SI‑BONE Director Dumps 337 Shares in Routine Tax‑Cover Sale Amid Rising Insider Outflows

Insider Activity Spotlight: SI‑BONE’s Recent Sell‑to‑Cover Deal

A February 2, 2026 Form 4 filing shows SI‑BONE Inc. director Jeffrey W. Dunn liquidating 337 common shares at a weighted average price of $16.42. The sale, part of a “sell‑to‑cover” transaction, was executed to satisfy tax withholding obligations on restricted‑stock‑unit vesting rather than a discretionary trade. With the share price hovering around $16.26 at the time, the transaction was essentially a neutral event for the market. However, it sits against a backdrop of aggressive insider selling by Dunn over the past year, raising questions about the sentiment behind his moves.

What the Numbers Tell Investors

Dunn’s recent selling spree peaked in late December 2025 with a 20‑k‑share sale at $21.28, followed by a 18‑k‑share sale at $19.33 and a smaller 1‑k‑share sale at $19.33. Earlier that month he also bought back 1.241k shares at $4.32, suggesting a mix of defensive cash‑flow management and opportunistic buying. The February sale is modest in size but consistent with his pattern of “sell‑to‑cover” transactions, which typically occur when restricted units vest. For investors, this is a sign that insiders are not aggressively dumping stock in anticipation of a downturn; rather, they are managing tax liabilities. Yet the volume of sales across the board—especially by other senior executives like Michael Piestsky and Anshul Maheshwari—could signal a broader liquidity need or a perception that the stock is overvalued relative to its earnings potential.

Implications for SI‑BONE’s Future

SI‑BONE’s stock is trading near its 52‑week low, with a negative price‑to‑earnings ratio of –31.75, indicating that the company is currently unprofitable or that earnings are volatile. The upcoming Q4 and FY 2025 results, slated for release on February 23, 2026, will be crucial. If the company can demonstrate revenue growth or a path to profitability, it may dampen insider selling and restore investor confidence. Conversely, if earnings remain negative or decline, continued selling by insiders could accelerate a downward price spiral. The company’s focus on low‑back diagnostics and minimally invasive joint systems positions it in a niche but growing market, yet the recent sell activity suggests that executives are hedging against short‑term volatility.

Profile of Jeffrey W. Dunn

Dunn’s trading history is dominated by tax‑cover sales and periodic repurchases. He owns approximately 80k shares, a substantial stake that still represents significant exposure to company performance. His 2025 transactions include a large sale at $21.28, a mid‑range sale at $19.33, and a low‑price purchase at $4.32, indicating that he is willing to buy when prices dip below his perceived value threshold but is quick to offload when tax or liquidity needs arise. The lack of any reported dividends or strategic announcements suggests that Dunn’s motives are primarily financial rather than corporate governance or strategic influence.

Bottom Line for Investors

The February 2 sale is a routine tax‑cover transaction and should not be viewed as a bearish signal in isolation. However, the cumulative insider selling, coupled with a negative earnings outlook, warrants careful monitoring. Investors should watch the forthcoming earnings release for clarity on revenue trends and profitability, and consider whether the insider activity reflects short‑term liquidity management or a broader strategic reassessment of SI‑BONE’s valuation.