Butterfly Network(BFLY) - 2025 Q2 - Quarterly Report

Cautionary Statement Regarding Forward-Looking Statements Outlines forward-looking statements, their reliance on management's beliefs, and inherent uncertainties - The report contains forward-looking statements based on management's beliefs and assumptions, relating to future events or financial performance, including plans, strategies, and prospects[9] - Key areas of forward-looking statements include product development, regulatory authorization, market competition, market size and growth, financial estimates, and the ability to attract and retain customers[12] - These statements are subject to inherent risks, uncertainties, and assumptions, detailed in the 'Risk Factors' section of the 2024 Annual Report on Form 10-K and this 10-Q[10][11] Part I — Financial Information Presents unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results Item 1. Financial Statements Presents unaudited condensed consolidated financial statements, including balance sheets, operations, equity, and cash flows Condensed Consolidated Balance Sheets (Unaudited) Provides a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' equity | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Assets | | | | | | Total current assets | $253,747 | $192,613 | $61,134 | 31.7% | | Total assets | $313,278 | $256,082 | $57,196 | 22.3% | | Liabilities | | | | | | Total current liabilities | $44,666 | $48,215 | $(3,549) | -7.4% | | Total liabilities | $80,472 | $87,250 | $(6,778) | -7.8% | | Stockholders' Equity | | | | | | Total stockholders' equity | $232,806 | $168,832 | $63,974 | 37.9% | - The increase in total current assets was primarily driven by a significant increase in cash and cash equivalents from $88,800 thousand to $148,136 thousand[15] - The increase in total stockholders' equity is largely due to an increase in additional paid-in capital from $970,900 thousand to $1,062,700 thousand, partially offset by an accumulated deficit[15] Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Details the company's financial performance, including revenue, gross profit, and net loss, for the reported periods | Metric (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Change | % Change | | :---------------------------------- | :------------------------------- | :------------------------------- | :----- | :------- | | Total revenue | $23,383 | $21,487 | $1,896 | 8.8% | | Gross profit | $14,891 | $12,586 | $2,305 | 18.3% | | Loss from operations | $(16,100) | $(17,232) | $1,132 | -6.6% | | Net loss and comprehensive loss | $(13,834) | $(15,706) | $1,872 | -11.9% | | Net loss per common share (basic and diluted) | $(0.06) | $(0.07) | $0.01 | -14.3% | | Metric (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change | % Change | | :---------------------------------- | :------------------------------- | :------------------------------- | :----- | :------- | | Total revenue | $44,608 | $39,143 | $5,465 | 14.0% | | Gross profit | $28,272 | $22,863 | $5,409 | 23.7% | | Loss from operations | $(34,566) | $(39,852) | $5,286 | -13.3% | | Net loss and comprehensive loss | $(27,801) | $(37,467) | $9,666 | -25.8% | | Net loss per common share (basic and diluted) | $(0.12) | $(0.18) | $0.06 | -33.3% | - The company reported a reduced net loss for both the three and six months ended June 30, 2025, compared to the prior year periods, driven by increased revenue and improved gross profit[17] Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Outlines changes in stockholders' equity, reflecting share offerings, stock compensation, and net loss | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :---------------------------------- | :------------ | :---------------- | :----- | | Total Stockholders' Equity | $232,806 | $168,832 | $63,974 | - For the six months ended June 30, 2025, stockholders' equity increased significantly, primarily due to $81,000 thousand in net proceeds from a share offering and $12,148 thousand in stock-based compensation expense, partially offset by a net loss of $27,801 thousand[22] - The number of Class A common shares issued and outstanding increased from 188,626,154 at December 31, 2024, to 224,609,833 at June 30, 2025, largely due to the public share offering[15][22] Condensed Consolidated Statements of Cash Flows (Unaudited) Presents the company's cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :----- | | Net cash used in operating activities | $(18,844) | $(30,667) | $11,823 | | Net cash used in investing activities | $(1,249) | $(1,837) | $588 | | Net cash provided by financing activities | $79,454 | $0 | $79,454 | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $59,361 | $(32,504) | $91,865 | | Cash, cash equivalents, and restricted cash, end of period | $152,151 | $106,146 | $46,005 | - Net cash used in operating activities decreased by $11,823 thousand, primarily due to an $8,594 thousand improvement in net loss adjusted for non-cash items and a $3,229 thousand improvement in net working capital cash usage[125] - Net cash provided by financing activities significantly increased by $79,454 thousand, mainly from $81,000 thousand