SI

SEC source: 0001628280-26-065260 · wk-form4_1791320755.xml · nonDerivative · entry 1

Tansey Casey M · CIK 0001474322 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,445

F1 · shares: Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0002072468-26-000002 · wk-form4_1791319781.xml · nonDerivative · entry 1

Sidow Kevin K. · CIK 0002072468 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,948

F1 · shares: Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0001806431-26-000005 · wk-form4_1791319594.xml · nonDerivative · entry 1

Hykes Andrew · CIK 0001806431 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,438

F1 · shares: Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0001215243-26-000006 · wk-form4_1791319334.xml · nonDerivative · entry 1

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,025

F1 · shares: Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0002070664-26-000006 · wk-form4_1789431783.xml · derivative · entry 3

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,143

Underlying: Common Stock · 89,233 shares

Expires 2030-12-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The stock option is fully vested and currently exercisable.

SEC source: 0002070664-26-000006 · wk-form4_1789431783.xml · nonDerivative · entry 2

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 380,824

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $18.22 to $18.63, 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 sold at each separate price within the range set forth herein. The shares of Common Stock were sold solely to cover the exercise price in connection with the exercise of the stock option.

SEC source: 0002070664-26-000006 · wk-form4_1789431783.xml · nonDerivative · entry 1

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 390,999

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes 1,748 shares of Common Stock acquired on June 30, 2026 pursuant to the Issuer's 2025 Employee Stock Purchase Plan.

SEC source: 0001193125-26-374359 · ownership.xml · nonDerivative · entry 1

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,185,914

F1 · ownership.direct: 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.

F1 · ownership.nature: 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.

SEC source: 0001193125-26-363913 · ownership.xml · nonDerivative · entry 3

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,187,110

F3 · price: 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.

F1 · ownership.direct: 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.

F1 · ownership.nature: 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.

SEC source: 0001193125-26-363913 · ownership.xml · nonDerivative · entry 2

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,187,791

F2 · price: 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.

F1 · ownership.direct: 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.

F1 · ownership.nature: 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.

SEC source: 0001193125-26-363913 · ownership.xml · nonDerivative · entry 1

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,208,307

F1 · ownership.direct: 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.

F1 · ownership.nature: 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.

SEC source: 0002070582-26-000005 · wk-form4_1787086042.xml · nonDerivative · entry 4

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 244,176

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F4 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $21.25 to $21.46, 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 sold at each separate price within the range set forth herein.

SEC source: 0002070582-26-000005 · wk-form4_1787086042.xml · nonDerivative · entry 3

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 245,776

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F3 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.25 to $21.24, 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 sold at each separate price within the range set forth herein.

SEC source: 0002070582-26-000005 · wk-form4_1787086042.xml · nonDerivative · entry 2

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 258,362

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $20.00 to $20.525, 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 sold at each separate price within the range set forth herein.

SEC source: 0002070582-26-000005 · wk-form4_1787086042.xml · nonDerivative · entry 1

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 266,676

SEC source: 0001193125-26-340260 · ownership.xml · nonDerivative · entry 2

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,212,207

F2 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001193125-26-340260 · ownership.xml · nonDerivative · entry 1

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,214,302

F1 · price: 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.

F2 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001193125-26-335278 · ownership.xml · nonDerivative · entry 2

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,221,640

F3 · price: This figure is the weighted average sales price of multiple trades ranging from $22.60 to $23.04 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 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001193125-26-335278 · ownership.xml · nonDerivative · entry 1

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 2,321,452

F1 · price: This figure is the weighted average sales price of multiple trades ranging from $22.60 to $23.05 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 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001193125-26-330846 · ownership.xml · nonDerivative · entry 2

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,332,203

F3 · price: 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.

F2 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001193125-26-330846 · ownership.xml · nonDerivative · entry 1

Gilde Healthcare Holding B.V. · CIK 0001420106 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,352,237

F1 · price: 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 · ownership.direct: 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 · ownership.nature: 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.

