Shoulder Innovations (SI) 10% Owner Gilde Sells 9,433 Shares

What Happened
Gilde Healthcare Holding B.V., disclosed as a 10% owner of Shoulder Innovations, sold a total of 9,433 shares in two open-market transactions, generating roughly $213,479 in proceeds. On 2026-08-05 Gilde sold 7,338 shares at $22.64 each (≈ $166,132); on 2026-08-06 it sold 2,095 shares at $22.60 each (≈ $47,347). These were sales (not purchases) and are typically routine dispositions by an institutional holder.

Key Details

• Transaction dates and amounts:
  • 2026-08-05: Sale of 7,338 shares @ $22.64 = $166,132
  • 2026-08-06: Sale of 2,095 shares @ $22.60 = $47,347
• Total shares sold: 9,433; approximate total proceeds: $213,479.
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes:
  • F1: Reported price is a weighted average of multiple trades ranging $22.60–$23.00; the filer will provide per-trade details to the SEC or company upon request.
  • F2: Shares are held of record by Cooperatieve Gilde Healthcare V U.A.; management and voting/dispositive power flow through related Gilde entities. Geoff Pardo is a partner who may be deemed to share voting/dispositive power but disclaims beneficial ownership except for any pecuniary interest.
• Filing timeliness: Filed Aug 7, 2026 for trades on Aug 5–6, 2026 (appears timely based on Form 4 rules).

Context
This filing reports institutional sales by a 10% owner, not insider buys. Sales by large institutional holders can be routine (portfolio rebalancing, liquidity needs) and do not by themselves indicate management sentiment. The filing includes an ownership structure footnote clarifying which Gilde entities hold and manage the shares and who may be deemed to share voting/dispositive power.