STOCK TITAN

[Form 4] SHOULDER INNOVATIONS, INC. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Shoulder Innovations, Inc. (SI) Form 4 shows insider David Lawrence Blue, identified as Chief Customer Experience Officer, reported transactions dated 09/12/2025. The filing records two non-derivative acquisitions and corresponding derivative option entries: 78,616 shares acquired at an effective price of $2.0988 and 15,778 shares acquired at $2.4804.

Following these transactions the reporting person beneficially owned 138,331 shares in total. The filing notes the first option is fully vested and exercisable and the second option vests partly (one-fourth on 04/19/2024) with the remainder vesting monthly through May 2033. The form was signed by an attorney-in-fact on 09/15/2025.

Shoulder Innovations, Inc. (SI) La Form 4 mostra che l’insider David Lawrence Blue, indicato come Chief Customer Experience Officer, ha segnalato operazioni datate 12/09/2025. La dichiarazione registra due acquisizioni non differibili e le corrispondenti annotazioni su opzioni derivate: 78.616 azioni acquistate a un prezzo effettivo di 2,0988 dollari e 15.778 azioni acquistate a 2,4804 dollari.

A seguito di queste operazioni la persona che segnala possedeva in totale 138.331 azioni. La dichiarazione segnala che la prima opzione è completamente maturata ed esercitabile, mentre la seconda opzione matura parzialmente (un quarto il 19/04/2024) e il resto matura mensilmente fino a maggio 2033. Il modulo è stato firmato da un procuratore in fatto il 15/09/2025.

Shoulder Innovations, Inc. (SI) el Formulario 4 muestra que el insider David Lawrence Blue, identificado como Chief Customer Experience Officer, reportó operaciones fechadas el 12/09/2025. La declaración registra dos adquisiciones no derivadas y las correspondientes entradas de opciones derivadas: 78,616 acciones adquiridas a un precio efectivo de $2,0988 y 15,778 acciones adquiridas a $2,4804.

Tras estas operaciones, la persona empleada reportante poseía en total 138,331 acciones. La declaración señala que la primera opción está totalmente vestida y ejercible y la segunda opción se vesti- r parcialmente (un cuarto el 04/19/2024) con el resto vesting mensualmente hasta mayo de 2033. El formulario fue firmado por un apoderado en fecha 15/09/2025.

Shoulder Innovations, Inc. (SI) Form 4는 내부자 David Lawrence Blue가 Chief Customer Experience Officer로 식별되며 2025년 9월 12일자 거래를 보고했다고 표시합니다. 제출서는 비파생적 인수 두 건과 해당 파생 옵션 항목을 기록합니다: 효과적 가격 $2.0988에 78,616주를 인수했고 $2.4804에 15,778주를 인수했습니다.

이 거래 이후 보고자은 총 138,331주를 보유하게 되었습니다. 제출서에는 첫 번째 옵션은 완전히 vesting되어 행사 가능하고 두 번째 옵션은 부분적으로 vesting되며(4월 19, 2024에 1/4) 나머지는 2033년 5월까지 매달 vesting 된다라고 기재되어 있습니다. 양식은 2025년 9월 15일에 대리인이 서명했습니다.

Shoulder Innovations, Inc. (SI) le formulaire 4 montre que l’initié David Lawrence Blue, identifié comme Chief Customer Experience Officer, a signalé des transactions datées du 12/09/2025. Le dossier enregistre deux acquisitions non dérivées et les entrées d’options dérivées correspondantes : 78 616 actions achetées à un prix effectif de 2,0988 $ et 15 778 actions achetées à 2,4804 $.

Suite à ces transactions, la personne déclarée détenait au total 138 331 actions. Le document indique que la première option est entièrement acquise et exerçable et que la seconde option est partiellement acquise (un quart le 19/04/2024) le restant acquiert mensuellement jusqu’à mai 2033. Le formulaire a été signé par un mandataire le 15/09/2025.

Shoulder Innovations, Inc. (SI) Formular 4 zeigt, dass der Insider David Lawrence Blue, der als Chief Customer Experience Officer bezeichnet wird, Transaktionen vom 12.09.2025 gemeldet hat. Die Einreichung verzeichnet zwei nicht ableitbare Zukäufe und entsprechende derivative Optionspositionen: 78.616 Aktien zu einem effektiven Preis von 2,0988 $ und 15.778 Aktien zu 2,4804 $.

