Level 2 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	$ 9,870
Common Stock Warrant Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Liabilities		20,835
Common Stock Warrant Liability [Member] \| Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Liabilities		$ 20,835

Term Loan (Prepayment Terms and Other Fees) (Details) $ in Thousands				12 Months Ended
	Aug. 22, 2025 USD ($)	Aug. 18, 2025 USD ($)	Jun. 14, 2024 USD ($) item	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Payment for debt extinguishment or debt prepayment cost				$ 6,764	$ 2,327
Repayment of long-term debt				115,137
2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Threshold of net cash proceeds received from IPO or SPAC transaction that amounts in excess of must be used to repay debt instrument				150,000
Amount of debt to be paid if lesser of amount an excess of IPO or SPAC proceeds threshold				35,000
Debt issuance costs			$ 9,200
Exit fee (as percent)			3
Early prepayment fee (as percent)			3
Debt instrument, early repayment fee, amount			$ 8,300
Number of quarterly installments \| item			16
Debt instrument, early repayment fee, quarterly installments			$ 518
Agent fee			150
Debt instrument, periodic payment, agent fees			30
2024 Credit Agreement [Member] \| Upfront Fee [Member]
Debt Instrument [Line Items]
Upfront fee			721
Payment for debt extinguishment or debt prepayment cost			721
2024 Credit Agreement [Member] \| Agent Fee [Member]
Debt Instrument [Line Items]
Payment for debt extinguishment or debt prepayment cost			$ 30
Amended 2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Threshold of net cash proceeds received from IPO or SPAC transaction that amounts in excess of must be used to repay debt instrument				150,000
Amount of debt to be paid if lesser of amount an excess of IPO or SPAC proceeds threshold				50,000
Exit fee (as percent)		3.0
Early prepayment fee (as percent)		3.0
Payment for debt extinguishment or debt prepayment cost		$ 5,800
Repayment of long-term debt		$ 55,000
Aggregate principal amount	$ 60,100
Accrued interest	$ 1,000
Amended 2024 Credit Agreement [Member] \| If Underwriters Exercised Option To Purchase Additional Shares [Member]
Debt Instrument [Line Items]
Amount of debt to be paid if lesser of amount an excess of IPO or SPAC proceeds threshold				$ 55,000
Prepayments After Second Anniversary [Member] \| 2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee (as percent)				1.50%
Prepayments Thereafter [Member] \| 2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee (as percent)				3.00%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (116,791)	$ (96,426)	$ (95,655)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,440	5,358	4,744
Stock-based compensation expense	13,965	10,213	11,874
Amortization of debt discount and debt issuance costs	5,367	1,609	2,777
Amortization of right-of-use asset	3,133	2,735	2,889
Accretion of discounts on investments, net	(1,676)
Change in fair value of common stock warrant liability	43,894	16,395	2,320
Change in fair value of derivative liability	(7,311)	222	(4,158)
Change in fair value of convertible note			5,120
Loss on extinguishment of debt	6,360
Paid-in-kind interest			144
Non-cash interest charges	1,071	2,016	865
Change in allowance for credit losses	188	(244)	1,190
Changes in assets and liabilities:
Accounts receivable, net	(4,892)	(3,849)	(9,350)
Prepaid expenses and other current assets	(7,943)	(998)	(357)
Other non-current assets	(733)	(2,698)	(402)
Accounts payable	218	(327)	(623)
Accrued expenses and other current liabilities	9,313	426	3,759
Operating lease liabilities	(3,715)	(3,218)	(1,761)
Other non-current liabilities	89	(215)	190
Net cash used in operating activities	(54,023)	(69,001)	(76,434)
Cash flows from investing activities:
Purchase of property and equipment	(5,025)	(4,357)	(6,105)
Purchases of investments	(233,543)
Net cash used in investing activities	(238,568)	(4,357)	(6,105)
Cash flows from financing activities:
Proceeds from issuance of Series F redeemable convertible preferred shares, net of issuance costs			168,957
Proceeds from initial public offering, net of issuance costs	332,387
Proceeds from convertible notes offering, net of issuance costs	72,769
Proceeds from exercise of stock options	3,298	4,564	589
Repayment of term loan	(115,137)
Payments of exit, prepayment penalty and lender fees	(6,764)	(2,327)
Payment of taxes related to vested restricted stock units	(510)
Repurchase of common stock			(228)
Net cash provided by financing activities	286,043	2,237	169,318
Effect of foreign exchange rates	191	(271)	(504)
Net increase (decrease) in cash and cash equivalents	(6,357)	(71,392)	86,275
Balance, beginning of period	55,842	127,234	40,959
Balance, end of period	49,485	55,842	127,234
Supplemental disclosure of cash flow information:
Cash paid for interest	8,573	19,163	20,800
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	81		808
Right-of-use asset obtained in exchange for lease obligation	1,816	579
Conversion of redeemable convertible preferred stock to common stock upon IPO	768,566
Conversion of convertible notes to common stock upon IPO	94,139
Conversion of term loan principal to convertible notes	23,000
Reclassification of warrant liability to common stock upon net exercise	64,729
Issuance of convertible notes to certain employees in lieu of cash compensation	1,353
Reclassification of term loan debt discount to convertible notes debt discount	$ 239
Derecognition of derivative liability in connection with debt refinancing		1,125
Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities		$ 413
Reduction in right-of-use asset and lease obligation due to amendment in lease terms			1,776
Deemed dividend upon down round of redeemable convertible preferred stock			26,794
Conversion of convertible note into Series F-1 redeemable convertible preferred stock			$ 61,186

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Future Minimum Royalty Commitments



Year Ending December 31:	Amount
2026	$	50
2027		50
2028		50
2029		50
2030		50
Thereafter		50
	$	300

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Schedule of Significant Expense Categories of Reporting Segment


			Year Ended December 31,
			2025		2024		2023
Revenue			$	176,034	$	125,808	$	87,174
Less⁽¹⁾:
	Cost of revenue			40,837		31,359		29,123
	Research and development expenses
		Research and development		38,673		25,983		22,330
		Regulatory and clinical		26,245		17,534		13,524
	Selling, general and administrative expenses
		Sales		75,709		66,895		53,374
		Marketing		19,146		14,470		9,949
		General and administrative		39,490		30,789		31,788
	Loss from operations			(64,066)		(61,222)		(72,914)
		Other income (expense), net⁽²⁾		(52,801)		(35,151)		(22,194)
		(Provision for) benefit from income taxes		76		(53)		(547)
	Segment net loss		$	(116,791)	$	(96,426)	$	(95,655)

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

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	December 31,
	2025		2024		2023
Cash and cash equivalents	$	44,776	$	51,367	$	122,767
Restricted cash		4,709		4,475		4,467
Total cash, cash equivalents and restricted cash	$	49,485	$	55,842	$	127,234

Balance Sheet Components (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Investments in an unrealized loss position greater than twelve months	$ 0
Stock-based compensation expense	13,965,000	$ 10,213,000	$ 12,501,000
Amortization of capitalized internal-use software	4,000,000.0	3,700,000	3,200,000
Depreciation and amortization	$ 5,440,000	5,358,000	4,744,000
Weighted Average [Member]
Property, Plant and Equipment [Line Items]
Available-for-sale investments, maturity date	346 days
Capitalized Internal-Use Software [Member]
Property, Plant and Equipment [Line Items]
Capitalized internal use software costs	$ 3,900,000	4,100,000	4,600,000
Stock-based compensation expense	27,000	393,000	408,000
Property and Equipment, Excluding Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,500,000	$ 1,700,000	$ 1,500,000

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Federal and state provision for income tax expense	$ 0	$ 0
Income tax (provision) benefit from foreign jurisdictions	$ 76,000,000	(53,000,000)	$ (547,000)
U.S. federal statutory rate	21.00%
Valuation allowance increase (decrease)	$ 1,600,000	16,800,000	20,400,000
Change in valuation allowance, amount	6,316,000	16,563,000	20,418,000
Deferred tax liability on undistributed earnings of non-U.S. subsidiaries	0
Unremitted earnings reinvested in foreign subsidiaries	1,100,000	1,100,000	600,000
Unrecognized tax benefits	9,224,000	8,597,000	8,188,000	$ 7,371,000
Income taxes paid	$ 0		$ 405,000
Cash refunded		$ (72,000)
Income tax examination, year under examination	2022
Income tax examination adjustment	$ 0
Minimum [Member]
Income Taxes [Line Items]
Open tax year	2010
Maximum [Member]
Income Taxes [Line Items]
Open tax year	2025
Domestic Tax Jurisdiction [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 609,900,000
Tax credit carryforward	$ 10,200,000
Tax credit carryforward, expiration date	Dec. 31, 2030
Domestic Tax Jurisdiction [Member] \| Indefinite [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 422,900,000
State Jurisdiction [Member]
Income Taxes [Line Items]
Operating loss carryforwards	467,000,000
Tax credit carryforward	$ 7,400,000

Leases (Schedule of Additional Information Related to Operating Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use asset	$ 17,488	$ 18,805
Weighted-average remaining lease term (years)	4 years 3 months 18 days	5 years 6 months
Weighted-average discount rate (percent)	8.60%	9.00%

Income Taxes (Schedule of Significant Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Net operating loss carryforwards	$ 154,356	$ 143,066
Research and development credits	7,628	7,111
Stock-based compensation	1,586	1,611
Interest limitation	10,651	8,964
Accruals and reserves	5,370	9,502
Fixed asset and intangible asset basis	3,654	4,615
Operating lease liabilities	5,386	5,955
Research and development capitalization	15,408	20,675
Total deferred tax assets	204,039	201,499
Capitalized contract costs	(2,704)	(1,556)
Operating lease right-of-use assets	(4,256)	(4,653)
Other	(109)	(66)
Total deferred tax liabilities	(7,069)	(6,275)
Deferred tax assets, net	196,970	195,224
Valuation allowance	(196,784)	$ (195,224)	$ (178,406)	$ (157,982)
Net deferred taxes	$ 186

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Segment Information

consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.


