Hinge Health, Inc. received an amended Schedule 13G showing that investment entities affiliated with 11.2 Capital and individual filer Qian Zhuang collectively beneficially own 3,704,524 shares of the company’s Class A common stock. This represents 9.8% of the class, based on 37,919,155 shares outstanding as of October 30, 2025.
The ownership is held through several Delaware entities: 11.2 Capital I, L.P. with 2,703,954 shares, 11.2 Capital HH, LLC with 171,550 shares, and 11.2 Capital IVY, LLC with 829,020 shares. The filing notes that the reporting persons share voting and dispositive power over these shares and expressly disclaim status as a group. Zhuang is identified as the sole managing member of the general partner and manager entities that control these holdings.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Hinge Health, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.00001 per share
(Title of Class of Securities)
433313103
(CUSIP Number)
12/31/2025
(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.
433313103
1
Names of Reporting Persons
11.2 Capital I, L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,703,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,703,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,703,954.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
11.2 Capital I Partners, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,703,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,703,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,703,954.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
11.2 Capital HH, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
171,550.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
171,550.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
171,550.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
11.2 Capital IVY, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
829,020.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
829,020.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
829,020.00
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)
2.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
11.2 Capital Ivy Partners, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,000,570.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,000,570.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,000,570.00
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)
2.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Qian Zhuang
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
3,704,524.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,704,524.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,704,524.00
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)
9.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Hinge Health, Inc.
(b)
Address of issuer's principal executive offices:
455 Market Street, Suite 700, San Francisco, CA, 94105.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
11.2 Capital I, L.P. ("11.2 Capital I")
11.2 Capital I Partners, LLC ("11.2 Capital I GP")
11.2 Capital HH, LLC ("11.2 Capital HH")
11.2 Capital IVY, LLC ("11.2 Capital IVY")
11.2 Capital Ivy Partners, LLC ("11.2 Capital Mgr")
Qian Zhuang ("Zhuang")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
c/o 11.2 Capital
1611 Spring Gate Ln, Unit 371763
Las Vegas, Nevada 89134
(c)
Citizenship:
11.2 Capital I Delaware
11.2 Capital I GP Delaware
11.2 Capital HH Delaware
11.2 Capital IVY Delaware
11.2 Capital Mgr Delaware
Zhuang United States
(d)
Title of class of securities:
Class A Common Stock, par value $0.00001 per share
(e)
CUSIP No.:
433313103
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:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities consists of (i) 2,703,954 shares of Class A common stock held directly by 11.2 Capital I; (ii) 171,550 shares of Class A common stock held directly by 11.2 Capital HH; and (iii) 829,020 shares of Class A common stock held directly by 11.2 Capital IVY.
11.2 Capital I GP is the general partner of 11.2 Capital I and 11.2 Capital Mgr is the manager of each of 11.2 Capital HH and 11.2 Capital IVY. Zhuang is the sole managing member of each of 11.2 Capital I GP and 11.2 Capital Mgr and has sole voting and dispositive power over the shares held by each of 11.2 Capital I, 11.2 Capital HH and 11.2 Capital IVY.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. The percentage set forth in each row 11 is based upon 37,919,155 shares of Class A common stock outstanding as of October 30, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on November 7, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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:
Not Applicable
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.
11.2 Capital I, L.P.
Signature:
/s/ Shelley Zhuang
Name/Title:
By 11.2 Capital I Partners, LLC, its General Partner, By Shelley Zhuang, Managing Member
Date:
02/13/2026
11.2 Capital I Partners, LLC
Signature:
/s/ Shelley Zhuang
Name/Title:
By Shelley Zhuang, Managing Member
Date:
02/13/2026
11.2 Capital HH, LLC
Signature:
/s/ Shelley Zhuang
Name/Title:
By 11.2 Capital Ivy Partners, LLC, its Manager, By Shelley Zhuang, Managing Member
Date:
02/13/2026
11.2 Capital IVY, LLC
Signature:
/s/ Shelley Zhuang
Name/Title:
By 11.2 Capital Ivy Partners, LLC, its Manager, By Shelley Zhuang, Managing Member
Date:
02/13/2026
11.2 Capital Ivy Partners, LLC
Signature:
/s/ Shelley Zhuang
Name/Title:
By Shelley Zhuang, Managing Member
Date:
02/13/2026
Qian Zhuang
Signature:
/s/ Shelley Zhuang
Name/Title:
Shelley Zhuang
Date:
02/13/2026
Exhibit Information
Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Reporting Persons' Schedule 13G filed with the SEC on August 14, 2025)
What stake in Hinge Health (HNGE) does 11.2 Capital report in this Schedule 13G/A?
The filing reports beneficial ownership of 3,704,524 Hinge Health Class A shares, equal to 9.8% of the class. These shares are held through several 11.2 Capital-affiliated entities and attributed to reporting person Qian Zhuang via controlling roles in those entities.
How are the 3,704,524 Hinge Health (HNGE) shares split among 11.2 Capital entities?
The ownership consists of 2,703,954 shares held by 11.2 Capital I, L.P., 171,550 shares held by 11.2 Capital HH, LLC, and 829,020 shares held by 11.2 Capital IVY, LLC. Together these positions total 3,704,524 Class A common shares.
What percentage of Hinge Health (HNGE) does each reporting person hold in this 13G/A?
11.2 Capital I, L.P. and 11.2 Capital I Partners, LLC each report 7.1%. 11.2 Capital HH, LLC reports 0.5%, 11.2 Capital IVY, LLC 2.2%, 11.2 Capital Ivy Partners, LLC 2.6%, and Qian Zhuang reports overall beneficial ownership of 9.8% of the Class A shares.
What share count did 11.2 Capital use to calculate its 9.8% Hinge Health (HNGE) stake?
The reported 9.8% ownership is based on 37,919,155 Class A shares of Hinge Health outstanding as of October 30, 2025, a figure taken from the company’s Form 10-Q filed with the SEC on November 7, 2025.
Who controls voting and dispositive power over the Hinge Health (HNGE) shares in this filing?
The filing states that Qian Zhuang is the sole managing member of 11.2 Capital I Partners, LLC and 11.2 Capital Ivy Partners, LLC. Through these roles, Zhuang has shared voting and dispositive power over the shares held by 11.2 Capital I, 11.2 Capital HH, and 11.2 Capital IVY.
Do the 11.2 Capital reporting persons claim to be a group in relation to Hinge Health (HNGE)?
No. The Schedule 13G/A states that the reporting persons, including the various 11.2 Capital entities and Qian Zhuang, expressly disclaim status as a “group” for purposes of the beneficial ownership rules, even though their holdings are reported together.
