Hinge Health, Inc.

HNGE · Services-Computer Processing & Data Preparation · 16.4M shares · EDGAR filings ↗

Reference price $71.67 · est. market cap ~$1.2B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C62

Digital musculoskeletal-care platform — GAAP losses but positive free cash flow and rapid growth.

Strengths

Positive free cash flow, rapid growth — FCF $171M (56th), FCF margin 29%, revenue +51% (73rd)
High gross margin — 80% (70th)

Risks

GAAP losses (post-IPO SBC) — operating margin -93%, net margin -90%
Employer/health-plan-contract concentration — per 10-K
Competition — per 10-K

Notable findings

Net lossNet loss (net margin -89.9%)
Exec changeRecent 8-K item 5.02 8-K ↗
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, TIGER GLOBAL MANAGEMENT LLC
Strong balance sheetStrong balance sheet — $477M cash & investments
FDA approvalFDA clearance/approval — Enso for Migraine (2026-04-16)
Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Insider sellingInsider selling — 82 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$122M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $139M2025-09-30 · $154M2025-12-31 · $171M2026-03-31 · $182M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

79.6%

Operating margin

-92.9%

Net margin

-89.9%

Return on equity

-295.7%

Return on assets

-70.9%

Revenue growth (QoQ)

6.8%

Current ratio

1.5×

Free cash flow

$171M

EBITDA

-$541M

Tangible book value

$112M

Cash & investments

$477M

Stock comp / revenue

109.4%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-24	Insight Holdings Group, LLC	Sell	119K	$71.67
2026-06-24	Insight Holdings Group, LLC	Sell	23K	$71.67
2026-06-24	Insight Holdings Group, LLC	Conversion	266K	—
2026-06-24	Insight Holdings Group, LLC	Conversion	6.3K	—
2026-06-24	Insight Holdings Group, LLC	Conversion	218K	—
2026-06-24	Insight Holdings Group, LLC	Conversion	42K	—
2026-06-24	Insight Holdings Group, LLC	Sell	121K	$70.84
2026-06-24	Insight Holdings Group, LLC	Sell	2.9K	$70.84
2026-06-24	Insight Holdings Group, LLC	Sell	99K	$70.84
2026-06-24	Insight Holdings Group, LLC	Sell	19K	$70.84
2026-06-24	Insight Holdings Group, LLC	Sell	145K	$71.67
2026-06-24	Insight Holdings Group, LLC	Sell	3.5K	$71.67
2026-06-23	Insight Holdings Group, LLC	Sell	1.3K	$70.21
2026-06-23	Insight Holdings Group, LLC	Sell	8.9K	$70.21
2026-06-23	Insight Holdings Group, LLC	Conversion	56K	—
2026-06-23	Insight Holdings Group, LLC	Conversion	1.3K	—
2026-06-23	Insight Holdings Group, LLC	Conversion	46K	—
2026-06-23	Insight Holdings Group, LLC	Conversion	8.9K	—
2026-06-23	Insight Holdings Group, LLC	Sell	56K	$70.21
2026-06-23	Insight Holdings Group, LLC	Sell	46K	$70.21
2026-06-22	Insight Holdings Group, LLC	Sell	51K	$71.20
2026-06-22	Insight Holdings Group, LLC	Conversion	2.7K	—
2026-06-22	Insight Holdings Group, LLC	Conversion	92K	—
2026-06-22	Insight Holdings Group, LLC	Conversion	18K	—
2026-06-22	Insight Holdings Group, LLC	Sell	61K	$70.75
2026-06-22	Insight Holdings Group, LLC	Sell	1.4K	$70.75
2026-06-22	Insight Holdings Group, LLC	Sell	50K	$70.75
2026-06-22	Insight Holdings Group, LLC	Sell	9.7K	$70.75
2026-06-22	Insight Holdings Group, LLC	Conversion	112K	—
2026-06-22	Insight Holdings Group, LLC	Sell	1.2K	$71.20
2026-06-22	Insight Holdings Group, LLC	Sell	42K	$71.20
2026-06-22	Insight Holdings Group, LLC	Sell	8.1K	$71.20
2026-06-22	Pursley James	Sell	22K	$68.93
2026-06-22	Pursley James	Sell	8.5K	$69.82
2026-06-22	Pursley James	Sell	2.6K	$70.89
2026-06-16	Insight Holdings Group, LLC	Conversion	33K	—
2026-06-16	Insight Holdings Group, LLC	Conversion	779	—
2026-06-16	Insight Holdings Group, LLC	Conversion	27K	—
2026-06-16	Insight Holdings Group, LLC	Conversion	5.2K	—
2026-06-16	Insight Holdings Group, LLC	Sell	33K	$70.36
