Inspire (INSP) Insider Buys: CFO Executes Large Option Exercise on Aug 19, 2025

Rhea-AI Filing Summary

Inspire Medical Systems CFO Richard Buchholz reported multiple acquisitions of company stock on 08/19/2025. He exercised employee stock options and purchased shares, increasing his direct holdings. The Form 4 shows exercises of options with strike prices of $71 (17,849 shares) and $42.15 (7,159 shares), plus recognition of shares withheld for tax obligations (2,649; 2,455; 276) and 113 shares from the 2018 Employee Stock Purchase Plan. After the transactions, his reported direct common stock holdings range across entries (for example, 61,247 and 58,598 shares). Certain family members are reported as indirect holders (each 1,475 shares).

Positive

• Material insider accumulation: Exercise of 17,849 and 7,159 options on 08/19/2025 increased direct ownership by the reporting person
• ESPP participation: 113 shares acquired under the 2018 Employee Stock Purchase Plan, showing continued use of employee equity programs
• Transparent reporting: Option vesting, tax-withholding details, and indirect family holdings are disclosed and signed by attorney-in-fact

Negative

• None.

Insights

Financial Analyst

TL;DR Significant insider purchases through option exercises indicate confident ownership accumulation without new debt or company funding events.

The reporting shows material option exercises totaling 25,008 shares exercised on 08/19/2025 at strike prices of $71 and $42.15, increasing direct share counts into the tens of thousands. Inclusion of an ESPP purchase of 113 shares and withholding of shares to cover tax obligations are standard mechanics and do not signal dilution. For investors, the transactions are a direct insider accumulation signal but do not change outstanding share count materially.

Corporate Governance Expert

TL;DR Routine executive option exercises disclosed properly; family indirect holdings are small and transparently reported.

The Form 4 discloses exercises of fully vested options and tax-withholding share dispositions, all reported with transaction codes and post-transaction ownership figures. Indirect ownership by close family members (1,475 shares each) is stated. Filing appears compliant with Section 16 reporting requirements and includes attorney-in-fact signature. There are no indications of unusual arrangements or undisclosed related-party transfers in the document.

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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hours per response:			0.5

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^*

Buchholz Richard

(Last) (First) (Middle)

C/O INSPIRE MEDICAL SYSTEMS, INC.

5500 WAYZATA BLVD., SUITE 1600

(Street)

GOLDEN VALLEY MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Inspire Medical Systems, Inc. [ INSP ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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

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

X	Form filed by One Reporting Person
	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
Common Stock	08/19/2025		M		17,849	A	$71	54,088(1)	D
Common Stock	08/19/2025		M		7,159	A	$42.15	61,247	D
Common Stock	08/19/2025		F		2,649(2)	D	$90.24	58,598	D
Common Stock	08/19/2025		F		2,455(2)	D	$90.21	56,143	D
Common Stock	08/19/2025		F		276(2)	D	$90.28	55,867	D
Common Stock								1,475	I	By Daughter
Common Stock								1,475	I	By Son
Common Stock								1,475	I	By Son
Common Stock								1,475	I	By Son

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
Employee Stock Option (Right to Buy)	$71	08/19/2025		M			17,849	(3)	12/16/2029	Common Stock	17,849	$0	0	D
Employee Stock Option (Right to Buy)	$42.15	08/19/2025		M			7,159	(3)	12/18/2028	Common Stock	7,159	$0	0	D

Explanation of Responses:

1. Includes 113 shares acquired under the Inspire Medical Systems, Inc. 2018 Employee Stock Purchase Plan on June 30, 2025.

2. Represents the number of shares of common stock withheld by the Issuer to cover the reporting person's tax withholding obligation upon the exercise of Stock Options.

3. The option is fully vested and exercisable.

	/s/ Bryan Phillips, Attorney-in-Fact for Richard Buchholz	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did INSP CFO Richard Buchholz report on the Form 4?

He exercised employee stock options (17,849 shares at $71 and 7,159 shares at $42.15) and recorded ESPP and tax-withheld share items on 08/19/2025.

How many shares resulted from the option exercises reported for INSP?

25,008 option shares were exercised on 08/19/2025 (17,849 and 7,159 shares).

Were any shares withheld to cover taxes in the filing for INSP insider activity?

Yes. The filing shows shares withheld upon exercise: 2,649; 2,455; and 276 shares for tax withholding as noted by the reporting person.

Does the Form 4 show indirect holdings by the reporting person's family for INSP?

Yes. The filing lists indirect holdings of 1,475 shares each by the reporting person's daughter and son as reported.

Are the exercised options fully vested according to the Form 4?

Yes. The filing states that the options exercised are fully vested and exercisable.