Hinge Health第二季扭虧為盈 收入大增53%至2.128億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________
Commission file number 001-42657
_________________________________________________________
Hinge Health, Inc.
(Exact name of registrant as specified in its charter)
_________________________________________________________

Delaware81-1884841
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

455 Market Street, Suite 700
San Francisco, California
94105

(Address of Principal Executive Offices)(Zip Code)

(415) 726-2206
Registrant’s telephone number, including area code
_________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.00001 per share
HNGENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer ☐ 
Non-accelerated filer☒
Smaller reporting company ☐
Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 29, 2026, the registrant had 62,468,721 shares of Class A common stock, $0.00001 par value per share, and 18,225,696 shares of Class B common stock, $0.00001 par value per share, outstanding.

Table of Contents

Page
Cautionary Note Regarding Forward-Looking Statements
ii

Risk Factor Summary
iv

Glossary of Terms
vi

PART I
FINANCIAL INFORMATION
1

Item 1.
Financial Statements (Unaudited)
1

Condensed Consolidated Balance Sheets
1

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity 
3

Condensed Consolidated Statements of Cash Flows
5

Notes to Unaudited Condensed Consolidated Financial Statements
6

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
26

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
42

Item 4.
Controls and Procedures
42

PART II
OTHER INFORMATION
44

Item 1.
Legal Proceedings
44

Item 1A.
Risk Factors
44

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
104

Item 3.
Defaults Upon Senior Securities
104

Item 4.
Mine Safety Disclosures
104

Item 5.
Other Information
104

Item 6.
Exhibits
106

Signatures

i

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q for the three months ended June 30, 2026 (this “Quarterly Report”) contains “forward-looking statements” within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements established by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this Quarterly Report, and generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:
•our ability to attract and retain clients;
•our ability to attract, enroll, and retain members;
•our ability to attract and maintain relationships with partners;
•our ability to estimate the size of our target market;
•the demand for musculoskeletal (“MSK”) pain treatment and prevention solutions in general, and the demand for our platform in particular;
•our ability to enhance our platform and programs or develop new programs, capabilities, features, and products, including HingeSelect, our high-performance provider network for MSK care and our Migraine Care Program, offering rapid drug-free pain relief, personalized trigger management, and proactive prevention;
•our expectations regarding the acceptance of remote care;
•our ability to successfully develop, launch, and scale our Migraine Care Program, achieve clinical validation of such program, and drive adoption among employers and health plan partners;
•our ability to offer high-quality programs to our members;
•expectations regarding the performance of our AI-driven platform and the ability of technology and artificial intelligence (“AI”) to help deliver effective care;
•expectations regarding the ability of AI to provide support for our care team;
•our ability to deliver a return on investment for our clients and positive outcomes for our members;
•our ability to compete successfully in our competitive market;
•our ability to contract with qualified licensed health professionals;
•our ability to maintain high ratings and reviews of our platform;
•our future financial performance, including revenue, cost of revenue, and gross profit;
•our ability to achieve or maintain profitability;
•our ability to protect our brand;
•our ability to comply with the regulatory requirements of the U.S. Food and Drug Administration (“FDA”), or applicable foreign regulatory authorities for our current or future products;
•our expectations regarding our sales and marketing efforts and investments, including our go-to-market strategy;
•our ability to successfully execute on our growth initiatives, business strategies, or operating plans;
•our ability to attract and retain key personnel and highly-qualified personnel;
•our ability to develop, maintain, and protect our intellectual property;
•our ability to expand into new markets and to effectively manage our international growth and operations;
ii

•our ability to protect our client and member information in compliance with privacy and data protection laws;
•our ability to comply with changing laws and regulations;
•changes in the healthcare regulatory environment, particularly in states where new regulations regarding telehealth and the use of AI in healthcare are being enacted;
•our expectations regarding the increased expenses associated with being a public company;
•our expectations regarding the period during which we qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 ("JOBS Act");
•our expectations and management of future growth;
•the impact from future regulatory, judicial, and legislative changes or developments that may affect our clients or our business;
•our plans with respect to our share repurchase program; and
•the risks related to our Class A common stock and our dual class common stock structure.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report primarily on management’s current expectations and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects, based on information available to us at the time such statements are made. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part II, Item 1A, “Risk Factors,” within this Quarterly Report, as well as those risks and uncertainties, set forth from time to time in our reports and other documents filed with the U.S. Securities and Exchange Commission (the “SEC”).
Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
We undertake no obligation to update any forward-looking statements made in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect new information or the occurrence of unanticipated events, except as required by law or the listing rules of The New York Stock Exchange (“NYSE”). We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
iii

