Schedule 13G: Deer X and Bessemer Report Material HNGE Holdings

Rhea-AI Filing Summary

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.

Positive

• Transparent disclosure of convertible Class B holdings and exact share counts provides clarity for investors on ownership structure
• Material stakes are clearly quantified: Deer X 4,108,707 shares (13.1%), BVP X 2,119,271 shares (7.2%), BVP X Inst 1,989,436 shares (6.8%)

Negative

• No information in this filing about any change in ownership, intent, or planned transactions that would explain the holders’ strategic objectives
• Concentrated ownership (13.1% held by Deer X) could affect corporate governance but the filing does not state any governance intentions

Insights

Securities Analyst

TL;DR: Major insider-affiliated holders control material voting stakes ranging from 6.8% to 13.1% of Hinge Health’s Class A-equivalent shares.

The Schedule 13G discloses concentrated ownership by Deer X and Bessemer-affiliated funds, each holding Class B shares convertible 1-for-1 into Class A common stock. Deer X’s 13.1% position is a material block that could influence governance depending on board alignment and other holders. The filings show sole voting and dispositive power, indicating direct control over the shares reported. No transactions, pledges, or changes in holdings are described within the provided content; the statement reports positions as of the referenced period and is informational under Rule 13d-1.

Corporate Governance Expert

TL;DR: Concentrated convertible holdings raise governance significance but this filing is informational, not an activist or change-of-control notice.

The document identifies Deer X and two Bessemer funds as holders of convertible Class B shares that translate to Class A voting power. A single entity (Deer X/GP structure) may be deemed to beneficially own the full 13.1% position, which is material for shareholder voting dynamics. The filing contains no proposals, group formation, or intent statements; it functions as a disclosure of ownership under applicable SEC rules. Materiality stems from the percentage stakes reported rather than any disclosed change in strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Hinge Health, Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 par value per share

(Title of Class of Securities)

433313103

(CUSIP Number)

05/23/2025

(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

Bessemer Venture Partners 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 2,119,271.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,119,271.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,119,271.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Represents shares of Class A Common Stock of the Issuer underlying shares of Class B Common Stock beneficially owned by the Reporting Person, which shares of Class B Common Stock are convertible, at the option of the holder, into shares of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned set forth in row 11 above is based on a total of 27,223,448 shares of Class A Common Stock as of July 31, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025.

SCHEDULE 13G

CUSIP No. 433313103

1

Names of Reporting Persons

Bessemer Venture Partners X Institutional 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 1,989,436.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,989,436.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,989,436.00

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)

6.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Represents shares of Class A Common Stock of the Issuer underlying shares of Class B Common Stock beneficially owned by the Reporting Person, which shares of Class B Common Stock are convertible, at the option of the holder, into shares of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned set forth in row 11 above is based on a total of 27,223,448 shares of Class A Common Stock as of July 31, 2025 as reported in the Issuer's Quartlery Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025.

SCHEDULE 13G

CUSIP No. 433313103

1

Names of Reporting Persons

Deer X & Co. 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 4,108,707.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,108,707.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,108,707.00

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)

13.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Represents shares of Class A Common Stock of the Issuer underlying shares of Class B Common Stock beneficially owned by the Reporting Person, which shares of Class B Common Stock are convertible, at the option of the holder, into shares of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned set forth in row 11 above is based on a total of 27,223,448 shares of Class A Common Stock as of July 31, 2025 as reported in the Issuer's Quartlery Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025.

SCHEDULE 13G

CUSIP No. 433313103

1

Names of Reporting Persons

Deer X & Co. 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 4,108,707.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,108,707.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,108,707.00

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)

