Shoulder Innovations (SI) 10% holder sells 9,433 shares

Rhea-AI Filing Summary

Gilde Healthcare Holding B.V., a 10% owner of Shoulder Innovations, reported indirect open-market sales totaling 9,433 common shares. On August 5, 2026 an affiliated entity sold 7,338 shares at a $22.64 weighted-average price from $22.60–$23.00, followed by 2,095 shares at $22.60 on August 6, 2026. The shares are held of record by Cooperatieve Gilde Healthcare V U.A., over which Gilde-related entities have voting and dispositive power.

Insider Trade Summary

Net Seller: 9,433 shares

Net Sell 2 txns

Insider Gilde Healthcare Holding B.V.

Role 10% Owner

Sold 9,433 shs ($213K)

Type	Security	Shares	Price	Value
Sale	Common Stock F2	2,095	$22.60	$47K
Sale	Common Stock F1, F2	7,338	$22.64	$166K

Holdings After Transaction: Common Stock — 2,212,207 shares (Indirect, See footnote)

Footnotes (2)

1. F1. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $23.00 per share. The Reporting Person undertakes to provide the Staff of the Securities and Exchange Commission, Shoulder Innovations, Inc. or any security holder of Shoulder Innovations, Inc. full information about the number of shares sold at each separate price upon request.
2. F2. 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

Total shares sold: 9,433 shares Shares sold on August 5, 2026: 7,338 shares Weighted-average sale price on August 5, 2026: $22.64 per share +2 more

5 metrics

Total shares sold 9,433 shares Combined open-market sales reported for early August 2026

Shares sold on August 5, 2026 7,338 shares Indirect sale by affiliated entity at weighted-average price

Weighted-average sale price on August 5, 2026 $22.64 per share Weighted average of multiple trades from $22.60 to $23.00

Shares sold on August 6, 2026 2,095 shares Indirect open-market sale at a single reported price

Sale price on August 6, 2026 $22.60 per share Price reported for 2,095-share indirect sale

Key Terms

weighted average sales price, dispositive power, beneficial ownership

3 terms

weighted average sales price financial

"This figure is the weighted average sales price of multiple trades"

dispositive power financial

"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.

beneficial ownership financial

"Mr. Pardo disclaims beneficial ownership of such holdings"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/07/2026 - 04:13 PM Accepted by SEC EDGAR 08/07/2026 - 04:12 PM Learn about SEC filing dates

FAQ

What insider activity did Gilde Healthcare Holding B.V. report for SI?

Gilde Healthcare Holding B.V., a 10% owner of Shoulder Innovations (SI), reported indirect open-market sales of 9,433 common shares in early August 2026 through an affiliated entity that holds the shares of record.

How many Shoulder Innovations (SI) shares were sold and on which dates?

An affiliated entity sold 7,338 shares on August 5, 2026 and 2,095 shares on August 6, 2026, for a combined total of 9,433 common shares of Shoulder Innovations.

At what prices were the SI shares sold in this insider transaction?

On August 5, 2026, 7,338 shares were sold at a $22.64 weighted-average price, with trades ranging from $22.60 to $23.00 per share. On August 6, 2026, 2,095 shares were sold at $22.60 per share.

Were the Shoulder Innovations (SI) insider sales made under a Rule 10b5-1 plan?

The Rule 10b5-1 checkbox in the filing was not marked as being under a trading plan. No footnote states that these August 2026 sales were executed pursuant to a Rule 10b5-1 or other pre-arranged trading arrangement.

Who actually holds the SI shares sold, and how is Gilde Healthcare involved?

The sold shares are held of record by Cooperatieve Gilde Healthcare V U.A.. Gilde Healthcare V Management B.V., owned by Gilde Healthcare Holding B.V., has sole voting and dispositive power over these shares through this structure.

What is Geoff Pardo’s relationship to the SI shares sold in this Form 4?

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

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)
08/05/2026

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	08/05/2026		S		7,338	D	$22.64(1)	2,214,302	I(2)	See footnote(2)
Common Stock	08/06/2026		S		2,095	D	$22.6	2,212,207	I(2)	See footnote(2)

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. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $23.00 per share. The Reporting Person undertakes to provide the Staff of the Securities and Exchange Commission, Shoulder Innovations, Inc. or any security holder of Shoulder Innovations, Inc. full information about the number of shares sold at each separate price upon request.

2. 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	08/07/2026
	Gilde Healthcare V Management B.V., By: /s/ Edwin de Graaf, Managing Director	08/07/2026
	Cooperatieve Gilde Healthcare V U.A., By: /s/ Edwin de Graaf, Managing Director	08/07/2026
	** 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)