2026-06-16	Insight Holdings Group, LLC	Sell	779	$70.36
2026-06-16	Insight Holdings Group, LLC	Sell	27K	$70.36
2026-06-16	Insight Holdings Group, LLC	Sell	5.2K	$70.36
2026-06-12	Robinson Elliott	Sell	0	—
2026-06-11	Robinson Elliott	Sell	0	—
2026-06-10	Robinson Elliott	Sell	0	—
2026-06-05	Mecklenburg Gabriel M.I.	Sell	49K	$65.53
2026-06-05	Mecklenburg Gabriel M.I.	Conversion	50K	—
2026-06-05	Mecklenburg Gabriel M.I.	Sell	530	$66.00
2026-06-03	Leslie Kristina M	Grant	3.8K	$52.12
2026-06-02	Robinson Elliott	Sell	0	—
2026-06-01	Mecklenburg Gabriel M.I.	Sell	1.2K	$55.74
2026-06-01	Mecklenburg Gabriel M.I.	Sell	2.5K	$56.97
2026-06-01	Mecklenburg Gabriel M.I.	Sell	4.3K	$57.67
2026-06-01	Mecklenburg Gabriel M.I.	Sell	14K	$58.94
2026-06-01	Mecklenburg Gabriel M.I.	Sell	6.9K	$60.19
2026-06-01	Mecklenburg Gabriel M.I.	Sell	49K	$60.93
2026-06-01	Mecklenburg Gabriel M.I.	Sell	5.6K	$61.68
2026-06-01	Robinson Elliott	Sell	0	—
2026-06-01	Budge James	Tax withheld	10.0K	$56.21
2026-06-01	Pursley James	Tax withheld	6.3K	$56.21
2026-06-01	Mecklenburg Gabriel M.I.	Conversion	83K	—
2026-05-26	Mecklenburg Gabriel M.I.	Conversion	83K	—
2026-05-26	Mecklenburg Gabriel M.I.	Sell	47K	$53.31
2026-05-26	Mecklenburg Gabriel M.I.	Sell	31K	$54.30
2026-05-26	Mecklenburg Gabriel M.I.	Sell	5.2K	$55.21
2026-05-26	Pursley James	Sell	9.0K	$53.29
2026-05-26	Pursley James	Sell	5.9K	$54.29
2026-05-26	Pursley James	Sell	1.1K	$55.16
2026-05-26	Budge James	Sell	3.5K	$53.32
2026-05-26	Budge James	Sell	2.1K	$54.37
2026-05-26	Budge James	Sell	300	$55.22
2026-05-20	Budge James	Sell	781	$55.34
2026-05-11	Budge James	Sell	4.7K	$54.65
2026-05-11	Budge James	Sell	1.2K	$55.48
2026-05-08	Robinson Elliott	Sell	0	—
2026-05-07	Perez Daniel Antonio	Sell	45K	$55.05
2026-05-07	Perez Daniel Antonio	Conversion	45K	—
2026-05-07	Robinson Elliott	Sell	0	—
2026-05-06	Mecklenburg Gabriel M.I.	Sell	50K	$55.01
2026-05-06	Perez Daniel Antonio	Conversion	105K	—
2026-05-06	Perez Daniel Antonio	Sell	105K	$55.09
2026-05-06	Mecklenburg Gabriel M.I.	Conversion	50K	—
2026-05-01	Pursley James	Tax withheld	831	$44.60
2026-05-01	Budge James	Tax withheld	4.6K	$44.60
2026-04-29	Pursley James	Grant	65K	—
2026-04-29	Budge James	Grant	65K	—
2026-04-21	Mecklenburg Gabriel M.I.	Conversion	33K	—
2026-04-21	Mecklenburg Gabriel M.I.	Sell	33K	$45.05
2026-04-05	Sloat Tyler	Grant	68	$42.40
2026-04-01	Mecklenburg Gabriel M.I.	Conversion	50K	—
2026-04-01	Mecklenburg Gabriel M.I.	Sell	49K	$38.45
2026-04-01	Mecklenburg Gabriel M.I.	Sell	668	$39.02
2026-04-01	Pursley James	Tax withheld	831	$38.56
2026-04-01	Budge James	Tax withheld	4.6K	$38.56
2026-03-23	Budge James	Sell	8.3K	$42.45
2026-03-23	Pursley James	Sell	2.3K	$41.21
2026-03-23	Pursley James	Sell	9.8K	$42.36
2026-03-23	Pursley James	Sell	2.9K	$42.75
2026-03-23	Budge James	Sell	2.0K	$41.29
2026-03-23	Budge James	Sell	672	$42.80
2026-03-16	Sloat Tyler	Grant	9.9K	—
2026-03-06	Mecklenburg Gabriel M.I.	Sell	82K	$45.02
2026-03-06	Mecklenburg Gabriel M.I.	Conversion	167K	—
2026-03-06	Mecklenburg Gabriel M.I.	Sell	84K	$45.60
2026-03-01	Pursley James	Tax withheld	5.1K	$42.76
2026-03-01	Budge James	Tax withheld	7.7K	$42.76
2026-02-23	Budge James	Sell	900	$40.43
2026-02-23	Pursley James	Sell	7.9K	$38.76
2026-02-23	Pursley James	Sell	6.8K	$39.95
2026-02-23	Pursley James	Sell	308	$40.46
2026-02-23	Budge James	Sell	7.6K	$38.74
2026-02-23	Budge James	Sell	6.3K	$39.90
2026-02-18	Robinson Elliott	Sell	0	—
2026-02-17	Robinson Elliott	Sell	0	—
2026-02-17	Perez Daniel Antonio	Conversion	7.3K	—
2026-02-17	Perez Daniel Antonio	Gift	7.3K	—
2026-02-13	Robinson Elliott	Sell	0	—
2026-02-12	Robinson Elliott	Sell	0	—
2026-02-12	Perez Daniel Antonio	Conversion	167K	—
2026-02-12	Perez Daniel Antonio	Sell	167K	$40.26
2026-02-01	Pursley James	Tax withheld	1.4K	$34.90
