[Form 4] Natera, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Natera, Inc. (NTRA) director and co‑founder reported open‑market sales of company stock. On 11/20/2025, the reporting person sold 10,000 shares of Natera common stock at a weighted average price of $225.0816 per share under a Rule 10b5‑1 trading plan adopted on December 11, 2024, and continued to hold 222,660 shares directly afterward.

On 11/21/2025, 2,000 shares were sold at a weighted average price of $230.0097 per share through the Caraluna 1 Trust and 2,000 shares were sold at a weighted average price of $230.0055 per share through the Caraluna 2 Trust, both under a separate Rule 10b5‑1 trading plan adopted on June 7, 2024, leaving 23,282 shares held in each trust. The shares in the trusts are held for the benefit of the trust beneficiaries, and the reporting person disclaims beneficial ownership of those securities.

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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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^*

Sheena Jonathan

(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)	X	Other (specify below)
			CO-FOUNDER

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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	11/20/2025		S		10,000(1)	D	$225.0816(2)	222,660	D
Common Stock	11/21/2025		S		2,000(3)	D	$230.0097(4)	23,282	I	By Caraluna 1 Trust(5)
Common Stock	11/21/2025		S		2,000(3)	D	$230.0055(6)	23,282	I	By Caraluna 2 Trust(5)

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

Explanation of Responses:

1. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2024.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $225.00 to $225.34 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 sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 7, 2024.

4. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.00 to $230.07 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. Held for the benefit of the beneficiaries of the trust. The Reporting Person disclaims beneficial ownership over such securities.

6. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.00 to $230.07 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.

	/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 insider transaction did Natera (NTRA) report in this Form 4?

The filing reports that a Natera director and co‑founder sold 10,000 shares of common stock on 11/20/2025 at a weighted average price of $225.0816 per share, and additional 2,000‑share sales from each of two trusts on 11/21/2025 at weighted average prices around $230.00 per share.

Who is the reporting person in this Natera (NTRA) Form 4 and what is their role?

The reporting person is identified as a director, a co‑founder, and not a 10% owner. The form is filed for one reporting person, indicating individual reporting rather than a group filing.

How many Natera (NTRA) shares does the insider hold after these transactions?

After the reported transactions, the insider directly owns 222,660 shares of Natera common stock. In addition, 23,282 shares are held in each of the Caraluna 1 Trust and Caraluna 2 Trust as indirect holdings, for which the reporting person disclaims beneficial ownership.

Were the Natera (NTRA) stock sales made under Rule 10b5-1 trading plans?

Yes. The 10,000‑share sale on 11/20/2025 was made under a Rule 10b5‑1 trading plan adopted on December 11, 2024. The 2,000‑share sales from each trust on 11/21/2025 were made under a separate Rule 10b5‑1 trading plan adopted on June 7, 2024.

What prices were received for the Natera (NTRA) shares sold in this Form 4?

The directly held shares sold on 11/20/2025 had a weighted average sale price of $225.0816 per share, with individual trades between $225.00 and $225.34. The trust sales on 11/21/2025 had weighted average prices of $230.0097 and $230.0055 per share, with trades between $230.00 and $230.07.

What is the nature of the Caraluna trusts holding Natera (NTRA) shares?

The Caraluna 1 Trust and Caraluna 2 Trust hold Natera common stock for the benefit of their beneficiaries. The reporting person states that they disclaim beneficial ownership of the securities held by these trusts.