eHealth, Inc. received a Schedule 13G reporting that Palo Alto Investors LP, its general partner PAI LLC, and co-managers Patrick Lee, MD and Anthony Joonkyoo Yun, MD beneficially own 1,531,429 shares of eHealth common stock, or 4.98% of the class, as of 12/31/2025.
The filing shows no sole voting or dispositive power, and shared voting and dispositive power over all reported shares. The securities are held in the ordinary course of PAI’s investment advisory business, and the filers state they are not seeking to change or influence control of eHealth and disclaim group status and beneficial ownership beyond their pecuniary interests.
Positive
None.
Negative
None.
FAQ
What ownership stake in eHealth (EHTH) is reported in this Schedule 13G?
The filing reports beneficial ownership of 1,531,429 shares of eHealth common stock, equal to 4.98% of the outstanding class as of December 31, 2025. This positions the filers as significant, but sub‑5%, institutional holders.
Who are the reporting persons on the eHealth (EHTH) Schedule 13G?
The reporting persons are Palo Alto Investors LP, PAI LLC (its general partner), Patrick Lee, MD, and Anthony Joonkyoo Yun, MD. Together they are referred to as the “Filers” and jointly report the same 1,531,429 eHealth shares and 4.98% ownership.
Do the Schedule 13G filers seek to influence control of eHealth (EHTH)?
No. The filers certify the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of eHealth, nor in connection with any control-related transaction, aside from possible nomination activities noted in the rule reference.
How much voting and dispositive power over eHealth (EHTH) shares is reported?
Each filer reports no sole voting or dispositive power and shared voting and shared dispositive power over 1,531,429 shares of eHealth common stock. This means decisions on voting and selling these shares are exercised jointly under their advisory and management structure.
Who ultimately benefits economically from the reported eHealth (EHTH) shares?
Palo Alto Investors LP is an investment adviser to investment limited partnerships and other funds. The filing states PAI’s clients have the right to receive dividends and sale proceeds from the reported eHealth stock, while the filers may have only pecuniary interests in line with their roles.
Do the filers on the eHealth (EHTH) Schedule 13G consider themselves a group?
The filing says the parties are filing jointly but not as members of a group. Each filer expressly disclaims membership in a group and also disclaims beneficial ownership of the eHealth stock except to the extent of that filer’s pecuniary interest.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
eHealth, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
28238P109
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
28238P109
1
Names of Reporting Persons
Palo Alto Investors LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,531,429.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,531,429.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,531,429.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
OO, IA
SCHEDULE 13G
CUSIP No.
28238P109
1
Names of Reporting Persons
PAI LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,531,429.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,531,429.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,531,429.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
OO, IA
SCHEDULE 13G
CUSIP No.
28238P109
1
Names of Reporting Persons
Patrick Lee, MD
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,531,429.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,531,429.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,531,429.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
28238P109
1
Names of Reporting Persons
Anthony Joonkyoo Yun, MD
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,531,429.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,531,429.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,531,429.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
eHealth, Inc.
(b)
Address of issuer's principal executive offices:
13620 RANCH ROAD 620 N, SUITE A250, AUSTIN, TEXAS, 78717.
Item 2.
(a)
Name of person filing:
Palo Alto Investors LP ("PAI")
PAI LLC ("PAI GP")
Patrick Lee, MD
Anthony Joonkyoo Yun, MD
(collectively, the "Filers")
(b)
Address or principal business office or, if none, residence:
101 University Avenue, Suite 200, Palo Alto, CA 94301
(c)
Citizenship:
Palo Alto Investors LP ("PAI") - California
PAI LLC ("PAI GP") - California
Patrick Lee, MD - United States
Anthony Joonkyoo Yun, MD - United States
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
28238P109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Palo Alto Investors LP ("PAI") - 1,531,429
PAI LLC ("PAI GP") - 1,531,429
Patrick Lee, MD - 1,531,429
Anthony Joonkyoo Yun, MD - 1,531,429
(b)
Percent of class:
Palo Alto Investors LP ("PAI") - 4.98%
PAI LLC ("PAI GP") - 4.98%
Patrick Lee, MD - 4.98%
Anthony Joonkyoo Yun, MD - 4.98%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Palo Alto Investors LP ("PAI") - 0
PAI LLC ("PAI GP") - 0
Patrick Lee, MD - 0
Anthony Joonkyoo Yun, MD - 0
(ii) Shared power to vote or to direct the vote:
Palo Alto Investors LP ("PAI") - 1,531,429
PAI LLC ("PAI GP") - 1,531,429
Patrick Lee, MD - 1,531,429
Anthony Joonkyoo Yun, MD - 1,531,429
(iii) Sole power to dispose or to direct the disposition of:
Palo Alto Investors LP ("PAI") - 0
PAI LLC ("PAI GP") - 0
Patrick Lee, MD - 0
Anthony Joonkyoo Yun, MD - 0
(iv) Shared power to dispose or to direct the disposition of:
Palo Alto Investors LP ("PAI") - 1,531,429
PAI LLC ("PAI GP") - 1,531,429
Patrick Lee, MD - 1,531,429
Anthony Joonkyoo Yun, MD - 1,531,429
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
PAI is a registered investment adviser and investment adviser of investment limited partnerships and is the investment adviser to other investment funds. PAI GP is the general partner of investment limited partnerships. PAI's clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Dr. Lee and Dr. Yun co-manage PAI. The Filers are filing this Schedule 13G jointly, but not as members of a group, and each of them expressly disclaims membership in a group. Each Filer disclaims beneficial ownership of the Stock except to the extent of that Filer's pecuniary interest therein.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Palo Alto Investors LP
Signature:
Angela Nguyen-Dinh
Name/Title:
Chief Compliance Officer
Date:
02/17/2026
PAI LLC
Signature:
Patrick Lee, MD
Name/Title:
Patrick Lee, MD
Date:
02/17/2026
Signature:
Anthony Joonkyoo Yun, MD
Name/Title:
Anthony Joonkyoo Yun, MD
Date:
02/17/2026
Patrick Lee, MD
Signature:
Patrick Lee, MD
Name/Title:
Patrick Lee, MD
Date:
02/17/2026
Anthony Joonkyoo Yun, MD
Signature:
Anthony Joonkyoo Yun, MD
Name/Title:
Anthony Joonkyoo Yun, MD
Date:
02/17/2026
Exhibit Information
Exhibit A - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G
