[Form 4] Biodesix, Inc. Insider Trading Activity

Q: What is the coupon rate on the GS Contingent Coupon Notes linked to PLTR?

When payable, each note pays $69.625 per $1,000 face amount, equal to 6.9625% quarterly (up to 27.85% per annum).

Q: How much downside protection do investors have at maturity?

A 40% buffer: if PLTR’s final price is ≥60% of the initial price, investors receive par; below that, repayment decreases one-for-one with the stock’s decline.

Q: What is the estimated value of the notes at pricing compared with the issue price?

Goldman estimates the value at approximately $970 per $1,000, reflecting fees and dealer margin, versus the 100% issue price.

Q: Are the notes principal-protected or FDIC insured?

No. The notes are senior unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are not FDIC insured.

Q: Can I sell the notes before maturity?

Possibly, but no exchange listing exists. Liquidity depends on GS & Co.’s market-making and may involve significant bid/ask spreads.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GS Finance Corp. is offering $1.08 million of Autocallable Contingent Coupon Equity-Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the performance of Palantir Technologies Inc. (PLTR) Class A common shares and form part of Goldman’s Series F medium-term note program.

Key commercial terms

Face amount: $1,000 per note (aggregate $1.08 million)
Issue price: 100% (trade date 30-Jun-2025; settlement 03-Jul-2025)
Quarterly contingent coupon: $69.625 (6.9625% per quarter, up to 27.85% p.a.) payable only if PLTR closes at or above 60% of the initial price ($136.32) on the relevant observation date.
Automatic call: If PLTR closes at or above the initial price on any quarterly call observation date from Sep-2025 to Mar-2028, the notes are redeemed at par plus the due coupon.
Downside protection: 40% buffer. If the final price on 30-Jun-2028 is ≥60% of the initial price, holders receive par plus any final coupon. If below 60%, repayment equals par plus (index return × par), exposing investors to full downside beyond the buffer.
Estimated value at pricing: ~$970 per $1,000, reflecting structuring fees and dealer margin; underwriting discount 2%.
Secondary market: GS & Co. may, but is not obliged to, make a market; bid/ask reflects estimated value plus declining premium (initially $25).
Credit: senior unsecured obligation of GS Finance Corp. with unconditional guarantee from The Goldman Sachs Group, Inc.; not FDIC insured.

Risk highlights

Investors may receive no coupons if PLTR trades below the 60% trigger on observation dates.
If PLTR falls >40% at maturity and the note hasn’t been called, principal loss is one-for-one with the stock’s decline.
Limited upside: maximum redemption is par plus due coupon; investors do not participate in stock gains above par.
Market value likely to be below issue price; liquidity limited; pricing sensitive to GS credit spreads, PLTR volatility and interest rates.
Product complexity, dilution events, market disruption adjustments and discretionary determinations by GS & Co. add additional risks.

The prospectus supplement also details anti-dilution adjustments, default provisions, tax characterization (income-bearing prepaid derivative contract) and extensive hypothetical scenarios illustrating coupon and principal outcomes.

GS Finance Corp. offre note azionarie collegate con cedola condizionata autocallabile per un importo di 1,08 milioni di dollari, con scadenza nel 2028, garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Le note sono legate alla performance delle azioni ordinarie di classe A di Palantir Technologies Inc. (PLTR) e fanno parte del programma di note a medio termine Serie F di Goldman.

Termini commerciali principali

Valore nominale: 1.000 dollari per nota (totale 1,08 milioni di dollari)
Prezzo di emissione: 100% (data di negoziazione 30-giu-2025; regolamento 03-lug-2025)
Cedola condizionata trimestrale: 69,625 dollari (6,9625% trimestrale, fino al 27,85% annuo), pagabile solo se PLTR chiude a o sopra il 60% del prezzo iniziale (136,32$) nella data di osservazione rilevante.
Richiamo automatico: se PLTR chiude a o sopra il prezzo iniziale in una qualsiasi data di osservazione trimestrale da set-2025 a mar-2028, le note vengono rimborsate a valore nominale più la cedola dovuta.
Protezione al ribasso: buffer del 40%. Se il prezzo finale al 30-giu-2028 è ≥60% del prezzo iniziale, i possessori ricevono il valore nominale più eventuale cedola finale. Se inferiore al 60%, il rimborso è pari al valore nominale più (rendimento dell’indice × valore nominale), esponendo gli investitori al rischio pieno oltre il buffer.
Valore stimato alla quotazione: circa 970$ per 1.000$, riflettendo commissioni di strutturazione e margine del dealer; sconto di sottoscrizione 2%.
Mercato secondario: GS & Co. può, ma non è obbligata, a fare mercato; bid/ask riflette valore stimato più premio decrescente (inizialmente 25$).
Credito: obbligazione unsecured senior di GS Finance Corp. con garanzia incondizionata di The Goldman Sachs Group, Inc.; non assicurata FDIC.

