What is the net share impact of the recent SI insider transactions?

Across the reported transactions, the insider had net sales of 22,500 shares of Common Stock and a separate gift of 2,500 shares. Overall, this represents a net disposition of shares, combining market sales and a non-cash gift transfer.

Shoulder Innovations COO sells 22,500 shares

Q: What insider transactions did SHOULDER INNOVATIONS (SI) report for Matthew Fraser Ahearn?

Matthew Fraser Ahearn reported 22,500 shares sold of SHOULDER INNOVATIONS Common Stock and a 2,500-share bona fide gift. The sales occurred on August 17–18, 2026, and the gift on August 14, 2026, all involving Common Stock.

Q: Were the recent SI insider stock sales by the COO made under a Rule 10b5-1 plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026. This indicates the trades followed a pre-established plan rather than ad hoc timing decisions.

Q: How many SI (SHOULDER INNOVATIONS) shares did the COO sell and at what prices?

The COO sold 22,500 shares of Common Stock in three transactions, with weighted average prices of $20.0988, $20.9354, and $21.3819 per share. Each sale comprised multiple trades within stated price ranges around those averages.

Q: What bona fide gift of SHOULDER INNOVATIONS (SI) shares did the COO report?

On August 14, 2026, the COO reported a bona fide gift of 2,500 shares of SHOULDER INNOVATIONS Common Stock. The transaction was coded as a gift (G) with a reported per-share price of $0.0000, consistent with a non-sale transfer.

SHOULDER INNOVATIONS, INC.

Filing Impact

(Neutral)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

SHOULDER INNOVATIONS, INC. (SI) reported insider transactions by Chief Operating Officer Matthew Fraser Ahearn. On August 17–18, 2026, he sold a total of 22,500 shares of Common Stock in open-market transactions under a Rule 10b5-1 trading plan, at weighted average prices around $20–$21 per share across specified ranges. On August 14, 2026, he also made a bona fide gift of 2,500 shares of Common Stock.

Insider Trade Summary 10b5-1

Net Seller: 22,500 shares

Net Sell 4 txns

Insider Ahearn Matthew Fraser

Role Chief Operating Officer

Sold 22,500 shs ($465K)

Type	Security	Shares	Price	Value
Sale	Common Stock ^{F1, F3}	12,586	$20.9354	$263K
Sale	Common Stock ^{F1, F4}	1,600	$21.3819	$34K
Sale	Common Stock ^{F1, F2}	8,314	$20.0988	$167K
Gift	Common Stock	2,500	$0.00	$0.00

Holdings After Transaction: Common Stock — 244,176 shares (Direct)

Footnotes (4)

F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.
F2. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.00 to $20.525, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.
F3. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.25 to $21.24, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.
F4. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $21.25 to $21.46, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.

Key Figures

Shares sold on 2026-08-17: 8,314 shares at $20.0988 per share Shares sold on 2026-08-18 (block 1): 12,586 shares at $20.9354 per share Shares sold on 2026-08-18 (block 2): 1,600 shares at $21.3819 per share +5 more

8 metrics

Shares sold on 2026-08-17 8,314 shares at $20.0988 per share Common Stock sale in open-market transactions with weighted average price and $20.00–$20.525 range

Shares sold on 2026-08-18 (block 1) 12,586 shares at $20.9354 per share Common Stock sale with weighted average price and $20.25–$21.24 range

Shares sold on 2026-08-18 (block 2) 1,600 shares at $21.3819 per share Common Stock sale with weighted average price and $21.25–$21.46 range

Bona fide gift 2,500 shares at $0.0000 per share Gift of Common Stock on 2026-08-14 coded as G (bona fide gift)

Total shares sold 22,500 shares Aggregate Common Stock shares sold across three sale transactions

Net buy/sell direction net-sell of 22,500 shares Net result of reported buy/sell activity in this Form 4

Rule 10b5-1 plan adoption date March 13, 2026 Date the reporting person adopted the trading plan governing the reported sales

Gift shares 2,500 shares Total number of Common Stock shares transferred as a bona fide gift

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, bona fide gift

3 terms

Rule 10b5-1 trading plan regulatory

"The sales reported ... were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"The price reported in Column 4 is a weighted average sale price."

bona fide gift financial

"transaction_code_description: Bona fide gift"

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did SHOULDER INNOVATIONS (SI) report for Matthew Fraser Ahearn?

Matthew Fraser Ahearn reported 22,500 shares sold of SHOULDER INNOVATIONS Common Stock and a 2,500-share bona fide gift. The sales occurred on August 17–18, 2026, and the gift on August 14, 2026, all involving Common Stock.

Were the recent SI insider stock sales by the COO made under a Rule 10b5-1 plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026. This indicates the trades followed a pre-established plan rather than ad hoc timing decisions.

How many SI (SHOULDER INNOVATIONS) shares did the COO sell and at what prices?

The COO sold 22,500 shares of Common Stock in three transactions, with weighted average prices of $20.0988, $20.9354, and $21.3819 per share. Each sale comprised multiple trades within stated price ranges around those averages.

What price ranges applied to the recent SI insider stock sales?

The reported weighted average prices reflect trades within ranges of $20.00–$20.525, $20.25–$21.24, and $21.25–$21.46 per share. The reporting person undertook to provide detailed trade breakdowns upon request to regulators, the issuer, or its security holders.

What bona fide gift of SHOULDER INNOVATIONS (SI) shares did the COO report?

On August 14, 2026, the COO reported a bona fide gift of 2,500 shares of SHOULDER INNOVATIONS Common Stock. The transaction was coded as a gift (G) with a reported per-share price of $0.0000, consistent with a non-sale transfer.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Accepted by SEC EDGAR 08/18/2026 - 04:47 PM EDT

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^*

Ahearn Matthew Fraser

(Last)

(First)

(Middle)

C/O SHOULDER INNOVATIONS, INC.

1535 STEELE AVENUE SW, SUITE B

(Street)

GRAND RAPIDS

MICHIGAN

49507

(City)

(State)

(Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/14/2026		G		2,500	D	$0	266,676	D
Common Stock	08/17/2026		S⁽¹⁾		8,314	D	$20.0988⁽²⁾	258,362	D
Common Stock	08/18/2026		S⁽¹⁾		12,586	D	$20.9354⁽³⁾	245,776	D
Common Stock	08/18/2026		S⁽¹⁾		1,600	D	$21.3819⁽⁴⁾	244,176	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

2. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.00 to $20.525, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.

3. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.25 to $21.24, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.

4. The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $21.25 to $21.46, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities & Exchange Commission, the Issuer or any security holder of the Issuer, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth herein.

Remarks:

	/s/ Jeffrey Points, as Attorney-in-Fact	08/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR