BFLYButterfly Network, Inc. · Insider ownership research

Butterfly Network, Inc. insiders sold $106M in the past 12 months. How much of their stake is that?

Insiders sold $106M in the past 12 months.74% was sold under disclosed trading plans, 10% to cover taxes, 16% with no plan disclosed. The largest seller, Jonathan Rothberg (Director), sold $75.2M.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 13, 2026 from SEC filings · covers Oct 14, 2025 to Oct 13, 2026

1

buyer among officers and directors (2 trades), past 12 months

74%

of sales were under disclosed trading plans, past 12 months

9 of 14

officers and directors sold shares, past 12 months

Is this normal? More than usual: $106M sold, after almost none in the past 5 years. 9 insiders sold; the average is 5 a year. Year by year

Latest filing: Filed Oct 8 for a sale on Oct 6. Joseph Devivo sold 36K shares ($359K) under a disclosed plan. Filing

SEC ownership filings: 63 filed in the 12 months to Oct 13, 2026; 261 on record since May 20, 2020 · See the evidence

What stands out

Three insiders sold $16.9M with no disclosed plan: Larry Robbins ($14.0M), Steve Cashman ($1.9M) and Megan Carlson ($1.1M). The filings don't state a reason.Larry Robbins: largest such sale, Aug 14, 2026 · Steve Cashman: largest such sale, Jun 8, 2026 · Megan Carlson: largest such sale, Jul 31, 2026

Louise Phanstiel bought 300K shares for $1.6M, first on Dec 15, 2025.Purchase, Aug 14, 2026

Selling picked up in the last 90 days: officers and directors sold 7.51M shares, against an average of 3.65M per 90 days earlier in the period. Most of it was Jonathan Rothberg (5.25M shares in the last 90 days) and Larry Robbins (1.58M shares in the last 90 days); 67% of these sales were under disclosed plans.Jonathan Rothberg: largest recent sale, Jul 16, 2026 · Larry Robbins: largest recent sale, Aug 14, 2026

A share of stake is shown for 0 of the 9 officers and directors who sold. 14 are left out

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Left out: Jonathan Rothberg, Joseph Devivo, Larry Robbins, Heather Getz, Steve Cashman, Victor Ku, Megan Carlson, Dawn Carfora, Erica Schwartz, Elazer Edelman, Louise Phanstiel, Nicholas Caezza, John Doherty and Caroll Neubauer (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Jonathan Rothberg

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$75.2MDisclosed plan

Larry Robbins

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$14.0MNo plan disclosed

Joseph Devivo

President & CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$6.5M17% planned, 83% to cover taxes

Steve Cashman

Chief Business Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$5.9M36% planned, 32% to cover taxes 32% no plan disclosed

Megan Carlson

CAO and SVP, Finance

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$1.7M39% to cover taxes 61% no plan disclosed

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

Oct 6, 2026Joseph Devivo sold 36K shares ($359K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Joseph Devivo President & CEO, Director	35,790	$10.02	n/a	n/a	Oct 6, 2026	Oct 8, 2026

Oct 2, 2026Megan Carlson sold 10K shares ($88K) to cover taxes on vesting stock.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Megan Carlson CAO and SVP, Finance	10,114	$8.74	n/a	n/a	Oct 2, 2026	Oct 6, 2026

Sep 23, 2026Joseph Devivo sold 3.2K shares ($32K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Joseph Devivo President & CEO, Director	3,169	$10.02	n/a	n/a	Sep 23, 2026	Sep 24, 2026

Sep 22, 2026Joseph Devivo sold 2.8K shares ($28K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Joseph Devivo President & CEO, Director	2,811	$10.00	n/a	n/a	Sep 22, 2026	Sep 24, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Outside holders, reported separately

Larry Robbins (for the outside shareholder represented on the board) sold $20.7M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Common questions

Is the Butterfly Network, Inc. CEO selling stock?

Yes. Joseph Devivo sold 1.17M shares ($6.5M) in the past 12 months, 17% of it under a trading plan disclosed in the filings.

Why are Butterfly Network, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 74% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 10% were to cover taxes and 16% had no disclosed plan. A trading plan schedules sales in advance.

Are any Butterfly Network, Inc. insiders buying?