2026-02-01	Budge James	Tax withheld	3.0K	$34.90
2026-01-05	Perez Daniel Antonio	Sell	44K	$46.77
2026-01-05	Perez Daniel Antonio	Conversion	167K	—
2026-01-05	Perez Daniel Antonio	Sell	122K	$46.25
2026-01-01	Budge James	Tax withheld	3.2K	$46.45
2026-01-01	Pursley James	Tax withheld	1.1K	$46.45
2025-12-22	Pursley James	Sell	15K	$48.40
2025-12-22	Budge James	Sell	10K	$48.41
2025-12-15	Perez Daniel Antonio	Sell	161K	$48.50
2025-12-15	Perez Daniel Antonio	Conversion	167K	—
2025-12-15	Perez Daniel Antonio	Sell	5.4K	$49.30
2025-12-12	Perez Daniel Antonio	Gift	12K	—
2025-12-11	Budge James	Gift	20K	—
2025-12-10	Perez Daniel Antonio	Conversion	12K	—
2025-12-05	Robinson Elliott	Sell	0	—
2025-12-01	Insight Holdings Group, LLC	Conversion	826K	—
2025-12-01	Insight Holdings Group, LLC	Conversion	20K	—
2025-12-01	Insight Holdings Group, LLC	Conversion	678K	—
2025-12-01	Insight Holdings Group, LLC	Conversion	131K	—
2025-12-01	Insight Holdings Group, LLC	Sell	826K	$47.76
2025-12-01	Insight Holdings Group, LLC	Sell	20K	$47.76
2025-12-01	Insight Holdings Group, LLC	Sell	678K	$47.76
2025-12-01	Insight Holdings Group, LLC	Sell	131K	$47.76
2025-12-01	Pursley James	Tax withheld	5.1K	$48.91
2025-12-01	Budge James	Tax withheld	8.2K	$48.91
2025-11-28	Robinson Elliott	Sell	0	—
2025-11-26	Robinson Elliott	Sell	0	—
2025-11-25	Budge James	Sell	27K	$47.77
2025-11-25	Budge James	Sell	16K	$46.88
2025-11-25	Budge James	Sell	1.6K	$48.27
2025-11-21	Pursley James	Sell	3.0K	$46.09
2025-11-21	Leslie Kristina M	Sell	1.2K	$45.68
2025-11-21	Pursley James	Sell	9.3K	$45.75
2025-11-21	Pursley James	Sell	2.7K	$44.35
2025-11-20	Budge James	Sell	781	$44.78
2025-11-19	Leslie Kristina M	Sell	3.8K	$43.60
2025-11-18	Leslie Kristina M	Sell	2.2K	$40.46
2025-11-18	Budge James	Tax withheld	35K	$40.84
2025-11-18	Bessemer Venture Partners X L.P.	Conversion	4.1M	—
2025-11-18	Bessemer Venture Partners X L.P.	Sell	725K	$40.05
2025-11-18	Robinson Elliott	Conversion	0	—
2025-11-18	Robinson Elliott	Sell	0	—
2025-11-18	Pursley James	Tax withheld	16K	$40.84
2025-08-04	Perez Daniel Antonio	Option exercise	7.8K	$0.73
2025-08-04	Perez Daniel Antonio	Option exercise	6.4K	$0.73
2025-08-04	Perez Daniel Antonio	Option exercise	12K	$0.84
2025-08-04	Perez Daniel Antonio	Option exercise	7.0K	$1.90
2025-08-04	Perez Daniel Antonio	Option exercise	2.0K	$2.19
2025-05-23	Perez Daniel Antonio	Other	516K	—
2025-05-23	Bessemer Venture Partners X L.P.	Conversion	725K	—
2025-05-23	Bessemer Venture Partners X L.P.	Sell	725K	$32.00
2025-05-23	Atomico Advisors IV, Ltd.	Conversion	2.7M	—
2025-05-23	Atomico Advisors IV, Ltd.	Sell	2.7M	$32.00
2025-05-23	Insight Holdings Group, LLC	Conversion	1.2M	—
2025-05-23	Insight Holdings Group, LLC	Sell	1.2M	$32.00
2025-05-23	11.2 Capital I Partners, LLC	Conversion	1.4M	—
2025-05-23	11.2 Capital I Partners, LLC	Sell	1.4M	$32.00
2025-05-23	Leslie Kristina M	Other	35K	—
2025-05-23	Leslie Kristina M	Other	35K	—
2025-05-23	Mecklenburg Gabriel M.I.	Other	2.6M	—
2025-05-23	Mecklenburg Gabriel M.I.	Other	1.1M	—
2025-05-23	Mecklenburg Gabriel M.I.	Other	384K	—
2025-05-23	Budge James	Other	559K	—
2025-05-23	Budge James	Other	559K	—
2025-05-23	Pursley James	Other	820K	—
2025-05-23	Pursley James	Other	820K	—
2025-05-23	Perez Daniel Antonio	Other	14.7M	—
2025-05-21	Pursley James	Tax withheld	446K	$32.00
2025-05-21	Perez Daniel Antonio	Tax withheld	1.7M	$32.00
2025-05-21	Budge James	Tax withheld	135K	$32.00
2025-05-21	Perez Daniel Antonio	Tax withheld	4.5K	$32.00
2025-05-21	Mecklenburg Gabriel M.I.	Tax withheld	2.0M	$32.00
2025-04-29	Pursley James	Grant	97K	—
2025-04-29	Budge James	Grant	92K	—
2025-03-07	Mecklenburg Gabriel M.I.	Gift	384K	—
2025-03-07	Mecklenburg Gabriel M.I.	Gift	1.1M	—
2025-03-07	Mecklenburg Gabriel M.I.	Gift	1.5M	—

