JW Asset funds sell 20,579 Establishment Labs (ESTA) shares in market trades

Rhea-AI Filing Summary

ESTABLISHMENT LABS HOLDINGS INC. saw affiliated investment funds managed by JW Asset Management report open-market sales of its Common Shares. On May 20, 2026, a total of 3,580 shares were sold at $70.56 per share, and on May 21, 2026, 16,999 shares were sold at $71.40 per share. Footnotes state these transactions reflect 15,350 shares sold by JW Partners, LP and 5,229 shares sold by JW Opportunities Fund, LLC. After these trades, the reporting group collectively reports holding 2,981,115 Common Shares indirectly. The Advisor, the General Partner and Jason G. Wild each disclaim beneficial ownership except to the extent of any indirect pecuniary interest.

Insights

Equity ownership and governance analyst

JW-managed funds reported routine open-market sales while retaining a large indirect stake.

Investment funds associated with JW Asset Management sold a combined 20,579 Common Shares of ESTABLISHMENT LABS HOLDINGS INC. in open-market transactions at prices just above $70 per share. These are non-derivative sales, with no option exercises or complex instruments reported.

The filing shows the reporting group still holding 2,981,115 Common Shares indirectly, indicating a substantial remaining position. Footnotes clarify that the advisor, general partner, and Jason G. Wild each disclaim beneficial ownership beyond their indirect pecuniary interests, so the economic exposure primarily sits at the fund level.

Given the absence of derivative activity or explicit trading plans in the excerpt, the events look like straightforward portfolio management sales by major shareholders. The net effect is a modest reduction in reported holdings, and the overall investment thesis impact appears limited based on the data provided here.

Insider Trade Summary

Net Seller: 20,579 shares ($1,466,333)

Net Sell 2 txns

Insider JW Asset Management, LLC, JW Partners, LP, JW Opportunities Fund, LLC, JW GP, LLC, Wild Jason G.

Role null | null | null | null | null

Sold 20,579 shs ($1.47M)

Type	Security	Shares	Price	Value
Sale	Common Shares	16,999	$71.40	$1.21M
Sale	Common Shares	3,580	$70.56	$253K

Holdings After Transaction: Common Shares — 2,981,115 shares (Indirect, See Footnotes)

Footnotes (1)

1. This Form 4 is being filed by JW Asset Management, LLC (the "Advisor") on behalf of itself and JW Partners, LP ("JWP"), JW Opportunities Fund, LLC ("JWO"), JW GP, LLC (the "General Partner"), and Jason G. Wild ("Wild" and, together with the Advisor, JWP, JWO, and the General Partner, the "Reporting Persons"). The Advisor serves as the investment advisor of JWP and JWO. The General Partner serves as general partner to JWP and the manager of JWO. Wild is the managing member of the Advisor and the General Partner. The amounts of 3,580 and 16,999 in Table I reflect 15,350 Common Shares sold by JWP and 5,229 Common Shares sold by JWO, in open market transactions on 5/20/2026 and 5/21/2026 requiring the filing of this statement. In accordance with Instruction 4(b)(iv) of Form 4, the entire amount of the Issuer's securities held by the Reporting Persons is reported herein. Each of the Advisor, Wild and the General Partner, disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its or his indirect pecuniary interest therein, and this report shall not be deemed an admission that either the Advisor, Wild or the General Partner are the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Key Figures

Total shares sold: 20,579 shares Sale price May 20, 2026: $70.56 per share Sale price May 21, 2026: $71.40 per share +3 more

6 metrics

Total shares sold 20,579 shares Combined open-market sales on May 20–21, 2026

Sale price May 20, 2026 $70.56 per share 3,580 Common Shares sold

Sale price May 21, 2026 $71.40 per share 16,999 Common Shares sold

Shares sold by JW Partners, LP 15,350 shares Common Shares sold in open-market transactions

Shares sold by JW Opportunities Fund, LLC 5,229 shares Common Shares sold in open-market transactions

Post-transaction holdings 2,981,115 shares Common Shares indirectly held after the reported sales

Key Terms

Common Shares, investment advisor, general partner, indirect pecuniary interest, +1 more

5 terms

Common Shares financial

"The amounts of 3,580 and 16,999 in Table I reflect 15,350 Common Shares sold by JWP and 5,229 Common Shares sold by JWO"

