Whetstone updates Health Catalyst (HCAT) ownership to 4.5% stake

Rhea-AI Filing Summary

Whetstone Capital Advisors and David Atterbury report beneficial ownership of 3,285,690 shares, or 4.5% of Health Catalyst, Inc. common stock. This total includes 1,515,000 shares underlying long call options held by funds they advise, purchased for about $7.83 million in aggregate.

Based on 70,894,020 shares outstanding as of May 8, 2026, they report shared voting and dispositive power over all 3,285,690 shares and no sole authority. Their position also includes 15,150 long options and 30,030 short option positions expiring on December 18, 2026.

Insights

Equity ownership and governance analyst

Whetstone and Atterbury disclose a 4.5% economic stake in Health Catalyst via stock and options.

The filing shows Whetstone Capital Advisors and David Atterbury controlling 3,285,690 Health Catalyst shares, or 4.5% of the company, including 1,515,000 shares tied to long options. This combines direct stock and derivative exposure under shared voting and dispositive power.

The stake is calculated against 70,894,020 shares outstanding as of May 8, 2026, giving a clear snapshot of relative size. Contracts include 15,150 long options and 30,030 short positions expiring on December 18, 2026, so exposure can change as that date approaches. Overall, it is a sizable but non-controlling position.

Key Figures

Beneficial ownership: 3,285,690 shares Ownership percentage: 4.5% Shares outstanding: 70,894,020 shares +5 more

8 metrics

Beneficial ownership 3,285,690 shares Health Catalyst common stock beneficially owned by reporting persons

Ownership percentage 4.5% Percent of Health Catalyst common stock based on shares outstanding

Shares outstanding 70,894,020 shares Health Catalyst common shares outstanding as of May 8, 2026

Aggregate purchase cost $7,829,759.62 Working capital used by funds to buy reported common stock

Shares via long options 1,515,000 shares Common stock receivable upon exercise of long options

Long option contracts 15,150 options Long options exercisable until December 18, 2026

Short option positions 30,030 options Short positions on Health Catalyst exercisable until December 18, 2026

Event date June 4, 2026 Date of event requiring this ownership statement

Key Terms

beneficially owned, working capital, long options, short, +2 more

6 terms

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 3,285,690.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

working capital financial

"was purchased using working capital of the Funds."

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

long options financial

"includes 1,515,000 of shares of Common Stock receivable upon exercise of long options"

short financial

"has sold short 30,030 for Common Stock exercisable until December 18, 2026."

dispositive power financial

"Shared Dispositive Power 3,285,690.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Schedule 13D regulatory

"This Amendment Number 2 (this ''Amendment'') to the originally filed by the Reporting Persons"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

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Available on EDGAR 06/08/2026 - 07:12 PM Accepted by SEC EDGAR 06/08/2026 - 07:12 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Health Catalyst, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

42225T107

(CUSIP Number)

David Atterbury
2001 Shawnee Mission Pkwy,
Mission Woods, KS, 66205
(913) 951-2700

Whetstone Capital Advisors LLC
2001 Shawnee Mission Pwky,
Mission Woods, KS, 66205
(913) 951-2700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/04/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 42225T107

1

Name of reporting person

Whetstone Capital Advisors, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KANSAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,285,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,285,690.00

11

Aggregate amount beneficially owned by each reporting person

3,285,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP Number(s): 42225T107

1

Name of reporting person

David Atterbury

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,285,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,285,690.00

