Form 4: Hinge Health Director's Venture Funds Sell Shares

Bessemer Venture Partners, linked to Hinge Health Director Elliott Robinson, sold over 244,000 shares of Class A Common Stock in late November 2025.

Summary

• Elliott Robinson, a Director and 10% Owner of Hinge Health, Inc. (HNGE), reported sales of Class A Common Stock by Bessemer Venture Partners X L.P. and Bessemer Venture Partners X Institutional L.P. (collectively, the "Bessemer Funds").
• On November 26, 2025, the Bessemer Funds sold a total of 200,000 shares (103,160 from BVP X and 96,840 from BVP X Inst) of Class A Common Stock at a weighted average price of $50.5040 per share.
• These shares were sold in multiple transactions at prices ranging from $50.00 to $51.35.
• On November 28, 2025, an additional 44,933 shares (23,176 from BVP X and 21,757 from BVP X Inst) were sold by the Bessemer Funds at a weighted average price of $50.1555 per share.
• These shares were sold in multiple transactions at prices ranging from $50.00 to $50.53.
• The total number of Class A Common Stock shares sold across both dates by the Bessemer Funds is 244,933.
• Mr. Robinson has an indirect, passive economic interest in the shares held by the Bessemer Funds and disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 4

Explanation: While the sales occurred at a seemingly good price, significant insider selling by an affiliated 10% owner and director can be perceived negatively by the market, suggesting a potential lack of confidence or a move to realize gains.

Positives

• The sales occurred at relatively strong prices, with weighted average prices of $50.5040 and $50.1555, potentially indicating a favorable market valuation for the shares at the time of sale.

Negatives

• Significant sales by entities affiliated with a director and 10% owner could be interpreted by the market as a reduction in exposure or a lack of confidence, potentially signaling a negative outlook.
• The total sale of 244,933 shares represents a notable reduction in the indirect holdings of a significant stakeholder.

Risks

• Market perception risk: Investors may view the sales by an affiliated 10% owner and director as a negative signal, potentially leading to downward pressure on the stock price.
• Reduced insider alignment: A decrease in holdings by a significant insider group could be seen as reducing their alignment with long-term shareholder interests.

Future Outlook

This Form 4 filing reports past insider transactions and does not provide forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• "The Reporting Person is a partner at Bessemer Venture Partners and has an indirect, passive economic interest in the shares held by the Bessemer Funds by virtue of his interest in (1) Deer X & Co. L.P., the general partner of the Bessemer Funds and (2) certain other indirect limited partnership interests in certain of the Bessemer Funds."
• "The Reporting Person disclaims beneficial ownership of the securities held by the Bessemer Funds, except to the extent of his pecuniary interest, if any, in such securities by virtue of his indirect interest in the Bessemer Funds."
• "This report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities."

Industry Context

This Form 4 filing is specific to Hinge Health and its affiliated entities. While it does not provide broader industry trends, significant insider sales in a growth-oriented health tech company like Hinge Health could be scrutinized more closely by investors looking for signals about future growth prospects or valuation within the digital health sector.

Related Party Transactions

• The sales of Class A Common Stock were conducted by Bessemer Venture Partners X L.P. and Bessemer Venture Partners X Institutional L.P., entities in which reporting person Elliott Robinson, a Director and 10% Owner of Hinge Health, has an indirect, passive economic interest.

Stakeholder Impact

• Shareholders: May interpret the sales as a negative signal from a significant insider, potentially influencing their investment decisions and the stock price.
• Company Management: Could face questions regarding the reasons behind the significant sales by an affiliated entity, particularly concerning future strategic direction or valuation.

Key Dates

Keywords

Hinge Health, HNGE, Form 4, Insider Transaction, Stock Sale, Bessemer Venture Partners, Director, 10% Owner, Equity Disposal