Shoulder Innovations, Inc. received a Schedule 13G from cultivate(MD) Holdings, LLC and affiliated individuals disclosing beneficial ownership of 1,363,394 shares of common stock, representing 6.7% of the class as of 09/30/2025.
The filing attributes the shares to four investment vehicles: CMD I (185,623 shares), CMD II (309,948), Genesis Investment Holdings (592,585), and CMD Accelerator (275,238). cultivate(MD) Holdings is the general partner or manager of these entities and is described as having voting and dispositive power over their holdings. Directors David Lawrence Blue, Matthew Fraser Ahearn, Robert Joseph Ball, and managing director R. Sean Churchill are listed as Reporting Persons and disclaim beneficial ownership except to the extent of any pecuniary interest.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SHOULDER INNOVATIONS, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
82537J108
(CUSIP Number)
09/30/2025
(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)
SCHEDULE 13G
CUSIP No.
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
1,363,394.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,363,394.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,363,394.00
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)
6.7 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
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
0.00
6
Shared Voting Power
1,363,394.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,363,394.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,363,394.00
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)
6.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
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
0.00
6
Shared Voting Power
1,363,394.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,363,394.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,363,394.00
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)
6.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
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
0.00
6
Shared Voting Power
1,363,394.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,363,394.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,363,394.00
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)
6.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
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
0.00
6
Shared Voting Power
1,363,394.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,363,394.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,363,394.00
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)
6.7 %
12
Type of Reporting Person (See Instructions)
IN
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:
1,363,394 (Includes: (i) 185,623 shares of Common Stock held by Cultivate MD Capital Fund I, LLC ("CMD I"); (ii) 309,948 shares of Common Stock held by Cultivate MD Capital Fund II, LP ("CMD II"); (iii) 592,585 shares of Common Stock held by Genesis Investment Holdings; and (iv) 275,238 shares of Common Stock held by cultivate(MD) Capital Accelerator Fund, L.P. ("CMD Accelerator"). cultivate(MD) Holdings, LLC is the general partner or manager of CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator and has sole voting and dispositive power with respect to the shares held by CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator. 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, CMD II, Genesis Investment Holdings and CMD Accelerator. 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:
6.7%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
1,363,394 (Includes: (i) 185,623 shares of Common Stock held by CMD I; (ii) 309,948 shares of Common Stock held by CMD II; (iii) 592,585 shares of Common Stock held by Genesis Investment Holdings; and (iv) 275,238 shares of Common Stock held by CMD Accelerator. cultivate(MD) Holdings, LLC is the general partner or manager of CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator and has sole voting and dispositive power with respect to the shares held by CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator. 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, CMD II, Genesis Investment Holdings and CMD Accelerator. 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).
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
1,363,394 (Includes: (i) 185,623 shares of Common Stock held by CMD I; (ii) 309,948 shares of Common Stock held by CMD II; (iii) 592,585 shares of Common Stock held by Genesis Investment Holdings; and (iv) 275,238 shares of Common Stock held by CMD Accelerator. cultivate(MD) Holdings, LLC is the general partner or manager of CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator and has sole voting and dispositive power with respect to the shares held by CMD I, CMD II, Genesis Investment Holdings and CMD Accelerator. 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, CMD II, Genesis Investment Holdings and CMD Accelerator. 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.)
Item 5.
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:
11/12/2025
Blue David Lawrence
Signature:
/s/ David Lawrence Blue
Name/Title:
Self
Date:
11/12/2025
Ahearn Matthew Fraser
Signature:
/s/ Matthew Fraser Ahearn
Name/Title:
Self
Date:
11/12/2025
Ball Robert Joseph
Signature:
/s/ Robert Joseph Ball
Name/Title:
Self
Date:
11/12/2025
Churchill R. Sean
Signature:
/s/ R. Sean Churchill
Name/Title:
Self
Date:
11/12/2025
Exhibit Information
Exhibit 99.1 - Joint Filing Agreement, dated November 12, 2025, by and among the Reporting Persons (filed herewith).
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
You have made too many password recovery requests. Please try again tomorrow.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, to receive support.
