SCHEDULE: EW Healthcare Partners Boosts TELA Bio Stake to 17.32%

EW Healthcare Partners and its affiliates have increased their beneficial ownership in TELA Bio, Inc. to an aggregate of 17.32% of common stock following a recent direct offering.

Summary

• EW Healthcare Partners Fund 2, L.P. beneficially owns 3,031,617 shares, representing 6.81% of TELA Bio, Inc.'s common stock.
• EW Healthcare Partners Fund 2-A, L.P. beneficially owns 4,683,092 shares, representing 10.52% of TELA Bio, Inc.'s common stock.
• EW Healthcare Partners Fund 2 GP, L.P. and EW Healthcare Partners Fund 2-UGP, LLC each beneficially own an aggregate of 7,714,709 shares, representing 17.32% of TELA Bio, Inc.'s common stock.
• The total shares outstanding for TELA Bio, Inc. are 44,530,535 as of November 17, 2025.
• This total includes 4,189,000 shares issued in an underwritten registered direct offering that closed on November 17, 2025.
• The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a factual disclosure of beneficial ownership and a capital raise. The continued significant stake by a major healthcare investor is positive, but the dilution from the offering is a neutral to slightly negative factor for existing shareholders. Overall, it's a standard disclosure with no overwhelmingly positive or negative operational news.

Positives

• Significant institutional investor, EW Healthcare Partners, maintains a substantial stake in TELA Bio, indicating continued confidence.
• The increase in beneficial ownership by EW Healthcare Partners could be seen as a vote of confidence in TELA Bio's future prospects.

Negatives

• The increase in shares outstanding due to the direct offering (4,189,000 shares) results in dilution for existing shareholders.

Risks

• Dilution of existing shareholders due to the issuance of 4,189,000 new shares in the direct offering.

Future Outlook

NA

Management Comments

• Each individual Manager disclaims beneficial ownership over the shares of Common Stock except to the extent of his respective pecuniary interest therein.
• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates continued institutional interest in the healthcare sector, specifically in companies like TELA Bio, which operates in the medical device or biotechnology space (implied by 'TELA Bio, Inc.' and 'healthcare partners'). The direct offering suggests the company is raising capital, a common activity for growth-oriented companies in this industry.

Stakeholder Impact

• Shareholders: Experience dilution due to the issuance of 4,189,000 new shares in the direct offering.
• Investors (EW Healthcare Partners): Increased their stake, demonstrating continued investment in the company.

Key Dates

Keywords

TELA Bio, EW Healthcare Partners, Schedule 13G, beneficial ownership, common stock, institutional investment, direct offering, equity stake, healthcare investment