[Form 4] SI-BONE, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale to cover taxes: SI-BONE Chief Financial Officer Anshul Maheshwari reported sales of common stock on 08/18/2025 to satisfy tax withholding on vested restricted stock units. The Form 4 shows two sell-to-cover transactions: 1,276 shares sold at a weighted average price of $15.5924 and 2,185 shares sold at a weighted average price of $15.5538, reducing beneficial ownership to 216,630 and 214,445 shares respectively as reported for each line. The report notes 156,983 shares remain issuable upon settlement of outstanding restricted stock units. The filing states these sales were non-discretionary and executed in multiple trades across price ranges disclosed in the footnotes.

Insights

Corporate Governance Expert

TL;DR: Routine sell-to-cover transactions to satisfy tax obligations; not indicative of discretionary insider divestiture.

The transactions disclosed are labeled as sell-to-cover for tax withholding in connection with RSU vesting, which typically signals administrative sales rather than a choice to liquidate holdings. The Form 4 reports aggregated weighted average prices and provides price ranges for the underlying executions, which supports transparency. The remaining 156,983 RSUs outstanding represent future dilution upon settlement, which is immaterial to assess without total share count context not provided here.

Securities Analyst

TL;DR: Modest insider sales, executed non-discretionarily; limited immediate market or valuation impact evident from this filing alone.

The reported disposals total 3,461 shares across two lines and were executed at weighted average prices near $15.56. Because the filing explicitly states these were to cover tax withholding on vested RSUs, this reduces concern about insider signaling. However, the filing confirms 156,983 RSUs remain issuable, which could create future issuance-related dilution; assessing materiality requires the issuer's outstanding share count, not included in this document.

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

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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^*

Maheshwari Anshul

(Last) (First) (Middle)

C/O SI-BONE, INC

471 EL CAMINO REAL, SUITE 101

(Street)

SANTA CLARA CA 95050

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		S(1)		1,276	D	$15.5924(2)	216,630	D
Common Stock	08/18/2025		S(1)		2,185	D	$15.5538(3)	214,445(4)	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. The sale reported on this Form 4 represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of restricted stock units. The sale satisfies the tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary trade by the Reporting Person.

2. This transaction was executed in multiple trades at prices ranging from $15.42 USD to $15.785 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.

3. This transaction was executed in multiple trades at prices ranging from $15.395 USD to $15.785 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.

4. Includes 156,983 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 Pisetsky, Attorney-in-Fact for Anshul Maheshwari	08/20/2025
	** 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).
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FAQ

What did SI-BONE (SIBN) insider Anshul Maheshwari sell on 08/18/2025?

The filing reports sales of 1,276 shares at a weighted average price of $15.5924 and 2,185 shares at a weighted average price of $15.5538 on 08/18/2025.

Why were the shares sold according to the Form 4 for SIBN?

The Form 4 states the sales were sell-to-cover transactions required to satisfy tax withholding obligations upon the vesting of restricted stock units.

How many restricted stock units remain issuable to the reporting person?

The report indicates 156,983 shares are issuable upon settlement of outstanding restricted stock units granted to the reporting person.

Do these Form 4 transactions indicate discretionary insider selling?

No. The filing explicitly describes these as transactions to satisfy tax withholding for vested RSUs and states they do not represent a discretionary trade by the reporting person.

Who signed the Form 4 on behalf of Anshul Maheshwari?

The Form 4 was signed by Michael Pisetsky, Attorney-in-Fact for Anshul Maheshwari on 08/20/2025.