			Year Ended December 31,
			2025		2024		2023
Revenue			$	176,034	$	125,808	$	87,174
Less⁽¹⁾:
	Cost of revenue			40,837		31,359		29,123
	Research and development expenses
		Research and development		38,673		25,983		22,330
		Regulatory and clinical		26,245		17,534		13,524
	Selling, general and administrative expenses
		Sales		75,709		66,895		53,374
		Marketing		19,146		14,470		9,949
		General and administrative		39,490		30,789		31,788
	Loss from operations			(64,066)		(61,222)		(72,914)
		Other income (expense), net⁽²⁾		(52,801)		(35,151)		(22,194)
		(Provision for) benefit from income taxes		76		(53)		(547)
	Segment net loss		$	(116,791)	$	(96,426)	$	(95,655)

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

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 following table provides a reconciliation of cash, cash equivalents and restricted cash to the total shown in the consolidated statements of cash flows (in thousands):


	December 31,
	2025		2024		2023
Cash and cash equivalents	$	44,776	$	51,367	$	122,767
Restricted cash		4,709		4,475		4,467
Total cash, cash equivalents and restricted cash	$	49,485	$	55,842	$	127,234

As of December 31, 2025 and 2024, restricted cash primarily represents deposits held as security in connection with the Company’s facility lease agreements.

Investments

Fair Value of Financial Instruments

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

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.

Concentration of Credit Risk and Significant Customers

No single customer represented more than 10% of the Company’s revenue during the years ended December 31, 2025, 2024 and 2023.

No single customer represented more than 10% of the Company’s accounts receivable as of December 31, 2025 and 2024.

Accounts Receivable

Property and Equipment

Impairment of Long-Lived Assets

Deferred Offering Costs

Internal-Use Software

Leases

Term Loan

2022 Convertible Notes

2025 Convertible Notes

Common Stock Warrants

Embedded Derivatives

Redeemable Convertible Preferred Stock

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.

Unbilled Receivables

Contract Costs

Remaining Performance Obligations

Contract Liabilities

Cost of Revenue

Research and Development

Clinical Trials

Advertising Costs

Stock-Based Compensation

Income Taxes

Comprehensive Loss

Comprehensive loss is comprised of net loss, changes in unrealized gains and losses on investments classified as available-for-sale and foreign currency translation gains and losses.

Foreign Currency

Net Loss Per Share Attributable to Common Stockholders

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

prospectively, which had a disclosure only impact on its consolidated financial statements. Refer to Note 17 for additional details.

Recent Accounting Pronouncements Not Yet Adopted

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Costs


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	5,122	$	4,900	$	4,906
Variable lease cost		1,375		1,597		1,120
Total lease cost	$	6,497	$	6,497	$	6,026

Summary of Aggregate Lease Payments



Year Ending December 31:	Amount
2026	$	6,178
2027		5,658
2028		5,649
2029		5,352
2030		3,646
Total minimum lease payments		26,483
Less: Amount of lease payments representing interest		4,429
Present value of future minimum lease payments	$	22,054
Less: Current lease liabilities		5,922
Long-term lease liabilities	$	16,132

Schedule of Additional Information Related to Operating Leases


	December 31,
	2025		2024
Right-of-use asset	$	17,488	$	18,805
Weighted average remaining lease term (years)		4.3		5.5
Weighted average discount rate (percent)		8.6%		9.0%

Fair Value Measurement (Schedule of Significant Unobservable Inputs (Level 3) and the Change in Fair Value) (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2022 Convertible Notes [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance			$ 56,066
Change in fair value			5,120
Derecognition/reclassification			(61,186)
Fair value, ending balance
Common Stock Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 20,835	4,440	2,120
Change in fair value	43,894	16,395	2,320
Derecognition/reclassification	(64,729)
Fair value, ending balance		20,835	4,440
Term Loan Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance		903	5,061
Change in fair value		222	(4,158)
Derecognition/reclassification		(1,125)
Fair value, ending balance			$ 903
Convertible Notes Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance
Recognition of derivative liability	31,900
Change in fair value	(7,311)
Derecognition/reclassification	(24,589)
Fair value, ending balance

Balance Sheet Components (Schedule of Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 814	$ 1,058
Write-offs	(188)	(244)
Ending balance	$ 626	$ 814

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity (Deficit) [Abstract]

Stockholders' Equity (Deficit)

11. Stockholders’ Equity (Deficit)

Preferred Stock

At December 31, 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 December 31, 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 85,280,597 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 December 31, 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:


	December 31,
	2025	2024
Redeemable convertible preferred stock	—	51,226,348
Options to purchase common stock	10,003,254	8,537,203
Restricted stock units	907,703	—
Shares reserved for issuance under the Company's equity plans	14,085,870	1,079,492
Common stock warrants	—	1,647,667
Total	24,996,827	62,490,710

The entire disclosure for equity.

Derivative Liability (Schedule of Derivative Instruments) (Details) - item	Mar. 26, 2025	Jan. 31, 2025	Jun. 14, 2024
Debt Yield [Member] \| Valuation Technique, Black-Scholes-Merton Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.1850
Debt Yield [Member] \| Valuation Technique, Monte Carlo Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.070	0.070
Probability of IPO [Member] \| Valuation Technique, Black-Scholes-Merton Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.8000
Probability of IPO [Member] \| Valuation Technique, Monte Carlo Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.750	0.600
Probability to Incur New Debt [Member] \| Valuation Technique, Black-Scholes-Merton Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.0000
Probability of Change of Control [Member] \| Valuation Technique, Black-Scholes-Merton Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.1000
Probability of Change of Control [Member] \| Valuation Technique, Monte Carlo Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.100	0.200
Discount Rate [Member] \| Valuation Technique, Monte Carlo Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.637	0.313

Stock-Based Compensation Plans (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	8,537,210
Options granted (in shares)	2,552,686
Options exercised (in shares)	(617,134)
Options forfeited (in shares)	(469,508)
Ending balance (in shares)	10,003,254	8,537,210
Vested and exercisable (in shares)	4,371,128
Vested and expected to vest (in shares)	10,003,254
Awards Weighted-Average Exercise Price
Beginning balance (in dollar per share)	$ 4.72
Options granted (in dollars per share)	18.51
Options exercised (in dollars per share)	5.33
Options forfeited (in dollars per share)	7.97
Ending balance (in dollar per share)	8.05	$ 4.72
Vested and exercisable (in dollar per share)	5.33
Vested and expected to vest (in dollar per share)	$ 8.05
Stock Options Additional Disclosures
Weighted-Average Remaining Contractual Life (Years)	7 years 9 months 29 days	7 years 11 months 15 days
Vested and exercisable weighted-average remaining contractual life (in years)	6 years 8 months 19 days
Vested and expected to vest weighted-average remaining contractual life (in years)	7 years 9 months 29 days
Aggregate Intrinsic Value	$ 211,109	$ 68,256
Vested and exercisable aggregate intrinsic value	104,102
Vested and expected to vest aggregate intrinsic value	$ 211,109

Term Loan (Debt Issuance Costs and Debt Discount) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Aug. 11, 2025	Mar. 31, 2025	Mar. 26, 2025	Jan. 31, 2025	Jan. 24, 2025	Jun. 14, 2024	Jan. 31, 2021
Debt Instrument [Line Items]
Derivative liability	$ 0	$ 24,600,000		$ 20,800,000	$ 11,100,000		$ 1,100,000
Proceeds from convertible notes offering, net of issuance costs	72,769,000
2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Derivative liability					1,100,000			$ 2,100,000
Notes converted					(23,000,000.0)	$ (23,000,000.0)
2025 Convertible Notes [Member]
Debt Instrument [Line Items]
Derivative liability			$ 20,800,000		11,100,000
Proceeds from convertible notes offering, net of issuance costs	$ 72,800,000
Notes converted					23,000,000.0	$ 23,000,000.0
Debt instrument, pro-rata debt discount					$ 239,000

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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
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Term Loan

12 Months Ended

Dec. 31, 2025

Term Loan [Abstract]

Term Loan

8. Term Loan

2024 Credit Agreement

On June 14, 2024, the Company entered into a Credit Agreement and Guaranty (the “2024 Credit Agreement”) with Hayfin Services, LLP (“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 to pay in connection with the completion of the Company’s IPO and approximately $5.8 million in fees consisting of a 3.0% exit fee and a 3.0% 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 to 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 consolidated balance sheets, and was accreted over the loan term using the effective interest method.

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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Stock-Based Compensation Plans [Abstract]

Revenue and Contract Balances (Schedule of Capitalized Contract Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Costs [Roll Forward]
Balance at beginning of period	$ 6,154	$ 2,941	$ 2,077
Contract costs capitalized	10,795	6,952	3,081
Contract costs amortized	(6,020)	(3,739)	(2,217)
Balance at end of period	$ 10,929	$ 6,154	$ 2,941

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Stock Option Activity


	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	2,552,686	$	18.51
Options exercised	(617,134)	$	5.33
Options forfeited	(469,508)	$	7.97
Balance at December 31, 2025	10,003,254	$	8.05	7.83	$	211,109
Vested and exercisable, December 31, 2025	4,371,128	$	5.33	6.72	$	104,102
Vested and expected to vest, December 31, 2025	10,003,254	$	8.05	7.83	$	211,109

Summary of RSU Activity


	Number of Restricted Stock Units		Awards Weighted-Average Grant Date Fair Value
Unvested balance at December 31, 2024		—	$	—
Awards granted		987,025	$	20.22
Awards vested		(47,018)	$	19.00
Awards canceled		(32,304)	$	19.00
Unvested balance at December 31, 2025		907,703	$	20.33

Summary of Estimated Fair Value of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model based on the following assumptions:


	Year Ended December 31,
	2025		2024		2023
Expected life (in years)		6.00		6.00		6.00
Expected volatility		55.0%-57.9%		53.7%-55.0%		54.7%-55.7%
Risk-free interest rate		3.7%-4.2%		3.5%-4.5%		4.2%
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:


		Year Ended December 31, 2025
Expected life (in years)		0.6
Expected volatility		58.1%
Risk-free interest rate		4.1%
Dividend yield		—%

Schedule of Stock-Based Compensation Expense


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	413	$	307	$	440
Research and development⁽¹⁾		3,434		2,151		3,339
Selling, general and administrative		10,118		7,755		8,722
Total stock-based compensation	$	13,965	$	10,213	$	12,501

(1)Includes stock-based compensation expense of $627,000 during the year ended December 31, 2023 related to a repurchase of common shares from one employee, as described below.

Income Taxes (Summary of Activity Related to Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Balance at beginning of period	$ 8,597	$ 8,188	$ 7,371
Increase related to current year tax positions	552	558	817
Changes related to prior tax positions	75
Changes related to prior tax positions		(149)
Balance at end of period	$ 9,224	$ 8,597	$ 8,188

Business Overview (Narrative) (Details) $ / shares in Units, $ in Thousands	Aug. 11, 2025 USD ($) $ / shares shares	Jul. 31, 2025	Jul. 17, 2025	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Overview [Line Items]
Stock split ratio		0.3425
Accumulated deficit				$ 1,087,750	$ 970,959	$ 1,100
Cash and cash equivalents and investments in available-for-sale securities				$ 280,200
HeartFlow Holding, Inc. [Member]
Business Overview [Line Items]
Stock split ratio			1
IPO [Member]
Business Overview [Line Items]
Shares issued \| shares	19,166,667
Shares issued, price per share \| $ / shares	$ 19.00
Gross proceeds from issuance of shares	$ 364,200
Payment of stock issuance costs	$ 31,800
Underwriter [Member]
Business Overview [Line Items]
Shares issued \| shares	2,500,000

Summary of Significant Accounting Policies (Schedule of Significant Expense Categories of Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Revenue	$ 176,034	$ 125,808	$ 87,174
Less :
Cost of revenue	40,837	31,359	29,123
Research and development expenses:
Research and development	38,673	25,983	22,330
Regulatory and clinical	26,245	17,534	13,524
Selling, general and administrative expenses:
Sales	75,709	66,895	53,374
Marketing	19,146	14,470	9,949
General and administrative	39,490	30,789	31,788
Loss from operations	(64,066)	(61,222)	(72,914)
Other income (expense), net	(52,801)	(35,151)	(22,194)
Provision for income taxes	76	(53)	(547)
Net loss	$ (116,791)	$ (96,426)	$ (95,655)

Revenue and Contract Balances (Tables)

12 Months Ended

Dec. 31, 2025

Revenue and Contract Balances [Abstract]

Schedule of Total Revenue From Customers By Geographic Region


	Year Ended December 31,
	2025		2024		2023
United States	$	162,733	$	115,036	$	77,725
Rest of World		13,301		10,772		9,449
Total revenue	$	176,034	$	125,808	$	87,174

Schedule of Capitalized Contract Costs


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	6,154	$	2,941	$	2,077
Contract costs capitalized		10,795		6,952		3,081
Contract costs amortized		(6,020)		(3,739)		(2,217)
Balance at end of period	$	10,929	$	6,154	$	2,941

Schedule of Contract Liabilities


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	182	$	498	$	118
Contract liabilities added		279		—		470
Contract liabilities recognized as revenue		(134)		(316)		(90)
Balance at end of period	$	327	$	182	$	498

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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 [Member]	Oct. 22, 2025 yr $ / shares item	Dec. 31, 2024 yr $ / shares item
Stock price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| $ / shares	39.31	12.68
Exercise price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| $ / shares	0.03	0.03
Expected term (in years)
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| yr	5.7	6.6
Expected volatility
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| item	55.7	72.1
Weighted-average risk-free interest rate
Class of Warrant or Right [Line Items]
Warrant liability, measurement input \| item	3.63	4.44

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 10, 2026 USD ($)	Jan. 05, 2026 USD ($) item	Jan. 31, 2023 item	Mar. 18, 2026 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025	Dec. 31, 2024 USD ($)
Subsequent Event [Line Items]
Options granted, exercise price \| $ / shares					$ 18.51
Restricted Stock Units [Member]
Subsequent Event [Line Items]
Other than options granted \| shares					987,025
Subsequent Event [Member]
Subsequent Event [Line Items]
Options granted \| shares				913,696
Options granted, exercise price \| $ / shares				$ 27.74
Subsequent Event [Member] \| Restricted Stock Units [Member]
Subsequent Event [Line Items]
Other than options granted \| shares				1,019,499
Austin, Texas [Member]
Subsequent Event [Line Items]
Renewal term			5 years			12 months
Number of options \| item			0
Austin, Texas [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Renewal term		51 months
Number of options \| item		2
Renewal option period		3 years
Monthly payment		$ 61
Tennant improvement allowance		$ 71
Mountain View, California [Member]
Subsequent Event [Line Items]
Sublease, initial occupancy percentage	52.00%
Letter of credit provided in place of security deposit					$ 4,300		$ 4,300
Mountain View, California [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Letter of credit provided in place of security deposit	$ 800
Mountain View, California [Member] \| Subsequent Event [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Sublease, annual base rent	1,200
Mountain View, California [Member] \| Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Sublease, annual base rent	$ 2,400

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Net Loss Per Share Attributable to Common Stockholders [Abstract]

Net Loss Per Share Attributable to Common Stockholders

16. Net Loss Per Share Attributable to Common Stockholders

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


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(116,791)	$	(96,426)	$	(95,655)
Cumulative dividends on Series C redeemable convertible preferred stock		—		—		(1,239)
Deemed dividend upon down round of redeemable convertible preferred stock		—		—		(26,794)
Net loss attributable to common stockholders	$	(116,791)	$	(96,426)	$	(123,688)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		36,853,867		5,363,435		4,885,231
Net loss per share attributable to common stockholders, basic and diluted	$	(3.17)	$	(17.98)	$	(25.32)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	December 31,
	2025		2024		2023
Redeemable convertible preferred stock		—		122,231,454		122,231,454
Outstanding options to purchase common stock		10,003,254		8,537,203		8,268,314
Restricted stock units		907,703		—		—
Estimated ESPP		231,558		—		—
Common stock warrants		—		1,647,667		1,647,667
		11,142,515		132,416,324		132,147,435

Stock-Based Compensation Plans (Summary of Estimated Fair Value of Stock Options) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years	6 years	6 years
Expected volatility minimum	55.00%	53.70%	54.70%
Expected volatility maximum	57.90%	55.00%	55.70%
Risk-free interest rate minimum	3.70%	3.50%
Risk-free interest rate maximum	4.20%	4.50%
Risk-free interest rate			4.20%
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	7 months 6 days
Expected volatility	58.10%
Risk-free interest rate	4.10%

Summary of Significant Accounting Policies (Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Cash and cash equivalents	$ 44,776	$ 51,367	$ 122,767
Restricted cash	4,709	4,475	4,467
Total cash, cash equivalents and restricted cash	$ 49,485	$ 55,842	$ 127,234	$ 40,959

Stockholders' Equity (Deficit) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stockholders' Equity (Deficit) [Abstract]
Preferred shares, shares authorized (in shares)	50,000,000	0
Preferred shares, par value (in dollars per share)	$ 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)	$ 0.001	$ 0.001
Common shares, shares issued (in shares)	85,280,597	6,122,048
Common shares, shares outstanding (in shares)	85,280,597	6,122,048
Dividends declared	$ 0

Balance Sheet Components (Schedule of Other Non-Current Assets) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Components [Abstract]
Contract costs, net	$ 4,260,000	$ 3,701,000
Deferred offering costs	0	413,000
Other	839,000	252,000
Total other non-current assets	$ 5,099,000	$ 4,366,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and Contingencies

7. 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 December 31, 2025 are as follows (in thousands):

‎



Year Ending December 31:	Amount
2026	$	50
2027		50
2028		50
2029		50
2030		50
Thereafter		50
	$	300

The Company incurred royalty expense of $2.0 million, $1.5 million and $2.1 million for the years ended December 31, 2025, 2024 and 2023, 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 consolidated balance sheets as of December 31, 2025 as the Company had not yet received the related goods or services. As of December 31, 2025, the Company had estimated open purchase commitments for goods and services of $5.2 million over the next four 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 except as discussed below. 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 December 31, 2025 and 2024.

