Inspire Medical: Deerfield, James Flynn report 1.48M INSP shares

Rhea-AI Filing Summary

Inspire Medical Systems, Inc. (INSP) disclosed that investment entities affiliated with Deerfield, including Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P., and individual investor James E. Flynn, have each reported beneficial ownership of the same block of 1,476,303 shares of Inspire Medical common stock. This position represents 5.08% of the company’s outstanding common stock.

The Deerfield entities and Flynn report shared voting and dispositive power over all 1,476,303 shares and no sole voting or dispositive power. They also certify that the shares were not acquired and are not held for the purpose of changing or influencing control of Inspire Medical, indicating a passive investment stance under the Schedule 13G framework.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Inspire Medical Systems, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

457730109

(CUSIP Number)

11/06/2025

(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

Deerfield Mgmt, 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 1,476,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,476,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,476,303.00

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)

5.08 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P., of which Deerfield Mgmt, L.P. is the general partner.

SCHEDULE 13G

CUSIP No. 457730109

1

Names of Reporting Persons

Deerfield Management Company, 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 1,476,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,476,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,476,303.00

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)

5.08 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P. of which Deerfield Management Company, L.P. is the investment advisor.

SCHEDULE 13G

CUSIP No. 457730109

1

Names of Reporting Persons

Deerfield Partners, 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 1,476,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,476,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,476,303.00

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)

5.08 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 457730109

1

Names of Reporting Persons

James E. Flynn

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 1,476,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,476,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,476,303.00

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)

5.08 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P.

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: James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P.
(b)	Address or principal business office or, if none, residence: James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P., 345 Park Avenue South, 12th Floor, New York, NY 10010
(c)	Citizenship: Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P. - Delaware limited partnerships; James E. Flynn - United States citizen
(d)	Title of class of securities: Common Stock
(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: Deerfield Mgmt, L.P. - 1,476,303 shares Deerfield Management Company, L.P. - 1,476,303 shares Deerfield Partners, L.P. - 1,476,303 shares James E. Flynn - 1,476,303 shares
(b)	Percent of class: Deerfield Mgmt, L.P. - 5.08% Deerfield Management Company, L.P. - 5.08% Deerfield Partners, L.P. - 5.08% James E. Flynn - 5.08%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: All Reporting Persons - 0
	(ii) Shared power to vote or to direct the vote: Deerfield Mgmt, L.P. - 1,476,303 Deerfield Management Company, L.P. - 1,476,303 Deerfield Partners, L.P. - 1,476,303 James E. Flynn - 1,476,303
	(iii) Sole power to dispose or to direct the disposition of: All Reporting Persons - 0
	(iv) Shared power to dispose or to direct the disposition of: Deerfield Mgmt, L.P. - 1,476,303 Deerfield Management Company, L.P. - 1,476,303 Deerfield Partners, L.P. - 1,476,303 James E. Flynn - 1,476,303
Item 5.	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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) 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. See Exhibit B
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.

Deerfield Mgmt, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	11/13/2025

Deerfield Management Company, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	11/13/2025

Deerfield Partners, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	11/13/2025

James E. Flynn

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	11/13/2025

Exhibit Information

Exhibit A. Joint Filing Agreement. Exhibit B. Item 8 Statement. Exhibit C. Power of Attorney (1). (1) Power of Attorney previously filed as Exhibit 24 to a Form 3 with regard to BiomX Inc. filed with the Securities and Exchange Commission on March 19, 2024 by Deerfield Private Design Fund V, L.P., Deerfield Healthcare Innovations Fund II, L.P., Deerfield Mgmt V, L.P., Deerfield Mgmt HIF II, L.P., Deerfield Management Company, L.P. and James E. Flynn.

FAQ

How many Inspire Medical Systems (INSP) shares does Deerfield report owning?

The Deerfield reporting group, including Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P., and James E. Flynn, reports beneficial ownership of 1,476,303 shares of Inspire Medical Systems common stock.

What percentage of Inspire Medical Systems’ common stock is held by Deerfield and James E. Flynn?

Each of Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P., and James E. Flynn reports beneficial ownership of 5.08% of Inspire Medical Systems’ outstanding common stock.

Do Deerfield and James E. Flynn have sole or shared voting power over INSP shares?

The filing states they have 0 shares with sole voting power and 1,476,303 shares with shared voting power, matching the number of shares beneficially owned.

Is Deerfield’s stake in Inspire Medical Systems intended to influence control of the company?

The certifying statement notes that the securities were not acquired and are not held for the purpose of changing or influencing the control of Inspire Medical Systems, indicating a passive investment intent.

Who signed the Schedule 13G filing related to Inspire Medical Systems on behalf of Deerfield?

The filing is signed by /s/ Jonathan Isler, identified as Attorney-In-Fact, with multiple signature blocks dated 11/13/2025 for the reporting persons.

Which entities are part of the Deerfield reporting group for the Inspire Medical Systems 13G?

The reporting group consists of Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P., and James E. Flynn, who together report beneficial ownership of the same 1,476,303-share position.