Was the Outset Medical (OM) Form 4 transaction a market purchase or option-related?

The transaction was option-related, not a standard market purchase. The reporting owner was short June 2026 put options on Outset Medical, and 323,000 shares were assigned at $5.00 per share upon those options’ expiration, classified as an in-the-money derivative exercise.

Outset Medical (OM) major holder assigned 323K shares via June 2026 puts

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Outset Medical, Inc. disclosed that investment entity BML Investment Partners, L.P., associated with major holder Leonard Braden Michael, acquired 323,000 shares of common stock at $5.00 per share. The shares were assigned upon expiration of short June 2026 put options held by the reporting owner.

Following this option assignment, BML Investment Partners, L.P. indirectly holds 2,519,701 shares of Outset Medical common stock. Mr. Leonard, as managing member of BML Capital Management, LLC, exercises voting and investment control over the fund’s holdings but disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Leonard Braden Michael

Role null

Type	Security	Shares	Price	Value
X	Common Stock	323,000	$5.00	$1.61M

Holdings After Transaction: Common Stock — 2,519,701 shares (Indirect, Holdings of BML Investment Partners, L.P.)

Footnotes (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. The reporting owner was short June, 2026 put options and these shares were assigned on expiration.

Key Figures

Shares acquired: 323,000 shares Assignment price: $5.00 per share Shares held after: 2,519,701 shares

3 metrics

Shares acquired 323,000 shares Common Stock assigned on expiration of short June 2026 puts

Assignment price $5.00 per share Price for 323,000 assigned shares

Shares held after 2,519,701 shares Indirect holdings of BML Investment Partners, L.P. after transaction

Key Terms

in-the-money derivative exercise, short June, 2026 put options, indirect ownership, pecuniary interest

4 terms

in-the-money derivative exercise financial

"classified as an in-the-money derivative exercise"

short June, 2026 put options financial

"The reporting owner was short June, 2026 put options"

indirect ownership financial

"the "Fund", which is the direct owner of the subject shares"

pecuniary interest financial

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

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 09:53 AM

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)
05/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/15/2026		X⁽²⁾		323,000	A	$5	2,519,701	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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.

2. The reporting owner was short June, 2026 put options and these shares were assigned on expiration.

	Braden M Leonard	05/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Outset Medical (OM) report in this Form 4?

Outset Medical reported that BML Investment Partners, L.P. acquired 323,000 shares of common stock at $5.00 per share. The shares were delivered through assignment of short June 2026 put options previously written by the reporting owner.

Who is the reporting person in the Outset Medical (OM) Form 4 filing?

The reporting person is Leonard Braden Michael, identified as a ten percent owner of Outset Medical. He is managing member of BML Capital Management, LLC, which is general partner of BML Investment Partners, L.P., the fund that directly owns the reported common shares.

How many Outset Medical (OM) shares does the reporting entity hold after the transaction?

After the transaction, BML Investment Partners, L.P. holds 2,519,701 shares of Outset Medical common stock. This figure reflects the position following assignment of 323,000 shares on expiration of short June 2026 put options previously written by the reporting owner.

How is Leonard Braden Michael’s ownership in Outset Medical (OM) characterized?

The shares are held indirectly through BML Investment Partners, L.P. Mr. Leonard, via BML Capital Management, LLC, exercises voting and investment control, so the fund’s shares may be regarded as beneficially owned by him, although he disclaims beneficial ownership beyond his pecuniary interest.

What does ‘indirect ownership’ mean in this Outset Medical (OM) filing?

Indirect ownership means the shares are held by an entity rather than in the individual’s name. Here, BML Investment Partners, L.P. directly owns the Outset Medical shares, while Leonard Braden Michael is associated through BML Capital Management, LLC as general partner and managing member.