[Form 4] Heartflow, Inc. Insider Trading Activity
Rhea-AI Filing Summary
HealthCor-related entities reported acquisitions of Heartflow, Inc. (HTFL) securities on 08/11/2025 recorded in a joint Form 4 filing. The filing shows HealthCor Partners Fund, L.P. acquired 1,248,939 common shares (as-converted from Series C preferred), HealthCor Partners Fund II, L.P. acquired 833,075 common shares (as-converted), and HCPCIV 1, LLC acquired 4,615,542 common shares (as-converted). Multiple preferred series and a convertible promissory note were reported as automatically converted into specified common share amounts immediately prior to Heartflow's IPO closing. Reporting signatures are dated 08/22/2025.
Positive
- None.
Negative
- None.
Insights
TL;DR: Large stock conversions by HealthCor entities materially increase their indirect common-stock holdings post-IPO.
The Form 4 documents automatic conversions of multiple preferred series and a convertible note into common shares on 08/11/2025, showing substantial additions: 1,248,939; 833,075; and 4,615,542 common shares tied to three HealthCor-related entities. These amounts reflect as-converted reporting immediately prior to Heartflow's IPO closing and indicate concentrated insider-aligned ownership through investment funds and affiliated entities. The filing discloses indirect ownership via private partnerships and management entities with disclaimers of beneficial ownership except for pecuniary interests.
TL;DR: Disclosure is consistent with Section 16 reporting; forms show indirect holdings and standard disclaimers.
The submission lists multiple reporting persons and confirms joint filing status. Each entity includes the required disclaimers that general partners and managers disclaim beneficial ownership except to the extent of pecuniary interest. Signatures from HealthCor Partners GP, LLC and Jeffrey C. Lightcap are dated 08/22/2025, satisfying signature requirements. The filing clearly reports conversions and resulting share counts rather than open-market trades.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series C Preferred | 1,248,939 | $0.00 | -- |
| Conversion | Series C Preferred Stock | 624,471 | $0.00 | -- |
| Conversion | Series D Preferred | 1,630,231 | $0.00 | -- |
| Conversion | Series D Preferred | 208,604 | $0.00 | -- |
| Conversion | Series E Preferred Stock | 1,099,378 | $0.00 | -- |
| Conversion | Series F Preferred Stock | 1,337,337 | $0.00 | -- |
| Conversion | Series F-1 Preferred Stock | 452,528 | $0.00 | -- |
| Conversion | Convertible Promissory Note | 96,068 | $0.00 | -- |
| Conversion | Common Stock | 1,248,939 | $0.00 | -- |
| Conversion | Common Stock | 833,075 | $0.00 | -- |
| Conversion | Common Stock | 4,615,542 | $0.00 | -- |
Footnotes (1)
- Each share of Series C preferred stock automatically converted into approximately 0.5764 shares of Heartflow, Inc.'s ("Heartflow") common stock immediately prior to the closing of Heartflow's initial public offering. These shares are reported on Table II herein on an as-converted basis. HealthCor Partners Fund, L.P. ("HCP Fund") is a private investment partnership which is the direct beneficial owner of the securities reported herein. The shares held by HCP Fund may be deemed to be beneficially owned by HealthCor Partners L.P. ("HCPLP"), its general partner, and by HealthCor Partners GP, LLC ("HCPGP"), the general partner of HCPLP. Each of HCPLP and HCPGP hereby disclaims any beneficial ownership of shares held by HCP Fund except to the extent of any pecuniary interest therein Each share of Series D preferred stock automatically converted into approximately 0.6467 shares of Heartflow's common stock immediately prior to the closing of Heartflow's initial public offering. These shares are reported on Table II herein on an as-converted basis. HealthCor Partners Fund II, L.P. ("HCPII Fund") is a private investment partnership which is the direct beneficial owner of the securities reported herein. The shares held by HCPII Fund may be deemed to be beneficially owned by HealthCor Partners II L.P. ("HCP2LP"), its general partner, and by HCPGP, the general partner of HCP2LP. Each of HCP2LP and HCPGP hereby disclaims any beneficial ownership of shares held by HCPII Fund except to the extent of any pecuniary interest therein Each share of Series E preferred stock automatically converted into approximately 0.6951 shares of Heartflow's common stock immediately prior to the closing of Heartflow's initial public offering. These shares are reported on Table II herein on an as-converted basis. Each share of Series F preferred stock and Series F-1 preferred stock automatically converted into approximately 0.3425 shares of Heartflow's common stock immediately prior to the closing of Heartflow's initial public offering. These shares are reported on Table II herein on an as-converted basis. Upon the closing of Heartflow's initial public offering, the convertible promissory notes automatically converted into shares of Heartflow's common stock at a conversion price of 80% of the price per share in Heartflow's initial public offering, subject to a valuation ceiling of $2.0 billion. The shares of common stock that were issuable upon conversion of the convertible promissory note had no expiration date. These shares are reported in Table II herein on an as-converted basis. HCPCIV 1, LLC ("HCPCIV") is a private investment limited liability company which is the direct beneficial owner of the securities reported herein. The shares held by HCPCIV may be determined to be beneficially owned by HCP2LP, its managing member, and by HCPGP. Each of HCP2LP and HCPGP hereby disclaims any beneficial ownership of shares held by HCPCOV except to the extent of any pecuniary interest therein. HealthCor Partners Management, L.P. is the investment manager for each of HCP Fund, HCPH Fund, and HCPCIV and has voting and investment discretion with respect to such entities' securities reported herein. HealthCor Partners Management, L.P. hereby disclaims any beneficial ownership of shares held by HCP Fund, HCPH Fund, and HCPCIV except to the extent of any pecuiary interest therein.