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

investment advisor financial

"The Advisor serves as the investment advisor of JWP and JWO"

An investment advisor is a person or firm that provides personalized guidance on buying, selling and managing investments and often oversees client portfolios for a fee. For investors this matters because the advisor shapes risk, costs and long-term returns, and is typically required by law to act in the client’s best interests — think of them as a financial coach or GPS that helps navigate choices and avoid costly detours.

general partner financial

"The General Partner serves as general partner to JWP and the manager of JWO"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

indirect pecuniary interest financial

"disclaims, for purposes of Section 16, beneficial ownership of such securities, except to the extent of its or his indirect pecuniary interest therein"

Section 16 regulatory

"for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

Form 4 Insider Transactions: What Each Field Means →

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^*

JW Asset Management, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	05/20/2026		S		3,580	D	$70.56	2,998,114	I	See Footnotes(1)(2)
Common Shares	05/21/2026		S		16,999	D	$71.4	2,981,115	I	See Footnotes(1)(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

JW Asset Management, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW Partners, LP

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW Opportunities Fund, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW GP, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Wild Jason G.

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is being filed by JW Asset Management, LLC (the "Advisor") on behalf of itself and JW Partners, LP ("JWP"), JW Opportunities Fund, LLC ("JWO"), JW GP, LLC (the "General Partner"), and Jason G. Wild ("Wild" and, together with the Advisor, JWP, JWO, and the General Partner, the "Reporting Persons"). The Advisor serves as the investment advisor of JWP and JWO. The General Partner serves as general partner to JWP and the manager of JWO. Wild is the managing member of the Advisor and the General Partner.

2. The amounts of 3,580 and 16,999 in Table I reflect 15,350 Common Shares sold by JWP and 5,229 Common Shares sold by JWO, in open market transactions on 5/20/2026 and 5/21/2026 requiring the filing of this statement. In accordance with Instruction 4(b)(iv) of Form 4, the entire amount of the Issuer's securities held by the Reporting Persons is reported herein. Each of the Advisor, Wild and the General Partner, disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its or his indirect pecuniary interest therein, and this report shall not be deemed an admission that either the Advisor, Wild or the General Partner are the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Remarks:

Exhibit 99 - Information Regarding Joint Filers.

	JW Asset Management, LLC /s/ Jason Klarreich, Attorney-In-Fact	05/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did JW Asset-related entities do in this ESTABLISHMENT LABS (ESTA) Form 4?

Funds associated with JW Asset Management reported selling 20,579 Common Shares of ESTABLISHMENT LABS in open-market trades. These sales occurred over two days and modestly reduced their indirect holdings while leaving a large remaining position reported in the filing.

How many ESTABLISHMENT LABS (ESTA) shares were sold and at what prices?

The filing reports open-market sales totaling 20,579 Common Shares. On May 20, 2026, 3,580 shares sold at $70.56 each; on May 21, 2026, 16,999 shares sold at $71.40 each, reflecting typical trading around the low-$70s per-share level.

Which JW entities sold ESTABLISHMENT LABS (ESTA) shares according to the Form 4 footnotes?

Footnotes state the transactions reflect 15,350 Common Shares sold by JW Partners, LP and 5,229 Common Shares sold by JW Opportunities Fund, LLC. JW Asset Management acts as investment advisor, with related entities involved, and certain parties disclaim beneficial ownership beyond indirect pecuniary interests.

How many ESTABLISHMENT LABS (ESTA) shares do the reporting persons hold after these sales?

After the reported open-market sales, the reporting group collectively reports holding 2,981,115 Common Shares indirectly. This figure reflects their remaining economic exposure disclosed in the Form 4 and indicates they continue to be significant shareholders after the transactions.

Are there any derivative securities or option exercises in this ESTABLISHMENT LABS (ESTA) Form 4?

The data shows only non-derivative transactions in Common Shares, coded as open-market sales. The derivative summary is empty in the excerpt, indicating no reported option exercises, conversions, or other derivative transactions associated with this particular Form 4 filing.

Do Jason G. Wild and JW Asset Management claim full beneficial ownership of the ESTABLISHMENT LABS (ESTA) shares?

Footnotes clarify that JW Asset Management, the general partner, and Jason G. Wild each disclaim beneficial ownership of the issuer’s securities, except to the extent of their indirect pecuniary interest. This limits how their ownership is treated for Section 16 reporting purposes.