[SCHEDULE 13G/A] SHOULDER INNOVATIONS, INC. Amended Passive Investment Disclosure
Shoulder Innovations insiders report holdings
Shoulder Innovations, Inc. amendment to a Schedule 13G/A reports beneficial ownership positions held by cultivate(MD) Holdings, LLC and four associated reporting persons.
Shoulder Innovations, Inc. amendment to a Schedule 13G/A reports beneficial ownership positions held by cultivate(MD) Holdings, LLC and four associated reporting persons. The filing states 15,936 shares held by Cultivate MD Capital Fund I, LLC and cites 20,647,526 shares outstanding as of March 3, 2026 used to calculate percentages. Individual reported beneficial amounts include 300,939 for David L. Blue (1.5%), 317,137 for Matthew F. Ahearn (1.5%), 767,809 for Robert J. Ball (3.6%), and 155,052 for R. Sean Churchill (0.8%).
Positive
None.
Negative
None.
Key Figures
Shares outstanding used:20,647,526 sharesCMD I holdings:15,936 sharesDavid L. Blue beneficial ownership:300,939 shares+3 more
6 metrics
Shares outstanding used20,647,526 sharesas of March 3, 2026 (Form 10-K basis)
CMD I holdings15,936 sharesheld of record by Cultivate MD Capital Fund I, LLC
David L. Blue beneficial ownership300,939 sharesreported total; <percent>1.5%</percent> of class
Matthew F. Ahearn beneficial ownership317,137 sharesreported total; <percent>1.5%</percent> of class
Robert J. Ball beneficial ownership767,809 sharesreported total; <percent>3.6%</percent> of class
R. Sean Churchill beneficial ownership155,052 sharesreported total; <percent>0.8%</percent> of class
Key Terms
beneficially owned, sole voting and dispositive power, Rule 13d-3, Joint Filing Agreement
4 terms
beneficially ownedregulatory
"aggregate number of shares of common stock beneficially owned by the Reporting Person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole voting and dispositive powerregulatory
"cultivate(MD) Holdings, LLC has sole voting and dispositive power with respect to the shares held by CMD I"
Rule 13d-3regulatory
"The percentage in row 11 is calculated in accordance with Rule 13d-3"
Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.
Joint Filing Agreementother
"Joint Filing Agreement, dated November 12, 2025, by and among the Reporting Persons"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
SHOULDER INNOVATIONS, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
82537J108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
82537J108
1
Names of Reporting Persons
cultivate(MD) Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
15,936.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
15,936.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,936.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025.
SCHEDULE 13G
CUSIP Number(s):
82537J108
1
Names of Reporting Persons
Blue David Lawrence
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
285,003.00
6
Shared Voting Power
15,936.00
7
Sole Dispositive Power
285,003.00
8
Shared Dispositive Power
15,936.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
300,939.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Sole Voting and Dispositive Powers include: (i) 95,435 shares of common stock held by Mr. Blue; (ii) 118,274 shares of common stock held by the David Blue Living Trust; (iii) options to purchase 18,791 shares of common stock held by Mr. Blue that vest within 60 days of April 27, 2026; and (iv) options to purchase 52,503 shares of common stock held by the David Blue Living Trust that vest within 60 days of April 27, 2026.
(2) The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.
SCHEDULE 13G
CUSIP Number(s):
82537J108
1
Names of Reporting Persons
Ahearn Matthew Fraser
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
301,201.00
6
Shared Voting Power
15,936.00
7
Sole Dispositive Power
301,201.00
8
Shared Dispositive Power
15,936.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
317,137.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Sole Voting and Dispositive Powers include options to purchase 12,025 shares of common stock that vest within 60 days of April 27, 2026.
(2) The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.
SCHEDULE 13G
CUSIP Number(s):
82537J108
1
Names of Reporting Persons
Ball Robert Joseph
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
751,873.00
6
Shared Voting Power
15,936.00
7
Sole Dispositive Power
751,873.00
8
Shared Dispositive Power
15,936.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
767,809.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Sole Voting and Dispositive Powers include: (i) 252,986 shares of common stock held by Mr. Ball; (ii) 37,032 shares of common stock held jointly by Mr. Ball and his spouse; and (iii) options to purchase 461,855 shares of common stock that vest within 60 days of April 27, 2026.
(2) The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.
SCHEDULE 13G
CUSIP Number(s):
82537J108
1
Names of Reporting Persons
Churchill R. Sean
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
139,116.00
6
Shared Voting Power
15,936.00
7
Sole Dispositive Power
139,116.00
8
Shared Dispositive Power
15,936.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
155,052.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SHOULDER INNOVATIONS, INC.
(b)
Address of issuer's principal executive offices:
1535 STEELE AVENUE SW, SUITE B, GRAND RAPIDS, MICHIGAN, 49507
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
cultivate(MD) Holdings, LLC, David Lawrence Blue, Matthew Fraser Ahearn, Robert Joseph Ball, and R. Sean Churchill
(b)
Address or principal business office or, if none, residence:
2851 Charlevoix Drive SE, Suite 327, Grand Rapids, MI 49546
(c)
Citizenship:
cultivate(MD) Holdings, LLC: Delaware
David Lawrence Blue: United States
Matthew Fraser Ahearn: United States
Robert Joseph Ball: United States
R. Sean Churchill: United States
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
82537J108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the responses to Item 9 on each cover page, which information is incorporated herein by reference and includes 15,936 shares of common stock held by Cultivate MD Capital Fund I, LLC ("CMD I"). cultivate(MD) Holdings, LLC is the general partner or manager of CMD I and has sole voting and dispositive power with respect to the shares held by CMD I. Each of David Lawrence Blue, Matthew Fraser Ahearn, and Robert Joseph Ball are directors, and R. Sean Churchill is a managing director, of cultivate(MD) Holdings, LLC and share voting and dispositive power with respect to the shares held of record by CMD I. Each of such directors and the managing director disclaims beneficial ownership of such holdings, except to the extent of his pecuniary interest in the shares.
(b)
Percent of class:
See the responses to Item 11 on each cover page, which information is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the responses to Item 5 on each cover page, which information is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
See the responses to Item 6 on each cover page, which information is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
See the responses to Item 7 on each cover page, which information is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
See the responses to Item 8 on each cover page, which information is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
cultivate(MD) Holdings, LLC
Signature:
/s/ R. Sean Churchill
Name/Title:
Managing Director
Date:
05/07/2026
Blue David Lawrence
Signature:
/s/ David Lawrence Blue
Name/Title:
David Lawrence Blue
Date:
05/07/2026
Ahearn Matthew Fraser
Signature:
/s/ Matthew Fraser Ahearn
Name/Title:
Matthew Fraser Ahearn
Date:
05/07/2026
Ball Robert Joseph
Signature:
/s/ Robert Joseph Ball
Name/Title:
Robert Joseph Ball
Date:
05/07/2026
Churchill R. Sean
Signature:
/s/ R. Sean Churchill
Name/Title:
R. Sean Churchill
Date:
05/07/2026
Exhibit Information
Exhibit 99.1 - Joint Filing Agreement, dated November 12, 2025, by and among the Reporting Persons (incorporated by reference to Exhibit 99.1 of Schedule 13G filed with the SEC on November 12, 2025).
