SHOULDER INNOVATIONS, INC. (SI) SEC Filings & Earnings Calls

Continued operating losses

“We have generated losses from our operations since our inception as reflected in our accumulated deficit of $115,932 thousand as of June 30, 2026.” · word for word

Dependence on third-party manufacturing

“We utilize third-party manufacturing and supply providers to manufacture our implants.” · word for word

Pricing pressure in medical devices

“While industry trends have resulted in increased downward pricing pressure on medical services and products, we have not experienced a material impact on our net revenue to date.” · word for word

Operating loss widening due to investment in commercial organization and R&D.

“Operating loss in the second quarter of 2026 was $10.0 million, compared to a loss of $5.9 million.” · word for word

Dependence on new product development and robotic platform partnership for future growth.

“Investment in new product development efforts, including development related to the robotic platform strategic partnership.” · word for word

Debt obligations secured by substantially all assets except IP

“Obligations under Loan Agreement are secured by substantially all assets of the Company, except for intellectual property.”

Operating loss and negative cash flow

“We have generated losses from our operations since our inception as reflected in our accumulated deficit of $105,779 thousand as of March 31, 2026.” · word for word

Dependence on third-party manufacturing

“We utilize third-party manufacturing and supply providers to manufacture our implants.” · word for word

Pricing pressure from industry trends

“While industry trends have resulted in increased downward pricing pressure on medical services and products, we have not experienced a material impact on our net revenue to date.” · word for word

Operating loss widening due to increased SG&A and R&D spend.

“Operating loss $9.0M vs $4.3M; SG&A +73%, R&D +137%.”

Dependence on continued commercial adoption and new product launches.

“Revenue growth driven by implant volume; new product launch (InSet I-135RFX) still in early stages.”

Operating losses widening due to increased SG&A and R&D spending; net loss $40.4M in FY2025 vs $15.6M in FY2024.

“Operating loss in the full year of 2025 was $26.3 million, compared to a loss of $14.7 million in the full year of 2024. Net loss in the full year of 2025 was $40.4 million, compared to a net loss of $15.6 million in the full year of 2024.” · word for word

Director Michael Carusi not standing for re-election; no disagreement stated but could signal governance concerns.

“Michael Carusi, a Class I director ... notified the Company of his intention to not stand for re-election ... Mr. Carusi's decision was not the result of any disagreement.” · word for word

History of net losses and expected future losses

“We are an early-stage company with a history of significant net losses, we expect to incur operating losses in the future and we may not be able to achieve or sustain profitability.” · word for word

Significant debt burden

“We have a significant amount of debt, which may affect our ability to operate our business and secure additional financing in the future.” · word for word

Dependence on single-source suppliers

“We depend on third-party contract manufacturers and suppliers, some of which are single source, to produce and package all elements comprising our shoulder implant systems” · word for word

Operating loss and net loss increased significantly due to higher SG&A and R&D expenses, and changes in fair value of liabilities.

“Operating loss in the third quarter of 2025 was $7.6 million, compared to a loss of $3.9 million in the third quarter of 2024. Net loss in the third quarter of 2025 was $8.7 million, compared to a net loss of $4.1 million in the third quarter of 2024.” · word for word

Litigation costs are increasing, adding to expense pressure.

“higher legal costs related to litigation” · word for word

Operating loss and negative cash flow

“Operating Loss ( 7,641 ) ( 3,881 ) ( 17,797 ) ( 11,117 )” · word for word

Patent litigation risk

“On February 28, 2024, the Company filed a complaint against Catalyst Orthoscience Inc. ... In response to the Company’s lawsuit, on March 20, 2024, Catalyst filed a counterclaim ... claiming patent infringement by certain of the Company’s products.” · word for word

Dependence on single source suppliers

“We depend on third-party contract manufacturers and suppliers, some of which are single source, to produce and package all elements comprising our shoulder implant systems” · word for word

Market adoption risk

“Our business is dependent upon the adoption of our implant systems by hospitals, ambulatory surgery centers (“ASCs”), surgeons and patients.” · word for word