Insider Sale: John Freund Disposes 12,132 SIBN Shares; Retains 91,767

Rhea-AI Filing Summary

John G. Freund, a director of SI-BONE, Inc. (SIBN), reported insider sales and remaining holdings. The Form 4 shows a sale (Code S) of 12,132 shares on 08/08/2025 at a weighted-average price of $15.9906, executed in multiple trades with prices ranging from $15.80 to $16.3950. The filing also records a reported disposition of 43,301 shares which includes 8,675 restricted stock units.

The report shows 91,767 shares beneficially owned following the reported transaction(s), held indirectly by John Freund Family Partnership IV, L.P. The filing notes the Reporting Person is a general partner of that Family LP and disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Retains substantial indirect stake: 91,767 shares held by John Freund Family Partnership IV, L.P.
• Clear disclosure: Form 4 provides weighted-average sale price and the trade price range ($15.80 to $16.3950).

Negative

• Insider sale: 12,132 shares sold at a weighted-average price of $15.9906 on 08/08/2025.
• Disposition includes RSUs: 43,301 shares reported disposed includes 8,675 restricted stock units, affecting future share issuance/settlement.

Insights

Financial Analyst

TL;DR: Insider sale of 12,132 shares at ~$16; significant indirect stake remains (91,767), so market impact likely limited absent other disclosures.

The Form 4 documents a clear, executed sale of 12,132 common shares at a weighted-average of $15.9906, with individual trade prices between $15.80 and $16.3950. The filing preserves material context by showing 91,767 shares held indirectly by John Freund Family Partnership IV, L.P., indicating continued economic exposure. The report also flags a separate reported disposition of 43,301 shares that includes 8,675 restricted stock units, which affects potential future share availability.

Corporate Governance Expert

TL;DR: Transaction disclosed transparently; indirect ownership via a family partnership remains substantial, and RSU inclusion clarifies compensation-related shares.

The disclosure follows Section 16 requirements, providing weighted-average sale price and trade range. Notably, the reporting person is identified as general partner of the Family LP that holds 91,767 shares, and the filing expressly disclaims beneficial ownership aside from pecuniary interest. The note that 8,675 restricted stock units are included in the 43,301 reported shares helps separate compensation-driven share movements from discretionary open-market trades.

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).

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^*

Freund John Gordon

(Last) (First) (Middle)

C/O SKYLINE VENTURES

525 UNIVERSITY AVENUE, SUITE 1350

(Street)

PALO ALTO CA 94301

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SI-BONE, Inc. [ SIBN ]

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)
08/08/2025

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	08/08/2025		S		12,132	D	$15.9906(1)	91,767	I	By John Freund Family Partnership IV, L.P(2)
Common Stock								43,301(3)	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

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $15.80 USD to $16.3950 USD; the price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Shares held by John Freund Family Partnership IV, L.P. ("Family LP"). Reporting Person, a member of Issuer's board of directors, is a general partner of Family LP and may be deemed to have voting and investment power with respect to the securities held by Family LP. Reporting Person disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.

3. Includes 8,675 shares issuable on the settlement of restricted stock units granted to the Reporting Person. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.

Remarks:

	/s/ Michael A. Pisetsky, Attorney-in-Fact for John G. Freund	08/11/2025
	** 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 SI-BONE (SIBN) director John G. Freund report on Form 4?

The Form 4 reports a sale of 12,132 shares on 08/08/2025 at a weighted-average price of $15.9906, a reported disposition of 43,301 shares (including 8,675 RSUs), and 91,767 shares beneficially owned indirectly by John Freund Family Partnership IV, L.P.

How many shares were sold and at what price?

The filing shows 12,132 shares sold at a weighted-average price of $15.9906; individual trades ranged from $15.80 to $16.3950.

What is John Freund's ownership after the reported transaction(s)?

The Form 4 indicates 91,767 shares beneficially owned following the reported transactions, held indirectly by John Freund Family Partnership IV, L.P.

Does the filing mention restricted stock units (RSUs)?

Yes. The filing states that the 43,301 shares reported include 8,675 shares issuable upon settlement of restricted stock units granted to the Reporting Person.

What is the reporting person’s relationship to SI-BONE?

The reporting person, John G. Freund, is identified as a Director and is a general partner of John Freund Family Partnership IV, L.P., which holds the indirect shares.