SHOULDER INNOVATIONS, INC. — Director's Dealing 2025

Dec 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHOULDER INNOVATIONS, INC. (SI)
CIK: 0001699350
Period of Report: 2025-12-11

Reporting Person: Ball Robert Joseph (Director, CEO & Executive Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-11	Common Stock	P	3300	$14.8285	Acquired	114557	Direct
2025-12-12	Common Stock	P	3900	$14.8911	Acquired	118457	Direct

Footnotes

F1: 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 $14.56 to $15.16, 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.

F2: 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 $14.60 to $15.26, 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.