SEC source: 0001806431-26-000004 · wk-form4_1782767226.xml · nonDerivative · entry 1

Hykes Andrew · CIK 0001806431 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,769

F1 · shares: Represents an award of restricted stock units ("RSUs"). The RSUs will vest on the earlier of the date of the annual meeting of stockholders to be held in 2027 or June 26, 2027. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

F2 · balance_after: Includes 1,723 shares received without consideration as an in-kind distribution from Gilmartin Capital Fund I, LP. In prior reports, the Reporting Person reported no beneficial ownership of Shoulder Innovations Common Stock.

SEC source: 0001628280-26-046099 · wk-form4_1782770216.xml · nonDerivative · entry 1

Tansey Casey M · CIK 0001474322 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,712

F1 · shares: Represents an award of restricted stock units ("RSUs"). The RSUs will vest on the earlier of the date of the annual meeting of stockholders to be held in 2027 or June 26, 2027. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0001215243-26-000005 · wk-form4_1782766856.xml · nonDerivative · entry 1

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,750

F1 · shares: Represents an award of restricted stock units ("RSUs"). The RSUs will vest on the earlier of the date of the annual meeting of stockholders to be held in 2027 or June 26, 2027. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0001737133-26-000003 · wk-form4_1782764503.xml · nonDerivative · entry 1

Buchholz Richard · CIK 0001737133 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,712

F1 · shares: Represents an award of restricted stock units ("RSUs"). The RSUs will vest on the earlier of the date of the annual meeting of stockholders to be held in 2027 or June 26, 2027. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date.

SEC source: 0002072468-26-000001 · wk-form4_1782767434.xml · nonDerivative · entry 1

Sidow Kevin K. · CIK 0002072468 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,056

F1 · shares: Represents an award of restricted stock units ("RSUs"). The RSUs will vest on the earlier of the date of the annual meeting of stockholders to be held in 2027 or June 26, 2027. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

SEC source: 0002070582-26-000004 · wk-form4_1781642097.xml · nonDerivative · entry 3

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 269,176

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F5 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $18.98 to $19.71, 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 sold at each separate price within the range set forth herein.

SEC source: 0002070582-26-000004 · wk-form4_1781642097.xml · nonDerivative · entry 2

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 271,676

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F4 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $17.98 to $18.88, 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 sold at each separate price within the range set forth herein.

SEC source: 0002070582-26-000004 · wk-form4_1781642097.xml · nonDerivative · entry 1

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 273,320

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares of Common Stock were sold in multiple transactions at prices ranging from $18.29 to $19.00, 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 sold at each separate price within the range set forth herein.

F3 · balance_after: Includes the following shares received without consideration as an in-kind distribution: 2,411 shares from Genesis Investment Holdings. In prior reports, the reporting person reported beneficial ownership of 286,765 shares of Shoulder Innovations common stock held directly.

SEC source: 0002070664-26-000005 · wk-form4_1777581232.xml · derivative · entry 2

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 309,756

Underlying: Common Stock · 10,000 shares

Expires 2033-05-17

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option vested as to one-fourth of the underlying shares on May 17, 2024, and the remaining shares vest in 36 equal increments on the last day of each calendar month thereafter.

SEC source: 0002070664-26-000005 · wk-form4_1777581232.xml · nonDerivative · entry 1

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 300,018

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes the following shares received without consideration as in-kind distributions: (i) 4,400 shares from Cultivate MD Capital Fund I, LLC; and (ii) 6,752 shares from Genesis Investment Holdings. In prior reports, the reporting person reported beneficial ownership of 278,866 shares of Shoulder Innovations common stock held directly.

SEC source: 0002070582-26-000003 · wk-form4_1776803956.xml · derivative · entry 4

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,731

Underlying: Common Stock · 14,243 shares

Expires 2035-04-23

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The stock option vested as to one-fourth of the underlying shares on April 1, 2026, and the remaining shares vest in 12 equal increments on the last day of each fiscal quarter beginning on June 30, 2026.

SEC source: 0002070582-26-000003 · wk-form4_1776803956.xml · derivative · entry 3

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,864

Underlying: Common Stock · 7,421 shares

Expires 2033-05-09

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option vested as to one-fourth of the underlying shares on April 19, 2024, and the remaining shares vest in 36 equal increments on the last day of each calendar month thereafter.