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.

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.

Redeemable Convertible Preferred Stock (Narrative) (Details)		1 Months Ended	12 Months Ended
	Aug. 11, 2025 shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2023 $ / shares	Jan. 01, 2023 $ / shares	Dec. 31, 2022 USD ($)
Temporary Equity [Line Items]
Shares issued			$ 332,387,000
Proceeds from issuance of Series F redeemable convertible preferred shares, net of issuance costs				$ 168,957,000
Debt conversion, converted instrument, amount			$ 94,139,000
Conversion of convertible notes into shares \| shares	51,226,348
Conversion price, discount percentage	20.00%
Common Stock [Member]
Temporary Equity [Line Items]
Share price \| $ / shares					$ 2.22	$ 41.67
Conversion of convertible notes into shares \| shares	51,226,348
Series A [Member]
Temporary Equity [Line Items]
Conversion ratio	0.342466
Series B-1 [Member]
Temporary Equity [Line Items]
Conversion ratio	0.403088
Series B-2 [Member]
Temporary Equity [Line Items]
Conversion ratio	0.403088
Series C [Member]
Temporary Equity [Line Items]
Cumulative dividend maximum amount		$ 88,500,000
Conversion ratio	0.576386
Series C [Member] \| Minimum [Member]
Temporary Equity [Line Items]
Cumulative dividend maximum (per share) \| $ / shares		$ 6.66
Series C [Member] \| Maximum [Member]
Temporary Equity [Line Items]
Cumulative dividend maximum (per share) \| $ / shares		$ 8.25
Series D [Member]
Temporary Equity [Line Items]
Conversion ratio	0.646673
Series E [Member]
Temporary Equity [Line Items]
Conversion ratio	0.695098
Series F [Member]
Temporary Equity [Line Items]
Shares issued		$ 61,344,029
Share price \| $ / shares		$ 2.8505
Proceeds from issuance of Series F redeemable convertible preferred shares, net of issuance costs		$ 174,900,000
Payment of stock issuance costs		$ 5,900,000		$ 5,904,000
Conversion ratio	0.342466
Series F-1 [Member]
Temporary Equity [Line Items]
Share price \| $ / shares		$ 1.9098
Conversion of convertible notes into shares \| shares		21,465,064
Conversion price, discount percentage		33.00%
Conversion ratio	0.342466
2022 Convertible Notes [Member]
Temporary Equity [Line Items]
Debt conversion, converted amount, unpaid interest		$ 994,000
Debt conversion, converted instrument, amount		$ 40,000,000.0
Debt instrument, aggregate amount							$ 40,000,000.0

Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity (Deficit) [Abstract]

Schedule of Common Stock Reserve for Issuance on Converted Basis


	December 31,
	2025	2024
Redeemable convertible preferred stock	—	51,226,348
Options to purchase common stock	10,003,254	8,537,203
Restricted stock units	907,703	—
Shares reserved for issuance under the Company's equity plans	14,085,870	1,079,492
Common stock warrants	—	1,647,667
Total	24,996,827	62,490,710

Stock-Based Compensation Plans (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 13,965	$ 10,213	$ 12,501
Cost of Revenue [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	413	307	440
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,434	2,151	3,339
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,118	$ 7,755	8,722
One Employee [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense			627
One Employee [Member] \| Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense			$ 627

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Investments

The fair value of the Company’s available-for-sale investments and restricted cash as of December 31, 2025 are as follows (in thousands):


	December 31, 2025
		Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses			Fair Value
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		81,385		94		—		81,479
U.S. treasury bills		39,568		25		—		39,593
Corporate bonds/notes		57,564		19		(12)		57,571
Agency bonds/notes		25,147		7		(3)		25,151
Asset-backed securities		21,689		22		—		21,711
Commercial paper		9,868		2		—		9,870
Total	$	267,736	$	169	$	(15)	$	267,890

Classified as:
Cash equivalents							$	27,806
Short-term investments								132,010
Long-term investments								103,365
Restricted cash								4,709
Total							$	267,890

The following table summarizes the fair value of the Company’s cash equivalents, and available-for-sale investments classified by maturity as of December 31, 2025 (in thousands):


	December 31, 2025
Amounts maturing within one year	$	159,816
Amounts maturing after one year through two years		103,365
Total	$	263,181

Available-for-sale investments held as of December 31, 2025 had a weighted average days to maturity of 346 days.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of December 31, 2025 (in thousands):


	December 31, 2025
	Less than 12 months
	Fair Value		Unrealized Loss
Assets
Corporate bonds/notes	$	26,716	$	(12)
Agency bonds/notes		3,995		(3)
Total	$	30,711	$	(15)

There were no available-for-sale investments in an unrealized loss position greater than twelve months as of December 31, 2025.

‎

Allowance for Credit Losses

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


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	814	$	1,058
Additions		—		—
Write-offs		(188)		(244)
Balance at end of period	$	626	$	814

Prepaid Expenses and Other Current Assets

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


	December 31,
	2025		2024
Prepaid expenses	$	5,964	$	3,017
Contract costs, current		6,669		2,453
Other		1,442		662
Total prepaid expenses and other current assets	$	14,075	$	6,132

Property and equipment, net

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


	December 31,
	2025		2024
Property and equipment at cost:
Computer equipment and software	$	4,223	$	4,489
Furniture, fixtures and equipment		2,114		1,233
Capitalized internal-use software		12,529		52,606
Leasehold improvements		2,086		2,057
Construction in progress		140		27
Total property and equipment		21,092		60,412
Less: Accumulated depreciation and amortization		(12,505)		(51,492)
Property and equipment, net	$	8,587	$	8,920

The Company capitalized certain internal-use software costs totaling $3.9 million, $4.1 million and $4.6 million, including stock-based compensation of $27,000, $393,000 and $408,000 related to internal-use software development efforts, during the years ended December 31, 2025, 2024 and 2023, respectively. Amortization of capitalized internal-use software totaled $4.0 million, $3.7 million and $3.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Depreciation and amortization expense related to property and equipment, excluding capitalized internal-use software, was $1.5 million, $1.7 million and $1.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Other Non-Current Assets

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


	December 31,
	2025		2024
Contract costs, net	$	4,260	$	3,701
Deferred offering costs		—		413
Other		839		252
Total other non-current assets	$	5,099	$	4,366

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2025		2024
Accrued payroll and related expenses	$	28,150	$	18,206
Accrued professional fees		1,162		1,672
Accrued clinical trial expenses		864		1,215
Customer contract and rebate liabilities		627		1,041
Accrued royalty		550		736
Other		1,926		2,449
	$	33,279	$	25,319

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Series F [Member]
Conversion price	$ 2.8505
Payment of stock issuance costs \| $	$ 5,904
Series F-1 [Member]
Conversion price	$ 1.9098

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Revenue	$ 176,034	$ 125,808	$ 87,174
Cost of revenue	40,837	31,359	29,123
Gross profit	135,197	94,449	58,051
Operating expenses:
Research and development	64,918	43,517	35,854
Selling, general and administrative	134,345	112,154	95,111
Total operating expenses	199,263	155,671	130,965
Loss from operations	(64,066)	(61,222)	(72,914)
Interest income	5,538	4,066	5,457
Interest expense	(15,173)	(22,768)	(24,694)
Change in fair value of common stock warrant liability	(43,894)	(16,395)	(2,320)
Change in fair value of derivative liability	7,311	(222)	4,158
Change in fair value of convertible note			(5,120)
Loss on extinguishment of debt	(6,360)
Other income (expense), net	(223)	168	325
Loss before provision for income taxes	(116,867)	(96,373)	(95,108)
(Provision for) benefit from income taxes	76	(53)	(547)
Net loss	(116,791)	(96,426)	(95,655)
Cumulative dividends on Series C redeemable convertible preferred stock			(1,239)
Deemed dividend upon down round of redeemable convertible preferred stock			(26,794)
Net loss attributable to common stockholders	(116,791)	(96,426)	(123,688)
Comprehensive loss:
Net loss	(116,791)	(96,426)	(95,655)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	191	(271)	(504)
Unrealized gain on investments, net	156
Total other comprehensive income (loss)	347	(271)	(504)
Total comprehensive loss	$ (116,444)	$ (96,697)	$ (96,159)
Net loss per share attributable to common stockholders, basic	$ (3.17)	$ (17.98)	$ (25.32)
Net loss per share attributable to common stockholders, diluted	$ (3.17)	$ (17.98)	$ (25.32)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	36,853,867	5,363,435	4,885,231
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	36,853,867	5,363,435	4,885,231

