Shoulder Innovations (SI) holder Gilde sells 25,097 shares in August

Q: Who is the insider selling shares of SI in this Form 4?

The seller is Gilde Healthcare Holding B.V., a 10% owner of Shoulder Innovations, Inc., with the reported shares held indirectly through Coöperatieve Gilde Healthcare V U.A. and managed by Gilde Healthcare V Management B.V.

Q: How many SI shares did Gilde Healthcare sell in this Form 4?

Across three transactions on August 20, 21, and 24, 2026, Gilde reported 25,097 SI common shares sold in total: 3,900, 20,516, and 681 shares, respectively.

Q: What prices were the SI shares sold for in these insider transactions?

Reported weighted average sale prices were about $22.60 on August 20, $22.61 on August 21, and $22.62 on August 24. Footnotes state the actual trade prices ranged from $22.60 to $22.78 per share across multiple executions.

Q: Are the SI shares sold held directly by Gilde Healthcare Holding B.V.?

No. The shares are held indirectly, directly owned by Coöperatieve Gilde Healthcare V U.A.. Gilde Healthcare V Management B.V. has sole voting and dispositive power over those shares.

Q: Does Geoff Pardo beneficially own the SI shares reported in this Form 4?

The footnote states that Geoff Pardo, a partner at Gilde, may be deemed to share voting and dispositive power, but he disclaims beneficial ownership of the holdings except to the extent of his pecuniary interest in the shares.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

SHOULDER INNOVATIONS, INC. (SI) reported insider activity by major shareholder Gilde Healthcare Holding B.V., related to shares held through Coöperatieve Gilde Healthcare V U.A. Over August 20–24, 2026, Gilde reported open-market sales totaling 25,097 shares of common stock at weighted average prices around $22.60–$22.78 per share. Voting and dispositive power over the sold shares resides with Gilde Healthcare V Management B.V., and certain individuals, including Geoff Pardo, disclaim beneficial ownership except to the extent of any pecuniary interest.

Insights

Analyzing...

Insider Trade Summary

Net Seller: 25,097 shares

Net Sell 3 txns

Insider Gilde Healthcare Holding B.V.

Role 10% Owner

Sold 25,097 shs ($567K)

Type	Security	Shares	Price	Value
Sale	Common Stock ^{F3, F1}	681	$22.62	$15K
Sale	Common Stock ^{F2, F1}	20,516	$22.61	$464K
Sale	Common Stock ^F1	3,900	$22.60	$88K

Holdings After Transaction: Common Stock — 2,187,110 shares (Indirect, See footnote)

Footnotes (3)

F1. 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.
F2. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $22.67 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.
F3. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $22.78 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 2026-08-20: 3,900 shares Price on 2026-08-20: $22.60 per share Shares sold on 2026-08-21: 20,516 shares +4 more

7 metrics

Shares sold on 2026-08-20 3,900 shares Open-market sale of SI common stock by Gilde entity

Price on 2026-08-20 $22.60 per share Reported sale price for 3,900 SI shares

Shares sold on 2026-08-21 20,516 shares Open-market sale of SI common stock by Gilde entity

Weighted average price range 2026-08-21 $22.60 to $22.67 per share Range of prices for multiple trades included in weighted average

Shares sold on 2026-08-24 681 shares Open-market sale of SI common stock by Gilde entity

Weighted average price range 2026-08-24 $22.60 to $22.78 per share Range of prices for multiple trades included in weighted average

Total shares sold 25,097 shares Aggregate of three reported SI common stock sales

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"

FAQ

Who is the insider selling shares of SI in this Form 4?

The seller is Gilde Healthcare Holding B.V., a 10% owner of Shoulder Innovations, Inc., with the reported shares held indirectly through Coöperatieve Gilde Healthcare V U.A. and managed by Gilde Healthcare V Management B.V.

How many SI shares did Gilde Healthcare sell in this Form 4?

Across three transactions on August 20, 21, and 24, 2026, Gilde reported 25,097 SI common shares sold in total: 3,900, 20,516, and 681 shares, respectively.

What prices were the SI shares sold for in these insider transactions?

Reported weighted average sale prices were about $22.60 on August 20, $22.61 on August 21, and $22.62 on August 24. Footnotes state the actual trade prices ranged from $22.60 to $22.78 per share across multiple executions.

Are the SI shares sold held directly by Gilde Healthcare Holding B.V.?

No. The shares are held indirectly, directly owned by Coöperatieve Gilde Healthcare V U.A.. Gilde Healthcare V Management B.V. has sole voting and dispositive power over those shares.

Does Geoff Pardo beneficially own the SI shares reported in this Form 4?

The footnote states that Geoff Pardo, a partner at Gilde, may be deemed to share voting and dispositive power, but he disclaims beneficial ownership of the holdings except to the extent of his pecuniary interest in the shares.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/24/2026 - 07:37 PM Accepted by SEC EDGAR 08/24/2026 - 07:36 PM

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)
08/20/2026

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	08/20/2026		S		3,900	D	$22.6	2,208,307	I⁽¹⁾	See footnote⁽¹⁾
Common Stock	08/21/2026		S		20,516	D	$22.61⁽²⁾	2,187,791	I⁽¹⁾	See footnote⁽¹⁾
Common Stock	08/24/2026		S		681	D	$22.62⁽³⁾	2,187,110	I⁽¹⁾	See footnote⁽¹⁾

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. 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.

2. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $22.67 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.

3. This figure is the weighted average sales price of multiple trades ranging from $22.60 to $22.78 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	08/24/2026
	Gilde Healthcare V Management B.V., By: /s/ Edwin de Graaf, Managing Director	08/24/2026
	Cooperatieve Gilde Healthcare V U.A., By: /s/ Edwin de Graaf, Managing Director	08/24/2026
	** 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