Shoulder Innovations (SI) 10% Owner Gilde Healthcare Sells Shares

What Happened
Gilde Healthcare Holding B.V., identified as a >10% holder of Shoulder Innovations, sold a total of 110,563 shares in two open‑market transactions on August 3–4, 2026. The filings report sales of 10,751 shares at a weighted average price of $22.71 (proceeds $244,155) on Aug 3 and 99,812 shares at a weighted average price of $22.77 (proceeds $2,272,719) on Aug 4 — total proceeds ≈ $2,516,874. These were outright sales (S), not purchases or option exercises.

Key Details

• Transaction dates & prices:
  • 2026-08-03: 10,751 shares sold @ weighted avg $22.71 (range reported $22.60–$23.05) — $244,155 (F1).
  • 2026-08-04: 99,812 shares sold @ weighted avg $22.77 (range reported $22.60–$23.04) — $2,272,719 (F3).
• Total shares sold: 110,563; total proceeds ≈ $2,516,874.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Ownership/authority notes (F2): shares are held of record by Cooperatieve Gilde Healthcare V U.A. (“Gilde”); Gilde Healthcare V Management B.V. is the managing director and has sole voting and dispositive power. Gilde Healthcare Holding B.V. is the parent; certain partners are named; Geoff Pardo may be deemed to share voting/dispositive power but disclaims beneficial ownership except for any pecuniary interest.
• Price-range footnotes (F1/F3): the reported per‑share figures are weighted averages of multiple trades; the filer offers to provide the per‑trade breakdown to the SEC, the company, or any shareholder on request.
• Filing: Form 4 was filed Aug 5, 2026 (covers trades on Aug 3–4); the filing date shown appears within the normal 2‑business‑day reporting window for Section 16 insiders.

Context
This is institutional selling by a reported >10% owner, not an executive purchase. Sales by 10% holders are typically liquidity or portfolio actions and do not by themselves signal management sentiment. Footnotes clarify ownership and voting arrangements and that the reported prices are weighted averages from multiple trades.