Hinge Health, Inc. received an amended Schedule 13G from a group of Insight-managed investment entities reporting significant ownership of its Class A Common Stock. The Insight entities collectively beneficially own 9,375,164 shares of Class B Common Stock, which are exchangeable into an equal number of Class A shares on a one-for-one basis.
For percentage calculations, these Class B shares are treated as converted into Class A, giving the Reporting Persons beneficial ownership of approximately 19.8% of the 47,294,319 shares of Class A Common Stock deemed outstanding. If all outstanding Class B shares reported in the company’s Form 10-Q were similarly converted, the Insight entities would be deemed to beneficially own approximately 11.9% of the Class A Common Stock. The filing is made jointly by several Insight funds and related general partner and holding entities, which may be deemed to form a group for reporting purposes, though they expressly disclaim group status beyond this joint filing.
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
Insight Venture Partners X, LP
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
4,681,897.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,681,897.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,681,897.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 4,681,897 shares of Class A Common Stock issuable upon the exchange of such 4,681,897 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Venture Partners (Cayman) X, LP
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,839,211.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,839,211.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,839,211.00
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)
8.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 3,839,211 shares of Class A Common Stock issuable upon the exchange of such 3,839,211 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Venture Partners (Delaware) X, LP
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
742,658.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
742,658.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
742,658.00
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)
1.6 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 742,658 shares of Class A Common Stock issuable upon the exchange of such 742,658 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Venture Partners X (Co-Investors), LP
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
111,398.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
111,398.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
111,398.00
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)
0.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 111,398 shares of Class A Common Stock issuable upon the exchange of such 111,398 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Venture Associates X, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,375,164.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,375,164.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,375,164.00
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)
19.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 9,375,164 shares of Class A Common Stock issuable upon the exchange of such 9,375,164 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Venture Associates X, Ltd.
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,375,164.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,375,164.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,375,164.00
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)
19.8 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 9,375,164 shares of Class A Common Stock issuable upon the exchange of such 9,375,164 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
SCHEDULE 13G
CUSIP No.
433313103
1
Names of Reporting Persons
Insight Holdings Group, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,375,164.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,375,164.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,375,164.00
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)
19.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Rows 6, 8 and 9 include 9,375,164 shares of Class A Common Stock issuable upon the exchange of such 9,375,164 shares of Class B Common Stock for Class A Common Stock on a one-for-one basis.
See Item 4(b) for further information regarding Row 11.
Percentage ownership is based on 47,294,319 shares of Class A Common Stock, which is the sum of (x) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025, and (y) 9,375,164 shares of Class A Common Stock issuable upon the exchange of all shares of Class B Common Stock held by the Reporting Persons, but assuming no exchange of any other shares of Class B Common Stock.
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, California, 94105
Item 2.
(a)
Name of person filing:
This Amendment No. 1 to Schedule 13G is being filed by the following persons (each a "Reporting Person" and, collectively, the "Reporting Persons"): (i) Insight Venture Partners X, L.P. ("IVP X") (ii) Insight Venture Partners (Cayman) X, L.P. ("IVP Cayman X"), (iii) Insight Venture Partners (Delaware), L.P., ("IVP Delaware X"), (iv) 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"), (vi) Insight Venture Associates X, L.P. ("IVA X"), Insight Venture Associates X, Ltd. ("IVA X Ltd") and (vii) Insight Holdings Group, LLC ("Holdings").
Holdings is the sole shareholder of IVA X Ltd, which is the general partner of IVA X, which is the general partner of each of 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.
(b)
Address or principal business office or, if none, residence:
The address of the principal business and principal office of each of the Reporting Persons is c/o Insight Partners,1114 Avenue of the Americas, 36th Floor, New York, New York 10036.
(c)
Citizenship:
See Item 2(a).
(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:
The information required by Item 4(a) is set forth in Rows 5-11 of the cover pages hereto for each Reporting Person and is incorporated herein by reference for each such Reporting Person.
(b)
Percent of class:
Based on the quotient obtained by dividing (x) the aggregate number of shares of Class A Common Stock and Class B Common Stock beneficially owned by the Reporting Person, by (y) the sum of (i) 37,919,155 shares of Class A Common Stock outstanding as of October 30, 2025, as reported in the Form 10-Q filed on November 7, 2025, and (ii) the number of shares of Class B Common Stock beneficially owned by the Reporting Persons. The number of shares of Class B Common Stock beneficially owned by the Reporting Person(s) are treated as converted into Class A Common Stock only for the purpose of computing the percentage ownership of the Reporting Person for the purpose hereof.