RISK FACTOR SUMMARY
Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled “Risk Factors” contained within this Quarterly Report. These risks could materially and adversely impact our business, results of operations, and financial condition which could cause the trading price of our Class A common stock to decline and could result in a loss of all or part of your investment. Additional risks, beyond those summarized below or discussed elsewhere in this Quarterly Report, may apply to our business, activities or operations as currently conducted or as we may conduct them in the future or in the markets in which we operate or may operate in the future. These risks include, but are not limited to, the following:
•We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to achieve or maintain profitability. Although we have experienced rapid growth recently, if we fail to effectively manage our growth, we may be unable to execute our business plan and adequately address competitive challenges, and our business, results of operations, and financial condition could be materially adversely affected.
•We may be unable to successfully execute on our growth initiatives, business strategies, or operating plans.
•We have a limited operating history, which makes it difficult for you to evaluate our business, future prospects, and your investment, and makes it difficult to predict our future results of operations.
•Our results of operations have fluctuated in the past and may continue to fluctuate in the future on a quarterly and annual basis. If we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.
•If we are unable to attract new clients, if existing clients do not renew their agreements or renew on less favorable terms, or if we do not achieve our performance guarantees, it could have a material adverse effect on our business, results of operations, and financial condition.
•If we fail to retain existing members or add new members, our revenue, business, results of operations, and financial condition may be materially adversely affected.
•A substantial portion of our client relationships are contracted through a limited number of health plans and other partners. If we are unable to establish, maintain, or grow these relationships over time or if the partners refer business to our competitors instead, we are likely to lose a portion of our clients, which could have a material adverse effect on our business, results of operations, and financial condition.
•Our increasing reliance on AI and machine learning technologies may expose us to significant risks, including development and deployment challenges, regulatory uncertainties, and potential third-party claims, which could adversely affect our reputation, business, results of operations, and financial condition.
•We may be unable to establish, maintain, protect, and enforce our intellectual property and proprietary rights or prevent third parties from making unauthorized use of our technology, or we may in the future become subject to claims of infringement, misappropriation, or violation of third parties’ intellectual property rights. Our failure to protect our intellectual property and any potential intellectual property infringement claims could harm our brand, devalue our proprietary content, and affect our ability to compete effectively.
•Our business operates in a highly regulated industry and changes over time in regulations, or the implementation of existing regulations, could affect our operations and subject us to increased compliance costs and liabilities.
•We and our affiliated professional entities are subject to federal, state, and foreign healthcare laws and regulations, and a finding of failure to comply with such laws and regulations could have a material adverse effect on our business.
•Legislative or regulatory healthcare reform measures may make it more difficult and costly to operate our business, or to do so profitably. Accordingly, such legislative or regulatory healthcare reform measures may have a material adverse effect on our business, results of operations, and financial condition.
•Our Enso device is subject to extensive government regulation. We may not receive, or may be delayed in receiving, the necessary marketing authorizations or certifications for modifications to our Enso device or any device products (including new device products) we may offer, and failure to timely obtain necessary marketing authorizations or certifications for any medical devices we may offer could have a material adverse effect on our business, results of operations, and financial condition.
iv

•We are expanding into migraine care, a new therapeutic area for us, and our Migraine Care Program may not achieve the clinical outcomes, member engagement, or commercial success we anticipate.
•The FDA may modify its enforcement policies with respect to medical software products, and our programs may become subject to extensive regulatory requirements, which may increase the cost of conducting, or otherwise harm, our business.
•The price of our Class A common stock may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors.
•The dual class structure of our common stock concentrates voting control with the holders of our Class B common stock, including Daniel Perez and Gabriel Mecklenburg (our “Founders”) and their affiliates. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring stockholder approval.
v

GLOSSARY OF TERMS
The following are abbreviations, acronyms, and definitions of certain terms used in this Quarterly Report:

