MMED 10-K & 10-Q changes, risk factors and insider trading
MiniMed Group, Inc. (also MMEDV) · Nasdaq · Surgical & Medical Instruments & Apparatus · CIK 2062583 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
There have been no material changes to our risk factors presented in our 2026 Form 10-K, under the section titled “Risk Factors”. For further discussion of our risk factors, refer to the section titled “Risk Factors” in our 2026 Form 10-K. Any of these factors could have a material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us, or that we currently deem immaterial may also impair our business or results of operations. References to past events are provided by way of example only and they or the lack of reference to any past event or example are not intended to be a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
Largest changes
There have been no material changes to our risk factors presented in oursee in full comparisonIPO2026ProspectusForm 10-K, under the section titled “RiskFactors,Factors”which is incorporated by reference herein.. For further discussion of our risk factors, refer to the section titled “Risk Factors” intheourIPO2026Prospectus.Form 10-K. Any of these factors could have a material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us, or that we currently deem immaterial may also impair our business or results of operations. References to past events are provided by way of example only and they or the lack of reference to any past event or example are not intended to be a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
Full comparison: every changed paragraph (1)
There have been no material changes to our risk factors presented in our IPO2026 ProspectusForm 10-K, under the section titled “Risk Factors,Factors” which is incorporated by reference herein.. For further discussion of our risk factors, refer to the section titled “Risk Factors” in theour IPO2026 Prospectus.Form 10-K. Any of these factors could have a material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us, or that we currently deem immaterial may also impair our business or results of operations. References to past events are provided by way of example only and they or the lack of reference to any past event or example are not intended to be a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
Management's Discussion & Analysis (MD&A)
New heading “CGM Pricing Pressure”
New heading “Product Launches and Investment in Pipeline”
New heading “Users, New Patient Adoption, and Sales of CGMs and Other Consumables”
New heading “Manufacturing and Supply”
New heading “Impact of Increased CGM Share of Product Mix on Profit Margin”
New heading “Components of Results of Operations”
New heading “Cost of Products Sold”
New heading “Selling, General and Administrative”
New heading “Research and Development”
New heading “Certain Litigation Charges”
New heading “Other Operating Income and Expense, Net”
New heading “Other Non-operating Income and Expense, Net”
New heading “Income Tax Provision”
New heading “Revolving Credit Facility”
Removed heading “Restructuring Charges, Net”
Removed heading “Summary of Cash Flows for the nine months ended January 23, 2026 and January 24, 2025”
Removed heading “Valuation of Goodwill”
Removed heading “Business and Operational Risks”
Removed heading “Legal and Regulatory Risks”
Removed heading “Risks Related to the Separation and Divestment”
Removed heading “Risks Related to Our Relationship with Medtronic”
Largest changes
“We have one goodwill reporting unit. We assess the impairment of goodwill at the reporting unit level annually as of the first day of the third quarter and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. After completing the annual goodwill impairment test in the third quarter, we concluded that goodwill was not impaired. The goodwill impairment test requires us to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting unit. …”see in full comparison
“Subsequent to our IPO, our stock price experienced a decline. There is a risk of future impairment charges if there is a decline in the fair value of the Company, actual financial results are lower than forecasts, an adverse change in valuation assumptions, or other macroeconomic factors continue to exist. If future goodwill impairment charges occur, they could have a material adverse effect on the Company’s financial condition and results of operations.”see in full comparison
For a list of certain factors that could cause actual results to differ, refer to “Summary of Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended April 24, 2026 which was filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2026 (our “2026 Form 10-K”). The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update forward-looking statements. For a more detailed discussion of these factors, seesee in full comparisonthePart I, Item 1A “Risk Factors”andin“Business—GovernmentourRegulation2026 Form 10-K andProductanyApprovaladditionalProcess”riskssections and elsewheredescribed in ourIPOotherProspectus.filings with the SEC.
