Form 4 for SI SHOULDER INNOVATIONS, INC.

Accepted 2026-04-21 16:39:18 ET · period of report 2026-04-20 · accession 0002070582-26-000003 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
DM	2026-04-21 16:39	2026-04-20	SI	Ahearn Matthew Fraser	COO, Dir	M - OptEx	$2.73	+21.7K	286.8K	+8%	+$59.2K
DM	2026-04-21 16:39	2026-04-20	SI	Ahearn Matthew Fraser	COO, Dir	M - OptEx	$0.00	-21.7K	42.7K	-34%	$0

Purchase Sale Sale after option exercise All abbreviations

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Common Stock	2026-04-20	M	A	7,421	$2.48	272,522	D	—	—	(F1) Includes the following shares received without consideration as in-kind distributions: (i) 39,404 shares from Genesis Investment Holdings; (ii) 1,572 shares from cultivate(MD) Capital Accelerator Fund, L.P.; (iii) 4,400 shares from Cultivate MD Capital Fund I, LLC; and (iv) 3,869 shares from Cultivate MD Capital Fund II, LP. In prior reports, the reporting person reported beneficial ownership of 215,856 shares of Shoulder Innovations common stock held directly.
2	Common	Common Stock	2026-04-20	M	A	14,243	$2.86	286,765	D	—	—
3	Derivative	Stock Option	2026-04-20	M	D	7,421	$0.00	8,864	D	$2.48 · — to 2033-05-09	7,421 Common Stock	(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.
4	Derivative	Stock Option	2026-04-20	M	D	14,243	$0.00	42,731	D	$2.86 · — to 2035-04-23	14,243 Common Stock	(F3) The stock option vested as to one-fourth of the underlying shares on April 1, 2026, and the remaining shares vest in 12 equal increments on the last day of each fiscal quarter beginning on June 30, 2026.