Nach diesen Transaktionen besaß die meldende Person insgesamt 138.331 Aktien. Im Bericht wird angegeben, dass die erste Option vollständig vestet und ausübbar ist und die zweite Option teilweise vestet (ein Viertel am 19.04.2024) und der Rest monatlich bis Mai 2033. Das Formular wurde am 15.09.2025 von einem Bevollmächtigten unterzeichnet.

Shoulder Innovations, Inc. (SI) يظهر النموذج 4 أن الشخص المطلع ديفيد لارنس بلو، المعروف بكونه Chief Customer Experience Officer، قد أبلغ عن معاملات بتاريخ 12/09/2025. يسجل الملف وجود عمليتي اكتساب غير مشتقتين وإدخالات خيارات مشتقة مقابلة: 78,616 سهمًا تم اكتسابها بسعر فعال قدره 2.0988 دولار و15,778 سهمًا اكتسبت بسعر 2.4804 دولار.

بعد هذه المعاملات، امتلك الشخص المبلغ عنه إجمالًا 138,331 سهمًا. يشير الملف إلى أن الخيار الأول مكتسب وممكن ممارسته بالكامل، وأن الخيار الثاني مبدأ Partial vesting (ربع واحد في 19/04/2024) مع استحقاق الباقي شهريًا حتى مايو 2033. تم توقيع النموذج من قبل وكيل مفوض في 15/09/2025.

Shoulder Innovations, Inc. (SI) 表格4显示内部人 David Lawrence Blue,身份为首席客户体验官,报告了日期为 2025-09-12 的交易。该申报记录了两项非衍生取得以及相应的衍生期权条目:以实际价格 2.0988 美元取得的 78,616 股,和以 2.4804 美元取得的 15,778 股。

在这些交易之后,申报人合计持有 138,331 股。申报注记第一项期权已完全归属并可行使,第二项期权部分归属(在 2024-04-19 归属四分之一),其余部分将按月归属至 2033 年 5 月。该表格于 2025-09-15 由代理人签署。

Positive
  • Insider acquisition disclosed: 78,616 shares at $2.0988 and 15,778 shares at $2.4804 were acquired on 09/12/2025.
  • Increased beneficial ownership: Reporting person now beneficially owns 138,331 shares following the transactions.
  • Vesting and exercisability disclosed: One option is fully vested and exercisable; the other has a clear vesting schedule through May 2033.
Negative
  • None.

Insights

TL;DR: Insider reported option exercises and share acquisitions increasing beneficial ownership to 138,331 shares; vesting schedules disclosed.

The filing documents insider activity consistent with option exercise or conversion (transaction code M) resulting in acquisition of 78,616 shares at $2.0988 and 15,778 shares at $2.4804. The disclosure that one option is fully vested and the other vests over time provides transparency on future alignment between the officer and shareholders. All material details about quantities, prices, and vesting timelines are provided directly in the form.

TL;DR: Transactions increased reported beneficial ownership; prices and exercisability are explicitly stated.

The report shows two sets of related transactions recorded as both derivative and non-derivative entries: underlying shares match the stock option amounts and reflect exercisable status and vesting cadence. The combined post-transaction holding is 138,331 shares. The form includes the reporting persons officer title and an attorney-in-fact signature date, supporting form validity.

Shoulder Innovations, Inc. (SI) La Form 4 mostra che l’insider David Lawrence Blue, indicato come Chief Customer Experience Officer, ha segnalato operazioni datate 12/09/2025. La dichiarazione registra due acquisizioni non differibili e le corrispondenti annotazioni su opzioni derivate: 78.616 azioni acquistate a un prezzo effettivo di 2,0988 dollari e 15.778 azioni acquistate a 2,4804 dollari.

A seguito di queste operazioni la persona che segnala possedeva in totale 138.331 azioni. La dichiarazione segnala che la prima opzione è completamente maturata ed esercitabile, mentre la seconda opzione matura parzialmente (un quarto il 19/04/2024) e il resto matura mensilmente fino a maggio 2033. Il modulo è stato firmato da un procuratore in fatto il 15/09/2025.

Shoulder Innovations, Inc. (SI) el Formulario 4 muestra que el insider David Lawrence Blue, identificado como Chief Customer Experience Officer, reportó operaciones fechadas el 12/09/2025. La declaración registra dos adquisiciones no derivadas y las correspondientes entradas de opciones derivadas: 78,616 acciones adquiridas a un precio efectivo de $2,0988 y 15,778 acciones adquiridas a $2,4804.

