Hinge Health, Inc. SEC Filings

Coatue and affiliated entities report a significant passive stake in Hinge Health's Class A stock. The filing discloses aggregate beneficial ownership of 2,960,200 shares by Coatue Management and Philippe Laffont, equal to 9.9% of the Class A shares. Two affiliated vehicles are separately disclosed: Coatue Growth Fund IV LP holds 2,401,696 shares (8.1%) and Coatue US 70 LLC holds 2,300,512 shares (7.9%). The reported shares include those directly held and those issuable upon conversion of Class B common stock, and all reported holdings are shown as shared voting and dispositive power with no sole voting or sole dispositive power.

Insight Entities disclosed beneficial ownership stakes in Hinge Health, Inc. (HNGE) via a joint Schedule 13G filing. The filing lists multiple reporting persons affiliated with Insight Partners, including IVP X funds, Insight Venture Associates entities and Insight Holdings Group, and gives the principal offices as c/o Insight Partners, 1114 Avenue of the Americas, New York.

The Reporting Persons report beneficial ownership of 11,029,604 shares of Class B Common Stock that are treated as issuable into Class A Common Stock on a one-for-one basis for percent calculations. On that basis, the Reporting Persons represent approximately 28.8% of the Class A Common Stock (calculated using 27,223,448 shares of Class A outstanding plus the Reporting Persons’ Class B shares). Individual cover-page totals include: IVP X (5,508,113 shares, 14.4%), IVP Cayman X (4,516,719 shares, 11.8%), IVP Delaware X (873,715 shares, 2.3%), IVP X Co-Investors (131,057 shares, 0.3%), and consolidated Insight entities holding the full 11,029,604 shares (28.8%). The filing is a joint submission and attaches a joint filing agreement as Exhibit 99.1.

Hinge Health, Inc. Schedule 13G filings disclose that several Bessemer-related entities and their general partner hold convertible Class B shares that equal Class A common stock on a 1:1 basis. Deer X Ltd./Deer X LP report ownership of 4,108,707 shares, representing 13.1% of the 27,223,448 Class A-equivalent shares outstanding. Bessemer Venture Partners X L.P. reports 2,119,271 shares (7.2%) and Bessemer Venture Partners X Institutional L.P. reports 1,989,436 shares (6.8%). All reported holdings are sole voting and dispositive power, and percentages are based on the Issuer’s quarterly report as of July 31, 2025. The filings are signed by Scott Ring on behalf of the reporting entities.

11.2 Capital and affiliated entities disclosed beneficial ownership of Hinge Health (Class A) through Class B shares convertible one-for-one into Class A. Collectively, the reporting persons hold 3,704,524 shares equivalent to 12.1% of Class A on a fully-converted basis as of June 30, 2025. Ownership is held directly by 11.2 Capital I (2,703,954 shares), 11.2 Capital HH (171,550 shares) and 11.2 Capital IVY (829,020 shares). Shelley (Qian) Zhuang is identified as the managing member with shared voting and dispositive power over these shares. The filers expressly disclaim being a "group."

Gabriel M.I. Mecklenburg reported beneficial ownership of 4,025,963 shares of Hinge Health, Inc. Class A common stock, equal to 13.0% of the Class A shares outstanding as of June 30, 2025. This ownership figure is based on 26,905,214 Class A shares outstanding and assumes a one-to-one conversion of Class B into Class A common stock. The reported holdings break down into 1,682,961 Class A equivalents underlying Class B shares held of record by Mr. Mecklenburg, 1,475,711 Class B shares held by family trusts over which he exercises voting power, and 867,291 Class B-share equivalents underlying stock options exercisable within 60 days of June 30, 2025. He reports sole voting power over all 4,025,963 shares and sole dispositive power over 2,550,252 shares.

Hinge Health insider ownership snapshot: Daniel Antonio Perez reports beneficial ownership of 10,551,700 shares of Class A common stock, representing 28.2% of the Class A shares outstanding based on 26,905,214 shares. The stake includes 10,000,525 shares underlying Class B shares held of record by Mr. Perez, 515,705 shares underlying Class B shares held of record by his spouse and 35,470 shares underlying options held by his spouse exercisable within 60 days.

The filing also discloses voting and dispositive power: sole voting/dispositive power over 10,000,525 shares and shared voting/dispositive power over 551,175 shares, indicating a concentrated, clearly itemized ownership position.

Hinge Health announced that certain lock-up restrictions tied to its IPO will partially terminate for a subset of holders. The company states that, following its Initial Earnings Release Date on August 5, 2025, the Early Release Condition was satisfied on August 6, 2025, triggering an early release provision in the lock-up agreements.

As a result, approximately 1.66 million Early Release Shares held by employees and service providers (25% of eligible securities owned as of March 1, 2025) will become eligible for immediate sale in the public market at the open of trading on August 19, 2025, subject to the Securities Act (including Rule 144 and Rule 701) and the company’s insider trading policy. All other shares remain subject to the original lock-up period that can extend up to 180 days after May 21, 2025.

Alkeon Capital Management LLC and Panayotis D. Sparaggis reported beneficial ownership of 1,591,104 shares of Hinge Health, Inc. Class A common stock, representing 5.7% of the class based on 26,799,441 shares outstanding as disclosed in the company prospectus dated May 23, 2025. The reported holdings include 1,215,093 Class A shares issuable upon conversion of Class B common stock.

The filing states the Reporting Persons have shared voting and dispositive power over 1,591,104 shares and no sole voting or dispositive power. The report lists Alkeon’s business office in New York and Hinge Health’s executive office in San Francisco and is signed by authorized representatives with an attached Joint Filing Agreement.

Hinge Health reported strong top-line growth alongside a large non-cash expense related to equity awards after completing its IPO. Revenue for the three months ended June 30, 2025 was $139.1 million, up from $89.8 million a year earlier, producing a gross profit of $97.8 million. Billings and deferred revenue increased, with deferred revenue at $275.1 million at June 30, 2025, reflecting billed but unrecognized subscription obligations.

Despite revenue growth, operating expenses surged to $678.4 million for the quarter, driven primarily by stock-based compensation. The company recorded a quarterly net loss of $575.7 million and an accumulated deficit of $1.08 billion. Cash and marketable securities remain substantial with cash and cash equivalents of $237.2 million and marketable securities of $176.1 million. In May 2025 the company completed an IPO, reclassified and converted preferred shares into common stock, repurchased Series E shares from a holder for $50.0 million, and used IPO proceeds to pay employee tax liabilities on equity settlements.