Inspire Medical Systems: 13G/A shows Dragoneer, Stad at 0%

Rhea-AI Filing Summary

Inspire Medical Systems (INSP): Schedule 13G/A update — Dragoneer Investment Group, LLC and Marc Stad filed Amendment No. 1 reporting beneficial ownership of the company’s common stock at 0 shares, representing 0% of the class.

The filing notes ownership of 5 percent or less and lists no voting or dispositive power. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The date of event is 09/30/2025.

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, par value $0.001 per share

(Title of Class of Securities)

457730109

(CUSIP Number)

09/30/2025

(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. 457730109

1

Names of Reporting Persons

Marc Stad

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. 457730109

1

Names of Reporting Persons

Dragoneer Investment 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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 %

12

Type of Reporting Person (See Instructions)

IA, OO

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: Marc Stad Dragoneer Investment Group, LLC
(b)	Address or principal business office or, if none, residence: One Letterman Dr., Bldg D, Ste M500 San Francisco, CA 94129.
(c)	Citizenship: Marc Stad: United States; Dragoneer Investment Group, LLC: Delaware
(d)	Title of class of securities: Common stock, par value $0.001 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: 0
(b)	Percent of class: 0 %
(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: Marc Stad: 0 Dragoneer Investment Group, LLC: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: Marc Stad: 0 Dragoneer Investment Group, LLC: 0 Dragoneer Investment Group, LLC (the "Dragoneer Adviser") is a registered investment adviser under the Investment Advisers Act of 1940, as amended. As the managing member of Dragoneer Adviser, Cardinal DIG CC, LLC may also be deemed to share voting and dispositive power with respect to the common stock. Marc Stad is the sole member of Cardinal DIG CC, LLC. By virtue of these relationships, each of the Reporting Persons may be deemed to share beneficial ownership of the common stock of the Issuer.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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 acquired and are held in the ordinary course of business and 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.

Marc Stad

Signature:	/s/ Marc Stad
Name/Title:	Marc Stad
Date:	11/14/2025

Dragoneer Investment Group, LLC

Signature:	/s/ Pat Robertson
Name/Title:	Pat Robertson, Chief Operating Officer
Date:	11/14/2025

FAQ

What did INSP disclose in this Schedule 13G/A?

Amendment No. 1 shows Dragoneer Investment Group, LLC and Marc Stad report 0 shares and 0% beneficial ownership of Inspire Medical Systems.

Who are the reporting persons in INSP’s 13G/A?

The reporting persons are Dragoneer Investment Group, LLC and Marc Stad.

What percentage of INSP is reported as owned?

The filing reports 0% of the class and no voting or dispositive power.

What is the date of the event for this ownership report?

The date of event is 09/30/2025.

Does the filing indicate an attempt to influence control of INSP?

No. The certification states the holdings are in the ordinary course and not for the purpose of changing or influencing control.

What class of INSP securities is covered?

The filing covers common stock, par value $0.001 per share (CUSIP 457730109).