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Heartflow, Inc.·4

Apr 30, 8:46 PM ET

Bain Capital Life Sciences Fund III, L.P. 4

Research Summary

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Heartflow (HTFL) 10% Owner Bain Capital Sells 2M Shares

What Happened Bain Capital Life Sciences Investors, LLC — reported as a 10% owner of Heartflow, Inc. (HTFL) — sold a total of 2,000,000 Heartflow shares in open-market transactions between April 28 and April 30, 2026, for aggregate proceeds of about $58.9 million. The filing breaks the sales into four tranches: 254,110 shares on 2026-04-28 (weighted average $30.51, proceeds $7,752,896), 797,133 shares on 2026-04-29 (weighted average $29.37, proceeds $23,411,796), 892,533 shares on 2026-04-30 (weighted average $29.18, proceeds $26,044,113), and 56,224 shares on 2026-04-30 (weighted average $30.05, proceeds $1,689,531). These were sales (transaction code S), which are typically routine dispositions rather than purchases that signal increased insider confidence.

Key Details

  • Transaction dates and reported weighted averages:
    • 2026-04-28: 254,110 shares, $30.51 (wtd avg); footnote F1 shows actual prices ranged $30.50–$31.46.
    • 2026-04-29: 797,133 shares, $29.37 (wtd avg); footnote F2 shows range $29.00–$29.69.
    • 2026-04-30: 892,533 shares, $29.18 (wtd avg); footnote F3 shows range $29.00–$29.995.
    • 2026-04-30: 56,224 shares, $30.05 (wtd avg); footnote F4 shows range $30.00–$30.19.
  • Total sold: 2,000,000 shares for approximately $58,898,336.
  • Shares owned after the transactions: not specified in the material provided.
  • Filing and ownership notes:
    • Filing date: 2026-04-30 covering trades from 2026-04-28 to 2026-04-30; the filing appears timely based on the provided dates.
    • Footnote F5/F6: the shares are held directly by BCLS Fund III Investments; Bain Capital Life Sciences Investors, LLC is part of the fund governance structure and disclaims beneficial ownership except for its pecuniary interest.
    • Footnotes indicate the reported prices are weighted averages; the filer offers to provide per-transaction price breakdowns on request.

Context

  • This is institutional selling by a reported 10% owner (a fund), not an individual corporate executive. Institutional sales can reflect portfolio rebalancing, fund liquidation, or other fund-level decisions and are not direct signals of insider sentiment about the company’s operations.
  • Transaction code S = Sale (open-market/private sale). There were no purchases, option exercises, awards, or gifts reported in this filing.

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