Gilde Healthcare sells 1,196 Shoulder Innovations shares

Rhea-AI Filing Summary

SHOULDER INNOVATIONS, INC. (SI) insider Gilde Healthcare Holding B.V., a ten percent owner, reported an indirect open-market sale of 1,196 shares of common stock on 2026-08-26 at $22.60 per share. After this transaction, the reporting group’s indirect holdings total 2,185,914 shares, held through affiliated Gilde entities, with certain partners disclaiming full beneficial ownership.

Insider Trade Summary

Net Seller: 1,196 shares

Net Sell 1 txn

Insider Gilde Healthcare Holding B.V.

Role 10% Owner

Sold 1,196 shs ($27K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	1,196	$22.60	$27K

Holdings After Transaction: Common Stock — 2,185,914 shares (Indirect, See footnote)

Footnotes (1)

1. F1. Held directly by Cooperatieve Gilde Healthcare V U.A. ("Gilde"). Gilde Healthcare V Management B.V. is the managing director of Gilde and has sole voting and dispositive power with respect to the shares held by Gilde. Gilde Healthcare V Management B.V. is owned by Gilde Healthcare Holding B.V. The managing partners of Gilde Healthcare Holding B.V. are Manapouri B.V. (of which Edwin de Graaf is the owner and managing director) and Martemanshurk B.V. (of which Pieter van der Meer is the owner and managing director). Geoff Pardo is a partner at Gilde and may be deemed to share voting and dispositive power with respect to the shares held of record by Gilde. Mr. Pardo disclaims beneficial ownership of such holdings, except to the extent of his pecuniary interest in the shares.

Key Figures

Shares sold: 1,196 shares of Common Stock Sale price per share: $22.60 per share Shares held after transaction: 2,185,914 shares +1 more

4 metrics

Shares sold 1,196 shares of Common Stock Non-derivative sale on 2026-08-26 by Gilde Healthcare Holding B.V., indirect ownership

Sale price per share $22.60 per share Price for the 1,196-share sale of SI common stock on 2026-08-26

Shares held after transaction 2,185,914 shares Indirect holdings reported following the 1,196-share sale

Net shares sold in this Form 4 1,196 shares transactionSummary net-sell direction based on reported sale

Key Terms

ten percent owner, dispositive power, pecuniary interest, indirect ownership

4 terms

ten percent owner regulatory

"Gilde Healthcare Holding B.V. is marked as a ten percent owner"

dispositive power regulatory

"has sole voting and dispositive power with respect to the shares"

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.

pecuniary interest financial

"disclaims beneficial ownership ... except to the extent of his pecuniary interest"

indirect ownership financial

"Held directly by Cooperatieve Gilde Healthcare V U.A. ("Gilde")"

FAQ

What insider transaction did SI report in this Form 4?

SI reported that Gilde Healthcare Holding B.V., a ten percent owner, indirectly sold 1,196 shares of common stock on 2026-08-26 at $22.60 per share, in an open-market or private transaction.

How many SI shares did the insider hold after the reported sale?

After the reported transaction, the reporting group associated with Gilde entities held 2,185,914 shares of SI common stock indirectly, as disclosed in the Form 4.

Was the SI insider transaction made under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not marked as affirming a plan, and the footnote does not state that the 1,196-share sale was made pursuant to a Rule 10b5-1 trading plan.

Who actually holds the SI shares reported by Gilde Healthcare Holding B.V.?

The shares are held directly by Cooperatieve Gilde Healthcare V U.A., whose managing director is Gilde Healthcare V Management B.V., which is owned by Gilde Healthcare Holding B.V. The Form 4 describes this indirect ownership chain.

What does Geoff Pardo disclose about his interest in SI shares in this Form 4?

Geoff Pardo, a partner at Gilde, may be deemed to share voting and dispositive power over the SI shares held by Gilde but disclaims beneficial ownership except to the extent of his pecuniary interest.

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Available on EDGAR 08/28/2026 - 04:12 PM Accepted by SEC EDGAR 08/28/2026 - 04:11 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gilde Healthcare Holding B.V.

(Last) (First) (Middle)

STADSPLATEAU 36

(Street)

UTRECHT NETHERLANDS 3521 AZ

(City) (State) (Zip)

NETHERLANDS

(Country)

2. Issuer Name and Ticker or Trading Symbol
SHOULDER INNOVATIONS, INC. [ SI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2026

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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	08/26/2026		S		1,196	D	$22.6	2,185,914	I(1)	See footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Held directly by Cooperatieve Gilde Healthcare V U.A. ("Gilde"). Gilde Healthcare V Management B.V. is the managing director of Gilde and has sole voting and dispositive power with respect to the shares held by Gilde. Gilde Healthcare V Management B.V. is owned by Gilde Healthcare Holding B.V. The managing partners of Gilde Healthcare Holding B.V. are Manapouri B.V. (of which Edwin de Graaf is the owner and managing director) and Martemanshurk B.V. (of which Pieter van der Meer is the owner and managing director). Geoff Pardo is a partner at Gilde and may be deemed to share voting and dispositive power with respect to the shares held of record by Gilde. Mr. Pardo disclaims beneficial ownership of such holdings, except to the extent of his pecuniary interest in the shares.

	Gilde Healthcare Holding B.V., By: /s/ Edwin de Graaf, Managing Director	08/28/2026
	Gilde Healthcare V Management B.V., By: /s/ Edwin de Graaf, Managing Director	08/28/2026
	Cooperatieve Gilde Healthcare V U.A., By: /s/ Edwin de Graaf, Managing Director	08/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)