Yes. 1 officer or director reported 2 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

The evidence

Who sold9 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Jonathan Rothberg Director	$75.2M 14.00M shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Larry Robbins Director	$14.0M 1.58M shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Joseph Devivo President & CEO, Director	$6.5M 1.17M shares	Not confirmed share of stake is being verified. Why	17% under a disclosed plan, 83% to cover taxes
Steve Cashman Chief Business Officer	$5.9M 1.18M shares	Not confirmed share of stake is being verified. Why	36% under a disclosed plan, 32% to cover taxes 32% no plan disclosed
Megan Carlson CAO and SVP, Finance	$1.7M 286K shares	Not confirmed share of stake is being verified. Why	39% to cover taxes 61% no plan disclosed
John Doherty EVP, CFO	$1.0M 173K shares	Not confirmed share of stake is being verified. Why	To cover taxes
Victor Ku Chief Technology Officer	$736K 120K shares	Not confirmed share of stake is being verified. Why	To cover taxes
Dawn Carfora Director	$302K 112K shares	Not confirmed share of stake is being verified. Why	To cover taxes
Nicholas Caezza Deputy General Counsel	$177K 29K shares	Not confirmed share of stake is being verified. Why	45% to cover taxes 55% no plan disclosed

Board members representing outside shareholders, reported separately: Larry Robbins (the shareholder sold $20.7M). Details

The full ownership picture0 of 14 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Jonathan Rothberg

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jonathan Rothberg are complete.

Director

n/a

−14.00M

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Jonathan Rothberg

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jonathan Rothberg are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Joseph Devivo

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Joseph Devivo are complete.

President & CEO, Director

n/a

−1.17M

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Joseph Devivo

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Joseph Devivo are complete; balances and unit counts will be added when the check is finished.

−250Kgifted (net of own trusts)

Larry Robbins

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Larry Robbins are complete.

Director

n/a

−1.58M

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Larry Robbins

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Larry Robbins are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Heather Getz

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Heather Getz are complete.

EVP, CFO & COO

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Heather Getz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Heather Getz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Steve Cashman

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Steve Cashman are complete.

Chief Business Officer

n/a

−1.18M

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Steve Cashman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steve Cashman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Victor Ku

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Victor Ku are complete.

Chief Technology Officer

n/a

−120K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Victor Ku

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Victor Ku are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Megan Carlson

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Megan Carlson are complete.

CAO and SVP, Finance

n/a

−286K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Megan Carlson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Megan Carlson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
20,000	$12.27	Jul 7, 2031	$0

Estimate: options held × ($10.02 − strike price), using the most recent insider trade price on Form 4 (Oct 6, 2026), not a market close.

Dawn Carfora

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Dawn Carfora are complete.

Director

n/a

−112K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Dawn Carfora

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Dawn Carfora are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Erica Schwartz

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Erica Schwartz are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Erica Schwartz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Erica Schwartz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Elazer Edelman

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Elazer Edelman are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Elazer Edelman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Elazer Edelman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Louise Phanstiel

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Louise Phanstiel are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Louise Phanstiel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Louise Phanstiel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Nicholas Caezza

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Nicholas Caezza are complete.

Deputy General Counsel

n/a

−29K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Nicholas Caezza

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nicholas Caezza are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$16.64	Apr 8, 2031	$0

Estimate: options held × ($10.02 − strike price), using the most recent insider trade price on Form 4 (Oct 6, 2026), not a market close.

John Doherty

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for John Doherty are complete.

EVP, CFO

n/a

−173K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for John Doherty

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Doherty are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Caroll Neubauer

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Caroll Neubauer are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Caroll Neubauer

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Caroll Neubauer are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Butterfly Network, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$106M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $106M across 18,655,080 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $78.4M · 74%

26%

The lighter segment is sales with no plan disclosed in the filing ($27.1M), including tax-related sales outside a plan.

No plan disclosed · $17.0M

Sales with no 10b5-1 plan and no tax reference in the filing. $14.0M of it is Larry Robbins. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Larry Robbins, Aug 14, 2026

Taxes

$10.1M of sales (9.6%) cite tax obligations in their footnotes. Example: Megan Carlson, Oct 2, 2026

Purchases · 1 buyer (2 trades)