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Redeemable Convertible Preferred Stock [Abstract]

Schedule of Redeemable Convertible Preferred Stock


	December 31, 2024
		Number of
	Number of	Shares Issued
	Shares	and	Carrying		Liquidation
Series	Authorized	Outstanding	Value		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

Schedule of Assumptions Used in Determining Fair Value Derivative Liability

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

Derivative Liability (Narrative) (Details) - USD ($)				12 Months Ended
Derivative Liability (Narrative) (Details) - USD ($)	Aug. 11, 2025	Jun. 14, 2024	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025	Mar. 26, 2025	Jan. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain in change in fair value of derivative liability		$ (222,000)	$ 4,200,000	$ 7,311,000	$ (222,000)	$ 4,158,000
Derivative liability	$ 24,600,000	$ 1,100,000		$ 0				$ 20,800,000	$ 11,100,000
Conversion price, discount percentage	20.00%
2025 Convertible Notes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability							$ 20,800,000		$ 11,100,000
Conversion price, discount percentage	20.00%

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

Derivative Liability (Tables)

12 Months Ended

Dec. 31, 2025

2024 Term Loan [Member]

Derivative [Line Items]


	June 14, 2024
Debt yield	18.50%
Probability of business combination or IPO (with feature)	80.00%
Event date of business combination or IPO (with feature)	6/30/2025
Probability to incur new debt	0.00%
Event date to incur new debt	n/a
Probability of change of control	10.00%
Event date of change of control	6/30/2025
Event date (without feature)	1/19/2026

2025 Convertible Notes [Member]

Derivative [Line Items]

Schedule of Assumptions Used in Determining Fair Value Derivative Liability


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

Revenue and Contract Balances (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue and Contract Balances [Abstract]
Unbilled receivables	$ 814	$ 574

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for credit losses	$ 626,000	$ 814,000
Redeemable convertible preferred stock, par value (in dollars per share)		$ 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
Redeemable convertible preferred stock, aggregate liquidation value	$ 0	$ 951,917,000
Preferred shares, par value (in dollars per share)	$ 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)	85,280,597	6,122,048
Common shares, shares outstanding (in shares)	85,280,597	6,122,048

Common Stock Warrant Liability (Narrative) (Details) - USD ($)		12 Months Ended
	Oct. 22, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 19, 2021
Class of Warrant or Right [Line Items]
Number of warrants issued to purchase (in shares)		0	1,647,667
Aggregate fair value of warrants issued		$ 0	$ 20,835,000
Change in fair value of common stock warrant liability		43,894,000	$ 16,395,000	$ 2,320,000
Shares issued		$ 332,387,000
Common Stock Warrant [Member]
Class of Warrant or Right [Line Items]
Shares issued	$ 1,646,317
Warrant value reclassified to stockholders' equity	$ 64,700,000
Common Stock Warrant, Initial Term Loan [Member]
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					$ 4,300,000
Common Stock Warrant, New Money Term Loan [Member]
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					$ 3,500,000
Common Stock Warrant, Credit Agreement [Member]
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

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 28, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-42790
Registrant Name	Heartflow, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0506743
Entity Address, Address Line One	331 E. Evelyn Avenue
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94041
City Area Code	650
Local Phone Number	241-1221
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	HTFL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		85,757,754
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s definitive proxy statement relating to the registrant’s 2026 Annual Meeting of Stockholders, to be filed within 120 days of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California
Entity Central Index Key	0001464521
Amendment Flag	false

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

14. 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 17,346,193 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 December 31, 2025 and 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	2,552,686	$	18.51
Options exercised	(617,134)	$	5.33
Options forfeited	(469,508)	$	7.97
Balance at December 31, 2025	10,003,254	$	8.05	7.83	$	211,109
Vested and exercisable, December 31, 2025	4,371,128	$	5.33	6.72	$	104,102
Vested and expected to vest, December 31, 2025	10,003,254	$	8.05	7.83	$	211,109

The weighted-average grant date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 was $10.54, $3.59 and $1.26 per share, respectively. The total grant date fair value of options vested was $8.6 million, $2.0 million and $3.2 million during the years ended December 31, 2025, 2024 and 2023, 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 for the years ended December 31, 2025, 2024 and 2023 was $10.1 million. $1.7 million and $4,000, 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 balance at December 31, 2024		—	$	—
Awards granted		987,025	$	20.22
Awards vested		(47,018)	$	19.00
Awards canceled		(32,304)	$	19.00
Unvested balance at December 31, 2025		907,703	$	20.33

2025 Employee Stock Purchase Plan

Effective upon the Company’s IPO, in August 2025, the Company’s Board of Directors adopted the 2025 Employee Stock Purchase Plan (“2025 ESPP”), 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:


	Year Ended December 31,
	2025		2024		2023
Expected life (in years)		6.00		6.00		6.00
Expected volatility		55.0%-57.9%		53.7%-55.0%		54.7%-55.7%
Risk-free interest rate		3.7%-4.2%		3.5%-4.5%		4.2%
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:


		Year Ended December 31, 2025
Expected life (in years)		0.6
Expected volatility		58.1%
Risk-free interest rate		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):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	413	$	307	$	440
Research and development⁽¹⁾		3,434		2,151		3,339
Selling, general and administrative		10,118		7,755		8,722
Total stock-based compensation	$	13,965	$	10,213	$	12,501

(1)Includes stock-based compensation expense of $627,000 during the year ended December 31, 2023 related to a repurchase of common shares from one employee, as described below.

As of December 31, 2025, total unrecognized stock-based compensation costs related to unvested stock options was $30.5 million, which is expected to be recognized over a remaining weighted-average period of 3.17 years, a total of $17.7 million of unrecognized compensation costs related to unvested RSUs is expected to be recognized over a period of approximately 3.72 years, and $762,000 of unrecognized compensation costs related to the ESPP is expected to be recognized over 0.18 years.

In January 2023, the fair value of the Company’s common stock declined from $41.67 to $2.22 per share, prompting the Company to reduce the exercise price of certain stock options to $2.22, effective July 10, 2023. No other changes to the stock options’ terms were made. The Company calculated the incremental fair value by calculating the fair value of the award immediately before and immediately after the modification. The fair value of the award immediately before the repricing is based on assumptions (including volatility, expected term and risk free interest rate) that reflect the facts and circumstances on the modification date and therefore, differ from the fair value calculated on the grant date. The average additional compensation per award from the modification was $0.09 and the aggregate incremental expense was $649,000, of which $340,000 was immediately recognized on the modification date and the remaining amount is recognized over the options’ remaining requisite service period.

In March 2023, the Board of Directors approved a repurchase of 102,739 common shares from an employee of the Company at a purchase price of $8.32 per share for total consideration of $855,000. The fair value of the repurchased common shares was $228,000, and the difference between the repurchase price and fair value of the common shares of $627,000 was recorded as stock-based compensation expense within research and development expense in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2023.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity We maintain an Information Security Management System designed to identify, assess, and manage material risks from cybersecurity threats. Our program is informed by international security standards, including ISO 27001 and NIST CSF 2.0, and we maintain HITRUST, ISO 27001, ISO 13485, SOC 2 Type 2 and UK CyberEssentials certifications to validate our security and data privacy practices. We have developed and integrated into our overall risk management program an information security program that is designed to address material risks from cybersecurity threats. Our program includes policies and procedures that identify how security measures and controls are developed, implemented and maintained. A cybersecurity risk assessment, based on an internationally recognized methodology, is conducted annually. Governance The Audit Committee of our Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats. The Committee receives quarterly reports from management regarding our security posture, recent threat assessments, and any significant incidents. Our Chief Technology Officer and Senior Director of Information Security are responsible for the day-to-day assessment and management of cybersecurity risks. The Information Security Steering Committee consists of internal stakeholders and meets regularly to review key security indicators, identified risks and risk treatment plans. Our Senior Director of Information Security has 10 years of experience in healthcare security leadership and leads a team with experience in a broad set of security areas including product security, endpoint security, network security, incident response and identity and access management with relevant industry certifications. We work with external experts including security assessors, auditors and consultants to ensure expertise in necessary areas. All employees and workforce members receive training at least annually on our information security policies and procedures, ensuring they follow industry best practices on security and are prepared to report any security incidents. Risk Identification and Assessment We conduct risk assessments at least annually, incorporating data from penetration testing, vulnerability scanning, threat modeling and other security processes to identify potential threats to our systems and data. As we rely on third-party cloud service providers for our production process, we conduct security due diligence on all of our vendors, which is performed annually for critical vendors, including reviewing their third-party audits, penetration test results and other security documentation. Third party risks are included in our risk assessment. Identified risks are reviewed and prioritized, considering the criticality of the systems, potential impact of the risk and likelihood. Where needed, the information security team will work with the Steering Committee to develop plans to mitigate or eliminate risks and implement them across the organization. The information security team stays informed of cybersecurity threats through conferences, industry groups and other training to ensure risk assessments incorporate real data on likelihood and impact and trends in threats. Incident Response We maintain a formal incident response plan that includes protocols for investigating, containing, and mitigating security events. This plan is tested annually through tabletop exercises involving both technical staff and senior management. We maintain a 24x7x365 on-call rotation to ensure timely responses to critical security incidents and monitor critical systems. We incorporate public and private threat intelligence data from industry organizations into our threat detection system to ensure we identify new threats. We have established communication channels to ensure that potential material cybersecurity incidents are promptly escalated to our legal and executive teams to determine if a disclosure obligation exists under SEC rules. To date, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity incidents that we are aware of, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, we can give no assurance that we have detected or protected against all cybersecurity incidents or cybersecurity threats. Please see the risk factor titled “Our networks and those of our third-party service providers may become the target of bad actors or security breaches that we cannot anticipate or successfully defend, which could have an adverse impact on our business.” in Part I. Item 1A. “Risk Factors” in this Annual Report for additional information about the risks we face associated with cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and integrated into our overall risk management program an information security program that is designed to address material risks from cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	To date, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity incidents that we are aware of, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of our Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats. The Committee receives quarterly reports from management regarding our security posture, recent threat assessments, and any significant incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Identified risks are reviewed and prioritized, considering the criticality of the systems, potential impact of the risk and likelihood.
Cybersecurity Risk Role of Management [Text Block]	The Committee receives quarterly reports from management regarding our security posture, recent threat assessments, and any significant incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Technology Officer and Senior Director of Information Security are responsible for the day-to-day assessment and management of cybersecurity risks. The Information Security Steering Committee consists of internal stakeholders and meets regularly to review key security indicators, identified risks and risk treatment plans.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Senior Director of Information Security has 10 years of experience in healthcare security leadership and leads a team with experience in a broad set of security areas including product security, endpoint security, network security, incident response and identity and access management with relevant industry certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Where needed, the information security team will work with the Steering Committee to develop plans to mitigate or eliminate risks and implement them across the organization.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	false