Full comparison: every changed paragraph (189)
The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of MiniMed Group, Inc. and(MiniMed, its subsidiaries (“MiniMed Group, Inc.,” “MiniMed,”or the “Company,” or “we,” “us,” or “our”). For a full understanding of financial condition and results of operations, you should read this discussion along with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our finalAnnual prospectusReport on Form 10-K for the fiscal year ended April 24, 2026, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2026 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to its Registration Statement on Form S-1 (the “IPO Prospectus”). In addition, you should read this discussion along with our combinedcondensed consolidated financial statements and related notes thereto forincluded theelsewhere threein andthis nineQuarterly monthsReport endedon JanuaryForm 23, 2026.10-Q. Amounts reported in millions within this quarterly report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millionsexactly, due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. Our actual results could differ materially from the results contemplated byin theseany forward-looking statements due to a number of factors, including those described in the section of our IPO Prospectus entitledunder “Risk Factors” andin theour sectionAnnual entitledReport on Form 10-K as well as under “Cautionary Note Regarding Forward-Looking Statements” included herein.
We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes, including automated insulin delivery (“AID”) systems and smart multiple daily injection (“Smart MDI”) systems. Our AID systems integrate insulin delivery, glucose sensing, and proprietary dosing algorithms to improve glycemic outcomes and reduce the burden of diabetes management for people with diabetes (“PWD”). Our AID systems are composed of an insulin pump that administers insulin, consumable insulin infusion sets and reservoirs, a continuous glucose monitoring (“CGM”) sensorsensor, such as Simplera Sync or Instinct (made by Abbott), that measures blood glucose levelslevels, and a Smart Dosing algorithm. TheOur newest AID platform, MiniMed Flex, expands patient choice, providing a smaller form factor and smartphone control, powered by our SmartGuard technology. We also continue to offer the MiniMed 780G system is our flagship AID system. For PWDs that prefer to self-administer insulin bythrough manual injections or seek freedom from on-body devices, our Smart MDI systems offer an integrated solution for sensing, dosing, and administration. Our MiniMed Go Smart MDI system includes a Smart Insulin Pen for insulin administration (which connects to our Smart Dosing software), a CGM sensor that measures blood glucose levels, and wraparound applications and services. For additional information about our products and offerings, see the section of the IPO Prospectus entitled “Business – Our Products and Offerings.”
Historically, MiniMed operated as Medtronic plc’s (“Medtronic”) global diabetes business (the “Diabetes Business”).business. As a result, the unaudited condensed combined financial statements for periods presented haveprior beento preparedour onseparation afrom carve‑outMedtronic basis(the and“Separation”) reflect the historical results of the Diabetesdiabetes Businessbusiness as managed within Medtronic.Medtronic Theseand financialwere statementsprepared on a carve-out basis. Those historical periods include allocations of certain corporate and shared services expenses from Medtronic, which management believes are reasonable. SuchHowever, allocationssuch historical results may not be indicative of the Company’sresults futurethat costwould structurehave been achieved had we operated as a standalone publiccompany company.during those periods.
On March 6, 2026, thewe Companycompleted launched itsour initial public offering (“IPO”), and becameon aMarch publicly9, traded2026, company.we Followingbegan the IPO, MiniMed operatesoperating as a standalone entity,public althoughcompany. itWe continuescontinue to maintain transitional and ongoing relationships with Medtronic pursuant to various separation‑related agreements, including transition servicesservices, manufacturing arrangements, and manufacturingother commercial arrangements. TheAs Companya is incurring incremental costs associated with operating as an independentstandalone public company, includingwe incur costs related to corporate governance, internal controls, information systems, and public company compliance.compliance Inthat addition,were not historically reflected in the carve-out financial statements. Accordingly, comparisons between current period results forand thehistorical periods presented do not reflect the full impact of the Company’s standalone capital structure, separation‑related costs, or changes in commercial strategy that may occurbe followingaffected theby IPO.these changes.
