David Lawrence Blue - 12 Sep 2025 Form 4 Insider Report for SHOULDER INNOVATIONS, INC. (SI)

Role: Officer Title: Chief Customer Experience Officer
Signature: /s/ Jeffrey Points, as Attorney-in-Fact
Issuer symbol: SI
Transactions as of: 12 Sep 2025
Net transactions value: +$204,135
Form type: 4
Filing time: 15 Sep 2025, 16:21:39 UTC
Previous filing: 05 Aug 2025
Next filing: 08 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Blue David Lawrence	Officer Title: Chief Customer Experience Officer	C/O SHOULDER INNOVATIONS, INC., 1535 STEELE AVENUE SW, SUITE B, GRAND RAPIDS	/s/ Jeffrey Points, as Attorney-in-Fact	15 Sep 2025	0002071751

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SI	Common Stock	Options Exercise	$164,999	+78,616	+179%	$2.10	122,553	12 Sep 2025	Direct
transaction	SI	Common Stock	Options Exercise	$39,136	+15,778	+13%	$2.48	138,331	12 Sep 2025	Direct

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	Stock Option	Options Exercise	$0	-78,616	-100%	$0.000000	0	12 Sep 2025	Common Stock	78,616	$2.10	Direct	F1
transaction	SI	Stock Option	Options Exercise	$0	-15,778	-56%	$0.000000	12,271	12 Sep 2025	Common Stock	15,778	$2.48	Direct	F2

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

Explanation of Responses:

Id	Content
F1	The stock option is fully vested and currently exercisable.
F2	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.

Remarks:

Officer Title: Chief Customer Experience Officer