Fulgent Genetics Insider Report: Hsieh Retains Large Stake After RSU Withholding

Rhea-AI Filing Summary

Ming Hsieh, Fulgent Genetics (FLGT) director, CEO and 10% owner, reported a withholding of 2,115 common shares on 08/23/2025 at a price of $21.77 per share to satisfy tax withholding upon vesting of restricted stock units granted on 02/23/2023. After the withholding, Mr. Hsieh directly holds 807,225 shares and retains substantial indirect holdings: 7,895,115 shares held by a Dynasty Trust, 220,816 shares held by the Ming Hsieh Trust, and two 1,000-share UTMA accounts for which he is custodian. The Form 4 was signed by an attorney-in-fact on 08/26/2025. The filing clarifies the trust relationships and voting/dispositive powers for the indirect holdings.

Positive

• Transaction was a tax-withholding on RSU vesting, not an open-market sale, reducing signals of insider cashing out
• Substantial insider ownership retained: 807,225 shares direct plus 7,895,115 and 220,816 shares indirectly, indicating continued alignment with shareholders
• Trust relationships and voting/dispositive powers are clearly disclosed, supporting governance transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: A small tax-withholding disposition occurred; Hsieh retains large direct and indirect ownership, so control and alignment with shareholders remain intact.

The 2,115-share disposition is identified as a tax-withholding event tied to RSU vesting, not an open-market sale, limiting its informational significance for valuation models. The reported direct stake of 807,225 shares plus material indirect holdings (7,895,115 and 220,816 shares) indicate substantial insider ownership that could affect float and voting dynamics. No derivatives or other sales are disclosed. Impact on liquidity or immediate share supply is minimal given the small size of the withheld shares relative to reported beneficial holdings.

Corporate Governance Expert

TL;DR: Disclosure is routine and transparent; trust structures and voting power are clearly stated, supporting governance transparency.

The filing provides explicit descriptions of the Dynasty Trust and the Hsieh Trust, including Mr. Hsieh's roles (grantor, trustee) and disclaimers of beneficial interest where applicable. The transaction was processed via tax withholding upon RSU vesting and documented with an attorney-in-fact signature, which aligns with standard insider reporting practices. There are no indications of unusual related-party transfers or changes in control from this filing.

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

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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^*

Hsieh Ming

(Last) (First) (Middle)

C/O FULGENT GENETICS, INC.

4399 SANTA ANITA AVENUE

(Street)

EL MONTE CA 91731

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fulgent Genetics, Inc. [ FLGT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/23/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/23/2025		F		2,115(1)	D	$21.77	807,225	D
Common Stock								7,895,115	I	By Trust(2)
Common Stock								220,816	I	By Trust(3)
Common Stock								1,000	I	Uniform Transfer to Minor Account(4)
Common Stock								1,000	I	Uniform Transfer to Minor Account(4)

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

Explanation of Responses:

1. The shares were withheld from the reporting person to satisfy the tax withholding obligations that arose upon the vesting of certain restricted stock units granted to the reporting person on February 23, 2023, which grant was originally reported on Form 4 filed with the U.S. Securities and Exchange Commission on February 27, 2023.

2. Securities held by the Dynasty Trust. Mr. Hsieh is the grantor of the Dynasty Trust and he and his spouse, Eva Hsieh, and Jian Xie serve on the investment committee of the Dynasty Trust. Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein.

3. Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.

4. Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian and possesses the sole voting and dispositive power.

	/s/ Paul Kim as Attorney-in-Fact	08/26/2025
	** 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).
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FAQ

What did Ming Hsieh report on the Form 4 for FLGT?

He reported the withholding of 2,115 common shares on 08/23/2025 at $21.77 per share to satisfy tax obligations from RSU vesting.

Does the Form 4 indicate an open-market sale by Ming Hsieh (FLGT)?

No. The filing states the shares were withheld to satisfy tax withholding upon RSU vesting, not sold in the open market.

How many FLGT shares does Ming Hsieh beneficially own after the reported transaction?

Following the transaction, Mr. Hsieh directly holds 807,225 shares and indirectly holds 7,895,115 and 220,816 shares via trusts, plus two 1,000-share UTMA accounts.

What trust arrangements are disclosed for Ming Hsieh's FLGT holdings?

Securities are held by a Dynasty Trust (Hsieh is grantor; investment committee includes Hsieh, his spouse, and another member) and the Ming Hsieh Trust (Hsieh is trustee with sole voting and dispositive power).

When was the Form 4 signed and by whom?

The filing shows a signature by Paul Kim as Attorney-in-Fact dated 08/26/2025.