The Reporting Persons beneficially own an aggregate of 9,375,164 shares of Class B Common Stock, which are treated as converted into Class A Common Stock for purposes of this percent of class calculation and represents approximately 19.8% of the Class A Common Stock outstanding (calculated in accordance with the paragraph above). If all outstanding shares of Class B Common Stock (as reported in the Form 10-Q) were deemed converted into Class A Common Stock, the Reporting Persons would be deemed to beneficially own approximately 11.9% of the shares of Class A Common Stock deemed outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c) is set forth in Rows 5-11 of the cover pages hereto for each Reporting Person and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c) is set forth in Rows 5-11 of the cover pages hereto for each Reporting Person and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c) is set forth in Rows 5-11 of the cover pages hereto for each Reporting Person and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c) is set forth in Rows 5-11 of the cover pages hereto for each Reporting Person and is incorporated herein by reference for each such Reporting Person.
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
As the general partner of the IVP X Funds, IVA X may be deemed to beneficially own all 9,375,164 Class B Common Stock held directly by the IVP X Funds. As the general partner of IVA X, IVA Ltd may be deemed to beneficially own all 9,375,164 Class B Common Stock held by IVA X. As the sole shareholder of IVA X Ltd, Holdings may be deemed to beneficially own all 9,375,164 Class B Common Stock held by IVA X Ltd.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The agreement among the Reporting Persons to file jointly in accordance with Rule 13d-1(k) of the Exchange Act is attached hereto as Exhibit 99.1. The Reporting Persons disclaim membership in a group and this report shall not be deemed an admission by any of the Reporting Persons that they are or may be members of a "group" for purposes of Rule 13d-5 or for any other purposes.
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.
Insight Venture Partners X, LP
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Venture Partners (Cayman) X, LP
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Venture Partners (Delaware) X, LP
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Venture Partners X (Co-Investors), LP
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Venture Associates X, L.P.
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Venture Associates X, Ltd.
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Authorized Officer
Date:
02/13/2026
Insight Holdings Group, LLC
Signature:
/s/ Andrew Prodromos
Name/Title:
Andrew Prodromos/Attorney-in-Fact
Date:
02/13/2026
Exhibit Information
Exhibit 99.1 Joint Filing Agreement, as required by Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended
What does Hinge Health (HNGE) disclose in this Schedule 13G/A?
The filing discloses that Insight-managed entities collectively beneficially own 9,375,164 Class B shares in Hinge Health, Inc., exchangeable into the same number of Class A shares. The amendment updates ownership percentages and clarifies how these holdings are calculated for reporting purposes.
How much of Hinge Health’s Class A stock do the Insight entities beneficially own?
The Insight entities’ 9,375,164 Class B shares are treated as converted, representing about 19.8% of 47,294,319 deemed-outstanding Class A shares. This total combines 37,919,155 Class A shares outstanding as of October 30, 2025 with the Insight-held Class B shares on an as-converted basis.
What is the ownership structure Insight reports in Hinge Health (HNGE)?
Ownership is spread across several Insight funds and control entities, including IVP X, IVP Cayman X, IVP Delaware X, IVP X Co-Investors, IVA X, IVA X Ltd, and Insight Holdings Group, LLC. Holdings ultimately controls the structure through its role as sole shareholder and upstream general partner relationships.
How is the Insight group’s percentage in Hinge Health calculated?
Percentage ownership divides shares beneficially owned by a deemed outstanding total of 47,294,319 Class A shares. That total combines 37,919,155 Class A shares outstanding on October 30, 2025, plus 9,375,164 Class A shares issuable upon exchange of all Class B shares held by the reporting entities.
What would Insight’s stake be if all Hinge Health Class B shares were converted?
If all outstanding Class B shares reported in Hinge Health’s Form 10-Q were converted into Class A, the Insight entities would be deemed to beneficially own approximately 11.9% of the resulting Class A Common Stock. This alternative percentage is provided directly in the ownership discussion.
Do the Insight entities claim to be a formal group in this HNGE filing?
The entities file a single joint Schedule 13G because they may be deemed a “group” under Section 13(d)(3). However, they expressly disclaim membership in a group and state that the report should not be viewed as an admission of group status for any other purpose.
