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Heartflow, Inc. HTFL Regulatory And Clinical Expense

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Other financials

Income statement

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Revenue$52.6M+41.3%
Gross profit$42.2M+50.9%
Operating income-$29.5M-68.6%
Net income-$27.4M+15.4%
EPS (diluted)-$0.32+93.9%

Balance sheet

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Cash & equivalents$24.4M-78.7%
Total debt$26.3M
Total equity$285.7M+132%
Total assets$344.0M

Cash flow

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Operating cash flow-$30.1M-129%
CapEx$1.9M+71.6%
Free cash flow-$32.0M-124%

Valuation

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Market cap$2.49B+2.1%
Enterprise value$2.49B
P/S13×

Profitability

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Gross margin78.1%+2.4pp
Operating margin-39.7%-4.8pp
Net margin-58.4%-12.1pp
FCF margin-40.1%-2.4pp

Returns & leverage

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Return on equity37.1%
Debt / equity0.1×
Current ratio5.6×

Where this comes from

Reported directly by Heartflow, Inc. in its filing.

Tagged under the XBRL concept htfl:RegulatoryAndClinicalExpense.

The source filing: Heartflow, Inc.’s 10-K, filed March 18, 2026.

Filed
Mar 18, 2026, 12:00 AM EDT
Fiscal year
FY2025
Accession
0001464521-26-000042
Line itemYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Cost of revenue40,83731,35929,123
Research and development expenses
Research and development38,67325,98322,330
Regulatory and clinical26,24517,53413,524
Selling, general and administrative expenses
Sales75,70966,89553,374
Marketing19,14614,4709,949
General and administrative39,49030,78931,788

Item 8. Financial Statements and Supplementary Data

FAQ

What is Heartflow, Inc.'s regulatory and clinical expense?
Heartflow, Inc. (HTFL) reported regulatory and clinical expense of $6.56M in Q4 2025.
How has Heartflow, Inc.'s regulatory and clinical expense changed year-over-year?
Heartflow, Inc.'s regulatory and clinical expense increased by 49.7% year-over-year, from $4.38M to $6.56M.
What is the long-term trend for Heartflow, Inc.'s regulatory and clinical expense?
Over 2 years (2023 to 2025), Heartflow, Inc.'s regulatory and clinical expense has grown at a 39.3% compound annual growth rate (CAGR), from $13.52M to $26.25M.
What does regulatory and clinical expense mean?
Captures the costs associated with clinical trials, regulatory filings, and compliance activities required to obtain and maintain product approvals. This metric is a critical measure of the investment required to navigate the legal and safety hurdles of the industry. It helps investors assess the progress and cost-intensity of the product development lifecycle.

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