Rischi principali

Gli investitori potrebbero non ricevere cedole se PLTR scende sotto la soglia del 60% nelle date di osservazione.
Se PLTR scende oltre il 40% alla scadenza e la nota non è stata richiamata, la perdita sul capitale è pari alla perdita del titolo.
Rendimento limitato: il rimborso massimo è il valore nominale più la cedola dovuta; gli investitori non partecipano ai guadagni azionari oltre il valore nominale.
Il valore di mercato sarà probabilmente inferiore al prezzo di emissione; liquidità limitata; prezzo sensibile a spread di credito GS, volatilità PLTR e tassi di interesse.
La complessità del prodotto, eventi di diluizione, aggiustamenti per interruzioni di mercato e determinazioni discrezionali di GS & Co. comportano rischi aggiuntivi.

Il supplemento al prospetto dettaglia inoltre aggiustamenti anti-diluizione, clausole di default, classificazione fiscale (contratto derivato prepagato generatore di reddito) e numerosi scenari ipotetici che illustrano gli esiti di cedole e capitale.

GS Finance Corp. ofrece notas vinculadas a acciones con cupón contingente autocancelable por un monto de 1,08 millones de dólares, con vencimiento en 2028, garantizadas total e incondicionalmente por The Goldman Sachs Group, Inc. Las notas están ligadas al desempeño de las acciones ordinarias Clase A de Palantir Technologies Inc. (PLTR) y forman parte del programa de notas a medio plazo Serie F de Goldman.

Términos comerciales clave

Valor nominal: 1.000 dólares por nota (total 1,08 millones de dólares)
Precio de emisión: 100% (fecha de negociación 30-jun-2025; liquidación 03-jul-2025)
Cupón contingente trimestral: 69,625 dólares (6,9625% trimestral, hasta 27,85% anual), pagadero solo si PLTR cierra en o por encima del 60% del precio inicial (136,32$) en la fecha de observación correspondiente.
Llamado automático: si PLTR cierra en o por encima del precio inicial en cualquier fecha de observación trimestral desde sep-2025 hasta mar-2028, las notas se redimen al valor nominal más el cupón adeudado.
Protección a la baja: buffer del 40%. Si el precio final al 30-jun-2028 es ≥60% del precio inicial, los tenedores reciben el valor nominal más cualquier cupón final. Si está por debajo del 60%, el reembolso equivale al valor nominal más (rendimiento del índice × valor nominal), exponiendo a los inversores a la pérdida total más allá del buffer.
Valor estimado en la fijación de precio: aproximadamente 970$ por 1.000$, reflejando comisiones de estructuración y margen del distribuidor; descuento de suscripción 2%.
Mercado secundario: GS & Co. puede, pero no está obligado, a hacer mercado; bid/ask refleja valor estimado más prima decreciente (inicialmente 25$).
Crédito: obligación senior no garantizada de GS Finance Corp. con garantía incondicional de The Goldman Sachs Group, Inc.; no asegurado por FDIC.

Aspectos destacados de riesgos

Los inversores pueden no recibir cupones si PLTR cotiza por debajo del 60% en las fechas de observación.
Si PLTR cae más del 40% al vencimiento y la nota no ha sido llamada, la pérdida de principal es uno a uno con la caída de la acción.
Potencial limitado: el reembolso máximo es el valor nominal más el cupón adeudado; los inversores no participan en ganancias por encima del valor nominal.
El valor de mercado probablemente esté por debajo del precio de emisión; liquidez limitada; precio sensible a spreads de crédito de GS, volatilidad de PLTR y tasas de interés.
La complejidad del producto, eventos de dilución, ajustes por interrupciones de mercado y determinaciones discrecionales de GS & Co. añaden riesgos adicionales.

El suplemento del prospecto también detalla ajustes anti-dilución, disposiciones de incumplimiento, caracterización fiscal (contrato derivado prepago generador de ingresos) y numerosos escenarios hipotéticos que ilustran resultados de cupones y principal.