Balance Sheet Components (Summary of Fair Value of Cash Equivalents and Available-for-sale Investments Classified by Maturity) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Balance Sheet Components [Abstract]
Amounts maturing within one year	$ 159,816
Amounts maturing after one year through two years	103,365
Total	$ 263,181

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 44,776,000	$ 51,367,000
Short-term investments	132,010,000
Accounts receivable, net of allowance for credit losses of $626 and $814 at December 31, 2025 and 2024, respectively	29,343,000	24,639,000
Restricted cash, current		150,000
Prepaid expenses and other current assets	14,075,000	6,132,000
Total current assets	220,204,000	82,288,000
Long-term investments	103,365,000
Property and equipment, net	8,587,000	8,920,000
Operating lease right-of-use assets	17,488,000	18,805,000
Restricted cash, non-current	4,709,000	4,325,000
Other non-current assets	5,099,000	4,366,000
Total assets	359,452,000	118,704,000
Current liabilities
Accounts payable	3,169,000	2,870,000
Accrued expenses and other current liabilities	33,279,000	25,319,000
Operating lease liabilities, current	5,922,000	5,416,000
Total current liabilities	42,370,000	33,605,000
Term loan		136,431,000
Common stock warrant liability	0	20,835,000
Operating lease liabilities, non-current	16,132,000	18,537,000
Other non-current liabilities	303,000	214,000
Total liabilities	58,805,000	209,622,000
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 December 31, 2025 and 2024, respectively; aggregate liquidation value of none and $951,917 as of December 31, 2025 and 2024, respectively		768,566,000
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 50,000,000 and no shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024
Common stock, $0.001 par value; 250,000,000 and 210,300,000 shares authorized as of December 31, 2025 and 2024, respectively; 85,280,597 and 6,122,048 shares issued and outstanding as of December 31, 2025 and 2024. respectively	85,000	6,000
Additional paid-in capital	1,388,737,000	112,241,000
Accumulated other comprehensive loss	(425,000)	(772,000)
Accumulated deficit	(1,087,750,000)	(970,959,000)
Total stockholders’ equity (deficit)	300,647,000	(859,484,000)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 359,452,000	$ 118,704,000

Income Taxes (Summary of Activity Related to Valuation Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Balance at beginning of period	$ 195,224	$ 178,406	$ 157,982
Additions	5,346	16,818	20,424
Decrease	(3,786)
Balance at end of period	$ 196,784	$ 195,224	$ 178,406

Convertible Notes (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
Convertible Notes (Narrative) (Details) - USD ($)	Aug. 11, 2025	Mar. 31, 2023	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2023	Mar. 26, 2025	Jan. 31, 2025	Jun. 14, 2024	Dec. 31, 2022
Line of Credit Facility [Line Items]
Conversion of convertible notes into shares	51,226,348
Debt conversion, converted instrument, amount				$ 94,139,000
Proceeds from convertible notes offering, net of issuance costs				72,769,000
Conversion price, discount percentage	20.00%
Derivative liability	$ 24,600,000			0		$ 20,800,000	$ 11,100,000	$ 1,100,000
Series F-1 [Member]
Line of Credit Facility [Line Items]
Conversion of convertible notes into shares		21,465,064
Common stock converted (in dollars per share)		$ 1.9098
Conversion price, discount percentage		33.00%
2022 Convertible Notes [Member]
Line of Credit Facility [Line Items]
Debt instrument, aggregate amount									$ 40,000,000.0
Interest rate									8.00%
Loss on conversion of notes					$ 5,100,000
Debt conversion, converted instrument, amount		$ 40,000,000.0
2025 Convertible Notes [Member]
Line of Credit Facility [Line Items]
Debt instrument, aggregate amount			$ 98,300,000
Conversion of convertible notes into shares	6,470,743
Debt conversion, converted instrument, amount	$ 98,300,000
Proceeds from convertible notes offering, net of issuance costs				72,800,000
Debt issuance costs				$ 1,200,000
Debt instrument, term				48 months
Common stock converted (in dollars per share)	$ 15.20
Conversion price, discount percentage	20.00%
Derivative liability			20,800,000				$ 11,100,000
Debt discount and debt issuances costs reclassified to additional paid-in-capital	$ 28,800,000
2025 Convertible Promissory Notes, Settled in Cash [Member]
Line of Credit Facility [Line Items]
Debt instrument, aggregate amount			74,000,000.0
2025 Convertible Promissory Notes, Settled in Lieu of Cash [Member]
Line of Credit Facility [Line Items]
Debt instrument, issued on employee-based compensation			1,300,000
2025 Convertible Promissory Notes, Issued From Conversion Of Principal Under 2024 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt conversion, converted instrument, amount			$ 23,000,000.0

Common Stock Warrant Liability

12 Months Ended

Dec. 31, 2025

Common Stock Warrant Liability [Abstract]

Common Stock Warrant Liability

12. 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”).

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 as of December 31, 2024, resulting in a loss of $16.4 million within the consolidated statements of operations and comprehensive loss.

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, resulting in a loss of $43.9 million within the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. The final fair value of $64.7 million was reclassified to stockholders equity (deficit) on the date of exercise. As of December 31, 2025 and 2024, there were 0 and 1,647,667 warrants to purchase common stock outstanding.

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:

‎


	October 22,		December 31,
	2025		2024
Stock price	$	39.31	$	12.68
Exercise price	$	0.03	$	0.03
Expected term (in years)		5.7		6.6
Expected volatility		55.7%		72.1%
Weighted average risk-free interest rate		3.63%		4.44%
Dividend yield		—%		—%

Balance Sheet Components (Summary of Available-for-sale Investments and Restricted Cash) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 267,736
Gross Unrealized Gains	169
Gross Unrealized Losses	(15)
Cash equivalents	27,806
Short-term investments	132,010
Long-term investments	103,365
Restricted cash	4,709	$ 4,475	$ 4,467
Estimated Fair Value	267,890
Money Market Funds Included In Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	27,806
Estimated Fair Value	27,806
Money Market Funds Included In Restricted Cash, Noncurrent [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,709
Estimated Fair Value	4,709
U.S. Government Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	81,385
Gross Unrealized Gains	94
Estimated Fair Value	81,479
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	39,568
Gross Unrealized Gains	25
Estimated Fair Value	39,593
Corporate Bonds/Notes [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	57,564
Gross Unrealized Gains	19
Gross Unrealized Losses	(12)
Estimated Fair Value	57,571
Agency Bonds/Notes [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	25,147
Gross Unrealized Gains	7
Gross Unrealized Losses	(3)
Estimated Fair Value	25,151
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	21,689
Gross Unrealized Gains	22
Estimated Fair Value	21,711
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,868
Gross Unrealized Gains	2
Estimated Fair Value	$ 9,870

Business Overview

12 Months Ended

Dec. 31, 2025

Business Overview [Abstract]

Business Overview

1. 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 provides software and artificial intelligence (“AI”) designed 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 FFR_CT 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 FFR_CT Analysis in July 2011. The Company received clearance from the U.S. Food and Drug Administration (“FDA”) in November 2014 for its Heartflow FFR_CT 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, San Francisco, and Rohnert Park, California, Austin, Texas, and Tokyo, Japan.

