Shoulder Innovations (SI) CEO adds 2,200 shares in open-market buy

Rhea-AI Filing Summary

SHOULDER INNOVATIONS, INC. CEO & Executive Chairman Robert Joseph Ball bought 2,200 shares of Common Stock in an open-market transaction. The weighted average purchase price was $15.1782 per share, with individual trades ranging from $14.80 to $15.50. After this purchase, he directly owns 278,866 shares.

Insider Trade Summary

Net Buyer: 2,200 shares ($33,392)

Net Buy 1 txn

Insider Ball Robert Joseph

Role CEO & Executive Chairman

Bought 2,200 shs ($33K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	2,200	$15.1782	$33K

Holdings After Transaction: Common Stock — 278,866 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ball Robert Joseph

(Last) (First) (Middle)

C/O SHOULDER INNOVATIONS, INC.

1535 STEELE AVENUE SW, SUITE B

(Street)

GRAND RAPIDS MI 49507

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SHOULDER INNOVATIONS, INC. [ SI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/13/2026		P		2,200	A	$15.1782(1)	278,866	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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 $14.80 to $15.50, 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.

Remarks:

	/s/ Jeffrey Points, as Attorney-in-Fact	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Shoulder Innovations (SI) CEO Robert Joseph Ball report on this Form 4?

Robert Joseph Ball reported buying 2,200 shares of Shoulder Innovations Common Stock in an open-market transaction. This insider filing shows a personal share purchase rather than a sale or option exercise, updating his direct ownership position in the company.

How many Shoulder Innovations (SI) shares did the CEO buy and at what price?

He purchased 2,200 Common Stock shares at a weighted average price of $15.1782 per share. The filing notes multiple trades executed within a price range from $14.80 to $15.50, all on the same reported transaction date.

What is Robert Joseph Ball’s total direct ownership in Shoulder Innovations (SI) after this trade?

After the reported open-market purchase, Robert Joseph Ball directly owns 278,866 shares of Shoulder Innovations Common Stock. This figure reflects his direct holdings immediately following the 2,200-share acquisition disclosed in the Form 4 transaction details.

Was the Shoulder Innovations (SI) CEO’s transaction a buy or a sell?

The transaction was a buy. The Form 4 lists transaction code “P” and describes it as an open-market purchase, with 2,200 shares acquired and no shares reported as sold in this particular insider filing.

Did the Shoulder Innovations (SI) Form 4 involve any derivative securities or options?

No, this Form 4 reports only a non-derivative Common Stock transaction. The derivative section is empty, and the transaction is classified as an open-market purchase of shares rather than an option exercise or other derivative-related activity.

What does the Form 4 footnote say about the Shoulder Innovations (SI) trade prices?

The footnote explains that the reported price is a weighted average purchase price. Shares were bought in multiple transactions at prices ranging from $14.80 to $15.50, and detailed trade-by-trade pricing is available upon request.