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

Rhea-AI Filing Summary

Shoulder Innovations, Inc.'s CEO and Executive Chairman, who also serves as a director, reported purchasing additional common stock. On December 11, 2025, the insider bought 3,300 shares at a weighted average price of $14.8285 per share, followed by 3,900 shares on December 12, 2025 at a weighted average price of $14.8911. After these transactions, the insider directly owned 118,457 shares of Shoulder Innovations common stock.

Insider Trade Summary

Net Buyer: 7,200 shares ($107,009)

Net Buy 2 txns

Insider Ball Robert Joseph

Role CEO & Executive Chairman

Bought 7,200 shs ($107K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	3,900	$14.8911	$58K
Purchase	Common Stock	3,300	$14.8285	$49K

Holdings After Transaction: Common Stock — 118,457 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average purchase price. The shares of Common Stock were purchased in multiple transactions at prices ranging from $14.56 to $15.16, 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 purchased at each separate price within the range set forth herein. The price reported in Column 4 is a weighted average purchase price. The shares of Common Stock were purchased in multiple transactions at prices ranging from $14.60 to $15.26, 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 purchased at each separate price within the range set forth herein.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Ball Robert Joseph

(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
X	Officer (give title below)		Other (specify below)
	CEO & Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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	12/11/2025		P		3,300	A	$14.8285(1)	114,557	D
Common Stock	12/12/2025		P		3,900	A	$14.8911(2)	118,457	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:

1. The price reported in Column 4 is a weighted average purchase price. The shares of Common Stock were purchased in multiple transactions at prices ranging from $14.56 to $15.16, 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 purchased at each separate price within the range set forth herein.

2. The price reported in Column 4 is a weighted average purchase price. The shares of Common Stock were purchased in multiple transactions at prices ranging from $14.60 to $15.26, 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 purchased at each separate price within the range set forth herein.

Remarks:

	/s/ Jeffrey Points, as Attorney-in-Fact	12/15/2025
	** 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.