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT07642414 ↗	A Comprehensive Digital Care Program for Migraine Management Migraine, Migraine With Aura	NA	Recruiting	2026-10-01
NCT07011537 ↗	Examining the Impact of a Digital Health Program and TENS Device for Patients With Chronic Low Back Pain Back Pain Lower Back Chronic, Chronic Pain	NA	Enrolling By Invitation	2026-06-01
NCT05821530 ↗	HFIT Versus TENS Study for Chronic Low Back and Knee Pain Chronic Pain, Knee Pain Chronic	NA	Active Not Recruiting	2023-06-30
NCT07015125 ↗	Evaluation of a Wearable Device for Acute Treatment of Migraines Migraine, Migraine With or Without Aura	NA	Completed	2025-09-24
NCT06868680 ↗	A Digital Balance Program With Comparison Group Falls	NA	Completed	2024-07-23

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-09	Reg FDExhibits	filing ↗
2026-06-04	Shareholder vote	filing ↗
2026-05-05	ResultsReg FDExhibits	filing ↗
2026-03-17	Exec/director change	filing ↗
2026-02-10	ResultsReg FDExhibits	filing ↗
2025-11-12	Reg FDOtherExhibits	filing ↗
2025-11-04	ResultsReg FDExhibits	filing ↗
2025-08-13	Other	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-09	2026-06-09	0001628280-26-041886 ↗
8-K	2026-06-04	2026-06-03	0001628280-26-040802 ↗
10-Q	2026-05-07	2026-03-31	0001628280-26-032224 ↗
8-K	2026-05-05	2026-05-05	0001628280-26-030499 ↗
8-K	2026-03-17	2026-03-16	0001628280-26-018710 ↗
10-K	2026-03-03	2025-12-31	0001628280-26-013808 ↗
8-K	2026-02-10	2026-02-10	0001628280-26-006826 ↗
8-K	2025-11-12	2025-11-10	0001193125-25-276208 ↗
10-Q	2025-11-07	2025-09-30	0001193125-25-272353 ↗
8-K	2025-11-04	2025-11-04	0001193125-25-264667 ↗
8-K	2025-08-13	2025-08-06	0000950170-25-108048 ↗
10-Q	2025-08-11	2025-06-30	0000950170-25-106577 ↗