GS 파이낸스 코퍼레이션은 2028년 만기인 자동상환 조건부 쿠폰 주식연계 노트 108만 달러어치를 제공하며, 이는 골드만삭스 그룹(The Goldman Sachs Group, Inc.)이 전액 및 무조건적으로 보증합니다. 이 노트는 팔란티어 테크놀로지스(Palantir Technologies Inc., PLTR) 클래스 A 보통주 성과에 연동되며, 골드만의 시리즈 F 중기 노트 프로그램의 일부입니다.

주요 상업 조건

액면가: 노트당 1,000달러 (총 108만 달러)
발행가: 100% (거래일 2025년 6월 30일; 결제일 2025년 7월 3일)
분기별 조건부 쿠폰: 69.625달러 (분기별 6.9625%, 연 27.85%까지), 해당 관찰일에 PLTR 종가가 초기 가격($136.32)의 60% 이상일 경우에만 지급.
자동상환: 2025년 9월부터 2028년 3월까지 분기별 상환 관찰일 중 PLTR 종가가 초기 가격 이상일 경우, 노트는 액면가와 만기 쿠폰과 함께 상환.
하방 보호: 40% 버퍼. 2028년 6월 30일 최종 가격이 초기 가격의 60% 이상이면 보유자는 액면가와 최종 쿠폰을 받음. 60% 미만이면 상환금액은 액면가에 (지수 수익률 × 액면가)를 더한 금액으로, 버퍼를 초과하는 하락 위험에 노출됨.
가격 책정 시 예상 가치: 약 $970 (액면가 1,000달러 기준), 구조화 수수료 및 딜러 마진 반영; 인수 할인 2%.
2차 시장: GS & Co.는 시장 조성 가능하지만 의무는 아님; 매수/매도 가격은 예상 가치와 감소하는 프리미엄(초기 $25)을 반영.
신용: GS 파이낸스 코퍼레이션의 선순위 무담보 채무이며, 골드만삭스 그룹의 무조건적 보증 제공; FDIC 보험 미적용.

주요 위험 사항

투자자는 PLTR이 관찰일에 60% 트리거 이하로 거래되면 쿠폰을 받지 못할 수 있음.
만기 시 PLTR이 40% 이상 하락하고 노트가 상환되지 않은 경우, 원금 손실은 주가 하락과 1:1로 연동됨.
상승 잠재력 제한: 최대 상환금은 액면가와 쿠폰으로 제한되며, 투자자는 주가 상승에 따른 추가 이익에 참여하지 못함.
시장 가치는 발행가보다 낮을 가능성이 크며, 유동성 제한; 가격은 GS 신용 스프레드, PLTR 변동성 및 금리에 민감함.
상품 복잡성, 희석 이벤트, 시장 중단 조정 및 GS & Co.의 재량적 결정은 추가 위험 요소임.

설명서 보충자료에는 희석 방지 조정, 디폴트 조항, 세금 분류(소득 발생 선불 파생상품 계약) 및 쿠폰과 원금 결과를 보여주는 다양한 가상 시나리오가 자세히 나와 있습니다.

GS Finance Corp. propose des billets liés à des actions à coupon conditionnel autocallable pour un montant de 1,08 million de dollars, arrivant à échéance en 2028, entièrement et inconditionnellement garantis par The Goldman Sachs Group, Inc. Ces billets sont liés à la performance des actions ordinaires de classe A de Palantir Technologies Inc. (PLTR) et font partie du programme de billets à moyen terme Série F de Goldman.

Principaux termes commerciaux

Montant nominal : 1 000 $ par billet (total 1,08 million de dollars)
Prix d’émission : 100 % (date de négociation 30 juin 2025 ; règlement 3 juillet 2025)
Coupon conditionnel trimestriel : 69,625 $ (6,9625 % par trimestre, jusqu’à 27,85 % par an), payable uniquement si PLTR clôture à ou au-dessus de 60 % du prix initial (136,32 $) à la date d’observation pertinente.
Rappel automatique : si PLTR clôture à ou au-dessus du prix initial à une date d’observation trimestrielle entre septembre 2025 et mars 2028, les billets sont remboursés à leur valeur nominale plus le coupon dû.
Protection à la baisse : tampon de 40 %. Si le prix final au 30 juin 2028 est ≥60 % du prix initial, les détenteurs reçoivent la valeur nominale plus tout coupon final. Si en dessous de 60 %, le remboursement correspond à la valeur nominale plus (rendement de l’indice × valeur nominale), exposant les investisseurs à la perte totale au-delà du tampon.
Valeur estimée à la tarification : environ 970 $ pour 1 000 $, reflétant les frais de structuration et la marge du teneur de marché ; remise à l’émission de 2 %.
Marché secondaire : GS & Co. peut, mais n’est pas obligé, d’assurer un marché ; le cours acheteur/vendeur reflète la valeur estimée plus une prime dégressive (initialement 25 $).
Crédit : obligation senior non garantie de GS Finance Corp. avec garantie inconditionnelle de The Goldman Sachs Group, Inc. ; non assurée par la FDIC.

