<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-08-21</periodOfReport>

    <issuer>
        <issuerCik>0001347123</issuerCik>
        <issuerName>EBR Systems, Inc.</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002041658</rptOwnerCik>
            <rptOwnerName>Host-Plus Pty Ltd as trustee for the HOSTPLUS Pooled Superannuation Trust</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>LEVEL 9, 114 WILLIAM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MELBOURNE</rptOwnerCity>
            <rptOwnerNonUSStateTerritory>VIC</rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>C3</rptOwnerCountry>
            <rptOwnerZipCode>30000</rptOwnerZipCode>
            <rptOwnerStateDescription>AUSTRALIA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-08-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7700119</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.70</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11049972</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By BB6 Service (HP) Coinvestment Trusco Pty Ltd atf BCP (HP) Co-Investment Trust</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3492778</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By MRCF3 Service (HP) Pty Ltd atf MRCF 3 (HP) Trust</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>783330</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By MHC Fund Services B Pty Ltd atf MHC Hostplus Co-Investment Trust</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares of the Issuer's common stock underlying CHESS Depositary Interests (&quot;CDIs&quot;).  The CDIs are traded on the Australian Securities Exchange (the &quot;ASX&quot;) and are held by CHESS Depositary Nominees Pty Limited, a subsidiary of ASX Limited, the company that operates the ASX.</footnote>
        <footnote id="F2">On August 21, 2026, BB6 Service (HP) Coinvestment Trusco Pty Ltd as trustee for BCP (HP) Co-Investment Trust acquired 77,001,190 CDIs on completion of Tranche 2 of the institutional placement by the Issuer, which was approved by the Issuer's shareholders on August 19, 2026 and settled on August 21, 2026, at a price of A$0.38 per CDI (equivalent to A$3.80 per share of common stock, or approximately US$2.70 per share based on an AUD/USD exchange rate of 0.71 on the settlement date).</footnote>
        <footnote id="F3">The securities are held directly by BB6 Service (HP) Coinvestment Trusco Pty Ltd as trustee of BCP (HP) Co-Investment Trust. The Reporting Person is the sole beneficiary of BCP (HP) Co-Investment Trust and exercises sole dispositive power over the securities held by BB6 Service (HP) Coinvestment Trusco Pty Ltd.</footnote>
        <footnote id="F4">Includes 837,638 shares underlying 8,376,380 CDIs previously held by MRCF3 Service (SW) Pty Ltd as trustee for MRCF 3 (SW) Trust, which were transferred to MRCF3 Service (HP) Pty Ltd as trustee of MRCF 3 (HP) Trust subsequent to the Reporting Person's most recent report.  Such transfer constituted a change in the Reporting Person's form of ownership that was exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act.</footnote>
        <footnote id="F5">The securities are held directly by MRCF3 Service (HP) Pty Ltd as trustee of MRCF 3 (HP) Trust. The Reporting Person is the sole beneficiary of MRCF 3 (HP) Trust and exercises sole dispositive power over the securities held by MRCF3 Service (HP) Pty Ltd.</footnote>
        <footnote id="F6">The Securities are held directly by MHC Fund Services B Pty Ltd as trustee for MHC Hostplus Co-Investment Trust. The Reporting Person is the sole beneficiary of MHC Hostplus Co-Investment Trust and exercises shared dispositive power over the securities held by MHC Fund Services B Pty Ltd.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Greg Clerk, as duly appointed attorney for Host-Plus Pty Limited as trustee of the Hostplus Pooled Superannuation Trust, having no notice of revocation of the power of attorney dated 6 December 2024</signatureName>
        <signatureDate>2026-08-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Susan Orr, as duly appointed attorney for Host-Plus Pty Limited as trustee of the Hostplus Pooled Superannuation Trust, having no notice of revocation of the power of attorney dated 6 December 2024</signatureName>
        <signatureDate>2026-08-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