Our IPO was a result of Medtronic’s previously announced plan to separate its diabetes business. In connection with the separation, MiniMed was incorporated to hold the diabetes business and became an independent publicly traded company upon completion of the IPO.
On March 9, 2026, we completed our initial public offering (“IPO”) and became a publicly traded company. This followed Medtronic’s 2025 announcement of its intention to separate its diabetes business, primarily representing the diabetes business segment of Medtronic (the “Diabetes Operating Unit”), and the incorporation of MiniMed Group, Inc. to ultimately hold the Diabetes Business (the “Separation”).
SinceAs theof IPOJuly we31, have operated as a standalone public company, with2026, Medtronic owningcontinued to own approximately 90.03% of the outstanding shares90% of our outstanding common stock. AsWe part of the Separation, wehave entered into a series of agreements with Medtronic that governgoverning the allocation of assets and liabilities and provideproviding for certain transitional and ongoing services, including manufacturing, information technology, and other support services for a limited period following the Separation.services.
Under these arrangements, Medtronic will continue to provide certain services to us on a transitional basis, and we will provide certain services to Medtronic, for specified periods, subject to agreed‑upon terms. The costs associated with these arrangements are expected to change over time as we transition to standalone operations.
Under these arrangements, certain services continue to be provided between MiniMed and Medtronic for specified periods pursuant to agreed‑upon terms. The costs associated with these arrangements are expected to change over time as we continue the transition to standalone operations. The terms of these agreements may differ from those that could have been obtained in arm’s‑lengtharm’s-length transactions with unaffiliated third parties. For additional information regarding these arrangements, see Note 17,14. “Related Party Transactions,Transactions.” and Note 18, “Subsequent Events.”
We are incurring incremental costs associated with operating as an independent public company, including costs related to corporate governance, internal controls, information systems, and public company compliance. In addition, results for the periods presented do not reflect the full impact of our standalone capital structure, separation‑related costs, or changes in commercial strategy that may occur following the IPO.
ThePeriods unauditedpresented condensedprior combined financial statements forto the periods presentedIPO reflect the historical results of the Diabetesdiabetes Businessbusiness and do not include all of the costs weof expect to incuroperating as a standalone public company. ManagementAccordingly, expectshistorical results may not be indicative of our costfuture structure,results capitalof structure,operations, andfinancial operatingposition, modelor tocash evolve as we complete our transition away from Medtronic.flows.
Medtronic has informed us that it intends to make a generally tax-free distribution to its shareholders of all or a portion of its remaining equity interest in us, which may be structured as a spin-off, in which Medtronic would make a pro rata distribution of our common stock to all Medtronic shareholders, a split-off, in which Medtronic would effect an exchange of Medtronic shares for shares of our common stock, or any combination thereof (the “Divestment”). Medtronic has no obligation to pursue or consummate any further dispositions of its equity interest in us, including through the Divestment, by any specified date or at all. For additional information about the Divestment, see the section of the IPO Prospectus entitled “The Separation and Divestment Transactions – The Divestment.”
During the periods presented, we continued to advance our core diabetes technology platforms, including its MiniMed 780G automatedour insulin delivery system,systems, Smart MDI offerings, and CGM portfolio. We also continued to invest in research and development activities and to expand regulatory approvals for certain products and indications across geographies.
In February 2026, we launched the MiniMed Go, our Smart MDI system in Europe and beginning in May 2026, we continued the global rollout of the MiniMed Go with commercial launch in the U.S.
In June 2026, we announced an extension to our partnership with Abbott Laboratories to collaborate with them on an exclusive integration between the Abbott-manufactured dual glucose-ketone sensors and our smart dosing systems, which is expected in calendar year 2027.
In August 2026, we initiated the U.S. launch of MiniMed Flex integrated with the Instinct continuous glucose monitoring sensor. We believe this expanded compatibility enhances the flexibility of our automated insulin delivery ecosystem and supports broader patient adoption of our diabetes technology offerings. The launch represents an important milestone in the continued expansion of the MiniMed Flex platform and our efforts to provide patients with additional sensor-integrated insulin delivery options.