Points clés de risque

Les investisseurs peuvent ne recevoir aucun coupon si PLTR se négocie en dessous du seuil de 60 % aux dates d’observation.
Si PLTR chute de plus de 40 % à l’échéance et que le billet n’a pas été rappelé, la perte en capital est équivalente à la baisse de l’action.
Potentiel de hausse limité : le remboursement maximum est la valeur nominale plus le coupon dû ; les investisseurs ne participent pas aux gains au-delà de la valeur nominale.
La valeur de marché sera probablement inférieure au prix d’émission ; liquidité limitée ; prix sensible aux écarts de crédit GS, à la volatilité de PLTR et aux taux d’intérêt.
Complexité du produit, événements de dilution, ajustements en cas de perturbation du marché et décisions discrétionnaires de GS & Co. ajoutent des risques supplémentaires.

Le supplément du prospectus détaille également les ajustements anti-dilution, les clauses de défaut, la caractérisation fiscale (contrat dérivé prépayé générant un revenu) et de nombreux scénarios hypothétiques illustrant les résultats des coupons et du principal.

GS Finance Corp. bietet 1,08 Millionen US-Dollar an autocallable, bedingten Kupon-aktiengebundenen Schuldverschreibungen mit Fälligkeit 2028 an, die vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert werden. Die Schuldverschreibungen sind an die Performance der Palantir Technologies Inc. (PLTR) Class A Stammaktien gekoppelt und gehören zum Series F Mittelstands-Note-Programm von Goldman.

Wichtige kommerzielle Bedingungen

Nennbetrag: 1.000 USD pro Note (gesamt 1,08 Millionen USD)
Ausgabepreis: 100% (Handelstag 30. Juni 2025; Abwicklung 3. Juli 2025)
Vierteljährlicher bedingter Kupon: 69,625 USD (6,9625% pro Quartal, bis zu 27,85% p.a.), zahlbar nur, wenn PLTR am relevanten Beobachtungstag bei oder über 60% des Anfangspreises (136,32 USD) schließt.
Automatischer Rückruf: Schließt PLTR an einem der vierteljährlichen Rückrufbeobachtungstage von Sep 2025 bis März 2028 bei oder über dem Anfangspreis, werden die Notes zum Nennwert plus fälligem Kupon zurückgezahlt.
Absicherung nach unten: 40% Puffer. Liegt der Endpreis am 30. Juni 2028 bei ≥60% des Anfangspreises, erhalten die Inhaber Nennwert plus eventuellen Endkupon. Liegt er unter 60%, entspricht die Rückzahlung dem Nennwert plus (Indexrendite × Nennwert), was Investoren dem vollen Abwärtsrisiko über den Puffer hinaus aussetzt.
Geschätzter Wert bei Preisfestsetzung: ca. 970 USD pro 1.000 USD, inklusive Strukturierungsgebühren und Händleraufschlag; Underwriting-Discount 2%.
Sekundärmarkt: GS & Co. kann, ist aber nicht verpflichtet, einen Markt stellen; Geld-/Briefkurse spiegeln geschätzten Wert plus abnehmende Prämie wider (anfangs 25 USD).
Kredit: Senior unbesicherte Verbindlichkeit von GS Finance Corp. mit unbedingter Garantie von The Goldman Sachs Group, Inc.; nicht FDIC-versichert.

Risikohighlights

Investoren erhalten möglicherweise keine Kupons, wenn PLTR an Beobachtungstagen unter dem 60%-Trigger notiert.
Fällt PLTR bei Fälligkeit um mehr als 40% und wurde die Note nicht zurückgerufen, entspricht der Kapitalverlust eins zu eins dem Kursrückgang der Aktie.
Begrenztes Aufwärtspotenzial: Maximale Rückzahlung ist Nennwert plus fälliger Kupon; Investoren partizipieren nicht an Kursgewinnen über dem Nennwert hinaus.
Marktwert wahrscheinlich unter Ausgabepreis; eingeschränkte Liquidität; Preis sensitiv gegenüber GS-Kreditspreads, PLTR-Volatilität und Zinssätzen.
Produktkomplexität, Verwässerungsereignisse, Marktstörungsanpassungen und diskretionäre Entscheidungen von GS & Co. erhöhen die Risiken.