11

Aggregate amount beneficially owned by each reporting person

3,285,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

HC, IC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: Health Catalyst, Inc.
(c)	Address of Issuer's Principal Executive Offices: 10897 SOUTH RIVER FRONT PARKWAY, #300, SOUTH JORDAN, UTAH , 84095.
Item 2.	Identity and Background
(a)	This Amendment Number 2 (this ''Amendment'') to the Schedule 13D originally filed by the Reporting Persons on January 20, 2026 (the ''Schedule 13D'') is being filed by Whetstone Capital Advisors, LLC (''WCA'') and Mr. David Atterbury (together, the ''Reporting Persons''). This Amendment amends the Schedule 13D as set forth below.
(b)	The principal business addresses of the Reporting Persons are as follows: 2001 Shawnee Mission Pkwy, Mission Woods, KS 66205
(c)	WCA is a Kansas limited liability company and Mr. David Atterbury is the manager of WCA. WCA serves as the investment advisor to certain private investment funds (the ''Funds''), which hold Common Stock of the Issuer, and may direct the vote and disposition of the Common Stock held by the Funds. As the manager of WCA, Mr. Atterbury may direct the vote and disposition of the Common Stock held by the Funds.
(d)	During the last five years, neither the Reporting Persons (or a controlling entity thereof) nor any executive officer or director of any of the Reporting Persons (or a controlling entity thereof) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, neither the Reporting Persons (or a controlling entity thereof) nor any executive officer or director of any of the Reporting Persons (or a controlling entity thereof) has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction.
(f)	See Item 2(c) above for the place of organization of WCA. Mr. Atterbury is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The Common Stock reported herein as being beneficially owned by the Reporting Persons was purchased using working capital of the Funds. An aggregate of approximately $7,829,759.62 (excluding brokerage commissions) was used to purchase the Common Stock reported as beneficially owned by the Reporting Persons in this Amendment.
Item 4.	Purpose of Transaction
	See the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Amendment for the aggregate number of shares of Common Stock and percentage of the Common Stock beneficially owned by each of the Reporting Persons, which includes 1,515,000 of shares of Common Stock receivable upon exercise of long options held by the Reporting Persons. The percentages reported in this Amendment were calculated based upon the 70,894,020 shares of Common Stock issued and outstanding as of May 8, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the ''SEC'') on May 11, 2026.
(b)	See rows (7) through (10) of the cover pages to this Amendment for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition, which includes 1,515,000 of shares of Common Stock receivable upon exercise of long options held by Reporting Persons.
(c)	The transactions effected by the Reporting Persons in the Common Stock of the Issuer in the previous sixty (60) days are set forth in Schedule A. All such transactions were effected in the open market.
(d)	Other than the Funds and the Reporting Persons, no other person is known to have the right to receive, or the power to direct the receipt of, dividends from or proceeds from the sale, of the Common Stock.
(e)	June 4, 2026
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Reporting Persons own 15,150 of long options exercisable for 1,515,000 shares of Common Stock until December 18, 2026 and has sold short 30,030 for Common Stock exercisable until December 18, 2026. Other than as disclosed in this Item 6, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among any Reporting Person or between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Whetstone Capital Advisors, LLC

Signature:	/s/ David Atterbury
Name/Title:	Manager
Date:	06/08/2026

David Atterbury

Signature:	/s/ David Atterbury
Name/Title:	David Atterbury
Date:	06/08/2026

FAQ

What percentage of Health Catalyst (HCAT) does Whetstone currently beneficially own?

Whetstone Capital Advisors and David Atterbury report beneficial ownership of 4.5% of Health Catalyst’s common stock. This reflects 3,285,690 shares, including stock and shares underlying long options, calculated against 70,894,020 shares outstanding as of May 8, 2026.

How many Health Catalyst (HCAT) shares are reported as beneficially owned in this Schedule 13D/A?

The filing reports beneficial ownership of 3,285,690 Health Catalyst common shares. This figure includes 1,515,000 shares receivable upon exercise of long options, giving a combined view of cash equity holdings and derivative exposure controlled by the reporting persons.

How did Whetstone fund its Health Catalyst (HCAT) position?

The Health Catalyst shares reported as beneficially owned were purchased using working capital of Whetstone-advised funds. The aggregate purchase cost disclosed is approximately $7,829,759.62, excluding brokerage commissions, covering both existing stock and the long-option-based exposure.

What options and short positions on Health Catalyst (HCAT) does Whetstone hold?

The reporting persons own 15,150 long options exercisable for 1,515,000 Health Catalyst shares until December 18, 2026, and have sold short 30,030 option contracts on the stock, also exercisable until that same December 18, 2026 expiration date.

How many Health Catalyst (HCAT) shares were outstanding for the ownership calculation?

The reported 4.5% ownership stake is based on 70,894,020 Health Catalyst common shares issued and outstanding as of May 8, 2026, as stated in the company’s Form 10-Q. This outstanding share figure anchors the percentage ownership disclosed in the filing.