SCHEDULE: Ridgeback Capital Exits Semler Scientific Stake

Ridgeback Capital Investments L.P., Ridgeback Capital Investments LLC, and Ridgeback Capital Management LLC have reported a complete divestment of their beneficial ownership in Semler Scientific, Inc.

Summary

• Ridgeback Capital Investments L.P., Ridgeback Capital Investments LLC, and Ridgeback Capital Management LLC (collectively, "Reporting Persons") have filed an amendment to their Schedule 13G.
• The filing indicates that the Reporting Persons no longer beneficially own any shares of Semler Scientific, Inc. common stock, reporting 0.0% ownership.
• Previously, Ridgeback Capital Management LLC and Ridgeback Capital Investments LLC were deemed to beneficially own approximately 6.9% of Semler Scientific's shares outstanding.
• The percentage of class is calculated based on 14,804,693 shares of common stock outstanding as of July 31, 2025, as reported by Semler Scientific in its Quarterly Report on Form 10-Q.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 3

Explanation: The complete divestment by a significant institutional investor like Ridgeback Capital is a negative signal, potentially indicating a loss of confidence or a strategic shift away from Semler Scientific. This could lead to negative market sentiment and stock price pressure.

Negatives

• Ridgeback Capital, a significant institutional investor, has fully divested its stake in Semler Scientific, Inc.
• The exit of a large institutional investor could signal a loss of confidence or a change in investment strategy regarding Semler Scientific.

Risks

• The complete divestment by Ridgeback Capital could lead to negative market sentiment and potential downward pressure on Semler Scientific's stock price.
• A reduction in institutional ownership might decrease the stock's liquidity and investor interest.

Future Outlook

The filing is a disclosure of ownership change and does not contain forward-looking statements or guidance from Semler Scientific or Ridgeback Capital regarding the company's future.

Industry Context

This filing reflects a specific institutional investor's decision to exit a position. Without more context on Semler Scientific's recent performance or broader industry trends, it is difficult to draw extensive industry conclusions. However, significant institutional divestments can sometimes precede or coincide with shifts in sector sentiment or company-specific challenges.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure of an institutional ownership change and does not provide data for direct comparison to industry benchmarks or specific comparable companies/projects.

Stakeholder Impact

• Shareholders: Existing shareholders may experience negative sentiment and potential downward pressure on the stock price due to the exit of a significant institutional investor.
• Potential Investors: May view the divestment as a red flag, potentially reducing interest in the company's stock.

Key Dates

Recommendation

Ridgeback Capital's complete divestment of its 6.9% stake in Semler Scientific is a strong negative signal. Large institutional exits often precede or coincide with deteriorating company fundamentals or a significant change in market perception. This action suggests that a sophisticated investor has chosen to reallocate capital away from Semler Scientific, which could indicate concerns about future growth, profitability, or competitive positioning. Investors should consider this significant reduction in institutional support as a potential indicator of increased risk or reduced upside potential, making a 'sell' recommendation appropriate.

Keywords

Semler Scientific, Ridgeback Capital, Schedule 13G, Institutional Ownership, Stock Divestment, SEC Filing, Common Stock, Investment Management