Das Prospektergänzungsblatt enthält zudem Details zu Anti-Verwässerungsanpassungen, Ausfallbestimmungen, steuerlicher Einordnung (einkommensgenerierender vorausbezahlter Derivatvertrag) und umfangreiche hypothetische Szenarien, die Kupon- und Kapitalergebnisse veranschaulichen.

Positive

High contingent coupon of 6.9625% quarterly (up to 27.85% p.a.) when PLTR stays above the 60% trigger.
40% downside buffer protects principal unless PLTR falls more than 40% at maturity.
Automatic call feature can return capital early at par plus coupon if PLTR performs well.
Full and unconditional guarantee from The Goldman Sachs Group, Inc., enhancing credit quality relative to standalone issuer risk.

Negative

Principal at risk: investors face one-for-one loss below the 60% barrier and could lose entire investment.
Coupons are not fixed; no payments are made if PLTR closes below the 60% trigger on observation dates.
Limited upside: maximum return is par plus accrued coupon—no participation in stock appreciation.
Estimated value ($970) below issue price highlights embedded fees and potential mark-to-market discount.
Liquidity constraints: notes are unlisted; any secondary trading depends on GS & Co.’s discretion and includes bid/ask spreads.
Concentration risk in a single, historically volatile equity (Palantir) increases probability of barrier breach.

Insights

TL;DR High coupon contingent on PLTR staying above 60% strike; 40% buffer but full downside beyond; limited size, neutral to GS.

Assessment: The note delivers an attractive headline yield (27.85% p.a.) relative to current rates, supported by a 40% protection barrier and automatic call feature that can shorten duration. However, coupons are non-guaranteed, and price depreciation beyond the barrier leads to potentially steep capital loss. Estimated value at issuance (97% of par) and a 2% underwriting spread illustrate embedded costs. Because face value is only $1.08 million, the transaction is immaterial to Goldman’s balance sheet and earnings; impact rests solely with investors deciding on risk-reward trade-off. Overall risk/return profile is typical of structured yield products: suitable only for investors comfortable with equity downside and GS credit exposure.

TL;DR Product offers eye-catching coupons but asymmetric pay-off, no upside participation and limited liquidity.

The note’s 40% buffer appears generous, yet historical volatility of PLTR—an early-stage tech name—makes a sub-60% scenario plausible. Because coupons stop when PLTR trades below the trigger, carry can disappear exactly when capital is at risk, eroding income strategy stability. Automatic call risk complicates portfolio planning; early redemption forces reinvestment at potentially lower yields. Secondary market liquidity is dealer-driven and tied to GS pricing models, so exit costs could be significant. For income mandates, simpler high-yield or dividend equities might provide more transparent risk premia. Hence, despite the guarantee by Goldman, risk-adjusted appeal is modest.

Termini commerciali principali

Valore nominale: 1.000 dollari per nota (totale 1,08 milioni di dollari)
Prezzo di emissione: 100% (data di negoziazione 30-giu-2025; regolamento 03-lug-2025)
Cedola condizionata trimestrale: 69,625 dollari (6,9625% trimestrale, fino al 27,85% annuo), pagabile solo se PLTR chiude a o sopra il 60% del prezzo iniziale (136,32$) nella data di osservazione rilevante.
Richiamo automatico: se PLTR chiude a o sopra il prezzo iniziale in una qualsiasi data di osservazione trimestrale da set-2025 a mar-2028, le note vengono rimborsate a valore nominale più la cedola dovuta.
Protezione al ribasso: buffer del 40%. Se il prezzo finale al 30-giu-2028 è ≥60% del prezzo iniziale, i possessori ricevono il valore nominale più eventuale cedola finale. Se inferiore al 60%, il rimborso è pari al valore nominale più (rendimento dell’indice × valore nominale), esponendo gli investitori al rischio pieno oltre il buffer.
Valore stimato alla quotazione: circa 970$ per 1.000$, riflettendo commissioni di strutturazione e margine del dealer; sconto di sottoscrizione 2%.
Mercato secondario: GS & Co. può, ma non è obbligata, a fare mercato; bid/ask riflette valore stimato più premio decrescente (inizialmente 25$).
Credito: obbligazione unsecured senior di GS Finance Corp. con garanzia incondizionata di The Goldman Sachs Group, Inc.; non assicurata FDIC.

