Form 4: Natera Co-Founder Sells Shares Under 10b5-1 Plan

Natera Co-Founder Jonathan Sheena sold 4,000 shares of common stock for approximately $800,273.60 through a pre-arranged 10b5-1 trading plan.

Summary

• Jonathan Sheena, a Director and Co-Founder of Natera, Inc. (NTRA), reported the sale of 4,000 shares of common stock.
• The transactions occurred on November 3, 2025.
• The shares were sold in two separate transactions: 2,000 shares at a weighted average price of $200.1368 per share and 2,000 shares at a price of $200 per share.
• The total value of the shares sold is approximately $800,273.60.
• The sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Sheena on June 7, 2024.
• Following these transactions, Mr. Sheena directly beneficially owns 235,730 shares of Natera Common Stock.
• Additionally, 26,032 shares are held indirectly by Caraluna 1 Trust and 26,032 shares by Caraluna 2 Trust, for which Mr. Sheena disclaims beneficial ownership.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing reports a pre-planned insider sale under a 10b5-1 plan, which is a routine event for personal financial management and does not typically signal a change in company fundamentals or outlook.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction not based on immediate, non-public information, which can reduce concerns about opportunistic insider selling.

Negatives

• An insider sale, even if pre-planned, reduces the reporting person's equity stake in the company, which can sometimes be perceived as a slight reduction in confidence, though mitigated by the 10b5-1 plan.

Future Outlook

This filing does not contain any forward-looking statements or guidance.

Industry Context

This insider transaction report reflects a routine, pre-scheduled sale of shares by a co-founder and director. Such transactions are common across industries for personal financial planning and do not inherently indicate a shift in broader industry trends or competitive landscape.

Related Party Transactions

• The shares were held for the benefit of the beneficiaries of the Caraluna 1 Trust and Caraluna 2 Trust, which are considered related parties to the reporting person.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in a co-founder's overall stake, but the pre-planned nature mitigates concerns about market timing.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this insider transaction.

Key Dates

Keywords

Natera, NTRA, Jonathan Sheena, Insider Sale, Form 4, 10b5-1 Plan, Common Stock