Tras estas operaciones, la persona empleada reportante poseía en total 138,331 acciones. La declaración señala que la primera opción está totalmente vestida y ejercible y la segunda opción se vesti- r parcialmente (un cuarto el 04/19/2024) con el resto vesting mensualmente hasta mayo de 2033. El formulario fue firmado por un apoderado en fecha 15/09/2025.

Shoulder Innovations, Inc. (SI) Form 4는 내부자 David Lawrence Blue가 Chief Customer Experience Officer로 식별되며 2025년 9월 12일자 거래를 보고했다고 표시합니다. 제출서는 비파생적 인수 두 건과 해당 파생 옵션 항목을 기록합니다: 효과적 가격 $2.0988에 78,616주를 인수했고 $2.4804에 15,778주를 인수했습니다.

이 거래 이후 보고자은 총 138,331주를 보유하게 되었습니다. 제출서에는 첫 번째 옵션은 완전히 vesting되어 행사 가능하고 두 번째 옵션은 부분적으로 vesting되며(4월 19, 2024에 1/4) 나머지는 2033년 5월까지 매달 vesting 된다라고 기재되어 있습니다. 양식은 2025년 9월 15일에 대리인이 서명했습니다.

Shoulder Innovations, Inc. (SI) le formulaire 4 montre que l’initié David Lawrence Blue, identifié comme Chief Customer Experience Officer, a signalé des transactions datées du 12/09/2025. Le dossier enregistre deux acquisitions non dérivées et les entrées d’options dérivées correspondantes : 78 616 actions achetées à un prix effectif de 2,0988 $ et 15 778 actions achetées à 2,4804 $.

Suite à ces transactions, la personne déclarée détenait au total 138 331 actions. Le document indique que la première option est entièrement acquise et exerçable et que la seconde option est partiellement acquise (un quart le 19/04/2024) le restant acquiert mensuellement jusqu’à mai 2033. Le formulaire a été signé par un mandataire le 15/09/2025.

Shoulder Innovations, Inc. (SI) Formular 4 zeigt, dass der Insider David Lawrence Blue, der als Chief Customer Experience Officer bezeichnet wird, Transaktionen vom 12.09.2025 gemeldet hat. Die Einreichung verzeichnet zwei nicht ableitbare Zukäufe und entsprechende derivative Optionspositionen: 78.616 Aktien zu einem effektiven Preis von 2,0988 $ und 15.778 Aktien zu 2,4804 $.

Nach diesen Transaktionen besaß die meldende Person insgesamt 138.331 Aktien. Im Bericht wird angegeben, dass die erste Option vollständig vestet und ausübbar ist und die zweite Option teilweise vestet (ein Viertel am 19.04.2024) und der Rest monatlich bis Mai 2033. Das Formular wurde am 15.09.2025 von einem Bevollmächtigten unterzeichnet.

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*
Blue David Lawrence

(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
SEE REMARKS
3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025
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 09/12/2025 M 78,616 A $2.0988 122,553 D
Common Stock 09/12/2025 M 15,778 A $2.4804 138,331 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
Stock Option $2.0988 09/12/2025 M 78,616 (1) 12/16/2030 Common Stock 78,616 $0 0 D
Stock Option $2.4804 09/12/2025 M 15,778 (2) 05/09/2033 Common Stock 15,778 $0 12,271 D
Explanation of Responses:
1. The stock option is fully vested and currently exercisable.
2. The stock option vested as to one-fourth of the underlying shares on April 19, 2024, and the remaining shares vest in 36 equal increments on the last day of each calendar month thereafter.
Remarks:
Officer Title: Chief Customer Experience Officer
/s/ Jeffrey Points, as Attorney-in-Fact 09/15/2025
** 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 insider transactions did SI report on Form 4 dated 09/12/2025?

The filing reports acquisitions of 78,616 shares at $2.0988 and 15,778 shares at $2.4804, recorded on 09/12/2025.

How many SI shares does David Lawrence Blue beneficially own after the reported transactions?

The reporting person beneficially owned 138,331 shares following the reported transactions.

What is the officer title of the reporting person in the SI Form 4?

The filing lists the reporting persons officer title as Chief Customer Experience Officer.

Are any of the stock options described in the Form 4 exercisable now?

Yes. The filing states the first stock option is fully vested and currently exercisable.

What are the vesting details for the second option reported?

The second option vested one-fourth on 04/19/2024 and the remaining shares vest in 36 equal monthly increments ending in May 2033.
Shoulder Innovations, Inc.

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