<SEC-DOCUMENT>0001193805-25-001588.txt : 20251113
<SEC-HEADER>0001193805-25-001588.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113173221
ACCESSION NUMBER:		0001193805-25-001588
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inspire Medical Systems, Inc.
		CENTRAL INDEX KEY:			0001609550
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				261377674
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90838
		FILM NUMBER:		251479944

	BUSINESS ADDRESS:	
		STREET 1:		5500 WAYZATA BLVD
		STREET 2:		SUITE 1600
		CITY:			GOLDEN VALLEY
		STATE:			MN
		ZIP:			55416
		BUSINESS PHONE:		763-957-5037

	MAIL ADDRESS:	
		STREET 1:		5500 WAYZATA BLVD
		STREET 2:		SUITE 1600
		CITY:			GOLDEN VALLEY
		STATE:			MN
		ZIP:			55416

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flynn James E
		CENTRAL INDEX KEY:			0001352546
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	MAIL ADDRESS:	
		STREET 1:		780 THIRD AVENUE
		STREET 2:		37TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Flynn James E -->
          <cik>0001352546</cik>
          <ccc>XXXXXXXX</ccc>
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      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



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  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>11/06/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001609550</issuerCik>
        <issuerName>Inspire Medical Systems, Inc.</issuerName>
        <issuerCusip>457730109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>5500 Wayzata Blvd., Suite 1600</com:street1>
          <com:city>Golden Valley</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55416</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
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      <reportingPersonName>Deerfield Mgmt, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1476303.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1476303.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1476303.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.08</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Comprised of shares of common stock held by Deerfield Partners, L.P., of which Deerfield Mgmt, L.P. is the general partner.</comments>
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      <reportingPersonName>Deerfield Management Company, L.P.</reportingPersonName>
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      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.08</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Comprised of shares of common stock held by Deerfield Partners, L.P. of which Deerfield Management Company, L.P. is the investment advisor.</comments>
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    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Deerfield Partners, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
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        <sharedVotingPower>1476303.00</sharedVotingPower>
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        <sharedDispositivePower>1476303.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1476303.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
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      <classPercent>5.08</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>James E. Flynn</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1476303.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1476303.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1476303.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.08</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Comprised of shares of common stock held by Deerfield Partners, L.P.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Inspire Medical Systems, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>5500 Wayzata Blvd., Suite 1600, Golden Valley, MN 55416</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P., 345 Park Avenue South, 12th Floor, New York, NY 10010</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P. - Delaware limited partnerships;

James E. Flynn - United States citizen</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Deerfield Mgmt, L.P. - 1,476,303 shares
Deerfield Management Company, L.P. - 1,476,303 shares
Deerfield Partners, L.P. - 1,476,303 shares
James E. Flynn - 1,476,303 shares</amountBeneficiallyOwned>
        <classPercent>Deerfield Mgmt, L.P. - 5.08%
Deerfield Management Company, L.P. - 5.08%
Deerfield Partners, L.P. - 5.08%
James E. Flynn - 5.08%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>All Reporting Persons - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Deerfield Mgmt, L.P. - 1,476,303
Deerfield Management Company, L.P. - 1,476,303
Deerfield Partners, L.P. - 1,476,303
James E. Flynn - 1,476,303</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>All Reporting Persons - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Deerfield Mgmt, L.P. - 1,476,303
Deerfield Management Company, L.P. - 1,476,303
Deerfield Partners, L.P. - 1,476,303
James E. Flynn - 1,476,303</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>See Exhibit B</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit A.  Joint Filing Agreement.

Exhibit B.  Item 8 Statement.

Exhibit C.  Power of Attorney (1).

(1) Power of Attorney previously filed as Exhibit 24 to a Form 3 with regard to BiomX Inc. filed with the Securities and Exchange Commission on March 19, 2024 by Deerfield Private Design Fund V, L.P., Deerfield Healthcare Innovations Fund II, L.P., Deerfield Mgmt V, L.P., Deerfield Mgmt HIF II, L.P., Deerfield Management Company, L.P. and James E. Flynn.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Deerfield Mgmt, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Isler</signature>
        <title>Jonathan Isler, Attorney-In-Fact</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Deerfield Management Company, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Isler</signature>
        <title>Jonathan Isler, Attorney-In-Fact</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Deerfield Partners, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Isler</signature>
        <title>Jonathan Isler, Attorney-In-Fact</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>James E. Flynn</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Isler</signature>
        <title>Jonathan Isler, Attorney-In-Fact</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>e664978_ex99-a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">





<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joint Filing Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned agree that this Schedule 13G, and all amendments thereto,
relating to the Common Stock of Inspire Medical Systems, Inc. shall be filed on behalf of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEERFIELD MGMT, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: Deerfield UGP, LLC, General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: <U>/s/ Jonathan Isler</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Isler, Attorney-In-Fact</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEERFIELD MANAGEMENT COMPANY, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: Deerfield UGP, LLC, General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: <U>/s/ Jonathan Isler</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Isler, Attorney-In-Fact</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEERFIELD PARTNERS, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: Deerfield Mgmt, L.P., General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: Deerfield UGP, LLC, General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: <U>/s/ Jonathan Isler</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Isler, Attorney-In-Fact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JAMES E. FLYNN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Jonathan Isler</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Isler, Attorney-In-Fact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>e664978_ex99-b.htm
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Due to the relationships between them, the reporting
persons hereunder may be deemed to constitute a &ldquo;group&rdquo; with one another for purposes of Section 13(d)(3) of the Securities
Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

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</SEC-DOCUMENT>