TermDefinition
Calculated BillingsTotal revenue, plus the change in deferred revenue, less the change in contract assets for the period.
ClientsBusinesses or organizations, which we call entities, that have at least one active agreement with us at the end of a particular period. Entities that procure our platform through our partners are counted as individual clients. We do not count our partners as clients unless they also separately have at least one active client agreement with us. When a partner has an agreement with us for their fully-insured population, that partner is deemed to be one client, despite there being multiple fully-insured employers within that partner that have access to our platform.
Contracted LivesIndividuals within our contracted clients who have, or will have, the ability to enroll in our programs, typically employees and their adult dependents. Contracted lives include individuals within contracted clients that have not yet launched our platform, and thus such individuals are not yet eligible to be billed. Contracted lives include eligible lives.
Electronic Health Records (“EHR”)Collection of patient health records electronically stored in a digital format.
Eligible LivesIndividuals within our clients that have launched our platform, and thus such individuals have the ability to enroll in our programs and are eligible to be billed. Eligible lives are a subgroup of our contracted lives.
Fully-Insured EmployersEmployers that pay a group health insurance provider for the employees enrolled in the insurance provider’s health plan, and the insurance provider is responsible for those employees’ medical claims.
HingeConnectA proprietary AI-driven database that integrates external EHRs and other data sources into Hinge Health’s technology platform for member identification and engagement. HingeConnect informs and enables highly personalized care and coordination with external providers.
LTM Average Eligible LivesThe average number of eligible lives calculated as the sum of eligible lives as of the first quarter and eligible lives as of the end of the last quarter in a given 12-month period, divided by two.
Medicare AdvantageHealth plan for people aged 65 and older and others who are participating in Medicare that is managed by private insurance companies that contract with the U.S. Centers for Medicare and Medicaid Services (“CMS”). These private insurance companies receive a set payment from CMS, administer benefits, and bear the financial risk of claims made by plan beneficiaries.
MemberAn eligible life, including employees and adult dependents of our clients, who has engaged with our platform at any point and whose engagement has been billed or is contractually eligible to be billed.
MSKMusculoskeletal system, which refers to the performance of the locomotor system composed of intact muscles, bones, joints, and adjacent connective tissues.
PartnersHealth plans, Pharmacy Benefit Managers (“PBMs”), Third-Party Administrators (“TPAs”), and other ecosystem entities such as centers of excellence and healthcare navigation companies.
Pharmacy Benefit Managers (“PBMs”)Third-party companies that act as an intermediary between insurance providers and pharmaceutical companies.
Self-Insured EmployersEmployers who bear the financial risk of medical claims for their employees and their dependents and utilize health plans for their administrative services only.
Third-Party Administrator (“TPA”)Company or organization that collects and processes insurance claims and delivers support for health plans and employers.

vi

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

HINGE HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value data)
(unaudited)

June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$286,224 $207,995 
Short-term marketable securities103,167 155,867 
Accounts receivable, net of allowance for credit losses of $6,706 and $6,092 as of June 30, 2026 and December 31, 2025, respectively
125,432 66,061 
Deferred commissions43,440 31,344 
Inventory16,769 15,636 
Prepaid expenses and other current assets68,321 57,001 
Total current assets643,353 533,904 
Long-term marketable securities84,742 113,172 
Goodwill64,096 64,096 
Intangible assets, net2,063 2,512 
Property, equipment and software, net12,745 10,490 
Operating lease right-of-use assets5,027 6,861 
Other assets15,372 13,726 
Total assets$827,398 $744,761 
Liabilities, redeemable convertible preferred stock and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities$60,719 $57,331 
Operating lease liabilities4,254 4,223 
Deferred revenue416,466 300,855 
Total current liabilities481,439 362,409 
Operating lease liabilities, noncurrent1,631 3,816 
Total liabilities483,070 366,225 
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock:
Redeemable convertible preferred stock, $0.00001 par value; 4,330,341 shares of Series E authorized as of June 30, 2026 and December 31, 2025; 0 shares and 2,581,837 shares of Series E preferred stock issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of $0 and $200,000 as of June 30, 2026 and December 31, 2025, respectively
— 199,874 
Stockholders’ equity:
Class A common stock, $0.00001 par value: 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 60,859,919 shares and 55,883,690 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Class B common stock, $0.00001 par value: 120,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 19,340,869 shares and 23,287,614 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Additional paid-in capital1,316,870 1,229,678 
Accumulated other comprehensive loss(364)(20)
Accumulated deficit(972,178)(1,050,996)
Total stockholders’ equity344,328 178,662 
Total liabilities, redeemable convertible preferred stock and stockholders’ equity$827,398 $744,761 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1

HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$212,817 $139,098 $395,124 $262,923 
Cost of revenue28,868 41,335 56,942 64,927 
Gross profit183,949 97,763 338,182 197,996 
Operating expenses:
Research and development34,057 279,962 64,395 303,462 
Sales and marketing81,408 147,228 150,210 193,944 
General and administrative28,044 251,244 51,068 268,125 
Total operating expenses143,509 678,434 265,673 765,531 
Income (loss) from operations40,440 (580,671)72,509 (567,535)
Other income:
Other income, net3,990 4,694 7,863 9,695 
Net income (loss) before income taxes44,430 (575,977)80,372 (557,840)
Provision for (benefit from) income taxes740 (326)1,554 672 
Net income (loss)$43,690 $(575,651)$78,818 $(558,512)
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment— — — 104,174 
Income allocated to participating securities(588)— (1,784)— 
Net income (loss) attributable to common stockholders$43,102 $(575,651)$77,034 $(454,338)
Net income (loss) attributable to common stockholders per share:
Basic$0.55 $(13.10)$0.98 $(15.05)
Diluted$0.52 $(13.10)$0.94 $(15.05)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic78,969 43,931 78,795 30,190 
Diluted83,424 43,931 82,344 30,190 

Net income (loss)$43,690 $(575,651)$78,818 $(558,512)
Other comprehensive income (loss):
Unrealized loss on marketable securities, net of taxes(16)(44)(344)(102)
Comprehensive income (loss)$43,674 $(575,695)$78,474 $(558,614)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY 
(in thousands, except share amounts)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalOther Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at March 31, 20262,581,837 $199,874 77,304,138 $— $1,127,902 $(348)$(1,015,868)$111,686 
Issuance of common stock upon exercise of options— — 205,890 — 270 — — 270 
Issuance of common stock in connection with the employee stock purchase plan— — 258,567 — 7,276 — — 7,276 
Issuance of common stock upon settlement of restricted stock units and performance-based restricted stock— — 554,920 — — — — — 
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units— — (223,405)— (11,499)— — (11,499)
Repurchase and retirement of common stock— — (481,159)— (26,449)— — (26,449)
Conversion of Series E preferred shares to common stock(2,581,837)(199,874)2,581,837 — 199,874 — — 199,874 
Stock-based compensation— — — — 19,496 — — 19,496 
Unrealized loss on marketable securities— — — — — (16)— (16)
Net income— — — — — — 43,690 43,690 
Balances at June 30, 2026— $— 80,200,788 $— $1,316,870 $(364)$(972,178)$344,328 

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalOther Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at March 31, 202548,150,146 $747,098 16,445,656 $— $197,310 $10 $(505,596)$(308,276)
Issuance of common stock upon exercise of options— — 120,657 — 159 — — 159 
Settlement of repurchase agreement(4,983,533)(200,694)4,150,200 — 150,694 — — 150,694 
Conversion of redeemable convertible preferred stock to Class B common stock in connection with the initial public offering(40,584,776)(346,530)40,584,776 — 346,530 — — 346,530 
Stock-based compensation expense— — — — 590,983 — — 590,983 
Issuance of Class A common stock pursuant to the initial public offering, net of issuance and offering costs— — 8,522,528 — 241,641 — — 241,641 
Issuance of common stock upon settlement of restricted stock units and performance-based restricted stock units— — 16,815,445 — — — — — 
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units— — (8,513,244)— (272,258)— — (272,258)
Unrealized loss on marketable securities— — — — — (44)— (44)
Net loss— — — — — — (575,651)(575,651)
Balances at June 30, 20252,581,837 $199,874 78,126,018 $— $1,255,059 $(34)$(1,081,247)$173,778 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY 
(in thousands, except share amounts)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalOther Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at December 31, 20252,581,837 $199,874 79,171,304 $— $1,229,678 $(20)$(1,050,996)$178,662 
Issuance of common stock upon exercise of options— — 487,457 — 680 — — 680 
Issuance of common stock in connection with the employee stock purchase plan— — 258,567 — 7,276 — — 7,276 
Issuance of common stock upon settlement of restricted stock units and performance-based restricted stock— — 1,062,552 — — — — — 
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units— — (426,258)— (19,791)— — (19,791)
Repurchase and retirement of common stock— — (2,934,671)— (132,287)— — (132,287)
Conversion of Series E preferred shares to common stock(2,581,837)(199,874)2,581,837 — 199,874 — — 199,874 
Stock-based compensation— — — — 31,440 — — 31,440 
Unrealized loss on marketable securities— — — — — (344)— (344)
Net income— — — — — — 78,818 78,818 
Balances at June 30, 2026— $— 80,200,788 $— $1,316,870 $(364)$(972,178)$344,328 

