Director buys 1,000 Shoulder Innovations (SI) shares at $14.84

Rhea-AI Filing Summary

Shoulder Innovations director Richard Buchholz reported an open-market purchase of 1,000 shares of common stock at $14.84 per share. This buy increased his direct ownership to 13,666 common shares. The transaction was classified as a standard open-market purchase, indicating he used personal capital to add to his position.

Insights

Equity analyst

Director made a modest open-market share purchase, slightly increasing his direct stake.

Director Richard Buchholz bought 1,000 shares of Shoulder Innovations common stock at $14.84 per share in an open-market transaction. After this purchase, his direct holdings rose to 13,666 shares, with no derivative positions reported in this filing.

Because this is a single, relatively small open-market buy with no accompanying sales, it looks like a routine increase in exposure rather than a transformational move. The filing does not reference any trading plan or related entities, so the transaction appears to be a straightforward personal purchase.

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
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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^*

Buchholz Richard

(Last) (First) (Middle)

C/O SHOULDER INNOVATIONS, INC.

1535 STEELE AVENUE SW, SUITE B

(Street)

GRAND RAPIDS MI 49507

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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

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. 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	03/13/2026		P		1,000	A	$14.84	13,666	D

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:

Remarks:

	/s/ Jeffrey Points, as Attorney-in-Fact	03/17/2026
	** 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.

FAQ

What did Shoulder Innovations (SI) director Richard Buchholz report in this Form 4?

Director Richard Buchholz reported buying 1,000 shares of Shoulder Innovations common stock. He purchased them in the open market at $14.84 per share, increasing his direct ownership to 13,666 shares after the transaction was completed.

Was the Shoulder Innovations (SI) insider transaction a buy or a sell?

The reported Shoulder Innovations insider transaction was a buy. Director Richard Buchholz executed an open-market purchase of 1,000 common shares at $14.84 each, with no corresponding sales or derivatives exercises disclosed in this filing.

At what price did the Shoulder Innovations (SI) director buy shares?

Director Richard Buchholz bought Shoulder Innovations common stock at $14.84 per share. The Form 4 shows a single open-market purchase of 1,000 shares, reflecting the exact price paid in this insider transaction on the reported date.

How many Shoulder Innovations (SI) shares does Richard Buchholz own after this trade?

Following the reported transaction, Richard Buchholz directly owns 13,666 shares of Shoulder Innovations common stock. The Form 4 indicates this figure as his total direct holdings after buying 1,000 shares in the open market.

Does the Shoulder Innovations (SI) Form 4 include any option or derivative exercises?

This Form 4 does not report any option or derivative exercises. It shows only a single non-derivative transaction: an open-market purchase of 1,000 common shares at $14.84 per share, with no derivatives listed in the accompanying summary.