Outset Medical (OM) 10% holder entities exercise derivatives to acquire over 294K shares

Rhea-AI Filing Summary

Outset Medical, Inc. insider activity shows entities associated with Michael Leonard exercising in-the-money derivatives to acquire additional common stock. BML Investment Partners, L.P. acquired 197,600 and 96,900 shares of common stock at $5.00 per share, bringing its indirectly held position to 2,196,701 shares. These holdings are managed by BML Capital Management, LLC, where Leonard is the managing member with investment and voting control, while he disclaims beneficial ownership beyond his pecuniary interest. The filing also notes outstanding indirect positions in short put options over additional common shares.

Insights

Equity ownership analyst

Entities tied to a 10% holder exercised derivatives to add shares and maintain sizable exposure.

Entities associated with Michael Leonard, a ten percent owner of Outset Medical, Inc., exercised in-the-money derivative positions to acquire 197,600 and 96,900 common shares at $5.00. This lifted their indirect common stock holdings to 2,196,701 shares.

The transactions are structured through BML Investment Partners, L.P. and its general partner BML Capital Management, LLC, with Leonard exercising investment and voting control but formally disclaiming beneficial ownership beyond his pecuniary interest. The filing also lists outstanding short put options on 110,000 and 323,000 underlying common shares at exercise prices of $2.50 and $5.00 expiring on May 15, 2026, indicating remaining derivative exposure.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Leonard Braden Michael

Role null

Type	Security	Shares	Price	Value
X	Common Stock	96,900	$5.00	$485K
X	Common Stock	197,600	$5.00	$988K
holding	Short Put Options (potential obligation to buy)	--	--	--
holding	Short Put Options (potential obligation to buy)	--	--	--

Holdings After Transaction: Common Stock — 2,196,701 shares (Indirect, Holdings of BML Investment Partners, L.P.); Short Put Options (potential obligation to buy) — 323,000 shares (Indirect, Holdings of BML Investment Partners, L.P.)

Footnotes (1)

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Key Figures

Shares acquired (exercise 1): 197,600 shares at $5.00 Shares acquired (exercise 2): 96,900 shares at $5.00 Indirect shares after transactions: 2,196,701 shares +2 more

5 metrics

Shares acquired (exercise 1) 197,600 shares at $5.00 Common stock from in-the-money derivative exercise on May 8, 2026

Shares acquired (exercise 2) 96,900 shares at $5.00 Common stock from in-the-money derivative exercise on May 11, 2026

Indirect shares after transactions 2,196,701 shares Common stock indirectly held through BML Investment Partners, L.P.

Short put options 1 110,000 underlying shares at $2.50 Short put options expiring May 15, 2026, indirect holding

Short put options 2 323,000 underlying shares at $5.00 Short put options expiring May 15, 2026, indirect holding

Key Terms

Short Put Options (potential obligation to buy), in-the-money derivative exercise, ten percent owner, beneficial ownership, +1 more

5 terms

Short Put Options (potential obligation to buy) financial

"Short Put Options (potential obligation to buy) with underlying common shares and exercise prices of 2.5000 and 5.0000."

in-the-money derivative exercise financial

"transaction_action is described as in-the-money derivative exercise for common stock at $5.0000."

ten percent owner financial

"Michael Leonard is flagged as is_ten_percent_owner: 1 in the reporting persons section."

beneficial ownership financial

"shares may be regarded as being beneficially owned by Mr. Leonard, who disclaims beneficial ownership except for pecuniary interest."

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.

pecuniary interest financial

"Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein."

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Leonard Braden Michael

(Last) (First) (Middle)

65 E CEDAR - SUITE 2

(Street)

ZIONSVILLE INDIANA 46077

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Outset Medical, Inc. [ OM ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/08/2026		X		197,600	A	$5	2,099,801	I	Holdings of BML Investment Partners, L.P.(1)
Common Stock	05/11/2026		X		96,900	A	$5	2,196,701	I	Holdings of BML Investment Partners, L.P.(1)

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
Short Put Options (potential obligation to buy)	$5							02/12/2026	05/15/2026	Common Shares	323,000		3,230	I	Holdings of BML Investment Partners, L.P.(1)
Short Put Options (potential obligation to buy)	$2.5							02/12/2026	05/15/2026	Common Shares	110,000		1,100	I	Holdings of BML Investment Partners, L.P.(1)

Explanation of Responses:

1. BML Capital Management, LLC ("BML Capital") serves as the general partner of BML Investment Partners, L.P., a Delaware limited partnership (the "Fund"), which is the direct owner of the subject shares. Mr. Leonard is the managing member of BML Capital, and exercises investment and voting control over the subject shares. Accordingly, shares owned directly by the Fund may be regarded as being beneficially owned by Mr. Leonard. Notwithstanding, Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

	Braden M Leonard	05/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Michael Leonard’s affiliated entities report for Outset Medical (OM)?

Entities affiliated with Michael Leonard exercised in-the-money derivatives to acquire 197,600 and 96,900 Outset Medical common shares at $5.00 per share. These exercises increased their indirect common stock holdings, reported through BML Investment Partners, L.P., to a total of 2,196,701 shares after the transactions.

How many Outset Medical shares do Leonard-affiliated entities hold after this Form 4?

After the reported transactions, entities associated with Michael Leonard indirectly hold 2,196,701 Outset Medical common shares. These shares are owned directly by BML Investment Partners, L.P., with BML Capital Management, LLC exercising investment and voting control over the position reported in the Form 4 filing.

What prices were paid for the Outset Medical shares acquired in the Form 4?

The Form 4 shows two exercises of in-the-money derivatives into Outset Medical common stock at an exercise price of $5.00 per share. These exercises covered 197,600 shares and 96,900 shares respectively, both reported as indirect holdings through BML Investment Partners, L.P.

What derivative positions related to Outset Medical does the Form 4 disclose?

The filing discloses indirect positions in short put options over Outset Medical common shares. These include options referencing 110,000 underlying shares at an exercise price of $2.50 and 323,000 underlying shares at $5.00, both expiring on May 15, 2026, reflecting potential obligations to buy shares.

Who actually holds the Outset Medical shares reported in Michael Leonard’s Form 4?

The shares are held directly by BML Investment Partners, L.P., with BML Capital Management, LLC as general partner. Michael Leonard is the managing member of BML Capital and exercises investment and voting control, while disclaiming beneficial ownership except for his pecuniary interest in the fund.

Is Michael Leonard considered a ten percent owner of Outset Medical (OM) in this filing?

Yes. The Form 4 identifies Michael Leonard as a ten percent owner of Outset Medical, Inc. The filing attributes share ownership to BML Investment Partners, L.P., and notes that Leonard exercises investment and voting control while formally disclaiming beneficial ownership beyond his pecuniary interest.