The Company had the following wholly-owned subsidiaries as of December 31, 2025:


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

Effective November 2025, HeartFlow Technology U.K. Limited, a wholly-owned subsidiary in the United Kingdom, was dissolved. 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 amount, and related information contained in the 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 convert into shares of common stock upon the closing of the Company’s initial public offering (the “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 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 $1.1 billion as of December 31, 2025. 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 December 31, 2025, the Company had $280.2 million in cash and cash equivalents and investments in available-for-sale securities.

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 and available-for-sale securities 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 consolidated financial statements were available to be issued.

Revenue and Contract Balances

12 Months Ended

Dec. 31, 2025

Revenue and Contract Balances [Abstract]

Revenue and Contract Balances

3. Revenue and Contract Balances

Disaggregation of Revenue

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


	Year Ended December 31,
	2025		2024		2023
United States	$	162,733	$	115,036	$	77,725
Rest of World		13,301		10,772		9,449
Total revenue	$	176,034	$	125,808	$	87,174

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 consolidated balance sheets as of December 31, 2025 and 2024 was $814,000 and $574,000, respectively.

The following table provides the breakdown of capitalized contract costs on the consolidated balance sheets (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	6,154	$	2,941	$	2,077
Contract costs capitalized		10,795		6,952		3,081
Contract costs amortized		(6,020)		(3,739)		(2,217)
Balance at end of period	$	10,929	$	6,154	$	2,941

The following table provides the breakdown of contract liabilities included within accrued expenses and other current liabilities on the consolidated balance sheets (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	182	$	498	$	118
Contract liabilities added		279		—		470
Contract liabilities recognized as revenue		(134)		(316)		(90)
Balance at end of period	$	327	$	182	$	498

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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Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

6. Leases

The Company leases office space in Mountain View, Santa Rosa, San Francisco, and Rohnert Park, California, Austin, Texas, and Tokyo, Japan.

Mountain View, California

In August 2021, the Company entered into a facility lease agreement for approximately 61,000 rentable square feet in Mountain View, California through August 2030. The Company received a tenant improvement allowance of $1.8 million, in which the remaining unused amount of $1.4 million was credited against rent expense during the year ended December 31, 2023. In connection with the lease, the Company established a standby letter of credit for the benefit of the landlord in the amount of $4.3 million in August 2021, which is classified as non-current restricted cash on the consolidated balance sheets as of December 31, 2025 and 2024. Refer to Note 18 for additional information.

Santa Rosa, California

In October 2024, the Company entered into an agreement to sublease approximately 4,000 rentable square feet of office space in Santa Rosa, California for 29 months through March 2027. In connection with this sublease, the Company paid a security deposit of $8,000 and recorded an ROU asset and lease liability of $169,000.

San Francisco, California

In July 2025, the Company entered into an agreement to sublease approximately 8,100 rentable square feet of office space in San Francisco, California for 39 months through January 2029. In connection with this sublease, the Company paid a security deposit of $90,000 and recorded an ROU asset and lease liability of $1,254,000.

Rohnert Park, California

On December 15, 2025, the Company entered into a facility lease agreement for approximately 13,100 rentable square feet of office space in Rohnert Park, California for 63 months from the lease commencement date, with the option to extend for one additional three-year period. In connection with the lease, the Company paid a security deposit of $39,000. The average monthly lease payments are approximately $32,000 per month during the lease term and provides for a tenant improvement allowance of $173,000. The lease is expected to commence in the first quarter of 2026.

Austin, Texas

In January 2023, the Company amended its facility lease agreement in Austin, Texas, which provided for approximately 26,000 square feet of space, to extend the original lease term which expired in November 2023 with a five-year renewal option to December 2025 with no renewal option. In September 2025, the Company amended the lease for its Austin, Texas facility to extend the lease term an additional 12 months through December 2026 and recorded an ROU asset and lease liability of $561,000 in connection with the lease extension. A security deposit of

$150,000 was recorded as non-current restricted cash as of December 31, 2025 and as current restricted cash as of December 31, 2024, on the consolidated balance sheets related to this lease. Refer to Note 18 for additional information.

Tokyo, Japan

The Company had one non-cancellable operating lease for its facility in Tokyo, Japan which was set to expire in November 2024. In April 2024, the Company entered into an agreement to extend the lease for an additional three years through November 2027. In connection with the amended lease agreement, the Company recorded an ROU asset and lease liability of $420,000.

Operating lease cost consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	5,122	$	4,900	$	4,906
Variable lease cost		1,375		1,597		1,120
Total lease cost	$	6,497	$	6,497	$	6,026

Cash paid for amounts included in the measurement of operating lease liabilities during the years ended December 31, 2025, 2024 and 2023 was $5.7 million, $5.2 million and $4.1 million, respectively.

The following table summarizes the maturities of the aggregate lease payments under the Company’s operating lease liabilities as of December 31, 2025 (in thousands):



Year Ending December 31:	Amount
2026	$	6,178
2027		5,658
2028		5,649
2029		5,352
2030		3,646
Total minimum lease payments		26,483
Less: Amount of lease payments representing interest		4,429
Present value of future minimum lease payments	$	22,054
Less: Current lease liabilities		5,922
Long-term lease liabilities	$	16,132

The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted-average data):


	December 31,
	2025		2024
Right-of-use asset	$	17,488	$	18,805
Weighted average remaining lease term (years)		4.3		5.5
Weighted average discount rate (percent)		8.6%		9.0%

Term Loan (2024 Credit Agreement) (Details) - USD ($) $ in Millions	Jan. 31, 2025	Jan. 24, 2025	Jun. 14, 2024
2024 Credit Agreement [Member]
Debt Instrument [Line Items]
Notes payable			$ 138.1
Notes converted	$ (23.0)	$ (23.0)
2025 Convertible Notes [Member]
Debt Instrument [Line Items]
Notes converted	$ 23.0	$ 23.0

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.

Commitment and Contingencies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Contractual obligation	$ 300,000
Royalty expense	2,000,000.0	$ 1,500,000	$ 2,100,000
Estimated purchase commitment, amount	$ 5,200,000
Purchase commitment, period (in years)	4 years
Contingent liabilities	$ 0	$ 0
Minimum [Member]
Loss Contingencies [Line Items]
Contractual obligation	$ 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.

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Revenue and Contract Balances (Schedule of Total Revenue From Customers By Geographic Region) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 176,034	$ 125,808	$ 87,174
United States [Member]
Disaggregation of Revenue [Line Items]
Total revenue	162,733	115,036	77,725
Rest of World [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,301	$ 10,772	$ 9,449

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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Summary of Components of Net Loss Before Income Taxes

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]


	Year Ended December 31,
	2025		2024		2023
United States	$	(110,784)	$	(96,422)	$	(95,634)
Foreign		(6,083)		49		526
Net loss before income taxes	$	(116,867)	$	(96,373)	$	(95,108)

Reconciliation of Federal and Effective Tax Rate

The following table is a reconciliation of the total income tax expense computed at the U.S. federal statutory rate of 21% to the Company’s total income tax expense for the year ended December 31, 2025, in accordance with ASU 2023-09 (in thousands):

‎


	Year Ended December 31, 2025
		Amount	Percentage
U.S. federal statutory rate	$	(24,542)	21.0%
Foreign tax effects		1,201	-1.0%
Tax credits:
R&D credits		(382)	0.3%
Change in valuation allowance		6,316	-5.4%
Nontaxable or nondeductible items:
Write-off of intercompany payable		4,759	-4.1%
Mark-to-market on warrant and derivative		7,683	-6.5%
Nondeductible executive compensation		1,239	-1.1%
Other nondeductible items		2,621	-2.2%
Other		1,029	-0.9%
Provision for income taxes	$	(76)	0.1%


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	$	(20,027)	$	(20,003)
State taxes, net of federal benefit		(2,247)		(4,032)
Change in valuation allowance		16,563		20,418
Stock-based compensation		1,706		3,722
Mark-to-market on warrant and derivative		3,482		1,075
R&D credits		(281)		(391)
Foreign rate differential		41		(50)
Other		816		(192)
Provision for income taxes	$	53	$	547

Schedule of Significant Components of Net Deferred Tax Assets


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	154,356	$	143,066
Research and development credits		7,628		7,111
Stock-based compensation		1,586		1,611
Interest limitation		10,651		8,964
Accruals and reserves		5,370		9,502
Fixed asset and intangible asset basis		3,654		4,615
Operating lease liabilities		5,386		5,955
Research and development capitalization		15,408		20,675
Total deferred tax assets		204,039		201,499

Deferred tax liabilities:
Capitalized contract costs		(2,704)		(1,556)
Operating lease right-of-use assets		(4,256)		(4,653)
Other		(109)		(66)
Total deferred tax liabilities		(7,069)		(6,275)
Deferred tax assets, net		196,970		195,224
Valuation allowance		(196,784)		(195,224)
Net deferred taxes	$	186	$	—

Summary of Activity Related to Valuation Allowance


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	195,224	$	178,406	$	157,982
Additions		5,346		16,818		20,424
Deductions		(3,786)		—		—
Balance at end of period	$	196,784	$	195,224	$	178,406

Summary of Activity Related to Unrecognized Tax Benefits


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	8,597	$	8,188	$	7,371
Increase related to current year tax positions		552		558		817
Changes related to prior tax positions		75		(149)		—
Balance at end of period	$	9,224	$	8,597	$	8,188

Leases (Schedule of Aggregate Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases:
2026	$ 6,178
2027	5,658
2028	5,649
2029	5,352
2030	3,646
Total minimum lease payments	26,483
Less: Amount of lease payments representing interest	4,429
Present value of future minimum lease payments	22,054
Less: Current lease liabilities	5,922	$ 5,416
Long-term lease liabilities	$ 16,132	$ 18,537

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

2026 Facility Lease Amendment

On January 5, 2026, the Company amended the lease for its Austin, Texas facility to extend the lease term an additional 51 months through March 2027, with the option to extend for two additional three-year periods. The monthly lease payments are approximately $61,000 per month during the amended extension period and provides for a tenant improvement allowance of $71,000.

