July 29, 2026 - 144: Report of proposed sale of securities

144: Filer Information

Filer CIK

0001420106

Filer CCC

XXXXXXXX

Is this a LIVE or TEST Filing?

LIVE

TEST

Submission Contact Information

Name

Phone

E-Mail Address

144: Issuer Information

Name of Issuer

Shoulder Innovations, Inc.

SEC File Number

001-42771

Address of Issuer

1535 Steele Avenue SW, Suite B
Grand Rapids
MICHIGAN
49507

Phone

(616)-294-1026

Name of Person for Whose Account the Securities are To Be Sold

Gilde Healthcare Holding B.V.; Cooperatieve Gilde Healthcare V U.A.

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Van Lanschot Kempen N.V. Beethovenstraat 300 Amsterdam P7 1077 WZ	200000	4850000.00	20738226	07/29/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/10/2023	Private placement of Series D convertible preferred stock; converted into common stock upon IPO closing 08/01/2025. Holding period tacks under Rule 144(d)(3)(ii).	Issuer	1743156	02/10/2023	Cash
Common	03/06/2025	Private placement of Series E convertible preferred stock; converted into common stock upon IPO closing 08/01/2025. Holding period tacks under Rule 144(d)(3)(ii).	Issuer	537326	03/06/2025	Cash
Common	08/01/2025	Purchase in the issuer's registered initial public offering at $15.00 per share. Not restricted securities; sold as control securities.	Underwriters	100000	08/01/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

The securities are held directly by Cooperatieve Gilde Healthcare V U.A. ("Gilde"). Gilde Healthcare V Management B.V. is the managing director of Gilde and has sole voting and dispositive power with respect to the shares held by Gilde. Gilde Healthcare V Management B.V. is owned by Gilde Healthcare Holding B.V. The managing partners of Gilde Healthcare Holding B.V. are Manapouri B.V. (of which Edwin de Graaf is the owner and managing director) and Martemanshurk B.V. (of which Pieter van der Meer is the owner and managing director).

Date of Notice

07/29/2026

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

Edwin de Graaf

Form: 144

FORM 144