Rischi principali

Gli investitori potrebbero non ricevere cedole se PLTR scende sotto la soglia del 60% nelle date di osservazione.
Se PLTR scende oltre il 40% alla scadenza e la nota non è stata richiamata, la perdita sul capitale è pari alla perdita del titolo.
Rendimento limitato: il rimborso massimo è il valore nominale più la cedola dovuta; gli investitori non partecipano ai guadagni azionari oltre il valore nominale.
Il valore di mercato sarà probabilmente inferiore al prezzo di emissione; liquidità limitata; prezzo sensibile a spread di credito GS, volatilità PLTR e tassi di interesse.
La complessità del prodotto, eventi di diluizione, aggiustamenti per interruzioni di mercato e determinazioni discrezionali di GS & Co. comportano rischi aggiuntivi.

Términos comerciales clave

Valor nominal: 1.000 dólares por nota (total 1,08 millones de dólares)
Precio de emisión: 100% (fecha de negociación 30-jun-2025; liquidación 03-jul-2025)
Cupón contingente trimestral: 69,625 dólares (6,9625% trimestral, hasta 27,85% anual), pagadero solo si PLTR cierra en o por encima del 60% del precio inicial (136,32$) en la fecha de observación correspondiente.
Llamado automático: si PLTR cierra en o por encima del precio inicial en cualquier fecha de observación trimestral desde sep-2025 hasta mar-2028, las notas se redimen al valor nominal más el cupón adeudado.
Protección a la baja: buffer del 40%. Si el precio final al 30-jun-2028 es ≥60% del precio inicial, los tenedores reciben el valor nominal más cualquier cupón final. Si está por debajo del 60%, el reembolso equivale al valor nominal más (rendimiento del índice × valor nominal), exponiendo a los inversores a la pérdida total más allá del buffer.
Valor estimado en la fijación de precio: aproximadamente 970$ por 1.000$, reflejando comisiones de estructuración y margen del distribuidor; descuento de suscripción 2%.
Mercado secundario: GS & Co. puede, pero no está obligado, a hacer mercado; bid/ask refleja valor estimado más prima decreciente (inicialmente 25$).
Crédito: obligación senior no garantizada de GS Finance Corp. con garantía incondicional de The Goldman Sachs Group, Inc.; no asegurado por FDIC.

Aspectos destacados de riesgos

Los inversores pueden no recibir cupones si PLTR cotiza por debajo del 60% en las fechas de observación.
Si PLTR cae más del 40% al vencimiento y la nota no ha sido llamada, la pérdida de principal es uno a uno con la caída de la acción.
Potencial limitado: el reembolso máximo es el valor nominal más el cupón adeudado; los inversores no participan en ganancias por encima del valor nominal.
El valor de mercado probablemente esté por debajo del precio de emisión; liquidez limitada; precio sensible a spreads de crédito de GS, volatilidad de PLTR y tasas de interés.
La complejidad del producto, eventos de dilución, ajustes por interrupciones de mercado y determinaciones discrecionales de GS & Co. añaden riesgos adicionales.

주요 상업 조건

액면가: 노트당 1,000달러 (총 108만 달러)
발행가: 100% (거래일 2025년 6월 30일; 결제일 2025년 7월 3일)
분기별 조건부 쿠폰: 69.625달러 (분기별 6.9625%, 연 27.85%까지), 해당 관찰일에 PLTR 종가가 초기 가격($136.32)의 60% 이상일 경우에만 지급.
자동상환: 2025년 9월부터 2028년 3월까지 분기별 상환 관찰일 중 PLTR 종가가 초기 가격 이상일 경우, 노트는 액면가와 만기 쿠폰과 함께 상환.
하방 보호: 40% 버퍼. 2028년 6월 30일 최종 가격이 초기 가격의 60% 이상이면 보유자는 액면가와 최종 쿠폰을 받음. 60% 미만이면 상환금액은 액면가에 (지수 수익률 × 액면가)를 더한 금액으로, 버퍼를 초과하는 하락 위험에 노출됨.
가격 책정 시 예상 가치: 약 $970 (액면가 1,000달러 기준), 구조화 수수료 및 딜러 마진 반영; 인수 할인 2%.
2차 시장: GS & Co.는 시장 조성 가능하지만 의무는 아님; 매수/매도 가격은 예상 가치와 감소하는 프리미엄(초기 $25)을 반영.
신용: GS 파이낸스 코퍼레이션의 선순위 무담보 채무이며, 골드만삭스 그룹의 무조건적 보증 제공; FDIC 보험 미적용.