2026 Mountain View, California Facility Sublease

On March 10, 2026, the Company entered into a sublease agreement (the “Sublease”) with a third-party subtenant to sublease its Mountain View, California facility. The initial term of the Sublease will commence in April 2026 and continues until August 2030, consistent with the remaining term of the Company’s Master Lease, with 52% occupancy of the facility beginning April 2026 and full occupancy by March 2027. The Sublease provides for an initial annual base rent of approximately $1.2 million, which increases annually up to a maximum annual base rent of approximately $2.4 million. The subtenant is obligated to pay its ratable portion of operating costs, annual tax costs and all utility costs attributable to the facility during the term of the Sublease. The subtenant will provide the Company with a letter of credit in the amount of $0.8 million in place of a security deposit. The Company is currently evaluating the impact of this Sublease on the carrying value of the associated ROU asset and leasehold improvements.

Grant of Equity Awards

Subsequent to December 31, 2025, the Company granted options for 913,696 shares of common stock, subject to service-based vesting conditions, with an exercise price of $27.74 per share to employees and 1,019,499 shares of restricted stock units subject to service-based vesting conditions.
‎

Stock-Based Compensation Plans (Summary of RSU Activity) (Details) - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, unvested, number of units \| shares
Awards granted, number of units \| shares	987,025
Awards vested, number of units \| shares	(47,018)
Awards canceled, number of units \| shares	(32,304)
Ending balance, unvested, number of units \| shares	907,703
Beginning balance, weighted-average grant date fair value \| $ / shares
Awards granted, weighted-average grant date fair value \| $ / shares	20.22
Awards vested, weighted-average grant date fair value \| $ / shares	19.00
Awards canceled, weighted-average grant date fair value \| $ / shares	19.00
Ending balance, weighted-average grant date fair value \| $ / shares	$ 20.33

Stockholders' Equity (Deficit) (Schedule Of Common Stock Reserve For Issuance On Converted Basis) (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	24,996,827	62,490,710
Stock Options [Member]
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	10,003,254	8,537,203
Restricted Stock Units [Member]
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	907,703
Shares Reserved for Issuance under the Company’s Equity Plans [Member]
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	14,085,870	1,079,492
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)		51,226,348
Common Stock Warrants [Member]
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)		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.

Common Stock Warrant Liability [Abstract]

Net Loss Per Share Attributable to Common Stockholders (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (116,791)	$ (96,426)	$ (95,655)
Cumulative dividends on Series C redeemable convertible preferred stock			(1,239)
Deemed dividend upon down round of redeemable convertible preferred stock			(26,794)
Net loss attributable to common stockholders	$ (116,791)	$ (96,426)	$ (123,688)
Denominator:
Weighted-average shares used to compute net loss per share, basic (in shares)	36,853,867	5,363,435	4,885,231
Weighted-average shares used to compute net loss per share, diluted (in shares)	36,853,867	5,363,435	4,885,231
Net loss per share, basic	$ (3.17)	$ (17.98)	$ (25.32)
Net loss per share, diluted	$ (3.17)	$ (17.98)	$ (25.32)

Term Loan (Interest) (Details) - 2024 Credit Agreement [Member]	12 Months Ended
	Dec. 31, 2025
Debt Instrument [Line Items]
Option to pay interest in-kind (as percent)	1.00%
Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	7.00%
Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	6.00%
Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.00%
Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Federal Reserve Bank Of New York Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
One-Month Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%

Business Overview (Policies)

12 Months Ended

Dec. 31, 2025

Business Overview [Abstract]

Description of Business

The Company’s headquarters is located in Mountain View, California, and the Company also has offices in Santa Rosa, San Francisco, and Rohnert Park, California, Austin, Texas, and Tokyo, Japan.

The Company had the following wholly-owned subsidiaries as of December 31, 2025:


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

Common Stock Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2025

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


	October 22,		December 31,
	2025		2024
Stock price	$	39.31	$	12.68
Exercise price	$	0.03	$	0.03
Expected term (in years)		5.7		6.6
Expected volatility		55.7%		72.1%
Weighted average risk-free interest rate		3.63%		4.44%
Dividend yield		—%		—%

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Aug. 11, 2025	Jul. 10, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023	Jan. 01, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				24,996,827	62,490,710
Weighted average grant date fair value (in dollars per share)				$ 10.54	$ 3.59	$ 1.26
Grant date fair value of options vested				$ 8,600	$ 2,000	$ 3,200
Aggregate intrinsic value				10,100	1,700	4
Stock-based compensation costs related to unvested stock options				30,500
Additional compensation per share		$ 0.09
Aggregate additional compensation expense		$ 649
Aggregate additional compensation expense recognized immediately		$ 340
Payment for repurchase of common stock						228
Stock-based compensation expense				$ 13,965	$ 10,213	12,501
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price							$ 2.22	$ 41.67
One Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares repurchased, price per share			$ 8.32
Shares repurchased			102,739
Payment for repurchase of common stock			$ 855
Fair value of shares repurchased			$ 228
Stock-based compensation expense						$ 627
2025 Performance Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	17,346,193
Annual increase in common stock available for issuance	5.00%
2025 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				1,233,964
Annual increase in common stock available for issuance				1.00%
Purchase price of common stock as percentage of fair market value				85.00%
Tranche Two Through Thirty-Seven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting, percentage				2.0833%
Tranche One Through Forty-Eight [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				10,003,254	8,537,203
Share-based payment award, expiration period (in years)				10 years
Vesting period				4 years
Weighted-average period (in years)				3 years 2 months 1 day
Stock Options [Member] \| Tranche One Through Thirty-Seven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years
Stock Options [Member] \| Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting, percentage				25.00%
Certain Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercise price		$ 2.22
Incentive Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold of voting power in company that triggers increase in minimum exercise price of share based payment awards				10.00%
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				907,703
Vesting period				4 years
Weighted-average period (in years)				3 years 8 months 19 days
Unrecognized compensation costs				$ 17,700
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period (in years)				2 months 4 days
Unrecognized compensation costs				$ 762
Minimum [Member] \| Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, purchase price of common stock, percentage				100.00%
Minimum [Member] \| Incentive Stock Options [Member] \| Employee Who Owns More Than Ten Percent Of Voting Power Of All Classes Of Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, purchase price of common stock, percentage				110.00%

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		—		81,479		—		81,479
U.S. treasury bills		—		39,593				39,593
Corporate bonds/notes		—		57,571		—		57,571
Agency bonds/notes		—		25,151		—		25,151
Asset-backed securities		—		21,711		—		21,711
Commercial paper		—		9,870		—		9,870
Total	$	32,515	$	235,375	$	—	$	267,890


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in 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

2022 Convertible Notes [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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


	2022 Convertible Notes
Fair value as of January 1, 2023	$	56,066
Change in fair value		5,120
Derecognition of convertible notes upon conversion into redeemable convertible preferred stock		(61,186)
Fair value as of December 31, 2023	$	—

Common Stock Warrant Liability [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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


	Common Stock Warrant Liability
Fair value as of January 1, 2023	$	2,120
Change in fair value		2,320
Fair value as of December 31, 2023		4,440
Change in fair value		16,395
Fair value as of December 31, 2024		20,835
Change in fair value		43,894
Reclassification to common stock upon net exercise		(64,729)
Fair value as of December 31, 2025	$	—

Term Loan Derivative Liability [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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


	Term Loan Derivative Liability
Fair value as of January 1, 2023	$	5,061
Change in fair value		(4,158)
Fair value as of December 31, 2023	$	903
Change in fair value		222
Derecognition in connection with debt refinancing		(1,125)
Fair value as of December 31, 2024	$	—

Convertible Notes Derivative Liability [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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


	Convertible Notes Derivative Liability
Fair value as of January 1, 2025	$	—
Recognition of derivative liability related to Convertible Notes		31,900
Change in fair value		(7,311)
Derecognition upon conversion into common stock upon IPO		(24,589)
Fair value as of December 31, 2025	$	—