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalOther Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at December 31, 202448,150,146 $851,272 16,379,906 $— $88,097 $68 $(522,735)$(434,570)
Issuance of common stock upon exercise of options— — 186,407 — 256 — — 256 
Proceeds from repayment of recourse loans for settlement of restricted units— — — — 4,935 — — 4,935 
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment— (104,174)— — 104,174 — — 104,174 
Settlement of repurchase agreement(4,983,533)(200,694)4,150,200 — 150,694 — — 150,694 
Conversion of redeemable convertible preferred stock to Class B common stock in connection with the initial public offering(40,584,776)(346,530)40,584,776 — 346,530 — — 346,530 
Stock-based compensation expense— — — — 590,990 — — 590,990 
Issuance of Class A common stock pursuant to the initial public offering, net of issuance and offering costs— — 8,522,528 — 241,641 — — 241,641 
Issuance of common stock upon settlement of restricted stock units and performance-based restricted stock units— — 16,815,445 — — — — — 
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units— — (8,513,244)— (272,258)— — (272,258)
Unrealized loss on marketable securities— — — — — (102)— (102)
Net loss— — — — — — (558,512)(558,512)
Balances at June 30, 20252,581,837 $199,874 78,126,018 $— $1,255,059 $(34)$(1,081,247)$173,778 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

Six Months Ended June 30,
20262025
Operating activities:
Net income (loss)$78,818 $(558,512)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization2,234 2,646 
Stock-based compensation30,784 590,990 
Amortization of deferred commissions35,290 19,870 
Accretion of discounts and amortization of premiums on marketable securities, net704 326 
Non-cash operating lease expense1,834 1,688 
Provision for credit losses1,613 2,780 
Deferred income taxes13 96 
Other(1)(2)
Changes in operating assets and liabilities:
Accounts receivable(60,984)(59,584)
Deferred commissions(49,079)(27,650)
Inventory(1,132)(3,114)
Prepaid expenses and other current assets(11,320)(6,609)
Other assets(327)(485)
Accounts payable and accrued liabilities2,592 6,997 
Operating lease liabilities(2,154)(1,792)
Deferred revenue115,611 57,505 
Net cash provided by operating activities144,496 25,150 
Investing activities:
Purchase of property and equipment(206)(248)
Capitalized internal use software(3,178)(2,336)
Purchases of marketable securities(89,877)(175,282)
Maturities of marketable securities169,960 164,556 
Acquisition of a business— (4,000)
Net cash provided by (used in) investing activities76,699 (17,310)
Financing activities:
Proceeds from exercise of common stock options680 256 
Issuance of common stock in connection with the employee stock purchase plan7,276 — 
Proceeds from issuance of common stock in initial public offering, net of issuance costs— 255,675 
Repurchase and retirement of common stock(131,491)— 
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units(19,791)(272,258)
Payment on Repurchase Agreement with Coatue— (50,000)
Proceeds from repayment of non-recourse loans to employees— 4,934 
Payments for deferred offering costs— (10,061)
Net cash used in financing activities(143,326)(71,454)
Net increase (decrease) in cash, cash equivalents, and restricted cash77,869 (63,614)
Cash, cash equivalents, and restricted cash, beginning of period209,796 302,586 
Cash, cash equivalents, and restricted cash, end of period$287,665 $238,972 

Reconciliation of cash, cash equivalents, and restricted cash to the unaudited condensed consolidated balance sheets:
Cash and cash equivalents$286,224 $237,170 
Restricted cash1,441 1,802 
Total cash, cash equivalents, and restricted cash$287,665 $238,972 

Supplemental cash flow information:
Cash paid for income taxes$1,357 $199 
Supplemental disclosures of noncash investing and financing activities:
Stock-based compensation capitalized in internal-use software$656 $— 
Unpaid deferred offering costs at period end$— $538 
Right-of-use assets obtained in exchange for lease obligation$— $686 
Conversion of redeemable convertible preferred stock for Coatue in connection with initial public offering$— $150,694 
Conversion of redeemable convertible preferred stock for all other in connection with initial public offering$— $346,530 
Conversion of redeemable convertible preferred stock Series E to common stock$199,874 $— 
Unpaid excise tax at the end of the period on repurchase and retirement of common stock included in additional-paid in capital$796 $— 
Adjustment to reflect deemed contribution from Series D and E redeemable convertible preferred stock extinguishment$— $104,174 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Hinge Health, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1.    Description of Business
Hinge Health, Inc. and its subsidiaries and consolidated professional corporations (collectively “Hinge Health” or the “Company”) is focused on scaling and automating the delivery of health care, starting with musculoskeletal conditions. Leveraging an AI-powered care model, wearable devices, and access to expert clinicians, Hinge Health delivers personalized, evidence-based care that helps people move beyond pain, improving member outcomes and experiences and reducing costs for clients. The Company’s clients are primarily self-insured employers. The Company’s members represent an eligible life who has engaged with the Company’s platform at any point and whose engagement has