13.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Represents shares of Class A Common Stock of the Issuer underlying shares of Class B Common Stock beneficially owned by the Reporting Person, which shares of Class B Common Stock are convertible, at the option of the holder, into shares of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned set forth in row 11 above is based on a total of 27,223,448 shares of Class A Common Stock as of July 31, 2025 as reported in the Issuer's Quartlery Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hinge Health, Inc.
(b)	Address of issuer's principal executive offices: 455 Market Street, 7th Floor, San Francisco, CA 94105
Item 2.
(a)	Name of person filing: This statement is being filed by the following persons with respect to certain shares of Class B Common Stock (the "Shares" or the "Common Stock") of the Issuer. Bessemer Venture Partners X L.P. ("BVP X"), Bessemer Venture Partners X Institutional L.P. ("BVP X Inst" and together with BVP X, the "Funds") directly own shares of Common Stock. Deer X Ltd, Deer X LP, BVP X and BVP X Inst are sometimes individually referred to herein as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The address of the principal business office of the Reporting Persons is: c/o Bessemer Venture Partners 1865 Palmer Avenue; Suite 104 Larchmont, NY 10583
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Class A Common Stock, $0.00001 par value 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: Deer X Ltd-4,108,707 shares DeerX LP - 4,108,707 shares BVP X - 2,119,271 shares BVP X Inst - 1,989,436 shares
(b)	Percent of class: Deer X Ltd- 13.1% DeerX LP - 13.1% BVP X - 7.2% BVP X Inst - 6.8% Represents shares of Class A Common Stock of the Issuer underlying shares of Class B Common Stock of the Issuer beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into shares of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned is based on a total of 27,223,448 shares of Class A Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quartelry Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Deer X Ltd-4,108,707 shares DeerX LP - 4,108,707 shares BVP X - 2,119,271 shares BVP X Inst - 1,989,436 shares
	(ii) Shared power to vote or to direct the vote: Deer X Ltd- 0 shares DeerX LP - 0 shares BVP X - 0 shares BVP X Inst - 0 shares
	(iii) Sole power to dispose or to direct the disposition of: Deer X Ltd-4,108,707 shares DeerX LP - 4,108,707 shares BVP X - 2,119,271 shares BVP X Inst - 1,989,436 shares
	(iv) Shared power to dispose or to direct the disposition of: Deer X Ltd- 0 shares DeerX LP - 0 shares BVP X - 0 shares BVP X Inst - 0 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
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 Deer X LP, which in turn is the general partner of the Funds, Deer X Ltd may be deemed to beneficially own all 4,108,707 Shares held directly by the Funds and have the power to direct the dividends from or the proceeds of the sale of such Shares.
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.

Bessemer Venture Partners X L.P.

Signature:	/s/ Scott Ring
Name/Title:	Scott Ring, GC Deer X &Co. Ltd., the GP of Deer X & Co. L.P., the GP of Bessemer Venture Partners X, L.P.
Date:	08/14/2025

Bessemer Venture Partners X Institutional L.P.

Signature:	/s/ Scott Ring
Name/Title:	Scott Ring, GD Deer X&Co. Ltd., the GP of Deer X &Co. L.P., the GP of Bessemer Venture Partners X Institutional L.P.
Date:	08/14/2025

Deer X & Co. L.P.

Signature:	/s/ Scott Ring
Name/Title:	/s/ Scott Ring, General Counsel Deer X & Co. Ltd., the GP of Deer X & Co. L.P.
Date:	08/14/2025

Deer X & Co. Ltd.

Signature:	/s/ Scott Ring
Name/Title:	Scott Ring, General Counsel
Date:	08/14/2025

FAQ

What stake does Deer X report in HNGE?

Deer X Ltd./Deer X LP report beneficial ownership of 4,108,707 shares, representing 13.1% of Class A-equivalent shares based on 27,223,448 shares outstanding.

How many shares do Bessemer Venture Partners X entities hold in HNGE?

Bessemer Venture Partners X L.P. holds 2,119,271 shares (7.2%) and Bessemer Venture Partners X Institutional L.P. holds 1,989,436 shares (6.8%).

Are the reported Class B shares convertible into Class A common stock?

Yes. The filings state the Class B Common Stock reported are convertible 1-for-1 into Class A Common Stock at the holder’s option.

Do the reporting persons share voting or dispositive power for these shares?

No. Each reporting person reports sole voting and sole dispositive power over the shares listed; shared powers are reported as 0.

What basis was used to calculate the ownership percentages?

Percentages are based on 27,223,448 Class A shares outstanding as reported in the Issuer’s quarterly report as of July 31, 2025.