Geoffrey B. Pardo - 01 Aug 2025 Form 4 Insider Report for SHOULDER INNOVATIONS, INC. (SI)

Role: Director, 10%+ Owner
Signature: Jeffrey Points, as Attorney-in-Fact
Issuer symbol: SI
Transactions as of: 01 Aug 2025
Net transactions value: +$1,500,000
Form type: 4
Filing time: 05 Aug 2025, 16:05:11 UTC
Previous filing: 30 Jul 2025
Next filing: 05 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Pardo Geoffrey B	Director, 10%+ Owner	C/O SHOULDER INNOVATIONS, INC., 1535 STEELE AVENUE SW, SUITE B, GRAND RAPIDS	Jeffrey Points, as Attorney-in-Fact	05 Aug 2025	0001753143

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SI	Common Stock	Conversion of derivative security		+2,280,482			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
transaction	SI	Common Stock	Award	$0	+7,666		$0.000000	7,666	01 Aug 2025	Direct	F3

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		-33,259,424	-100%		0	01 Aug 2025	Common Stock	1,743,156		See Footnote	F1, F2
transaction	SI	Series E Convertible Preferred Stock	Conversion of derivative security		-10,252,188	-100%		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.
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. and managed by Edwin de Graaf and Pieter van der Meer. 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.
F3	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 2026 or August 1, 2026. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date.