Schedule 13G: Whetstone/Atterbury Disclose 5.4% Position in HCAT

Rhea-AI Filing Summary

Whetstone Capital Advisors, LLC and David Atterbury report beneficial ownership of 3,731,350 shares of Health Catalyst, Inc. common stock, representing 5.4% of the class. The filing shows the holders have shared voting and shared dispositive power over all 3,731,350 shares and no sole voting or dispositive power. The statement is submitted on a Schedule 13G related to the June 30, 2025 event and includes the filers' Kansas address and Health Catalyst's principal executive office in South Jordan, Utah. The filing includes a certification that the securities were not acquired to change or influence control of the issuer.

Positive

• Clear disclosure of the reporting persons' identity, address, and exact share count (3,731,350 shares).
• Stake size disclosed meets regulatory thresholds (5.4% of class), improving transparency for investors.
• Certification that the securities were not acquired to change or influence control, indicating passive intent.

Negative

• Shared voting power only (no sole voting power), which may limit clarity about who directs votes.
• No details on whether shares are held for clients or accounts beyond the reporting names, limiting context on economic ownership.

Insights

Securities Analyst

TL;DR: A passive 5.4% stake reported with shared voting/dispositive power, indicating notable but non-control ownership.

The Schedule 13G identifies Whetstone Capital Advisors, LLC and David Atterbury as reporting persons holding 3,731,350 shares (5.4% of the class) of Health Catalyst common stock. The position is reported with shared voting and dispositive power and zero sole power, consistent with collective ownership or advisory arrangement. The certification states the stake is not intended to influence control, aligning with Schedule 13G passive investor treatment. This is material in that it clears the 5% filing threshold and discloses the identity and authority structure of the holders.

Corporate Governance Expert

TL;DR: Reporting clarifies voting/disposition rights and confirms passive intent, reducing immediate governance concern.

The form specifies shared voting and dispositive authority for all reported shares and includes a signed certification that the holdings are not for changing control. For governance assessment, the filing signals a meaningful minority stake without declared control intent. The disclosed addresses and signatures (dated 09/05/2025) provide verifiable contacts for shareholder communications. No group or subsidiary details are claimed, and items regarding ownership on behalf of others or group formation are marked not applicable.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Health Catalyst, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

42225T107

(CUSIP Number)

06/30/2025

(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. 42225T107

1

Names of Reporting Persons

Whetstone Capital Advisors, 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

KANSAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,731,350.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,731,350.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,731,350.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 42225T107

1

Names of Reporting Persons

David Atterbury

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 3,731,350.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,731,350.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,731,350.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Health Catalyst, Inc.
(b)	Address of issuer's principal executive offices: 10897 South River Front Parkway #300, South Jordan, Utah 84095
Item 2.
(a)	Name of person filing: Whetstone Capital Advisors, LLC ("WCA") and Mr. David Atterbury (collectively the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: 2001 Shawnee Mission Parkway, Shawnee Mission, Kansas 66205
(c)	Citizenship: United States of America
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 42225T107
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: 3,731,350
(b)	Percent of class: 5.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,731,350
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,731,350
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.
	Not Applicable
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 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.

Whetstone Capital Advisors, LLC

Signature:	/s/ David Atterbury
Name/Title:	Manager
Date:	09/05/2025

David Atterbury

Signature:	/s/ David Atterbury
Name/Title:	CCO/President
Date:	09/05/2025

FAQ

What stake in Health Catalyst (HCAT) is reported by Whetstone Capital Advisors?

The filing reports 3,731,350 shares, representing 5.4% of the class of Health Catalyst common stock.

Do the reporting persons have sole voting control over the HCAT shares?

No. The filing shows 0 sole voting power and 3,731,350 shared voting power.

Was this stake reported as intended to influence control of Health Catalyst?

No. The certification states the securities were not acquired to change or influence control of the issuer.

Who signed the Schedule 13G for Whetstone Capital Advisors?

David Atterbury signed as Manager (Whetstone) and as CCO/President, with signature dates of 09/05/2025.

What are the reporting persons' addresses listed in the filing?

Whetstone Capital's principal business address is 2001 Shawnee Mission Parkway, Shawnee Mission, Kansas 66205. Health Catalyst's principal office is listed in South Jordan, Utah.