<SEC-DOCUMENT>0001641172-25-021635.txt : 20250730
<SEC-HEADER>0001641172-25-021635.hdr.sgml : 20250730
<ACCEPTANCE-DATETIME>20250730213836
ACCESSION NUMBER:		0001641172-25-021635
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250730
FILED AS OF DATE:		20250730
DATE AS OF CHANGE:		20250730

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			George Jean
		CENTRAL INDEX KEY:			0001291804
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42771
		FILM NUMBER:		251169044

	MAIL ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Plain Henry A JR
		CENTRAL INDEX KEY:			0001384286
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42771
		FILM NUMBER:		251169045

	MAIL ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LSV Associates II, LLC
		CENTRAL INDEX KEY:			0001818388
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42771
		FILM NUMBER:		251169048

	BUSINESS ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028
		BUSINESS PHONE:		650-388-3676

	MAIL ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lightstone Ventures II, L.P.
		CENTRAL INDEX KEY:			0001699565
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42771
		FILM NUMBER:		251169047

	BUSINESS ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028
		BUSINESS PHONE:		650-388-3676

	MAIL ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lightstone Ventures II (A), L.P.
		CENTRAL INDEX KEY:			0001706610
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42771
		FILM NUMBER:		251169046

	BUSINESS ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028
		BUSINESS PHONE:		650-388-3676

	MAIL ADDRESS:	
		STREET 1:		3270 ALPINE RD.
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-07-30</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001699350</issuerCik>
        <issuerName>SHOULDER INNOVATIONS, INC.</issuerName>
        <issuerTradingSymbol>SI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001818388</rptOwnerCik>
            <rptOwnerName>LSV Associates II, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>420 BOYLSTON ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 602</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001699565</rptOwnerCik>
            <rptOwnerName>Lightstone Ventures II, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>420 BOYLSTON ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 602</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001706610</rptOwnerCik>
            <rptOwnerName>Lightstone Ventures II (A), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>420 BOYLSTON ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 602</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001384286</rptOwnerCik>
            <rptOwnerName>Plain Henry A JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>420 BOYLSTON ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 602</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001291804</rptOwnerCik>
            <rptOwnerName>George Jean</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>420 BOYLSTON ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 602</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series C Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1096971</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series D Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>521499</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Immediately prior to the closing of the Issuer's initial public offering, the shares of preferred stock of the Issuer will automatically convert into shares of Common Stock on a one-for-0.052410901 basis. The shares of preferred stock have no expiration date.</footnote>
        <footnote id="F2">Consists of (i) 1,036,638 shares of Common Stock underlying Series C Preferred Stock, and 492,833 shares of Common Stock underlying Series D Preferred Stock held by Lightstone Ventures II, L.P. (&quot;LSV II&quot;); and (ii) 60,333 shares of Common Stock underlying Series C Preferred Stock and 28,666 shares of Common Stock underlying Series D Preferred Stock held by Lightstone Ventures II (A), L.P. (&quot;LSV II (A)&quot;). LSV Associates II, LLC is the general partner of LSV II and LSV II (A) and has sole voting and dispositive power with respect to the shares held by LSV II and LSV II (A). Jean George, Michael A. Carusi and Henry A. Plain, Jr. are the managing directors of LSV Associates II, LLC, and share voting and dispositive power with respect to the shares held of record by LSV II and LSV II (A).</footnote>
        <footnote id="F3">Mr. Carusi is a director of the Issuer and files separate Section 16 reports. Each of the reporting persons disclaims beneficial ownership of such shares except to the extent of his, her or its respective pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Lightstone Ventures II, L.P., By: LSV Associates II, LLC, its general partner, By: /s/ Henry Plain, Managing Director</signatureName>
        <signatureDate>2025-07-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Lightstone Ventures II (A), L.P., By: LSV Associates II, LLC, its general partner, By: /s/ Henry Plain, Managing Director</signatureName>
        <signatureDate>2025-07-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>LSV Associates II, LLC By: /s/ Henry Plain, Managing Director</signatureName>
        <signatureDate>2025-07-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Henry Plain</signatureName>
        <signatureDate>2025-07-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jean George</signatureName>
        <signatureDate>2025-07-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
