SCHEDULE: Pale Fire Capital Takes 9.2% Stake in Phreesia, Citing Undervaluation

Pale Fire Capital and its affiliates have acquired a 9.2% stake in Phreesia, Inc., believing the shares were undervalued and represent an attractive investment opportunity.

Summary

• Pale Fire Capital SICAV a.s., Pale Fire Capital investicni spolecnost a.s., Pale Fire Capital SE, Dusan Senkypl, and Jan Barta (collectively, the "Reporting Persons") have acquired a significant stake in Phreesia, Inc.
• The Reporting Persons collectively beneficially own 5,572,824 shares of Phreesia's Common Stock, representing approximately 9.2% of the shares outstanding.
• This percentage is based on 60,287,003 shares outstanding as of December 2, 2025, as reported in Phreesia's Form 10-Q.
• The aggregate purchase price for the 5,572,824 shares was approximately $68,832,672, including brokerage commissions.
• The shares were purchased using working capital, which may include margin loans.
• The Reporting Persons believe Phreesia's shares were undervalued at the time of purchase and represent an attractive investment opportunity.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a positive development, as a significant investor has identified Phreesia as undervalued and intends to engage in actions that could enhance shareholder value.

Positives

• A significant institutional investor, Pale Fire Capital, has identified Phreesia's shares as undervalued, suggesting potential for future appreciation.
• The investor group intends to actively review its investment and may engage with management and the Board of Directors to propose changes to capitalization, Board composition, and operations, which could unlock shareholder value.

Risks

• The Reporting Persons' investment strategy is subject to overall market conditions and the availability of shares at desirable prices.
• There is no guarantee that the Reporting Persons' engagement with management or the Board will result in the desired changes or improved share performance.
• The Reporting Persons may increase or decrease their position, including through sales or hedging, which could impact share price volatility.

Future Outlook

The Reporting Persons intend to continuously review their investment in Phreesia. They may increase or decrease their position, engage in communications with management and the Board, make proposals concerning changes to capitalization, Board composition, and operations, or enter into financial instruments to adjust their economic exposure.

Management Comments

• The Reporting Persons purchased the shares based on their belief that the shares, when purchased, were undervalued and represented an attractive investment opportunity.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing indicates an activist-style investment by Pale Fire Capital in Phreesia, a company operating in the healthcare technology sector. Such filings often signal that an investor sees significant untapped value or believes strategic changes are needed to improve performance, potentially leading to increased scrutiny and pressure on Phreesia's management.

Comparison to Industry Standards

• This filing primarily details an investor's acquisition of a stake and their intentions, rather than Phreesia's operational or financial performance. Therefore, a direct comparison of Phreesia's results to global industry benchmarks or specific competitors is not possible based solely on the content of this filing.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if the Reporting Persons' engagement leads to successful strategic or operational improvements. Could also introduce volatility if the Reporting Persons frequently adjust their stake.
• Management and Board of Directors: Will likely face increased scrutiny and potential pressure to consider proposals from the Reporting Persons regarding company strategy and governance.

Next Steps

• The Reporting Persons may increase or decrease their position in Phreesia through open market or private transactions.
• They may engage in communications with Phreesia's management, Board of Directors, and other stockholders.
• They may make proposals to Phreesia concerning changes to its capitalization, Board (including composition), and operations.
• They may enter into financial instruments or other agreements to adjust their economic or beneficial exposure to Phreesia.

Key Dates

Recommendation

The acquisition of a significant 9.2% stake by an investment firm like Pale Fire Capital, coupled with their stated belief that Phreesia's shares are undervalued and their intent to engage for strategic changes, suggests a strong conviction in the company's potential. This activist-style investment often signals a catalyst for value creation, making it a 'buy' for investors who align with this thesis and believe in the potential for positive changes.

Keywords

Phreesia, Pale Fire Capital, Schedule 13D, Activist Investor, Undervalued Stock, Healthcare Technology, Investment Opportunity, Shareholder Activism, Common Stock, Equity Stake