David Lawrence Blue - Sep 12, 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
Stock symbol: SI
Transactions as of: Sep 12, 2025
Transactions value $: $204,135
Form type: 4
Date filed: 9/15/2025, 04:21 PM
Previous filing: Aug 5, 2025
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	2025-09-15	0002071751

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SI	Common Stock	Options Exercise	$165K	+78.6K	+178.93%	$2.10	123K	Sep 12, 2025	Direct
transaction	SI	Common Stock	Options Exercise	$39.1K	+15.8K	+12.87%	$2.48	138K	Sep 12, 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	-78.6K	-100%	$0.00	0	Sep 12, 2025	Common Stock	78.6K	$2.10	Direct	F1
transaction	SI	Stock Option	Options Exercise	$0	-15.8K	-56.25%	$0.00	12.3K	Sep 12, 2025	Common Stock	15.8K	$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