주요 위험 사항

투자자는 PLTR이 관찰일에 60% 트리거 이하로 거래되면 쿠폰을 받지 못할 수 있음.
만기 시 PLTR이 40% 이상 하락하고 노트가 상환되지 않은 경우, 원금 손실은 주가 하락과 1:1로 연동됨.
상승 잠재력 제한: 최대 상환금은 액면가와 쿠폰으로 제한되며, 투자자는 주가 상승에 따른 추가 이익에 참여하지 못함.
시장 가치는 발행가보다 낮을 가능성이 크며, 유동성 제한; 가격은 GS 신용 스프레드, PLTR 변동성 및 금리에 민감함.
상품 복잡성, 희석 이벤트, 시장 중단 조정 및 GS & Co.의 재량적 결정은 추가 위험 요소임.

Principaux termes commerciaux

Montant nominal : 1 000 $ par billet (total 1,08 million de dollars)
Prix d’émission : 100 % (date de négociation 30 juin 2025 ; règlement 3 juillet 2025)
Coupon conditionnel trimestriel : 69,625 $ (6,9625 % par trimestre, jusqu’à 27,85 % par an), payable uniquement si PLTR clôture à ou au-dessus de 60 % du prix initial (136,32 $) à la date d’observation pertinente.
Rappel automatique : si PLTR clôture à ou au-dessus du prix initial à une date d’observation trimestrielle entre septembre 2025 et mars 2028, les billets sont remboursés à leur valeur nominale plus le coupon dû.
Protection à la baisse : tampon de 40 %. Si le prix final au 30 juin 2028 est ≥60 % du prix initial, les détenteurs reçoivent la valeur nominale plus tout coupon final. Si en dessous de 60 %, le remboursement correspond à la valeur nominale plus (rendement de l’indice × valeur nominale), exposant les investisseurs à la perte totale au-delà du tampon.
Valeur estimée à la tarification : environ 970 $ pour 1 000 $, reflétant les frais de structuration et la marge du teneur de marché ; remise à l’émission de 2 %.
Marché secondaire : GS & Co. peut, mais n’est pas obligé, d’assurer un marché ; le cours acheteur/vendeur reflète la valeur estimée plus une prime dégressive (initialement 25 $).
Crédit : obligation senior non garantie de GS Finance Corp. avec garantie inconditionnelle de The Goldman Sachs Group, Inc. ; non assurée par la FDIC.

Points clés de risque

Les investisseurs peuvent ne recevoir aucun coupon si PLTR se négocie en dessous du seuil de 60 % aux dates d’observation.
Si PLTR chute de plus de 40 % à l’échéance et que le billet n’a pas été rappelé, la perte en capital est équivalente à la baisse de l’action.
Potentiel de hausse limité : le remboursement maximum est la valeur nominale plus le coupon dû ; les investisseurs ne participent pas aux gains au-delà de la valeur nominale.
La valeur de marché sera probablement inférieure au prix d’émission ; liquidité limitée ; prix sensible aux écarts de crédit GS, à la volatilité de PLTR et aux taux d’intérêt.
Complexité du produit, événements de dilution, ajustements en cas de perturbation du marché et décisions discrétionnaires de GS & Co. ajoutent des risques supplémentaires.

Wichtige kommerzielle Bedingungen

Nennbetrag: 1.000 USD pro Note (gesamt 1,08 Millionen USD)
Ausgabepreis: 100% (Handelstag 30. Juni 2025; Abwicklung 3. Juli 2025)
Vierteljährlicher bedingter Kupon: 69,625 USD (6,9625% pro Quartal, bis zu 27,85% p.a.), zahlbar nur, wenn PLTR am relevanten Beobachtungstag bei oder über 60% des Anfangspreises (136,32 USD) schließt.
Automatischer Rückruf: Schließt PLTR an einem der vierteljährlichen Rückrufbeobachtungstage von Sep 2025 bis März 2028 bei oder über dem Anfangspreis, werden die Notes zum Nennwert plus fälligem Kupon zurückgezahlt.
Absicherung nach unten: 40% Puffer. Liegt der Endpreis am 30. Juni 2028 bei ≥60% des Anfangspreises, erhalten die Inhaber Nennwert plus eventuellen Endkupon. Liegt er unter 60%, entspricht die Rückzahlung dem Nennwert plus (Indexrendite × Nennwert), was Investoren dem vollen Abwärtsrisiko über den Puffer hinaus aussetzt.
Geschätzter Wert bei Preisfestsetzung: ca. 970 USD pro 1.000 USD, inklusive Strukturierungsgebühren und Händleraufschlag; Underwriting-Discount 2%.
Sekundärmarkt: GS & Co. kann, ist aber nicht verpflichtet, einen Markt stellen; Geld-/Briefkurse spiegeln geschätzten Wert plus abnehmende Prämie wider (anfangs 25 USD).
Kredit: Senior unbesicherte Verbindlichkeit von GS Finance Corp. mit unbedingter Garantie von The Goldman Sachs Group, Inc.; nicht FDIC-versichert.

