[Form 4] Natera, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Natera, Inc. director reports option exercises and share sales. A Natera director filed a Form 4 showing multiple transactions in Natera common stock on November 19 and 20, 2025. The director exercised stock options to acquire 5,112 shares at an exercise price of $40.93 on November 19, and then exercised options for 600 shares at $40.93 and 7,068 shares at $41.19 on November 20. On the same dates, the director sold several blocks of Natera common stock in open market transactions at weighted average prices ranging from about $213.18 to $224.92 per share, under a Rule 10b5-1 trading plan adopted on August 20, 2025. Following these transactions, the director reported owning 18,359 shares of Natera common stock directly and no remaining options in the reported option grants.

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
Estimated average burden
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).

X

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^*

Baynes Roy D.

(Last) (First) (Middle)

C/O NATERA, INC.

13011 MCCALLEN PASS BUILDING A SUITE 100

(Street)

AUSTIN TX 78753

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Natera, Inc. [ NTRA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		M		5,112	A	$40.93	23,471	D
Common Stock	11/19/2025		S		1,250(1)	D	$213.471(2)	22,221	D
Common Stock	11/19/2025		S		1,727(1)	D	$214.7921(3)	20,494	D
Common Stock	11/19/2025		S		2,135(1)	D	$216.0673(4)	18,359	D
Common Stock	11/20/2025		M		600	A	$40.93	18,959	D
Common Stock	11/20/2025		M		7,068	A	$41.19	26,027	D
Common Stock	11/20/2025		S		1,184(1)	D	$220.1402(5)	24,843	D
Common Stock	11/20/2025		S		900(1)	D	$221.8133(6)	23,943	D
Common Stock	11/20/2025		S		1,800(1)	D	$222.9(7)	22,143	D
Common Stock	11/20/2025		S		1,900(1)	D	$223.9037(8)	20,243	D
Common Stock	11/20/2025		S		1,884(1)	D	$224.886(9)	18,359	D

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
Stock Option (right to buy)	$40.93	11/19/2025		M			5,112	(10)	06/11/2030	Common Stock	5,112	$0	600	D
Stock Option (right to buy)	$40.93	11/20/2025		M			600	(10)	06/11/2030	Common Stock	600	$0	0	D
Stock Option (right to buy)	$41.19	11/20/2025		M			7,068	(10)	05/25/2032	Common Stock	7,068	$0	0	D

Explanation of Responses:

1. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 20, 2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $213.18 to $214.1550 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $214.35 to $215.30 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $215.55 to $216.39 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $220.00 to $220.43 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $221.42 to $222.24 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $222.46 to $223.24 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.49 to $224.41 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

9. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $224.72 to $224.92 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

10. The option shares are fully exercisable.

	/s/ Vincent Fontanilla, Attorney-in-Fact	11/21/2025
	** 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 did Natera (NTRA) disclose in this Form 4 filing?

The filing reports that a Natera, Inc. director exercised stock options to buy Natera common stock and sold shares in the open market on November 19 and 20, 2025, updating the director’s ownership.

How many Natera (NTRA) shares did the director acquire through option exercises?

The director exercised stock options to acquire 5,112 shares at an exercise price of $40.93 on November 19, and 600 shares at $40.93 plus 7,068 shares at $41.19 on November 20.

At what prices did the Natera (NTRA) director sell shares?

The sales were reported at weighted average prices, with blocks sold at average prices such as $213.471, $214.7921, $216.0673, and up to $224.886 per share, each based on multiple trades within stated price ranges.

How many Natera (NTRA) shares does the director own after these transactions?

After the reported option exercises and share sales, the director beneficially owns 18,359 shares of Natera common stock, held directly.

Were these Natera (NTRA) share sales under a Rule 10b5-1 trading plan?

Yes. The filing states that the share sales were effected under a Rule 10b5-1 trading plan adopted by the reporting person on August 20, 2025.

What happened to the Natera (NTRA) stock options mentioned in the filing?

The reported stock options with exercise prices of $40.93 and $41.19 were exercised in full for 5,112, 600, and 7,068 underlying shares, leaving 0 derivative securities remaining in those grants.