SEC source: 0002070582-26-000003 · wk-form4_1776803956.xml · nonDerivative · entry 2

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 286,765

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0002070582-26-000003 · wk-form4_1776803956.xml · nonDerivative · entry 1

Ahearn Matthew Fraser · CIK 0002070582 · Director · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 272,522

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes the following shares received without consideration as in-kind distributions: (i) 39,404 shares from Genesis Investment Holdings; (ii) 1,572 shares from cultivate(MD) Capital Accelerator Fund, L.P.; (iii) 4,400 shares from Cultivate MD Capital Fund I, LLC; and (iv) 3,869 shares from Cultivate MD Capital Fund II, LP. In prior reports, the reporting person reported beneficial ownership of 215,856 shares of Shoulder Innovations common stock held directly.

SEC source: 0001731414-26-000003 · wk-form4_1773783749.xml · derivative · entry 4

Points Jeffrey S. · CIK 0001731414 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,004

Underlying: Common Stock · 13,264 shares

Expires 2033-11-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: The stock option vests in 31 equal increments on the last day of each calendar month beginning on March 31, 2025.

SEC source: 0001731414-26-000003 · wk-form4_1773783749.xml · nonDerivative · entry 2

Points Jeffrey S. · CIK 0001731414 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,785

SEC source: 0001731414-26-000003 · wk-form4_1773783749.xml · nonDerivative · entry 1

Points Jeffrey S. · CIK 0001731414 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 68,785

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · derivative · entry 6

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 26,205 shares

Expires 2030-12-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The stock option is fully vested and currently exercisable.

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · derivative · entry 5

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,142

Underlying: Common Stock · 19,401 shares

Expires 2033-05-17

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option vests in 36 equal monthly increments beginning on June 30, 2023.

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · nonDerivative · entry 4

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,704

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · nonDerivative · entry 3

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 62,418

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · nonDerivative · entry 2

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,710

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001215243-26-000001 · wk-form4_1773783487.xml · nonDerivative · entry 1

BUCKMAN PAUL · CIK 0001215243 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,505

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes the following shares received without consideration as in-kind distributions: (i) 3,144 shares from cultivate(MD) Capital Accelerator Fund, L.P.; and (ii) 3,096 shares from Cultivate MD Capital Fund II, LP. In prior reports, the reporting person reported beneficial ownership of 13,864 shares of Shoulder Innovations common stock held directly.

SEC source: 0001737133-26-000001 · wk-form4_1773783266.xml · nonDerivative · entry 1

Buchholz Richard · CIK 0001737133 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,666

SEC source: 0002070664-26-000004 · wk-form4_1773783067.xml · nonDerivative · entry 1

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 278,866

F1 · price: 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 $14.80 to $15.50, 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.

SEC source: 0002070664-26-000003 · wk-form4_1770758663.xml · derivative · entry 4

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 181,376

Underlying: Common Stock · 2,062 shares

Expires 2030-12-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The stock option is fully vested and currently exercisable.

SEC source: 0002070664-26-000003 · wk-form4_1770758663.xml · derivative · entry 3

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 319,756

Underlying: Common Stock · 10,000 shares

Expires 2033-05-17

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option vested as to one-fourth of the underlying shares on May 17, 2024, and the remaining shares vest in 36 equal increments on the last day of each calendar month thereafter.

SEC source: 0002070664-26-000003 · wk-form4_1770758663.xml · nonDerivative · entry 2

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 276,666

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0002070664-26-000003 · wk-form4_1770758663.xml · nonDerivative · entry 1

Ball Robert Joseph · CIK 0002070664 · Director · CEO & Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 274,604

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes the following shares received without consideration as in-kind distributions: (i) 110,331 shares from Genesis Investment Holdings; (ii) 7,859 shares from cultivate(MD) Capital Accelerator Fund, L.P.; (iii) 6,948 shares from Cultivate MD Capital Fund I, LLC; and (iv) 19,348 shares from Cultivate MD Capital Fund II, LP. In prior reports, the reporting person reported beneficial ownership of 120,118 shares of Shoulder Innovations common stock held directly.