Form 4: Heartflow CMO Executes Stock Option Exercise and Sale

Chief Medical Officer Campbell Rogers exercised options and sold 9,219 shares of Heartflow, Inc. common stock.

Summary

• Campbell Rogers, Chief Medical Officer of Heartflow, Inc., exercised 9,219 stock options at a strike price of $19.00 per share.
• Following the exercise, the reporting person sold the 9,219 shares at a market price of $28.34 per share.
• The transactions were executed on May 18, 2026, pursuant to a Rule 10b5-1 trading plan adopted on December 12, 2025.
• Post-transaction, the reporting person maintains direct ownership of 78,731 shares of common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the transaction was conducted under a pre-established 10b5-1 plan and does not signal a change in the executive's outlook on the company.

Positives

• The transaction was pre-planned under a Rule 10b5-1 trading plan, indicating the sale was not based on non-public information.
• The reporting person retains a significant direct and indirect equity stake in the company.

Negatives

• The transaction represents a divestment of shares by a key member of the executive leadership team.

Risks

• Future vesting of remaining stock options is contingent upon the reporting person's continued service to the company.

Future Outlook

The filing does not provide forward-looking financial guidance, focusing solely on the reporting person's equity transactions.

Industry Context

StockSavvy.ai notes that routine insider selling via 10b5-1 plans is a standard practice for executives to manage personal liquidity and is generally viewed as neutral by the market, provided the volume of shares sold does not represent a significant portion of the insider's total holdings.

Comparison to Industry Standards

• The use of Rule 10b5-1 trading plans is the industry standard for corporate insiders to mitigate legal risks associated with selling company stock.
• The scale of the transaction is consistent with typical executive compensation and liquidity management patterns for mid-cap medical technology firms.

Stakeholder Impact

• Minimal impact on shareholders as the sale was pre-planned and represents a small portion of the executive's total beneficial ownership.

Next Steps

• Continued vesting of remaining stock options through August 7, 2029.

Key Dates

Keywords

Heartflow, HTFL, Insider Trading, Form 4, Stock Options, Executive Compensation