Cadian Capital Management, LP and related parties reported a passive ownership stake in SI-BONE, Inc. common stock. As of June 30, 2026, Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch (together, the reporting persons) may have been deemed to beneficially own 3,347,574 shares of SI-BONE common stock, representing approximately 7.5% of the 44,697,215 shares outstanding as of that date. The shares are directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP, advisory clients of Cadian Capital Management, LP, which exercises exclusive voting and investment power under investment management agreements. Each reporting person had no sole voting or dispositive power but shared voting and dispositive power over the 3,347,574 shares.
Positive
None.
Negative
None.
Key Figures
Beneficial ownership shares:3,347,574 sharesOwnership percentage:7.5%Shares outstanding:44,697,215 shares+3 more
6 metrics
Beneficial ownership shares3,347,574 sharesShares of SI-BONE common stock beneficially owned as of June 30, 2026
Ownership percentage7.5%Approximate percent of SI-BONE common stock class beneficially owned as of June 30, 2026
Shares outstanding44,697,215 sharesSI-BONE common shares outstanding as of June 30, 2026, used for ownership calculation
Shared voting power3,347,574 sharesShares over which each reporting person had shared power to vote or direct the vote
Sole voting power0 sharesShares over which each reporting person had sole power to vote
Shared dispositive power3,347,574 sharesShares over which each reporting person had shared power to dispose or direct disposition
"may have been deemed to have beneficially owned 3,347,574 shares of Common Stock"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"had shared power to vote or to direct the vote of 3,347,574 shares"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
dispositive powerfinancial
"shared power to dispose or to direct the disposition of 3,347,574 shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Investment Management Agreementsfinancial
"Pursuant to Investment Management Agreements between the Advisory Clients and the Adviser"
Reporting Personsfinancial
"collectively, the "Reporting Persons""
FAQ
What percentage of SI-BONE, Inc. (SIBN) does Cadian Capital report owning?
Cadian Capital and related reporting persons may have beneficially owned 7.5% of SI-BONE’s common stock, based on 44,697,215 shares outstanding as of June 30, 2026, according to their Schedule 13G filing.
How many SI-BONE (SIBN) shares does Cadian Capital beneficially own?
The reporting persons may have beneficially owned 3,347,574 shares of SI-BONE common stock as of June 30, 2026, all directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP, which are advisory clients of Cadian Capital Management, LP.
Who holds the SI-BONE (SIBN) shares reported by Cadian Capital?
All reported shares are directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP. Cadian Capital Management, LP, as investment adviser, exercises exclusive voting and investment power pursuant to investment management agreements.
Does Cadian Capital have sole or shared voting power over SI-BONE (SIBN) shares?
Each reporting person had 0 shares with sole voting power and 3,347,574 shares with shared voting power as of June 30, 2026, matching their shared dispositive power over the same number of shares.
Which individuals and entities are reporting beneficial ownership in SI-BONE (SIBN)?
The Schedule 13G lists three reporting persons: Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch, who may each be deemed to beneficially own the same 3,347,574 shares.
When is the beneficial ownership in SI-BONE (SIBN) measured in this filing?
The beneficial ownership is measured as of June 30, 2026, with share counts and the 7.5% ownership percentage based on SI-BONE’s reported 44,697,215 shares outstanding as of that date.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SI-BONE, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
825704109
(CUSIP Number)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
825704109
1
Names of Reporting Persons
Cadian Capital Management, 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
3,347,574.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,347,574.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,347,574.00
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)
7.5 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
825704109
1
Names of Reporting Persons
Cadian Capital Management 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
3,347,574.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,347,574.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,347,574.00
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)
7.5 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP Number(s):
825704109
1
Names of Reporting Persons
ERIC BANNASCH
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
3,347,574.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,347,574.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,347,574.00
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)
7.5 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SI-BONE, Inc.
(b)
Address of issuer's principal executive offices:
471 El Camino Real, Suite 101, Santa Clara, California, 95050
Item 2.
(a)
Name of person filing:
(i) Cadian Capital Management, LP, (ii) Cadian Capital Management GP, LLC, and (iii) Eric Bannasch (collectively, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
For each of the Reporting Persons: 535 Madison Avenue, 36th Floor, New York, New York 10022
(c)
Citizenship:
(i) Cadian Capital Management, LP is a Delaware limited partnership, (ii) Cadian Capital Management GP, LLC is a Delaware limited liability company, and (iii) Eric Bannasch is a United States citizen.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP Number(s):
825704109
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:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have beneficially owned 3,347,574 shares of Common Stock, par value $0.0001 per share ("Common Stock"), of SI-BONE, Inc. (the "Issuer"). All securities reported in this Schedule 13G were directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP (collectively, the "Advisory Clients"), advisory clients of Cadian Capital Management, LP (the "Adviser"). Pursuant to Investment Management Agreements between the Advisory Clients and the Adviser, the Adviser exercises exclusive voting and investment power over securities directly held by the Advisory Clients. Cadian Capital Management GP, LLC is the general partner of the Adviser. Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.
(b)
Percent of class:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have beneficially owned approximately 7.5% of the shares of Common Stock of the Issuer outstanding, based on 44,697,215 shares of Common Stock outstanding as of June 30, 2026, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 4, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have had sole power to vote or to direct the vote of 0 shares of Voting Common Stock.
(ii) Shared power to vote or to direct the vote:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have had shared power to vote or to direct the vote of 3,347,574 shares of Voting Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have had sole power to dispose or to direct the disposition of 0 shares of Voting Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of June 30, 2026, each of the Reporting Persons may have been deemed to have had shared power to dispose or to direct the disposition of 3,347,574 shares of Voting Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All securities reported in this Schedule 13G were directly held by the Advisory Clients. Cadian Master Fund L.P. individually directly holds Common Stock representing more than 5% of the Issuer's Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein.
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 acquired and are held in the ordinary course of business and 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.
Cadian Capital Management, LP
Signature:
/s/ Eric Bannasch
Name/Title:
Eric Bannasch/Managing Member, Cadian Capital Management GP, LLC, its General Partner
Date:
08/14/2026
Cadian Capital Management GP, LLC
Signature:
/s/ Eric Bannasch
Name/Title:
Eric Bannasch/Managing Member
Date:
08/14/2026
ERIC BANNASCH
Signature:
/s/ Eric Bannasch
Name/Title:
Eric Bannasch/Self
Date:
08/14/2026
Exhibit Information
99.1 Joint Filing Agreement, dated as of August 14, 2026 by and among the Reporting Persons
