{"url_path":"/sec/si/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1699350/0001699350-26-000035-index.html","accession_number":"0001699350-26-000035","cik":"0001699350","ticker":"SI","issuer_name":"SHOULDER INNOVATIONS, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1699350/0001699350-26-000035-index.html","primary_entity_key":"0001699350","primary_entity_name":"SHOULDER INNOVATIONS, 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of Contents](#ie62c164d87584823b3934e43e6664707_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________\n\nFORM 10-Q\n\n_________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______ to ______\n\nCommission file number 001-42771\n\n_________________________\n\nShoulder Innovations, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n_________________________\n\nDelaware\n\n27-0538764\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n1535 Steele Avenue SW, Suite B Grand Rapids, Michigan\n\n49507\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(616) 294-1026\n\nRegistrant’s telephone number, including area code\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.001 per shareSIThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\nx\nSmaller reporting company\nx\n\nEmerging growth company\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o No x\n\nAs of May 6, 2026, there were 20,738,226 shares of the registrant’s common stock, par value $0.001 per share, outstanding.\n\n[Table of Contents](#ie62c164d87584823b3934e43e6664707_7)\n\nTable of Contents\n\nPage\n\n[Special Note Regarding Forward-Looking Statements](#ie62c164d87584823b3934e43e6664707_10)\n\n[3](#ie62c164d87584823b3934e43e6664707_10)\n\n[Part I - Financial Information](#ie62c164d87584823b3934e43e6664707_16)\n\n[Item 1. Financial Statements](#ie62c164d87584823b3934e43e6664707_19) (unaudited)\n\n[5](#ie62c164d87584823b3934e43e6664707_19)\n\n[Condensed Balance Sheets](#ie62c164d87584823b3934e43e6664707_22)\n\n[5](#ie62c164d87584823b3934e43e6664707_22)\n\n[Condensed Statements of Operations and Comprehensive Loss](#ie62c164d87584823b3934e43e6664707_25)\n\n[6](#ie62c164d87584823b3934e43e6664707_25)\n\n[Condensed Statements of Changes in Convertible Preferred Stock and Stockholder](#ie62c164d87584823b3934e43e6664707_28)[s](#ie62c164d87584823b3934e43e6664707_28)[’](#ie62c164d87584823b3934e43e6664707_28)[Equity (Deficit)](#ie62c164d87584823b3934e43e6664707_28)\n\n[7](#ie62c164d87584823b3934e43e6664707_28)\n\n[Condensed Statements of Cash Flows](#ie62c164d87584823b3934e43e6664707_31)\n\n[8](#ie62c164d87584823b3934e43e6664707_31)\n\n[Notes to the Unaudited Condensed Financial Statements](#ie62c164d87584823b3934e43e6664707_34)\n\n[9](#ie62c164d87584823b3934e43e6664707_34)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ie62c164d87584823b3934e43e6664707_70)\n\n[15](#ie62c164d87584823b3934e43e6664707_70)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#ie62c164d87584823b3934e43e6664707_103)\n\n[25](#ie62c164d87584823b3934e43e6664707_103)\n\n[Item 4. Controls and Procedures](#ie62c164d87584823b3934e43e6664707_106)\n\n[25](#ie62c164d87584823b3934e43e6664707_106)\n\n[Part II - Other Information](#ie62c164d87584823b3934e43e6664707_109)\n\n[Item 1. Legal Proceedings](#ie62c164d87584823b3934e43e6664707_112)\n\n[26](#ie62c164d87584823b3934e43e6664707_112)\n\n[Item 1A. Risk Factors](#ie62c164d87584823b3934e43e6664707_115)\n\n[26](#ie62c164d87584823b3934e43e6664707_115)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#ie62c164d87584823b3934e43e6664707_118)\n\n[26](#ie62c164d87584823b3934e43e6664707_118)\n\n[Item 3. Defaults Upon Senior Securities](#ie62c164d87584823b3934e43e6664707_121)\n\n[26](#ie62c164d87584823b3934e43e6664707_121)\n\n[Item 4. Mine Safety Disclosures](#ie62c164d87584823b3934e43e6664707_124)\n\n[26](#ie62c164d87584823b3934e43e6664707_124)\n\n[Item 5. Other Information](#ie62c164d87584823b3934e43e6664707_127)\n\n[27](#ie62c164d87584823b3934e43e6664707_127)\n\n[Item 6. Exhibits](#ie62c164d87584823b3934e43e6664707_130)\n\n[27](#ie62c164d87584823b3934e43e6664707_130)\n\n[Signatures](#ie62c164d87584823b3934e43e6664707_133)\n\n[28](#ie62c164d87584823b3934e43e6664707_133)\n\n2\n\n[Table of Contents](#ie62c164d87584823b3934e43e6664707_7)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (this “Quarterly Report”) contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including but not limited to statements regarding our future results of operations and financial condition, our business plans and strategy, the potential market size, market trends and growth opportunities for our products, macroeconomic and geopolitical conditions, and the sufficiency of our cash balances, working capital and cash generated from our operations, investing and financing activities for future liquidity and capital resource needs, may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these identifying words.\n\nThe forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K dated December 31, 2025, filed with the SEC on March 10, 2026 (the “2025 Annual Report”). The forward-looking statements in this Quarterly Report are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.\n\nYou should read this Quarterly Report and the documents that we reference in this Quarterly Report and have filed as exhibits to this Quarterly Report with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report, whether as a result of any new information, future events or otherwise.\n\nAs used in this Quarterly Report, unless otherwise stated or the context requires otherwise, the terms “Shoulder Innovations,” the “Company,” “we,” “us,” and “our” refer to Shoulder Innovations, Inc. “Shoulder Innovations,” the Shoulder Innovations logos, and other trade names, trademarks, or service marks of Shoulder Innovations appearing in this Quarterly Report are the property of Shoulder Innovations. Other trade names, trademarks, or service marks appearing in this Quarterly Report are the property of their respective holders. We do not intend our use or display of other companies’ trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us, by these other companies. Solely for convenience, trade names, trademarks, and service marks referred to in this Quarterly Report appear without the ®, ™, and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trade names, trademarks, and service marks.\n\nWe routinely post important information for investors in the “Investors” section of our website, shoulderinnovations.com. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, filings with the SEC, public conference calls,\n\n3\n\n[Table of Contents](#ie62c164d87584823b3934e43e6664707_7)\n\npresentations, and webcasts. The information contained on, or that may be accessed through, our website, is not incorporated by reference into, and is not a part of, this Quarterly Report.\n\n4\n\n[Table of Contents](#ie62c164d87584823b3934e43e6664707_7)\n\nShoulder Innovations, Inc.\n\nCondensed Balance Sheets\n\n(Unaudited)\n\n(in thousands, except share and per share amounts)\n\nPart I. Financial Information"}