In September 2026, we announced that MiniMed Flex received CE Mark approval, achieving a key regulatory milestone earlier than our previously anticipated timing. We expect this approval to support the commercial launch of MiniMed Flex in applicable European markets starting in November 2026. We believe the continued global expansion of the MiniMed Flex platform will further strengthen our product portfolio and support long-term growth opportunities within our diabetes business.
In September 2026, we announced the submission of our MiniMed Fit patch pump to the U.S. Food and Drug Administration (“FDA”), with an expected full U.S. product launch in Summer 2027.
On March 18, 2026, we announced that the U.S. FDA had cleared the MiniMed Flex, a next-generation discreet, smartphone-controlled insulin pump. In February 2026, we also submitted the MiniMed Flex for CE Mark approval. At commercial launch, we expect MiniMed Flex will support our newest sensor portfolio, including Simplera Sync sensor and the Instinct sensor, made by Abbott. For additional information about MiniMed Flex, see the section of the IPO Prospectus entitled “Business – Innovation / Pipeline and Future Initiatives.” In connection with the U.S. FDA clearance of MiniMed Flex, we recognized a one-time charge of $157 million during the fourth quarter of fiscal year 2026 related to future minimum royalty payment obligations under our research and development funding arrangement with Blackstone. See Note 14, “Research and Development Funding Arrangements” to the condensed combined financial statements for additional information.
Additional detail regarding recent product approvals, partnerships, and pipeline initiatives is included in the IPO Prospectus.
We believe our future performance will be influenced by a number of factors, including those described in the section, “Risk Factors” of our most recent Annual Report on Form 10-K, and elsewhere in this Quarterly Report as well as the factors described below. While each of these factors presents significant opportunities for us, these factors also pose challenges that we must successfully address in order to sustain the growth of our business and enhance our results of operations.
CGM Pricing Pressure
We have observed pricing pressure on CGMs globally, particularly in certain international markets. Differences in reimbursement and pricing dynamics across geographies and sales channels can result in variability in average selling prices and gross margins, particularly as changes in sales mix occur. Additionally, as competition in the CGM market intensifies, lower-cost CGM options in the market may contribute to further pricing pressure over time. We are focused on continuing to invest in our pipeline to deliver differentiated solutions that reinforce our competitive positioning and our long-term growth.
Product Launches and Investment in Pipeline
We believe the success of our products correlates to the continued acceptance and growth of our product offerings, such as the MiniMed Flex, MiniMed 780G system, next-generation AID systems, and Smart MDI systems like MiniMed Go. Our ability to meet growing demand for our existing products and to successfully develop, obtain regulatory approval or clearance of, and commercialize the products within our pipeline is essential to our results of operations. Timing and successful launch of partnerships such as our agreement with Abbott may also contribute meaningfully to our future market performance. For example, we believe the early FDA clearance of MiniMed Flex shifted demand of customers who preferred to wait for the new system, which resulted in a reduction of pump sales following the announcement of the FDA clearance in the fourth quarter of fiscal 2026. Following the launch of MiniMed Flex insulin pump system with Simplera sensor in June, domestic pump sales returned to growth in the first quarter of fiscal 2027.
The ability to sustain ongoing investment in our pipeline will be required as we progress towards developing and launching our next generation of products. We strive to develop ways in which we can make our research and development process as efficient as possible and reduce the amount of investment needed to progress a product to approval.
Users, New Patient Adoption, and Sales of CGMs and Other Consumables
Our financial performance is influenced by our ability to retain existing users, attract new patients to our technology platforms, and increase adoption of consumable products, including CGM sensors, infusion sets, and reservoirs. Sales to new patients and continued utilization of our consumable products contribute to recurring revenue and are important drivers of growth. Adoption of new products and enhancements, including improvements to our CGM portfolio, may influence new patient acquisition, user retention, and consumable attachment rates.
