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 Operations and Comprehensive Loss
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Net Revenue | $11,756 | $7,454 | $32,901 | $22,898 |
| Cost of Goods Sold | 2,795 | 1,753 | 7,756 | 5,325 |
| Gross Profit | 8,961 | 5,701 | 25,145 | 17,573 |
| Selling, General and Administrative Expenses | 15,077 | 8,492 | 38,428 | 25,368 |
| (Includes $1,066, $707, $2,802 and $2,555 to related parties, respectively) | ||||
| Research and Development Expenses | 1,525 | 1,090 | 4,514 | 3,322 |
| (Includes $1,145, $876, $3,440 and $2,723 to related parties, respectively) | ||||
| Operating Loss | (7,641) | (3,881) | (17,797) | (11,117) |
| Other Expense | ||||
| Interest expense, net | 78 | 316 | 661 | 925 |
| Change in fair value of convertible notes, net | 2,217 | — | 2,217 | — |
| Change in fair value of Series E purchase option | — | — | 11,719 | — |
| Other expense (income), net | (1,207) | (142) | 193 | (215) |
| Total Other Expense | 1,088 | 174 | 14,790 | 710 |
| Loss before income tax expense | (8,729) | (4,055) | (32,587) | (11,827) |
| Income Tax Expense | — | — | — | — |
| Net Loss | $(8,729) | $(4,055) | $(32,587) | $(11,827) |
| Other Comprehensive (loss), net | ||||
| Unrealized gain (loss) on marketable securities | (43) | 61 | (158) | 46 |
| Total Other Comprehensive loss (income), net | (43) | 61 | (158) | 46 |
| Comprehensive loss | $(8,772) | $(3,994) | $(32,745) | $(11,781) |
| Net loss per share attributed to common stock – basic and diluted: | ||||
| Net loss per share | $(0.64) | $(68.31) | $(7.00) | $(203.81) |
| Weighted average shares outstanding | ||||
| Weighted average common shares outstanding – basic and diluted | 13,604,556 | 59,372 | 4,652,825 | 58,031 |
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