Risikohighlights

Investoren erhalten möglicherweise keine Kupons, wenn PLTR an Beobachtungstagen unter dem 60%-Trigger notiert.
Fällt PLTR bei Fälligkeit um mehr als 40% und wurde die Note nicht zurückgerufen, entspricht der Kapitalverlust eins zu eins dem Kursrückgang der Aktie.
Begrenztes Aufwärtspotenzial: Maximale Rückzahlung ist Nennwert plus fälliger Kupon; Investoren partizipieren nicht an Kursgewinnen über dem Nennwert hinaus.
Marktwert wahrscheinlich unter Ausgabepreis; eingeschränkte Liquidität; Preis sensitiv gegenüber GS-Kreditspreads, PLTR-Volatilität und Zinssätzen.
Produktkomplexität, Verwässerungsereignisse, Marktstörungsanpassungen und diskretionäre Entscheidungen von GS & Co. erhöhen die Risiken.

07/02/2025 - 04:32 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MASSARANY HANY

(Last)

(First)

(Middle)

919 WEST DILLON RD

(Street)

LOUISVILLE

80027

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BIODESIX INC [ BDSX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/01/2025		M		26,368	A	⁽¹⁾	310,135	D
Common Stock								53,364	I	By Massarany Family Trust dated November 15, 2012⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	07/01/2025		M			26,368	⁽³⁾	⁽³⁾	Common Stock	26,368	$0	0	D

Explanation of Responses:

1. Each restricted stock unit (the "RSU") represents a contingent right to receive one share of the Issuer's Common Stock.

2. Mr. Massarany is a trustee of the Massarany Family Trust and may be deemed to have beneficial ownership of these securities, to the extent of any indirect pecuniary interest in his distributive shares therein.

3. These fully vested RSUs settled on July 1, 2025, and had no expiration date.

	/s/ Robin H. Cowie as Attorney-in-Fact for Hany Massarany	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What is the coupon rate on the GS Contingent Coupon Notes linked to PLTR?

When payable, each note pays $69.625 per $1,000 face amount, equal to 6.9625% quarterly (up to 27.85% per annum).

Under what condition will the Goldman notes be automatically called?

The notes are redeemed at par plus coupon if, on any quarterly call observation date from Sep-2025 to Mar-2028, PLTR closes at or above the initial price of $136.32.

How much downside protection do investors have at maturity?

A 40% buffer: if PLTR’s final price is ≥60% of the initial price, investors receive par; below that, repayment decreases one-for-one with the stock’s decline.

What is the estimated value of the notes at pricing compared with the issue price?

Goldman estimates the value at approximately $970 per $1,000, reflecting fees and dealer margin, versus the 100% issue price.

Are the notes principal-protected or FDIC insured?

No. The notes are senior unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are not FDIC insured.

Can I sell the notes before maturity?

Possibly, but no exchange listing exists. Liquidity depends on GS & Co.’s market-making and may involve significant bid/ask spreads.

[Form 4] Biodesix, Inc. Insider Trading Activity

Insights

FAQ

What is the coupon rate on the GS Contingent Coupon Notes linked to PLTR?

Under what condition will the Goldman notes be automatically called?

How much downside protection do investors have at maturity?

What is the estimated value of the notes at pricing compared with the issue price?

Are the notes principal-protected or FDIC insured?

Can I sell the notes before maturity?

NASDAQ:BDSX

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[Form 4] Biodesix, Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Manager – Multi-Asset Income negative

FAQ

What is the coupon rate on the GS Contingent Coupon Notes linked to PLTR?

Under what condition will the Goldman notes be automatically called?

How much downside protection do investors have at maturity?

What is the estimated value of the notes at pricing compared with the issue price?

Are the notes principal-protected or FDIC insured?

Can I sell the notes before maturity?

NASDAQ:BDSX

BDSX Rankings

BDSX Latest News

BDSX Latest SEC Filings

BDSX Stock Data