in net proceeds from a public share offering in January 2025[127] Notes to Condensed Consolidated Financial Statements (Unaudited) Provides detailed explanations and additional information supporting the condensed consolidated financial statements Note 1. Organization and Description of Business Describes the company's core business as a digital health entity and its global operational structure - Butterfly Network, Inc. is a digital health business focused on transforming care through portable, semiconductor-based ultrasound technology, intuitive software, and educational offerings[28] - The company operates wholly-owned subsidiaries in the United States, Australia, Germany, the Netherlands, Taiwan, and the United Kingdom[29] Note 2. Summary of Significant Accounting Policies Outlines the key accounting principles and methods used in preparing the financial statements - The financial statements are prepared in accordance with U.S. GAAP and SEC interim reporting rules, with certain disclosures condensed or omitted[30] - The company operates in one reportable segment, with the CEO reviewing consolidated net loss for performance evaluation and resource allocation[35] - Operating expenses classified as 'other' include costs related to business transformation, reductions in force, litigation, and legal settlements[40] Other Operating Expenses (in thousands) | Other Operating Expenses (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Employment-related expenses | $488 | $26 | $520 | $(30) | | Legal-related expenses | $1,499 | $580 | $2,171 | $1,994 | | Total other | $1,987 | $606 | $2,691 | $1,964 | Note 3. Revenue Recognition Details revenue streams by product type, geographical market, and remaining performance obligations Revenue by Product Type (in thousands) | Revenue by Product Type (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Hardware | $16,621 | $14,648 | $30,785 | $25,939 | | Software and other services | $6,762 | $6,839 | $13,823 | $13,204 | | Total revenue | $23,383 | $21,487 | $44,608 | $39,143 | Revenue by Geographical Market (in thousands) | Revenue by Geographical Market (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | United States | $17,540 | $17,039 | $34,579 | $30,775 | | International | $5,843 | $4,448 | $10,029 | $8,368 | | Total revenue | $23,383 | $21,487 | $44,608 | $39,143 | - As of June 30, 2025, the company had $40,500 thousand in remaining performance obligations, with 50% expected to be recognized as revenue in the next twelve months[46] Note 4. Fair Value of Financial Instruments Explains the fair value measurement hierarchy and presents the fair value of financial instruments - The company measures fair value using a three-tier hierarchy (Level 1: quoted prices in active markets, Level 2: observable inputs for similar assets/liabilities, Level 3: unobservable inputs)[48][53] Warrants (in thousands) | Warrants (in thousands) | June 30, 2025 (Total) | June 30, 2025 (Level 1) | June 30, 2025 (Level 2) | December 31, 2024 (Total) | December 31, 2024 (Level 1) | December 31, 2024 (Level 2) | | :---------------------- | :-------------------- | :---------------------- | :---------------------- | :------------------------ | :-------------------------- | :-------------------------- | | Public Warrants | $828 | $828 | $— | $1,794 | $1,794 | $— | | Private Warrants | $411 | $— | $411 | $891 | $— | $891 | | Total liabilities at fair value | $1,239 | $828 | $411 | $2,685 | $1,794 | $891 | - No warrants were exercised during the three and six months ended June 30, 2025 and 2024[50] Note 5. Inventories Provides a breakdown of inventory by type and highlights changes in total inventory levels Inventory Type (in thousands) | Inventory Type (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Raw materials | $47,200 | $47,642 | | Work-in-progress | $4,940 | $4,736 | | Finished goods | $16,767 | $18,411 | | Total inventories | $68,907 | $70,789 | - Total inventories decreased slightly from $70,789 thousand at December 31, 2024, to $68,907 thousand at June 30, 2025[54] Note 6. Property and Equipment, Net Details the company's property and equipment, net of accumulated depreciation and amortization Property and Equipment (in thousands) | Property and Equipment (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Property and equipment, gross | $47,918 | $46,415 | | Less: accumulated depreciation and amortization | $(30,589) | $(26,897) | | Property and equipment, net | $17,329 | $19,518 | - Net property and equipment decreased by $2,189 thousand from December 31, 2024, to June 30, 2025, primarily due to increased accumulated depreciation and amortization[55] Note 7. Restricted Cash Presents the composition of cash, cash equivalents, and restricted cash, including collateral for leases Restricted Cash (in thousands) | Restricted Cash (in thousands) | June 30, 2025 | June 30, 2024 | | :----------------------------- | :------------ | :------------ | | Cash and cash equivalents | $148,136 | $102,051 | | Restricted cash (current) | $0 | $80 | | Restricted cash (non-current) | $4,015 | $4,015 | | Total cash, cash equivalents and restricted cash | $152,151 | $106,146 | - Restricted cash of $4,015 thousand is held as collateral for an office lease and is classified as a non-current asset[56] - Restrictions on cash related to an agreement with the Bill & Melinda Gates Foundation lapsed as of December 31, 2024[56] Note 8. Accrued Expenses and Other Current Liabilities Details the components of accrued expenses and other current liabilities, including warranty activity Accrued Expenses (in thousands) | Accrued Expenses (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------ | :------------ | :---------------- | | Employee compensation | $5,485 | $11,192 | | Professional fees | $3,923 | $2,015 | | Total accrued expenses and other current liabilities | $24,334 | $27,695 | Warranty Expense Activity (in thousands) | Warranty Expense Activity (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Balance, beginning of period | $735 | $644 | $1,023 | $697 | | Warranty provision charged to operations | $495 | $387 | $462 | $483 | | Warranty claims | $(314) | $(219) | $(569) | $(368) | | Balance, end of period | $916 | $812 | $916 | $812 | Note 9. Stockholders' Equity Discusses changes in stockholders' equity, including share offerings, stock option, RSU activity, and compensation - On January 31, 2025, the company completed a public offering of 27,600,000 Class A common shares, generating net proceeds of $81,000 thousand[58] Stock Option Activity | Stock Option Activity | Number of Options | | :-------------------- | :---------------- | | Outstanding at December 31, 2024 | 6,560,736 | | Exercised | (179,503) | | Forfeited | (324,195) | | Outstanding at June 30, 2025 | 6,057,038 | Restricted Stock Unit Activity | Restricted Stock Unit Activity | Number of RSUs | | :----------------------------- | :------------- | | Outstanding at December 31, 2024 | 21,250,230 | | Granted | 8,581,432 | | Vested | (7,993,382) | | Forfeited | (1,386,789) | | Outstanding at June 30, 2025 | 20,451,491 | - During Q2 2025, 400,000 RSUs of a departing employee had their vesting accelerated, resulting in $500 thousand incremental stock-based compensation expense[63] Stock-Based Compensation Expense (in thousands) | Stock-Based Compensation Expense (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total stock-based compensation expense | $5,864 | $5,858 | $12,148 | $11,383 | Note 10. Net Loss Per Share Explains basic and diluted net loss per share calculation, noting anti-dilutive common equivalent shares - Basic and diluted net loss per share were the same for all periods presented, as the inclusion of potential common shares would have been anti-dilutive[67] Net Loss Per Share (Basic and Diluted) | Net Loss Per Share (Basic and Diluted) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Class A and B common stockholders | $(0.06) | $(0.07) | $(0.12) | $(0.18) | Anti-Dilutive Common Equivalent Shares | Anti-Dilutive Common Equivalent Shares | June 30, 2025 | June 30, 2024 | | :------------------------------------- | :------------ | :------------ | | Outstanding options to purchase common stock | 6,057,038 | 7,022,739 | | Outstanding restricted stock units | 20,451,491 | 21,944,400 | | Outstanding employee stock purchase plan options | 1,949,593 | — | | Outstanding warrants | 20,652,690 | 20,652,690 | | Total anti-dilutive common equivalent shares | 49,110,812 | 49,619,829 | Note 11. 401(k) Retirement Plan Reports the company's expenses related to matching 401(k) contributions for the specified periods 401(k) Contributions (in thousands) | 401(k) Contributions (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Expenses for matching 401(k) contributions | $0.1 | $0.2 | $0.3 | $0.3 | Note 12. Commitments and Contingencies Details the company's lease costs, inventory purchase commitments, and ongoing legal proceedings - Total lease cost for the three and six months ended June 30, 2025, was $700 thousand and $1,400 thousand, respectively, primarily for operating leases[72] - As of June 30, 2025, the aggregate minimum inventory purchase commitments were $4,500 thousand, with a vendor advance asset of $2,700 thousand[73] - The company is involved in several legal proceedings, including a putative class action lawsuit and stockholder derivative actions, which it intends to vigorously defend against[76][77][78][79] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's perspective on financial condition, operations, key performance, revenue, expenses, and liquidity Overview Introduces Butterfly Network's business, strategic financial adjustments, and recent capital raise - Butterfly Network is a digital health company transforming care with portable, semiconductor-based ultrasound technology and cloud-connected software[81][82] - Since 2022, the company has reduced annual cash requirements by approximately $180,000 thousand to less than $50,000 thousand annually, aiming to extend its cash runway[83] - On January 31, 2025, the company raised $81,000 thousand in net proceeds from a public offering of Class A common stock to support revenue growth[83] Key Performance Measures Discusses changes in units fulfilled and the mix of software and other services revenue - Units fulfilled decreased by 5.1% for the three months ended June 30, 2025, compared to the prior year, due to lower US probe sales volume partially offset by international and Vet channel growth[87] - Software and other services mix decreased by 2.9 percentage points to 28.9% for the three months ended June 30, 2025, primarily reflecting increased product revenue[90] Description of Certain Components of Financial Data Explains the recognition and classification of revenue, cost of revenue, and operating expenses - Revenue includes product sales (devices, accessories, chips) and software/services (SaaS, support, SDKs, partnerships); product revenue is recognized at a point in time, while software/services are recognized over time[91] - Cost of product revenue includes manufacturing, personnel, freight, warranty, and inventory costs; cost of software and other services revenue includes personnel, cloud hosting, and payment processing fees[94][95] - Research and development expenses are primarily for new product/service development and improvements, expensed as incurred; sales and marketing expenses are for commercial capabilities, and general and administrative expenses cover personnel, insurance, patent fees, and professional services[96][97][98] - Operating expenses classified as 'other' are non-recurring, such as employee severance, business transformation, and litigation costs[99] Results of Operations Analyzes the company's financial performance, detailing revenue, gross profit, and operating expenses Comparison of the three months ended June 30, 2025 and 2024 Compares financial performance, including revenue and operating expenses, for the three-month periods | Metric (in thousands) | 2025 | 2024 | Change | % Change | | :-------------------- | :--- | :--- | :----- | :------- | | Product revenue | $16,621 | $14,648 | $1,973 | 13.5% | | Software and other services revenue | $6,762 | $6,839 | $(77) | -1.1% | | Total revenue | $23,383 | $21,487 | $1,896 | 8.8% | - Product revenue increased by 13.5% due to higher selling prices of the iQ3 probe and semiconductor chip deliveries, partially offset by lower US probe sales volume[102][103] - Cost of revenue as a percentage of revenue decreased from 41.4% to 36.3%, driven by a decrease in software amortization expense and manufacturing efficiency improvements[105] Operating Expense (in thousands) | Operating Expense (in thousands) | 2025 | 2024 | Change | % Change | | :------------------------------- | :--- | :--- | :----- | :------- | | Research and development | $8,315 | $9,411 | $(1,096) | -11.6% | | Sales and marketing | $11,559 | $9,728 | $1,831 | 18.8% | | General and administrative | $9,130 | $10,073 | $(943) | -9.4% | | Other | $1,987 | $606 | $1,381 | 227.9% | - Sales and marketing expenses increased by 18.8% due to investments in the sales force and marketing functions[107] - Other operating expenses increased significantly by 227.9% due to higher legal costs from litigation and employment-related costs[109] Comparison of the six months ended June 30, 2025 and 2024 Compares financial performance, including revenue and operating expenses, for the six-month periods | Metric (in thousands) | 2025 | 2024 | Change | % Change | | :-------------------- | :--- | :--- | :----- | :------- | | Product revenue | $30,785 | $25,939 | $4,846 | 18.7% | | Software and other services revenue | $13,823 | $13,204 | $619 | 4.7% | | Total revenue | $44,608 | $39,143 | $5,465 | 14.0% | - Product revenue increased by 18.7% due to higher iQ3 probe selling prices, increased international volume, and semiconductor chip deliveries[110] - Software and other services revenue increased by 4.7% driven by software subscription revenue and partnership revenues[111] - Cost of revenue as a percentage of revenue decreased from 41.6% to 36.6%, primarily due to decreased software amortization and manufacturing efficiencies[113] Operating Expense (in thousands) | Operating Expense (in thousands) | 2025 | 2024 | Change | % Change | | :------------------------------- | :--- | :--- | :----- | :------- | | Research and development | $18,239 | $20,131 | $(1,892) | -9.4% | | Sales and marketing | $23,179 | $20,106 | $3,073 | 15.3% | | General and administrative | $18,729 | $20,514 | $(1,785) | -8.7% | | Other | $2,691 | $1,964 | $727 | 37.0% | - Sales and marketing expenses increased by 15.3% due to higher personnel costs from investments in sales and marketing functions[115] Liquidity and Capital Resources Assesses cash position, capital raising activities, and ability to meet future financial obligations - As of June 30, 2025, cash and cash equivalents totaled $148,136 thousand, with $81,000 thousand raised from a public share offering in January 2025[119] - The company expects existing cash and cash flows from operations to be sufficient to meet liquidity, capital expenditure, and working capital requirements for at least the next 12 months[119] Material Cash Requirements (as of June 30, 2025, in millions) | Material Cash Requirements (as of June 30, 2025, in millions) | Total Obligation | Payable within 12 months | | :------------------------------------------------ | :--------------- | :----------------------- | | Fixed office lease payment obligations | $26.2 | $3.7 | | Fixed technology license payment obligations | $14.0 | $3.5 | | Fixed purchase obligations for inventory supply agreements (net of vendor advances) | $1.8 | $1.8 | | Fixed outsourced services payment obligations | $4.2 | $1.4 | Cash flows Analyzes the company's cash movements from operating, investing, and financing activities Cash Flow Activity (in thousands) | Cash Flow Activity (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :----- | | Net cash used in operating activities | $(18,844) | $(30,667) | $11,823 | | Net cash used in investing activities | $(1,249) | $(1,837) | $588 | | Net cash provided by financing activities | $79,454 | $0 | $79,454 | - Net cash used in operating activities decreased by $11,823 thousand, driven by improvements in net loss (adjusted for non-cash items) and net working capital cash usage[125] - Net cash provided by financing activities increased by $79,454 thousand, primarily due to $81,000 thousand from the public share offering in January 2025[127] Critical Accounting Policies and Significant Judgments and Estimates States no material changes to critical accounting policies and estimates - There have been no material changes to the critical accounting policies and estimates disclosed in the 2024 Annual Report on Form 10-K[129] Recently Adopted Accounting Pronouncements Indicates no significant impact from recently issued accounting pronouncements on the company's financials - The company did not identify any significant recently issued accounting pronouncements that may potentially impact its financial position and results of operations[130] Item 3. Quantitative and Qualitative Disclosures About Market Risk Discusses exposure to market risks, including interest rate, inflation, and foreign exchange risks - The company has no floating rate debt and its cash and cash equivalents are primarily in bank deposits and money market accounts, with low exposure to interest rate fluctuations[131] - Inflation has not had a material effect on the business, but the company acknowledges potential harm if higher costs from inflationary pressures cannot be offset[132] - Operating primarily in the U.S. with transactions in U.S. dollars, the company has limited foreign currency translation risk and has not utilized hedging strategies[133] Item 4. Controls and Procedures Details evaluation of disclosure controls and procedures and reports on internal control changes - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[136] - No changes in internal control over financial reporting occurred during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[137] Part II — Other Information Provides additional information on legal proceedings, risk factors, equity sales, and other disclosures Item 1. Legal Proceedings Refers to the detailed discussion of legal proceedings and claims within the financial statement notes - The company is involved in litigation and legal matters arising in the normal course of business, with outcomes inherently uncertain[139] - Further information on legal proceedings is incorporated by reference from Note 12 'Commitments and Contingencies' in Part I, Item 1[140] Item 1A. Risk Factors States no material changes to risk factors previously disclosed in the 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors described in the 2024 Annual Report on Form 10-K[141] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Reports no unregistered sales or issuer repurchases of equity securities during the period - No unregistered sales of equity securities occurred during the period[142] - The company did not repurchase any of its equity securities during the three months ended June 30, 2025[143] Item 5. Other Information Provides information on Rule 10b5-1 trading arrangements and new indemnification agreements - None of the company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[144] - On July 30, 2025, the board approved a new form of indemnification agreement for directors and certain officers, superseding previous agreements[146] - The new Indemnification Agreement provides for indemnification and expense advancement to the fullest extent permitted by law for losses incurred in connection with their status as a director or officer[147] Item 6. Exhibits Lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate documents, plans, and certifications - The exhibit index includes corporate governance documents (Certificate of Incorporation, Bylaws), executive compensation plans (Executive Severance Plan, Director Compensation Policy), and a new Form of Indemnification Agreement[151] - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included[151] - Inline XBRL documents for financial data are also part of the exhibits[151][152] Signatures Confirms the report's official signing by the Executive Vice President and Chief Financial & Operations Officer - The report was signed on behalf of Butterfly Network, Inc. by Heather C. Getz, CPA, Executive Vice President and Chief Financial & Operations Officer, on August 1, 2025[154][155][156]