1 officer or director bought shares in this period, in 2 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 6 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Jonathan Rothberg Director	14.00M	$75.2M	100%	71%	Nov 3, 2025 to Jul 22, 2026
Larry Robbins Director	1.58M	$14.0M	0%	13%	Aug 13, 2026 to Aug 17, 2026
Joseph Devivo President & CEO, Director	1.17M	$6.5M	17%	6%	Mar 3, 2026 to Oct 6, 2026
Steve Cashman Chief Business Officer	1.18M	$5.9M	36%	6%	Feb 26, 2026 to Sep 4, 2026
Megan Carlson CAO and SVP, Finance	286K	$1.7M	0%	2%	Mar 3, 2026 to Oct 2, 2026
John Doherty EVP, CFO	173K	$1.0M	0%	1.0%	Jan 7, 2026 to Jul 20, 2026
Victor Ku Chief Technology Officer	120K	$736K	0%	0.7%	Jan 5, 2026 to Jul 20, 2026
Dawn Carfora Director	112K	$302K	0%	0.3%	Nov 4, 2025 to Nov 4, 2025
Nicholas Caezza Deputy General Counsel	29K	$177K	0%	0.2%	Dec 2, 2025 to Sep 2, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$8.1M	$7.8M	$302K	$0
Dec 2025	$8.3M	$8.3M	$5K	$0
Jan 2026	$5.1M	$4.7M	$377K	$0
Feb 2026	$1.1M	$1.1M	$0	$0
Mar 2026	$2.8M	$0	$2.8M	$0
Apr 2026	$1.8M	$1.0M	$724K	$0
May 2026	$524K	$0	$0	$524K
Jun 2026	$1.9M	$0	$8K	$1.9M
Jul 2026	$59.7M	$54.4M	$4.7M	$541K
Aug 2026	$14.7M	$684K	$0	$14.0M
Sep 2026	$1.2M	$60K	$1.1M	$0
Oct 2026	$447K	$359K	$88K	$0

Board members representing outside shareholders (1)Listed and sourced; not part of the management totals or the answer line

Directors whose reported holdings sit mostly in an investment fund or a corporate shareholder they represent, not in their own name, with beneficial ownership disclaimed except for their own financial interest. Listed and sourced here; not part of the management totals or the answer line. Shares a fund hands to its own investors are distributions, not sales.

Board member	Held Oct 13, 2025	Sold	Held Oct 13, 2026	Still held
Larry Robbins ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Larry Robbins are complete. Director	n/a	−2.59M	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Larry Robbins Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Larry Robbins are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)

Is this normal? Selling year by year5 earlier years to compare with

More than usual: $106M sold, after almost none in the past 5 years. 9 insiders sold; the average is 5 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	18.66M	9	$106M
Oct 13, 2025 1 year earlier	763K	6	$1.8M
Oct 13, 2024 2 years earlier	439K	3	$529K
Oct 14, 2023 3 years earlier	364K	6	$780K
Oct 14, 2022 4 years earlier	273K	7	$1.6M
Oct 14, 2021 5 years earlier	297K	1	$3.8M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty14 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Butterfly Network, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology261 filings on record, 63 filed in the 12-month period, and how we read them

All 261 Forms 3, 4 and 5 on record for Butterfly Network, Inc. (SEC CIK 1804176), filed from May 20, 2020 to Oct 8, 2026; 63 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (22)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Andrei Stoica	Apr 3, 2025	1,600,182 shares, last reported balance as of Apr 1, 2025
Brent Pfeiffenberger	May 24, 2024	No balance on record
Lawrence Weiss	Jul 6, 2023	1,236,838 shares, last reported balance as of Jul 5, 2023
Gianluca Pettiti	Jun 22, 2023	145,191 shares, last reported balance as of Jun 20, 2023
John Martin	Feb 13, 2023	286,516 shares, last reported balance as of Feb 13, 2023
Darius Shahida	Dec 19, 2022	629,908 shares, last reported balance as of Dec 19, 2022
Troy Quander	Dec 14, 2022	172,993 shares, last reported balance as of Dec 14, 2022
John Hammergren	Jun 22, 2022	181,487 shares, last reported balance as of Jun 17, 2022
Tamara Dillon	Jun 1, 2022	327,868 shares, last reported balance as of May 31, 2022
Mary Miller	Mar 24, 2022	383,512 shares, last reported balance as of Mar 22, 2022
Todd Fruchterman	Mar 24, 2022	1,531,208 shares, last reported balance as of Mar 22, 2022
Stacey Pugh	Mar 24, 2022	570,945 shares, last reported balance as of Mar 22, 2022
Stephanie Fielding	Mar 21, 2022	113,079 shares, last reported balance as of Mar 17, 2022
David Perri	Aug 27, 2021	No balance on record
Timothy Trodden	Apr 21, 2021	36,023 shares, last reported balance as of Apr 19, 2021
Gioel Molinari	Mar 26, 2021	422,379 shares, last reported balance as of Mar 24, 2021
Michael Rothberg	Mar 26, 2021	5,141,064 shares, last reported balance as of Mar 24, 2021
Westley Moore	May 20, 2020	25,000 shares, last reported balance as of May 20, 2020
Derek Cribbs	May 20, 2020	25,000 shares, last reported balance as of May 20, 2020
Randy Simpson	May 20, 2020	25,000 shares, last reported balance as of May 20, 2020
John Rodin		No balance on record
Mark Horowitz		No balance on record

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