Manufacturing and Supply
Our business model requires the ability to produce high volumes of our products and reliably ship to various geographies in a time-efficient manner. Disruptions to our supply lines or shipping channels may impact our customer experience and ability to meet market demand. We also continue to invest in expanding our manufacturing capacity as a key strategic priority of our business as we strive to meet significant demand for our CGM sensors and drive profitable growth.
Impact of Increased CGM Share of Product Mix on Profit Margin
Relative to sales of our insulin pumps, pens, and other consumables, sales of our CGMs, particularly our Simplera and Simplera Sync products, have historically contributed to a lower profit margin. As a result, we expect that an increased volume of sales with Simplera and Simplera Sync will likely have a negative impact on our profit margin, as we have observed in recent periods. However, as we continue to ramp our manufacturing capacity to meet demand, we are focused on optimizing manufacturing efficiencies, driving innovation, and expanding premium offerings to help offset expected margin impacts while sustaining growth.
Reimbursement
Our business is dependent on obtaining and maintaining adequate coverage and reimbursement for our products from government and private payors. Changes to reimbursement policies, coverage criteria, payment levels, or channel dynamics, including the classification of products within durable medical equipment (“DME”) or pharmacy benefit channels, may affect product adoption, net sales, and operating results. We continue to monitor reimbursement developments across our key markets and work with payors and providers to support patient access to our products.
Our results of operations are influenced by a number of factors, including product adoption trends, geographic sales mix, reimbursement dynamics, manufacturing scale and efficiency, foreign currency fluctuations, and regulatory developments.
We have experienced continued growth in demand for automated insulin delivery and CGM‑enabled solutions, particularly in international markets. At the same time, we face pricing pressure in certain markets, particularly within CGMs, as competition increases and reimbursement frameworks evolve.
In addition, our results for the periods presented reflect our historical operating model within Medtronic and include allocated corporate expenses. Future periods are expected to reflect increased standalone public company costs, changes in commercial and manufacturing strategies, and the expiration of transition service arrangements with Medtronic.
Our total revenues vary slightly from quarter to quarter. Based on historical experience, we generally have higher revenues toward calendar year end and our fiscal year end. The trend is primarily driven by annual insurance deductible resets and unfunded flexible spending account dynamics in the U.S. market, which is partially counteracted by lower pump sales as our competitors push for a strong end to their fiscal years, which align to calendar years. Sales of our single-use products such as infusion sets, reservoirs, and CGMs have generally mitigated quarterly seasonal fluctuations in pump sales.
The Company’s revenue may vary from quarter to quarter due to seasonal purchasing patterns, particularly in the U.S., where insurance deductible resets and reimbursement dynamics can impact the timing of customer purchases. These seasonal trends may be partially offset by recurring sales of consumable products, including CGMs and infusion sets.
Components of Results of Operations
Sales
Cost of Products Sold
Selling, General and Administrative
Research and Development
Certain Litigation Charges
We classify specified certain litigation charges and gains related to significant legal matters as certain litigation charges, net in the consolidated statements of operations.
Other Operating Income and Expense, Net
Other Non-operating Income and Expense, Net
Other non-operating expense (income), net includes investment gains and losses.
Income Tax Provision
For a more comprehensive discussion of risks and uncertainties that may affect the Company’s business and future results, see “Risk Factors” and “Key Factors Impacting Our Results” in the IPO Prospectus.
(1) See "“Non-GAAP measures"” below for a discussion of Organic Revenue Growth, Adjusted Gross Profit, Adjusted EBITDA, and a reconciliationreconciliations with the most directly comparable U.S. GAAP measure.measures.
