[Form 4] Hinge Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insight Venture Partners affiliates, identified as a director and 10% owner of Hinge Health, Inc. (HNGE), reported on Form 4 that on December 1, 2025 they converted multiple blocks of Class B Common Stock into Class A Common Stock and then sold those Class A shares.

The reporting persons converted and sold 826,216, 19,659, 677,508 and 131,057 shares of Class B/Class A stock, respectively, through affiliated Insight investment funds, with each corresponding Class A position shown as reduced to zero following the sales at a reported price of $47.76 per share.

Footnotes describe that each share of Class B Common Stock was convertible into one share of Class A Common Stock and outline Insight’s fund and holding-company structure, noting that various Insight entities and managers may be deemed to share voting and dispositive power over these Hinge Health shares while generally disclaiming beneficial ownership beyond their pecuniary interests.

Insights

Equity Ownership Analyst

Large shareholder converted Class B to Class A and sold those shares, modestly reducing its economic stake while retaining significant holdings.

The filing shows several affiliated Insight entities, all related through a common control structure, converting blocks of Class B Common Stock into Class A Common Stock on 12/01/2025. Each Class B share converts one-for-one into Class A under the issuer’s charter. Immediately after conversion, the same quantities of Class A shares (totaling 826,216 + 19,659 + 677,508 + 131,057) were sold at a price of $47.76 per share, leaving those specific positions at zero.

Despite these sales, the Insight entities continue to report indirect beneficial ownership of substantial Class A positions through derivative securities, including 4,681,897, 111,398, 3,839,211 and 742,658 underlying shares for the various funds. The filing clarifies a layered ownership structure in which multiple Insight entities and individuals may be deemed to share voting and dispositive power, while expressly disclaiming beneficial ownership beyond their pecuniary interests. This pattern suggests a partial liquidity event rather than a full exit by these holders.

The key item to watch over the near to medium term is whether similar conversions and sales recur from the remaining Class B and derivative-linked interests, given that Class B is convertible at any time and will also convert automatically upon specified events in the issuer’s charter. Any future Form 4s disclosing additional sales or large changes in the 9+ million indirectly held Class A-equivalent shares would further indicate how these affiliated funds are adjusting their exposure.

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
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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^*

Insight Holdings Group, LLC

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hinge Health, Inc. [ HNGE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

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

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

	Form filed by One Reporting Person
X	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
Class A Common Stock	12/01/2025		C		826,216	A	(8)	826,216	I	See footnotes(1)(6)(7)
Class A Common Stock	12/01/2025		C		19,659	A	(8)	19,659	I	See footnotes(2)(6)(7)
Class A Common Stock	12/01/2025		C		677,508	A	(8)	677,508	I	See footnotes(3)(6)(7)
Class A Common Stock	12/01/2025		C		131,057	A	(8)	131,057	I	See footnotes(4)(6)(7)
Class A Common Stock	12/01/2025		S		826,216	D	$47.76	0	I	See footnotes(1)(6)(7)
Class A Common Stock	12/01/2025		S		19,659	D	$47.76	0	I	See footnotes(2)(6)(7)
Class A Common Stock	12/01/2025		S		677,508	D	$47.76	0	I	See footnotes(3)(6)(7)
Class A Common Stock	12/01/2025		S		131,057	D	$47.76	0	I	See footnotes(4)(6)(7)

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
Class B Common Stock	(8)	12/01/2025		C			826,216	(8)	(8)	Class A Common Stock	826,216	(5)	4,681,897	I	See footnotes(1)(6)(7)
Class B Common Stock	(8)	12/01/2025		C			19,659	(8)	(8)	Class A Common Stock	19,659	(5)	111,398	I	See footnotes(2)(6)(7)
Class B Common Stock	(8)	12/01/2025		C			677,508	(8)	(8)	Class A Common Stock	677,508	(5)	3,839,211	I	See footnotes(3)(6)(7)
Class B Common Stock	(8)	12/01/2025		C			131,057	(8)	(8)	Class A Common Stock	131,057	(5)	742,658	I	See footnotes(4)(6)(7)

1. Name and Address of Reporting Person^*

Insight Holdings Group, LLC

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Associates X, L.P.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Associates X, Ltd.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Partners (Cayman) X, L.P.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Partners (Delaware) X, L.P.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Partners X (Co-Investors), L.P.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

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^*

Insight Venture Partners X, L.P.

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Held directly by Insight Venture Partners X, L.P.

2. Held directly by Insight Venture Partners X (Co-Investors), L.P.

3. Held directly by Insight Venture Partners (Cayman) X, L.P.

4. Held directly by Insight Venture Partners (Delaware) X, L.P.

5. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock. The Class B Common Stock will automatically convert into shares of Class A Common Stock upon the occurrence of certain events as described further in the Issuer's amended and restated certificate of incorporation.

6. Insight Holdings Group, LLC ("Holdings") is the sole shareholder of Insight Venture Associates X, Ltd. ("IVA X Ltd"), which is the general partner of Insight Venture Associates X, L.P. ("IVA X"), which is the general partner of each of Insight Venture Partners X, L.P. ("IVP X"), Insight Venture Partners (Cayman) X, L.P. ("IVP Cayman X"), Insight Venture Partners (Delaware) X, L.P. ("IVP Delaware X") and Insight Venture Partners X (Co-Investors), L.P. ("IVP X Co-Investors," collectively with IVP X, IVP Cayman X and IVP Delaware X, the "IVP X Funds") (the IVP X Funds, collectively with Holdings, IVA X Ltd and IVA X, the "Insight Entities"). As a result, the amounts owned by each of the IVP X Funds may be deemed attributable to each of the other Insight Entities.

7. Each of Jeffrey L. Horing, Deven Parekh, Jeffrey Lieberman and Michael Triplett is a member of the board of managers of Holdings and may be deemed to have shared voting and dispositive power over the shares held of record by the IVP X Funds. The foregoing is not an admission by any other Insight Entity that it is the beneficial owner of the shares held of record by the IVP X Funds. Each of the other Insight Entities, Messrs. Horing, Parekh, Lieberman and Triplett disclaims beneficial ownership of the shares held of record by the IVP X Funds, except to the extent of its/his pecuniary interest therein.

8. On December 1, 2025, the reporting persons converted each share of Class B Common Stock into one share of Class A Common Stock. The Class B Common Stock was convertible into shares of Class A Common Stock upon the occurrence of certain events as described further in the Issuer's amended and restated certificate of incorporation.

	Insight Venture Partners X, L.P., By: Insight Venture Associates X, L.P., its general partner, By: Insight Venture Associates X, Ltd., its general partner, By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	Insight Venture Partners (Cayman) X, L.P., By: Insight Venture Associates X, L.P., its general partner, By: Insight Venture Associates X, Ltd., its general partner, By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	Insight Venture Partners (Delaware) X, L.P., By: Insight Venture Associates X, L.P., its general partner, By: Insight Venture Associates X, Ltd., its general partner, By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	Insight Venture Partners X (Co-Investors), L.P., By: Insight Venture Associates X, L.P., its general partner, By: Insight Venture Associates X, Ltd., its general partner, By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	Insight Holdings Group, LLC, By: /s/ Andrew Prodromos/Attorney-in-Fact	12/03/2025
	Insight Venture Associates X Ltd., By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	Insight Venture Associates X, L.P., By: Insight Venture Associates X, Ltd., its general partner, By: /s/ Andrew Prodromos/Authorized Officer	12/03/2025
	** Signature of Reporting Person	Date
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