Shoulder Innovations (SI) holder Gilde Healthcare sells 48,279 shares

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

Gilde Healthcare Holding B.V., a 10% shareholder , reported selling 48,279 shares of Shoulder Innovations common stock in indirect open‑market transactions on July 30–31, 2026 , at weighted‑average prices of $23.36 and $22.73 per share.

Q: On what dates and price ranges were SI shares sold in this Form 4?

Sales occurred on July 30, 2026 at a weighted‑average price of $23.36 (range $23.00–$23.73 ) and on July 31, 2026 at a weighted‑average price of $22.73 (range $22.60–$23.00 ), totaling 48,279 shares sold.

Q: Were the reported SI insider sales under a Rule 10b5-1 trading plan?

No. The Rule 10b5‑1 checkbox is not marked as affirmed , and there is no footnote indicating these transactions were made pursuant to a pre‑arranged Rule 10b5‑1 trading plan, so they are reported as discretionary trades.

Q: How are the sold SI shares held and who has voting power?

The shares are held directly by Cooperatieve Gilde Healthcare V U.A. . Gilde Healthcare V Management B.V. is its managing director with sole voting and dispositive power , and it is owned by Gilde Healthcare Holding B.V. through related entities.

Q: Does Geoff Pardo personally own the SI shares involved in these sales?

Geoff Pardo is described as a partner at Gilde and may be deemed to share voting and dispositive power, but he disclaims beneficial ownership of these holdings except to the extent of any pecuniary interest in the shares.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Gilde Healthcare Holding B.V., a 10% shareholder of Shoulder Innovations, sold 48,279 shares of common stock on July 30–31, 2026 in indirect open‑market transactions at weighted‑average prices of $23.36 and $22.73 per share, within the disclosed intraday ranges. The shares are held through Coöperatieve Gilde Healthcare V U.A. and related entities, and a Gilde partner disclaims beneficial ownership beyond any pecuniary interest; the trades were not reported under a Rule 10b5‑1 plan.

Insights

Analyzing...

Insider Trade Summary

Net Seller: 48,279 shares

Net Sell 2 txns

Insider Gilde Healthcare Holding B.V.

Role 10% Owner

Sold 48,279 shs ($1.12M)

Type	Security	Shares	Price	Value
Sale	Common Stock ^{F3, F2}	20,034	$22.73	$455K
Sale	Common Stock ^{F1, F2}	28,245	$23.36	$660K

Holdings After Transaction: Common Stock — 2,332,203 shares (Indirect, See Footnote)

Footnotes (3)

F1. This figure is the weighted average sales price of multiple trades ranging from $23.00 to $23.73 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.
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.
F3. 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.

Key Figures

Shares sold on 2026-07-30: 28,245 shares Weighted average price 2026-07-30: $23.36 per share Shares sold on 2026-07-31: 20,034 shares +2 more

5 metrics

Shares sold on 2026-07-30 28,245 shares Indirect sale of Shoulder Innovations common stock on July 30, 2026

Weighted average price 2026-07-30 $23.36 per share Weighted average sales price; trades ranged from $23.00 to $23.73

Shares sold on 2026-07-31 20,034 shares Indirect sale of Shoulder Innovations common stock on July 31, 2026

Weighted average price 2026-07-31 $22.73 per share Weighted average sales price; trades ranged from $22.60 to $23.00

Total shares sold 48,279 shares Aggregate common shares sold across both reported transactions

Key Terms

weighted average sales price, dispositive power, beneficial ownership, pecuniary interest

4 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.

pecuniary interest financial

"except to the extent of his pecuniary interest in the shares"

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 08/03/2026 - 05:18 PM Accepted by SEC EDGAR 08/03/2026 - 05:17 PM

FAQ

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

Gilde Healthcare Holding B.V., a 10% shareholder, reported selling 48,279 shares of Shoulder Innovations common stock in indirect open‑market transactions on July 30–31, 2026, at weighted‑average prices of $23.36 and $22.73 per share.

On what dates and price ranges were SI shares sold in this Form 4?

Sales occurred on July 30, 2026 at a weighted‑average price of $23.36 (range $23.00–$23.73) and on July 31, 2026 at a weighted‑average price of $22.73 (range $22.60–$23.00), totaling 48,279 shares sold.

Were the reported SI insider sales under a Rule 10b5-1 trading plan?

No. The Rule 10b5‑1 checkbox is not marked as affirmed, and there is no footnote indicating these transactions were made pursuant to a pre‑arranged Rule 10b5‑1 trading plan, so they are reported as discretionary trades.

How are the sold SI shares held and who has voting power?

The shares are held directly by Cooperatieve Gilde Healthcare V U.A.. Gilde Healthcare V Management B.V. is its managing director with sole voting and dispositive power, and it is owned by Gilde Healthcare Holding B.V. through related entities.

Does Geoff Pardo personally own the SI shares involved in these sales?

Geoff Pardo is described as a partner at Gilde and may be deemed to share voting and dispositive power, but he disclaims beneficial ownership of these holdings except to the extent of any pecuniary interest in the shares.

Is Gilde Healthcare Holding B.V. a significant shareholder of SI?

Yes. Gilde Healthcare Holding B.V. is identified in the data as a ten percent owner of Shoulder Innovations. The reported transactions reflect indirect sales of common stock held through affiliated Gilde entities.

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)
07/30/2026

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	07/30/2026		S		28,245	D	$23.36⁽¹⁾	2,352,237	I⁽²⁾	See Footnote⁽²⁾
Common Stock	07/31/2026		S		20,034	D	$22.73⁽³⁾	2,332,203	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)
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. This figure is the weighted average sales price of multiple trades ranging from $23.00 to $23.73 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.

3. 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.

	Gilde Healthcare Holding B.V., By: /s/ Edwin de Graaf, Managing Director	08/03/2026
	Gilde Healthcare V Management B.V., By: /s/ Edwin de Graaf, Managing Director	08/03/2026
	Cooperatieve Gilde Healthcare V U.A., By: /s/ Edwin de Graaf, Managing Director	08/03/2026
	** 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