Medical device software developer Heartflow files for US IPO
The U.S. IPO market is witnessing a renewed vigor as investors return following months of sluggish activity triggered by trade policy uncertainty under President Donald Trump, earlier this year.
Heartflow will list on the Nasdaq under the symbol "HTFL".
J.P. Morgan, Morgan Stanley and Piper Sandler are among the underwriters for the offering.
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AI might feel like a lifeline when services are overstretched – and make no mistake, services are overstretched. Globally, in 2019 one in eight people were living with a mental illness and we face a dire shortage of trained mental health professionals. In Australia, there has been a growing mental health workforce shortage that is impacting access to trained professionals. Clinician time is one of the scarcest resources in healthcare. It's understandable (even expected) that people are looking for alternatives. Turning to a chatbot for emotional support isn't without risk however, especially when the lines between advice, reassurance and emotional dependence become blurred. Many psychologists, myself included, now encourage clients to build boundaries around their use of ChatGPT and similar tools. Its seductive 'always-on' availability and friendly tone can unintentionally reinforce unhelpful behaviours, especially for people with anxiety, OCD or trauma-related issues. Reassurance-seeking, for example, is a key feature in OCD and ChatGPT, by design, provides reassurance in abundance. It never asks why you're asking again. It never challenges avoidance. It never says, 'let's sit with this feeling for a moment, and practice the skills we have been working on'. Tran often reworded prompts until the model gave him an answer that 'felt right'. But this constant tailoring meant he wasn't just seeking clarity; he was outsourcing emotional processing. Instead of learning to tolerate distress or explore nuance, he sought AI-generated certainty. Over time, that made it harder for him to trust his own instincts. Beyond psychological concerns, there are real ethical issues. Information shared with ChatGPT isn't protected by the same confidentiality standards as registered Ahpra professionals. Although OpenAI states that data from users is not used to train its models unless permission is given, the sheer volume of fine print in user agreements often goes unread. Users may not realise how their inputs can be stored, analysed and potentially reused. There's also the risk of harmful or false information. These large language models are autoregressive; they predict the next word based on previous patterns. This probabilistic process can lead to 'hallucinations', confident, polished answers that are completely untrue. AI also reflects the biases embedded in its training data. Research shows that generative models can perpetuate and even amplify gender, racial and disability-based stereotypes – not intentionally, but unavoidably. Human therapists also possess clinical skills; we notice when a client's voice trembles, or when their silence might say more than words. This isn't to say AI can't have a place. Like many technological advancements before it, generative AI is here to stay. It may offer useful summaries, psycho-educational content or even support in regions where access to mental health professionals is severely limited. But it must be used carefully, and never as a replacement for relational, regulated care. Tran wasn't wrong to seek help. His instincts to make sense of distress and to communicate more thoughtfully were logical. However, leaning so heavily on to AI meant that his skill development suffered. His partner began noticing a strange detachment in his messages. 'It just didn't sound like you', she later told him. It turned out: it wasn't. She also became frustrated about the lack of accountability in his correspondence to her and this caused more relational friction and communication issues between them. As Tran and I worked together in therapy, we explored what led him to seek certainty in a chatbot. We unpacked his fears of disappointing others, his discomfort with emotional conflict and his belief that perfect words might prevent pain. Over time, he began writing his own responses, sometimes messy, sometimes unsure, but authentically his. Good therapy is relational. It thrives on imperfection, nuance and slow discovery. It involves pattern recognition, accountability and the kind of discomfort that leads to lasting change. A therapist doesn't just answer; they ask and they challenge. They hold space, offer reflection and walk with you, while also offering up an uncomfortable mirror. For Tran, the shift wasn't just about limiting his use of ChatGPT; it was about reclaiming his own voice. In the end, he didn't need a perfect response. He needed to believe that he could navigate life's messiness with curiosity, courage and care – not perfect scripts. Name and identifying details changed to protect client confidentiality Carly Dober is a psychologist living and working in Naarm/Melbourne In Australia, support is available at Beyond Blue on 1300 22 4636, Lifeline on 13 11 14, and at MensLine on 1300 789 978. In the UK, the charity Mind is available on 0300 123 3393 and Childline on 0800 1111. In the US, call or text Mental Health America at 988 or chat
