# EDGAR Filing Document

**Accession Number:** 0002079508
**File Stem:** 0002080612-26-000023
**Filing Date:** 2026-5
**Character Count:** 18507
**Document Hash:** 720e9e38f32fb29b0f27a6f792da00b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002080612-26-000023.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0002080612-26-000023

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHOULDER INNOVATIONS, INC.
- **CENTRAL INDEX KEY:** 0001699350
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 270538764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95149
- **FILM NUMBER:** 26954295

**BUSINESS ADDRESS:**
- **STREET 1:** 1535 STEELE AVENUE SW, SUITE B
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49507
- **BUSINESS PHONE:** 616-566-0286

**MAIL ADDRESS:**
- **STREET 1:** 1535 STEELE AVENUE SW, SUITE B
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49507
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** cultivate(MD) Holdings, LLC
- **CENTRAL INDEX KEY:** 0002079508

**ORGANIZATION NAME:**
- **EIN:** 921808711
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2851 CHARLEVOIX DRIVE SE
- **STREET 2:** SUITE 327
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49546
- **BUSINESS PHONE:** 573-625-0233

**MAIL ADDRESS:**
- **STREET 1:** 2851 CHARLEVOIX DRIVE SE
- **STREET 2:** SUITE 327
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49546

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** SHOULDER INNOVATIONS, INC.

**Title of Class of Securities:** Common Stock, par value $0.001 per share

**CUSIP Number:** —

**Date of Event Which Requires Filing of this Statement:** 03/31/2026

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>cultivate(MD) Holdings, LLC | Names of Reporting Persons<br>cultivate(MD) Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15936.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15936.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.1% | Percent of Class Represented by Amount in Row (9)<br>0.1% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025.

---

| 1. | Names of Reporting Persons<br>Blue David Lawrence | Names of Reporting Persons<br>Blue David Lawrence |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>285003.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>285003.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15936.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>300939.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>300939.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.5% | Percent of Class Represented by Amount in Row (9)<br>1.5% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1)	Sole Voting and Dispositive Powers include: (i) 95,435 shares of common stock held by Mr. Blue; (ii) 118,274 shares of common stock held by the David Blue Living Trust; (iii) options to purchase 18,791 shares of common stock held by Mr. Blue that vest within 60 days of April 27, 2026; and (iv) options to purchase 52,503 shares of common stock held by the David Blue Living Trust that vest within 60 days of April 27, 2026.
(2)	The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.

---

| 1. | Names of Reporting Persons<br>Ahearn Matthew Fraser | Names of Reporting Persons<br>Ahearn Matthew Fraser |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>301201.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>301201.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15936.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>317137.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>317137.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.5% | Percent of Class Represented by Amount in Row (9)<br>1.5% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1)	Sole Voting and Dispositive Powers include options to purchase 12,025 shares of common stock that vest within 60 days of April 27, 2026.
(2)	The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.

---

| 1. | Names of Reporting Persons<br>Ball Robert Joseph | Names of Reporting Persons<br>Ball Robert Joseph |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>751873.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>751873.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15936.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>767809.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>767809.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.6% | Percent of Class Represented by Amount in Row (9)<br>3.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1)	Sole Voting and Dispositive Powers include: (i) 252,986 shares of common stock held by Mr. Ball; (ii) 37,032 shares of common stock held jointly by Mr. Ball and his spouse; and (iii) options to purchase 461,855 shares of common stock that vest within 60 days of April 27, 2026.
(2)	The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, plus the number of options held by the Reporting Person that vest within 60 days of April 27, 2026.

---

| 1. | Names of Reporting Persons<br>Churchill R. Sean | Names of Reporting Persons<br>Churchill R. Sean |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>139116.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15936.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>139116.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15936.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>155052.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>155052.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.8% | Percent of Class Represented by Amount in Row (9)<br>0.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** The percentage in row 11 is calculated in accordance with Rule 13d-3 based on the aggregate number of shares of common stock beneficially owned by the Reporting Person and an aggregate of 20,647,526 shares of common stock outstanding as of March 3, 2026 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025.

---

**Item 1(a). Name of Issuer:**
SHOULDER INNOVATIONS, INC.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1535 STEELE AVENUE SW, SUITE B, GRAND RAPIDS, MICHIGAN, 49507

**Item 2(a). Name of Person Filing:**
The names of the persons filing this report (collectively, the "Reporting Persons") are:cultivate(MD) Holdings, LLC, David Lawrence Blue, Matthew Fraser Ahearn, Robert Joseph Ball, and R. Sean Churchill

**Item 2(b). Address of Principal Business Office:**
2851 Charlevoix Drive SE, Suite 327, Grand Rapids, MI 49546

**Item 2(c). Citizenship:**
cultivate(MD) Holdings, LLC: Delaware
David Lawrence Blue: United States
Matthew Fraser Ahearn: United States
Robert Joseph Ball: United States
R. Sean Churchill: United States

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
—

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See the responses to Item 9 on each cover page, which information is incorporated herein by reference and includes 15,936 shares of common stock held by Cultivate MD Capital Fund I, LLC ("CMD I"). cultivate(MD) Holdings, LLC is the general partner or manager of CMD I and has sole voting and dispositive power with respect to the shares held by CMD I. Each of David Lawrence Blue, Matthew Fraser Ahearn, and Robert Joseph Ball are directors, and R. Sean Churchill is a managing director, of cultivate(MD) Holdings, LLC and share voting and dispositive power with respect to the shares held of record by CMD I. Each of such directors and the managing director disclaims beneficial ownership of such holdings, except to the extent of his pecuniary interest in the shares.

**(b) Percent of class:**

See the responses to Item 11 on each cover page, which information is incorporated herein by reference.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the responses to Item 5 on each cover page, which information is incorporated herein by reference.

**(ii) Shared power to vote or to direct the vote:**

See the responses to Item 6 on each cover page, which information is incorporated herein by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

See the responses to Item 7 on each cover page, which information is incorporated herein by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

See the responses to Item 8 on each cover page, which information is incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**cultivate(MD) Holdings, LLC**

**Date:** 05/07/2026

**By:** /s/ R. Sean Churchill

**Name & Title:** Managing Director

**Blue David Lawrence**

**Date:** 05/07/2026

**By:** /s/ David Lawrence Blue

**Name & Title:** David Lawrence Blue

**Ahearn Matthew Fraser**

**Date:** 05/07/2026

**By:** /s/ Matthew Fraser Ahearn

**Name & Title:** Matthew Fraser Ahearn

**Ball Robert Joseph**

**Date:** 05/07/2026

**By:** /s/ Robert Joseph Ball

**Name & Title:** Robert Joseph Ball

**Churchill R. Sean**

**Date:** 05/07/2026

**By:** /s/ R. Sean Churchill

**Name & Title:** R. Sean Churchill