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 *

Walrod Nicholas T.		 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)

C/O VAPOTHERM INVESTORS, LLC, 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)

1/24/2020 
 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 I By Vapotherm Investors, LLC (3)
Common Stock 11/16/2018  C  208752 A (2)2251347 I By Vapotherm Investors, LLC (3)
Common Stock 11/16/2018  C  1049958 A (1)1049958 I By 3x5 Special Opportunity Fund, L.P. (3)

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 I By Vapotherm Investors, LLC (3)
Series B Convertible Preferred Stock  (1)11/16/2018  C     75700   (1) (1)Common Stock 75700 $0.00 0 I By Vapotherm Investors, LLC (3)
Series C Convertible Preferred Stock  (1)11/16/2018  C     849239   (1) (1)Common Stock 849239 $0.00 0 I By Vapotherm Investors, LLC (3)
Series D Convertible Preferred Stock  (1)11/16/2018  C     890056   (1) (1)Common Stock 890056 $0.00 0 I By Vapotherm Investors, LLC (3)
Series D-1 Convertible Preferred Stock  (2)11/16/2018  C     208752   (2) (2)Common Stock 208752 $0.00 0 I By Vapotherm Investors, LLC (3)
Warrant to purchase Series A Convertible Preferred Stock (4)$14.48 11/16/2018  J (4)    42857  11/16/2018 9/7/2022 Common Stock (4)42857 $0.00 42857 I By Vapotherm Investors, LLC (3)
Series A Convertible Preferred Stock  (1)11/16/2018  C     500000   (1) (1)Common Stock 500000 $0.00 0 I By 3x5 Special Opportunity Fund, L.P. (3)
Series B Convertible Preferred Stock  (1)11/16/2018  C     285714   (1) (1)Common Stock 285714 $0.00 0 I By 3x5 Special Opportunity Fund, L.P. (3)
Series C Convertible Preferred Stock  (1)11/16/2018  C     264244   (1) (1)Common Stock 264244 $0.00 0 I By 3x5 Special Opportunity Fund, L.P. (3)
Explanation of Responses:
(1) Upon closing of the Issuer's initial public offering, 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.
(3) The Reporting Person is a managing member of 3x5 Partners, LLC. 3x5 Partners, LLC is the managing member of Vapotherm Investors, LLC and a member of 3x5 Special Opportunity Partners, LLC, which is the general partner of 3x5 Special Opportunity Fund, L.P., and by virtue of these relationships 3x5 Partners, LLC may be deemed to indirectly beneficially own the shares directly held by Vapotherm Investors, LLC and 3x5 Special Opportunity Partners, L.P. As a managing member of 3x5 Partners, LLC the Reporting Person shares voting and dispositive power over such securities. The Reporting Person disclaims beneficial ownership, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, of such securities except to the extent of his pecuniary interest therein.
(4) Immediately prior to the closing of the Issuer's initial public offering, each outstanding Warrant to Purchase Series A Convertible Preferred Stock automatically converted into a Warrant to Purchase Common Stock.
Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Walrod Nicholas T.
C/O VAPOTHERM INVESTORS, LLC
2540 NE MARTIN LUTHER KING JR. BLVD.
PORTLAND, OR 97212
X
Signatures
/s/ Anthony Ten Haagen, as Attorney-In-Fact3/26/2020
**Signature of Reporting PersonDate
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