SHOULDER INNOVATIONS, INC. — Director's Dealing 2026

Mar 17, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHOULDER INNOVATIONS, INC. (SI)
CIK: 0001699350
Period of Report: 2026-03-13

Reporting Person: BUCKMAN PAUL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-13	Common Stock	M	19401	$2.4804	Acquired	39505	Direct
2026-03-13	Common Stock	M	26205	$2.0988	Acquired	65710	Direct
2026-03-13	Common Stock	F	3292	$14.62	Disposed	62418	Direct
2026-03-13	Common Stock	F	3714	$14.82	Disposed	58704	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-13	Stock Option	$2.4804	M	19401	Disposed	2033-05-17	Common Stock (19401)	Direct
2026-03-13	Stock Option	$2.0988	M	26205	Disposed	2030-12-16	Common Stock (26205)	Direct

Footnotes

F1: Includes the following shares received without consideration as in-kind distributions: (i) 3,144 shares from cultivate(MD) Capital Accelerator Fund, L.P.; and (ii) 3,096 shares from Cultivate MD Capital Fund II, LP. In prior reports, the reporting person reported beneficial ownership of 13,864 shares of Shoulder Innovations common stock held directly.

F2: The stock option vests in 36 equal monthly increments beginning on June 30, 2023.

F3: The stock option is fully vested and currently exercisable.