Inspire Medical Systems (INSP): Soleus Capital group reports 6.7% ownership stake

Rhea-AI Filing Summary

Inspire Medical Systems, Inc. has a significant shareholder group led by Soleus Capital Master Fund, L.P. and related entities, which report beneficial ownership of 1,931,436 shares of common stock of the company. This position represents 6.7% of Inspire’s common stock, based on 28,910,375 shares outstanding as of July 30, 2026 as reported in Inspire’s Form 10-Q for the quarter ended June 30, 2026.

The Soleus entities and Guy Levy report shared voting and dispositive power over 1,931,436 shares and no sole voting or dispositive power. They state that the shares are held directly by Soleus Capital Master Fund, L.P. and that each affiliated entity and Mr. Levy disclaims beneficial ownership of these shares except for purposes of determining obligations under Section 13(d) of the Exchange Act.

Key Figures

Shares beneficially owned: 1,931,436 shares Percent of class: 6.7% Shares outstanding: 28,910,375 shares +3 more

6 metrics

Shares beneficially owned 1,931,436 shares Common stock of Inspire Medical Systems reported by Soleus Capital entities

Percent of class 6.7% Portion of Inspire Medical Systems common stock held by Soleus group

Shares outstanding 28,910,375 shares Inspire Medical Systems common stock outstanding as of July 30, 2026 per Form 10-Q cover

Shared voting power 1,931,436 shares Shares over which Soleus entities and Guy Levy share voting power

Shared dispositive power 1,931,436 shares Shares over which Soleus entities and Guy Levy share dispositive power

Filing date 08/13/2026 Date of signatures by Guy Levy for the reporting persons

Key Terms

beneficial ownership, shared voting power, shared dispositive power, Section 13(d) of the Exchange Act, +1 more

5 terms

beneficial ownership financial

"Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting power financial

"Shared Voting Power 1,931,436.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 1,931,436.00"

Section 13(d) of the Exchange Act regulatory

"for the purpose of determining their obligations under Section 13(d) of the Exchange Act"

Schedule 13G/A regulatory

"obligations under Section 13(d) of the Exchange Act, as amended, reported on Schedule 13G/A"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

FAQ

How much of Inspire Medical Systems (INSP) stock is owned by the Soleus Capital group?

The Soleus Capital group reports beneficial ownership of 1,931,436 shares of Inspire Medical Systems common stock, representing 6.7% of the outstanding shares, based on 28,910,375 shares outstanding as of July 30, 2026.

Which entities are included in the Soleus Capital filing for Inspire Medical Systems (INSP)?

The filing lists Soleus Capital Master Fund, L.P., Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC, and Guy Levy as reporting persons, all tied to the same 1,931,436-share position in Inspire Medical Systems.

What voting and dispositive power does Soleus Capital report over INSP shares?

The Soleus group reports 0 shares with sole voting or dispositive power and 1,931,436 shares with shared voting and shared dispositive power. This structure means decisions over these shares are exercised jointly rather than individually.

How was the 6.7% ownership stake in Inspire Medical Systems (INSP) calculated?

The 6.7% ownership figure is based on 1,931,436 shares held versus 28,910,375 shares of Inspire common stock outstanding as of July 30, 2026, as reported on the cover of Inspire’s Form 10-Q for the quarter ended June 30, 2026.

Do the Soleus Capital entities and Guy Levy claim full beneficial ownership of INSP shares?

They state that the shares are held directly by Soleus Capital Master Fund, L.P. and that each affiliated entity and Guy Levy disclaims beneficial ownership except for determining obligations under Section 13(d) of the Exchange Act.

What type of filing is this Schedule 13G/A for Inspire Medical Systems (INSP)?

This is an amended Schedule 13G (13G/A), which reports the ownership position of the Soleus Capital group in Inspire Medical Systems. It updates information on beneficial ownership, voting power, and dispositive power over 1,931,436 shares of common stock.

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Available on EDGAR 08/13/2026 - 09:00 AM Accepted by SEC EDGAR 08/13/2026 - 09:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

INSPIRE MEDICAL SYSTEMS, INC.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

457730109

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Soleus Capital Master Fund, 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 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Soleus Capital Master Fund, L.P. ("Master Fund"). Soleus Capital, LLC is the sole general partner of Master Fund, Soleus Capital Group, LLC ("SCG") is the sole managing member of Soleus Capital, LLC, Soleus Capital Management, L.P. ("SCM") is the investment manager for Master Fund, and Soleus GP, LLC ("Soleus GP") is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, as amended (the "Exchange Act"), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of the common stock of Inspire Medical Systems, Inc. (the "Issuer") outstanding as of July 30, 2026, as reported on the cover of the Issuer's Quarterly Report on Form 10-Q for the period ended June 30, 2026 filed with the Securities and Exchange Commission on August 3, 2026 (the "Form 10-Q").

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Soleus Capital, 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 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of common stock of the Issuer outstanding as of July 30, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Soleus Capital 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of common stock of the Issuer outstanding as of July 30, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Soleus Capital Management, 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 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of common stock of the Issuer outstanding as of July 30, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Soleus GP, 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 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of common stock of the Issuer outstanding as of July 30, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 457730109

1

Names of Reporting Persons

Guy Levy

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 1,931,436.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,436.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,436.00

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)

6.7 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 28,910,375 shares of common stock of the Issuer outstanding as of July 30, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: INSPIRE MEDICAL SYSTEMS, INC.
(b)	Address of issuer's principal executive offices: 5500 Wayzata Blvd., Suite 1600, Golden Valley, MN 55416
Item 2.
(a)	Name of person filing: Soleus Capital Master Fund, L.P. Soleus Capital, LLC Soleus Capital Group, LLC Soleus Capital Management, L.P. Soleus GP, LLC Guy Levy
(b)	Address or principal business office or, if none, residence: Soleus Capital Master Fund, L.P. 100 Field Point Road, Suite 200 Greenwich, CT 06830 Soleus Capital, LLC 100 Field Point Road, Suite 200 Greenwich, CT 06830 Soleus Capital Group, LLC 100 Field Point Road, Suite 200 Greenwich, CT 06830 Soleus Capital Management, L.P. 100 Field Point Road, Suite 200 Greenwich, CT 06830 Soleus GP, LLC 100 Field Point Road, Suite 200 Greenwich, CT 06830 Guy Levy c/o Soleus Capital Management, L.P. 100 Field Point Road, Suite 200 Greenwich, CT 06830
(c)	Citizenship: Soleus Capital Master Fund, L.P. - Cayman Islands Soleus Capital, LLC - Delaware Soleus Capital Group, LLC - Delaware Soleus Capital Management, L.P. - Delaware Soleus GP, LLC - Delaware Guy Levy - United States
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 457730109
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 in rows 5 through 9 and 11 on the cover pages to this Schedule 13G, including the footnotes thereto, is hereby incorporated by reference. 1,931,436
(b)	Percent of class: 6.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,931,436
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,931,436
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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Soleus Capital Master Fund, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the Managing Member of the General Partner of Soleus Capital Master Fund, L.P.
Date:	08/13/2026

Soleus Capital, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the Managing Member of Soleus Capital, LLC
Date:	08/13/2026

Soleus Capital Group, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member
Date:	08/13/2026

Soleus Capital Management, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the General Partner of Soleus Capital Management, L.P.
Date:	08/13/2026

Soleus GP, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member
Date:	08/13/2026

Guy Levy

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy
Date:	08/13/2026

Comments accompanying signature: Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)