Gilde Healthcare Holding B.V. - 01 Aug 2025 Form 4 Insider Report for SHOULDER INNOVATIONS, INC. (SI)

Role: 10%+ Owner
Signature: Gilde Healthcare Holding B.V., By: /s/ Edwin de Graaf, Managing Director
Issuer symbol: SI
Transactions as of: 01 Aug 2025
Net transactions value: +$1,500,000
Form type: 4
Filing time: 05 Aug 2025, 18:37:22 UTC
Previous filing: 30 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Gilde Healthcare Holding B.V.	10%+ Owner	STADSPLATEAU 36, UTRECHT, NETHERLANDS	Gilde Healthcare Holding B.V., By: /s/ Edwin de Graaf, Managing Director	05 Aug 2025	0001420106

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SI	Common Stock	Conversion of derivative security		+1,743,156			1,743,156	01 Aug 2025	See footnote	F1, F2
transaction	SI	Common Stock	Conversion of derivative security		+537,326	+31%		2,280,482	01 Aug 2025	See footnote	F1, F2
transaction	SI	Common Stock	Purchase	$1,500,000	+100,000	+4.4%	$15.00	2,380,482	01 Aug 2025	See footnote	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SI	Series D Convertible Preferred Stock	Conversion of derivative security	$0	-33,259,424	-100%	$0.000000	0	01 Aug 2025	Common Stock	1,743,156		See footnote	F1, F2
transaction	SI	Series E Convertible Preferred Stock	Conversion of derivative security	$0	-10,252,188	-100%	$0.000000	0	01 Aug 2025	Common Stock	537,326		See footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Immediately prior to the closing of the Issuer's initial public offering, the shares of preferred stock of the Issuer automatically converted into shares of Common Stock on a one-for-0.052410901 basis without payment or further consideration. There was no expiration date for the shares of preferred stock.
F2	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.

Content

Immediately prior to the closing of the Issuer's initial public offering, the shares of preferred stock of the Issuer automatically converted into shares of Common Stock on a one-for-0.052410901 basis without payment or further consideration. There was no expiration date for the shares of preferred stock.

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.