Health Sciences group discloses 2.9% Outset Medical (OM) stake in 13G/A filing

Rhea-AI Filing Summary

Outset Medical, Inc. drew an updated ownership disclosure from institutional investors led by Health Sciences, LP. A group of related investment entities, including Health Sciences, LP, Health Sciences GP, LLC, Healthcare Growth Equity I GP, LLC, Partner Asset Management, LLC and Brian D. Grossman, reports beneficial ownership of 530,796 shares of Outset Medical common stock. Based on 18,153,090 shares outstanding as of November 6, 2025, this stake represents about 2.9% of the company’s outstanding shares, keeping the group below the 5% large-holder threshold. The reporting parties state that the securities were not acquired and are not held to change or influence control of Outset Medical.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Outset Medical, Inc.

(Name of Issuer)

Common Stock, par $0.001 per share (the "Shares")

(Title of Class of Securities)

690145107

(CUSIP Number)

12/31/2025

(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. 690145107

1

Names of Reporting Persons

PFM Health Sciences, LP

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 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 18,153,090 Shares outstanding as of November 6, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on November 10, 2025). All of the other numbers and percentages reported in this Schedule 13G are as of 9:00 a.m. (ET) on the date of filing.

SCHEDULE 13G

CUSIP No. 690145107

1

Names of Reporting Persons

PFM Health Sciences GP, LLC

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 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 690145107

1

Names of Reporting Persons

PFM Healthcare Growth Equity I GP, LLC

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 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 690145107

1

Names of Reporting Persons

Partner Asset Management, LLC

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 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 690145107

1

Names of Reporting Persons

Brian D. Grossman

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 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Outset Medical, Inc.
(b)	Address of issuer's principal executive offices: 3052 Orchard Drive, San Jose, CA 95134
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by PFM Health Sciences, LP ("PFM"), PFM Health Sciences GP, LLC ("PFM-GP"), PFM Healthcare Growth Equity I GP, LLC ("HCG-GP"), Partner Asset Management, LLC ("PAM"), and Brian D. Grossman ("Grossman" and, collectively with PFM, PFM-GP, HCG-GP, and PAM, the "Reporting Persons") with respect to shares of common stock of the above-named issuer owned by PFM Healthcare Growth Equity Fund I, LP, a Delaware limited partnership ("HCG"). PFM is the investment advisor for HCG. HCG-GP is the general partner of HCG. PAM is the member manager of HCG-GP. PFM-GP is the general partner of PFM and the manager of PAM. Grossman is the sole member of PFM-GP. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o PFM Health Sciences, LP, 50 California Street, Suite 2650, San Francisco, California 94111.
(c)	Citizenship: PFM is organized as a limited partnership under the laws of the State of Delaware. Each of PFM-GP, HCG-GP and PAM is organized as a limited liability company under the laws of the State of Delaware. Grossman is a U.S. citizen.
(d)	Title of class of securities: Common Stock, par $0.001 per share (the "Shares")
(e)	CUSIP No.: 690145107
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: 1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC may be deemed to beneficially own 530,796 Shares. 2. PFM Healthcare Growth Equity I GP, LLC may be deemed to beneficially own 530,796 Shares. 3. Mr. Grossman may be deemed to beneficially own 530,796 Shares.
(b)	Percent of class: 1. The number of Shares that each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding. 2. The number of Shares that PFM Healthcare Growth Equity I GP, LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding. 3. The number of Shares that Mr. Grossman may be deemed to beneficially own constitutes 2.9% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 0 2. PFM Healthcare Growth Equity I GP, LLC: 0 3. Mr. Grossman: 0
	(ii) Shared power to vote or to direct the vote: 1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 530,796 2. PFM Healthcare Growth Equity I GP, LLC: 530,796 3. Mr. Grossman: 530,796
	(iii) Sole power to dispose or to direct the disposition of: 1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 0 2. PFM Healthcare Growth Equity I GP, LLC: 0 3. Mr. Grossman: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 530,796 2. PFM Healthcare Growth Equity I GP, LLC: 530,796 3. Mr. Grossman: 530,796
Item 5.	Ownership of 5 Percent or Less of a Class.
	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.
	Not Applicable
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.

PFM Health Sciences, LP

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

PFM Health Sciences GP, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

PFM Healthcare Growth Equity I GP, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

Partner Asset Management, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

Brian D. Grossman

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, attorney-in-fact*
Date:	02/17/2026

Comments accompanying signature: * Darren Mooney is signing on behalf of Brian Grossman as attorney-in-fact pursuant to a power of attorney dated February 1, 2024, and incorporated by reference herein. The power of attorney was filed as an attachment to a filing by certain of the Reporting Persons on Schedule 13G/A for Praxis Precision Medicines, Inc. on February 14, 2024.

FAQ

What percentage of Outset Medical (OM) does the Health Sciences group report owning?

The investor group reports beneficial ownership of about 2.9% of Outset Medical’s common stock. This is based on 530,796 shares compared with 18,153,090 shares outstanding as of November 6, 2025, according to the company’s Form 10-Q.

How many Outset Medical (OM) shares are beneficially owned by the reporting persons?

The filing shows beneficial ownership of 530,796 common shares of Outset Medical. Each reporting person – including Health Sciences, LP and related entities, plus Brian D. Grossman – may be deemed to share voting and dispositive power over this same block of shares.

Who are the reporting persons in this Outset Medical (OM) Schedule 13G/A?

The Schedule 13G/A is jointly filed by Health Sciences, LP, Health Sciences GP, LLC, Healthcare Growth Equity I GP, LLC, Partner Asset Management, LLC and Brian D. Grossman. The shares are owned by Healthcare Growth Equity Fund I, LP, for which these entities serve as advisers and managers.

Does the investor group seek to influence control of Outset Medical (OM)?

The filing states the securities were not acquired and are not held to change or influence control of Outset Medical. The group certifies it is not acting in connection with any control-related transaction, other than activities related to a specific nomination rule reference.

What voting and dispositive powers does the reporting group have over Outset Medical (OM) shares?

The reporting persons report zero sole voting or dispositive power and shared power over 530,796 shares. This means decisions to vote or dispose of these shares are made collectively, reflecting the shared nature of the investment structure described in the filing.

Why is this Outset Medical (OM) Schedule 13G/A classified as owning under 5%?

Item 5 confirms ownership of 5 percent or less of the class. With a 2.9% stake, the reporting group remains below the 5% large-shareholder threshold, which affects their reporting obligations and indicates a minority, non-controlling position in Outset Medical.