# EDGAR Filing Document

**Accession Number:** 0001699350
**File Stem:** 0001415889-25-021349
**Filing Date:** 2025-8
**Character Count:** 17438
**Document Hash:** 39ae2db0af12f4b1a6ca751276834904
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-25-021349.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001415889-25-021349

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95149
- **FILM NUMBER:** 251199103

**BUSINESS ADDRESS:**
- **STREET 1:** 13827 PORT SHELDON STREET
- **CITY:** HOLLAND
- **STATE:** MI
- **ZIP:** 49424
- **BUSINESS PHONE:** 616-566-0286

**MAIL ADDRESS:**
- **STREET 1:** 13827 PORT SHELDON STREET
- **CITY:** HOLLAND
- **STATE:** MI
- **ZIP:** 49424
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arboretum Ventures VI, L.P.
- **CENTRAL INDEX KEY:** 0001917642

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 303 DETROIT STREET SUITE 301
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48104
- **BUSINESS PHONE:** 734-998-3688

**MAIL ADDRESS:**
- **STREET 1:** 303 DETROIT STREET SUITE 301
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48104

## Exhibit 1.1

EXHIBIT 99.1

JOINT FILING AGREEMENT

We, the undersigned, hereby express our agreement that the Schedule 13G (or any amendments thereto) relating to the common stock of **Shoulder Innovations, Inc.** is filed on behalf of each of us.

Dated: August 8, 2025

**Arboretum Ventures VI, L.P.**

By:

Arboretum Investment Manager VI, LLC

its

General Partner

By:

<u>/s/ Jan L. Garfinkle</u>

Name: Jan L. Garfinkle

Title: Managing Director

**Arboretum Investment Manager VI, LLC**

By:

<u>/s/ Jan L. Garfinkle</u>

Name: Jan L. Garfinkle

Title: Managing Director

**Jan L. Garfinkle**

<u>/s/ Jan L. Garfinkle</u> 

**Daniel M. Kidle**

<u>/s/ Daniel M. Kidle</u>

**Thomas M. Shehab**

<u>/s/ Thomas M. Shehab</u>

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Shoulder Innovations, Inc.

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

**CUSIP Number:** 82537J108

**Date of Event Which Requires Filing of this Statement:** 08/01/2025

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

- [ ] Rule 13d-1(b)

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

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Arboretum Ventures VI, L.P. | Names of Reporting Persons<br>Arboretum Ventures VI, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1163891.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1163891.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 |
| 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>5.8% | Percent of Class Represented by Amount in Row (9)<br>5.8% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Arboretum Investment Manager VI, LLC | Names of Reporting Persons<br>Arboretum Investment Manager VI, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1163891.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1163891.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 |
| 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>5.8% | Percent of Class Represented by Amount in Row (9)<br>5.8% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Jan L. Garfinkle | Names of Reporting Persons<br>Jan L. Garfinkle |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1163891.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1163891.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 |
| 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>5.8% | Percent of Class Represented by Amount in Row (9)<br>5.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

| 1. | Names of Reporting Persons<br>Daniel M. Kidle | Names of Reporting Persons<br>Daniel M. Kidle |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1163891.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1163891.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 |
| 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>5.8% | Percent of Class Represented by Amount in Row (9)<br>5.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

| 1. | Names of Reporting Persons<br>Thomas M. Shehab | Names of Reporting Persons<br>Thomas M. Shehab |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1163891.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1163891.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1163891.00 |
| 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>5.8% | Percent of Class Represented by Amount in Row (9)<br>5.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**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, MI, 49507.

**Item 2(a). Name of Person Filing:**
The names of the persons filing this report (collectively, the "Reporting Persons") are:

Arboretum Ventures VI, L.P. ("Arboretum VI LP")
Arboretum Investment Manager VI, LLC ("Arboretum VI GP")
Jan L. Garfinkle ("Garfinkle")
Daniel M. Kidle ("Kidle")
Thomas M. Shehab ("Shehab")

The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

**Item 2(b). Address of Principal Business Office:**
c/o Arboretum Ventures
201 S. Main Street, Suite 300
Ann Arbor, MI 48104

**Item 2(c). Citizenship:**
Arboretum VI LP		Delaware
Arboretum VI GP		Delaware
Garfinkle				United States
Kidle				United States
Shehab				United States

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

**Item 2(e). CUSIP Number:**
82537J108

**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:**

Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities consists of 1,163,891 shares of common stock directly held by Arboretum VI LP.
Arboretum VI GP serves as the sole general partner of Arboretum VI LP and owns no securities of the Issuer directly. Garfinkle, Kidle and Shehab are managing directors of Arboretum VI GP and share voting and dispositive power over the shares held by Arboretum VI LP.

**(b) Percent of class:**

Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference. The percentage set forth in each row 11 is based upon 20,228,510 shares of common stock outstanding as of August 1, 2025, as disclosed in the Issuer's prospectus dated July 30, 2025 filed with the Securities and Exchange Commission (the "SEC") on August 1, 2025.

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

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

Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

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

Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

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

Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

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

Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

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

[x] 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:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### 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.

**Arboretum Ventures VI, L.P.**

**Date:** 08/08/2025

**By:** /s/ Jan L. Garfinkle

**Name & Title:** By Arboretum Investment Manager VI, LLC, Its general partner, By Jan L. Garfinkle, Managing Director

**Arboretum Investment Manager VI, LLC**

**Date:** 08/08/2025

**By:** /s/ Jan L. Garfinkle

**Name & Title:** By Jan L. Garfinkle, Managing Director

**Jan L. Garfinkle**

**Date:** 08/08/2025

**By:** /s/ Jan L. Garfinkle

**Name & Title:** Jan L. Garfinkle

**Daniel M. Kidle**

**Date:** 08/08/2025

**By:** /s/ Daniel M. Kidle

**Name & Title:** Daniel M. Kidle

**Thomas M. Shehab**

**Date:** 08/08/2025

**By:** /s/ Thomas M. Shehab

**Name & Title:** Thomas M. Shehab