Hinge Health Inc-A 2025年度报告

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from ________ to ________Commission file number 001-42657_________________________________________________________ Hinge Health, Inc. (Exact name of registrant as specified in its charter)_________________________________________________________ (I.R.S. Employer Identification No.) (415) 726-2206Registrant’s telephone number, including area code_________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No xIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 ofthis chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements. o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No xThe aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant on June 30, 2025, the last business day of the registrant’s mostrecently completed second fiscal quarter, was approximately $1.5 billion, based on the closing price of the shares of Class A common stock on the New York Stock Exchange onthat date.As of February 23, 2026, 55,816,216 shares of the registrant’s Class A common stock were outstanding, 22,947,024 shares of the registrant’s Class B common stock, par value$0.0001 per share, were outstanding, and 2,581,837 shares of Series E redeemable convertible preferred stock, $0.00001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the registrant’s 2026 annual meeting of stockholders, which will be filed with the Securities and ExchangeCommission within 120 days after the end of the fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K whereindicated. Table of Contents PageCautionary Note Regarding Forward-Looking StatementsiiRisk Factor SummaryivGlossary of TermsviPart I1Item 1.Business1Item 1A. Risk Factors18Item 1B.Unresolved Staff Comments77Item 1C.Cybersecurity77Item 2.Properties78Item 3.Legal Proceedings79Item 4.Mine Safety Disclosures79Part II80Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities80Item 6.[Reserved]81Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations81Item 7A. Quantitative and Qualitative Disclosures About Market Risk100Item 8.Financial Statements and Supplementary Data101Item 9.Changes in and D