Place cream cheese in a bowl; let stand at room temperature to soften slightly. Stir in extract until blended. Tint mixture pink or red as desired. Gradually mix in half of the confectioners’ sugar.
On a work surface, knead in remaining confectioners’ sugar until smooth. Divide mixture into three portions; roll each to 1/4-in. thickness. (Flour or additional confectioners' sugar is not necessary for rolling.)
Cut candy with a 1-in. heart-shaped cookie cutter. Store between layers of waxed paper in an airtight container in the refrigerator.