FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Vapotherm Investors, LLC
2. Issuer Name and Ticker or Trading Symbol

VAPOTHERM INC [ VAPO ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

2540 NE MARTIN LUTHER KING JR. BLVD.
3. Date of Earliest Transaction (MM/DD/YYYY)

11/16/2018
(Street)

PORTLAND, OR 97212
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

11/20/2018 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/16/2018  C  2042595 A (1)2042595 D  
Common Stock 11/16/2018  C  208752 A (2)2251347 D  
Common Stock 11/16/2018  C  42857 A (1)2294204 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Series A Convertible Preferred Stock  (1)11/16/2018  C     227600   (1) (1)Common Stock 227600 $0.00 0 D  
Series B Convertible Preferred Stock  (1)11/16/2018  C     75700   (1) (1)Common Stock 75700 $0.00 0 D  
Series C Convertible Preferred Stock  (1)11/16/2018  C     849239   (1) (1)Common Stock 849239 $0.00 0 D  
Series D Convertible Preferred Stock  (1)11/16/2018  C     890056   (1) (1)Common Stock 890056 $0.00 0 D  
Series D-1 Convertible Preferred Stock  (2)11/16/2018  C     208752   (2) (2)Common Stock 208752 $0.00 0 D  

Explanation of Responses:
(1) Upon closing of the Issuer's initial public offering, each Warrant and each share of Series A Convertible Preferred Stock, Series B Convertible Preferred Stock, Series C Convertible Preferred Stock and Series D Convertible Preferred Stock automatically converted into one share of Common Stock without payment or further consideration. There was no expiration date for the Series A Convertible Preferred Stock, the Series B Convertible Preferred Stock, the Series C Convertible Preferred Stock or the Series D Convertible Preferred Stock.
(2) Upon closing of the Issuer's initial public offering, each share of Series D-1 Convertible Preferred Stock automatically converted into 1.137 shares of Common Stock without payment or further consideration. There was no expiration date for the Series D-1 Convertible Preferred Stock.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Vapotherm Investors, LLC
2540 NE MARTIN LUTHER KING JR. BLVD.
PORTLAND, OR 97212

X


Signatures
/s/ Anthony Ten Haagen, as Attorney-In-Fact1/24/2020
**Signature of Reporting PersonDate

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