SHOULDER INNOVATIONS, INC.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
SI$21.93+2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Statements of Cash Flows
(amounts in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, 2025 | September 30, 2024 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(32,587) | $(11,827) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 2,228 | 1,577 |
| Amortization of debt discounts | 190 | 207 |
| Stock-based compensation expense | 615 | 575 |
| Realized (loss) on marketable securities | (402) | (181) |
| Change in fair value of warrant liabilities and Series E purchase option | 11,975 | 75 |
| Change in fair value of convertible notes, net | 2,216 | — |
| Other | 166 | 148 |
| Change in Operating Assets and Liabilities | ||
| Trade accounts receivable | (2,060) | 88 |
| Inventory | (5,403) | (2,398) |
| Prepaid expenses | (1,279) | (121) |
| Accounts payable | 1,789 | 944 |
| Other current assets and liabilities | 2,723 | 42 |
| Net Cash Used in Operating Activities | (19,829) | (10,871) |
| Cash Flows from Investing Activities | ||
| Fixed asset purchases | (5,126) | (2,972) |
| Purchases of marketable securities | (95,582) | (4,372) |
| Sales of marketable securities | 22,393 | 17,658 |
| Net Cash (Used in) Provided by Investing Activities | (78,315) | 10,314 |
| Cash Flows from Financing Activities | ||
| Proceeds from exercise of common stock options | 688 | 66 |
| Proceeds from exercise of preferred stock warrants | 455 | — |
| Proceeds from Series E convertible preferred stock, net of issuance cost | 39,508 | — |
| Proceeds from the issuance of convertible notes, net of issuance costs | 39,863 | — |
| Proceeds from IPO, net of commissions and issuance costs | 66,441 | — |
| Net Cash Provided by Financing Activities | 146,955 | 66 |
| Net Change in Cash for Period | 48,811 | (491) |
| Cash and Cash Equivalents, beginning of year | 6,123 | 6,236 |
| Cash and Cash Equivalents, end of year | $54,934 | $5,745 |
| Supplemental Cash Flows information | ||
| Cash paid for interest | $1,281 | $1,350 |
| Non-Cash Investing and Financing Activities | ||
| Series E second tranche right equity conversion | $11,937 | $— |
| Preferred stock warrant liability equity conversion | $589 | $— |
| Preferred stock warrant liability equity conversion on completion of IPO | $637 | $— |
| Conversion of redeemable convertible preferred stock into common stock on completion of IPO | $126,964 | $— |
| Conversion of convertible notes into common stock on completion of IPO | $42,156 | $— |
Condensed Statements of Cash Flows
(amounts in thousands)
| Unpaid IPO offering costs included in accounts payable and accrued liabilities | $2,229 | $— |
|---|---|---|
| Capital expenditures included in accounts payable | $754 | $679 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.