AsBecause thewe only company that commercializescommercialize all parts of the smart dosing insulin therapy ecosystem, we are uniquely positioned to capture greater revenue per user than our competitors that only offer certain components of such systems. A key growth driver is our ability to increase CGM revenue per pump user which is reflected by our CGM Attachment Rate. We define CGM Attachment Rate as the percentage of total pump user base that is also using an integrated MiniMed CGM.
Organic Revenue Growth measures our revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to the Company’s Italian payback accrual for certain prior years since 2015, which is further described in Note 15,12. “Commitments and Contingencies,” to the unaudited condensed combinedconsolidated financial statements. We use Organic Revenue Growth to assess our performance on a consistent basis by removing the impacts of foreign currency rate fluctuations and adjustments to the Italian payback accrual that we believe do not directly reflect our underlying operations. See “Non-GAAP Measures” below for a reconciliation of Organic Revenue Growth to Net Sales Growth, its most directly comparable U.S. GAAP measure.
Adjusted EBITDA is a non-GAAP measure, calculated as net loss adjusted to exclude interest expense, provision for income taxes, and depreciation and amortization, further adjusted to exclude the impact of certain other non-operational items. We use Adjusted EBITDA to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. See “Non-GAAP Measures” below for a reconciliation of Adjusted EBITDA to net loss, its most directly comparable U.S. GAAP measure.
The following table sets forth a summary of our combinedcondensed consolidated results of operations for the three months ended JanuaryJuly 23,31, 2026 and JanuaryJuly 24,25, 2025, and the changes between periods.
(1) Not meaningful
The following table sets forth a summary of our combined results of operations for the nine months ended January 23, 2026 and January 24, 2025, and the changes between periods.
(1) Not meaningful
The below table includes net sales by product category for the three months ended January 23, 2026 and January 24, 2025:
MMED insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Denton Sheila A. |
Grant/award | 58,939 | — | — |
| 2026-07-31 | Wills Courtney Nelson |
Shares withheld for tax | 1,762 | $18.15 | $32.0K |
| 2026-07-31 | Dianaty Ali |
Shares withheld for tax | 8,012 | $18.15 | $145.4K |
| 2026-07-31 | Dallara Que |
Shares withheld for tax | 31,350 | $18.15 | $569.0K |
| 2026-07-28 | Spooner Chad |
Shares withheld for tax | 23,301 | $17.67 | $411.7K |
| 2026-07-28 | Chandrasena Gillian |
Shares withheld for tax | 2,099 | $17.67 | $37.1K |
| 2026-07-01 | Wills Courtney Nelson |
Grant/award | 60,730 | — | — |
| 2026-07-01 | Wills Courtney Nelson |
Grant/award | 22,057 | — | — |
| 2026-07-01 | Gyurci John |
Grant/award | 24,244 | — | — |
| 2026-07-01 | Chandrasena Gillian |
Grant/award | 29,483 | — | — |
| 2026-07-01 | Chandrasena Gillian |
Grant/award | 14,705 | — | — |
| 2026-07-01 | Spooner Chad |
Grant/award | 22,057 | — | — |
| 2026-07-01 | Spooner Chad |
Grant/award | 94,550 | — | — |
| 2026-07-01 | Dianaty Ali |
Grant/award | 94,550 | — | — |
| 2026-07-01 | Dianaty Ali |
Grant/award | 36,762 | — | — |
| 2026-07-01 | Dallara Que |
Grant/award | 297,618 | — | — |
Well-known investors holding MMED (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Millennium Management (Israel Englander) | 2026-06-30 | 3,060,615 | $45.8M | 0.03% | Added 18% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 2,865,703 | $42.8M | 0.02% | No change |
| D. E. Shaw & Co. | 2026-06-30 | 450,000 | $6.7M | — | Sold out |
| Renaissance Technologies | 2026-06-30 | 88,300 | $1.3M | 0.0% | New position |
| Two Sigma Investments | 2026-06-30 | 40,591 | $606.8K | 0.0% | Added 150% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 15,395 | $230.2K | 0.0% | Reduced 99% |