diff --git a/apps/mobile/src/features/threads/useThreadListV2.ts b/apps/mobile/src/features/threads/useThreadListV2.ts
index 2a6f3504e2f5d..1326a0fde76e4 100644
--- a/apps/mobile/src/features/threads/useThreadListV2.ts
+++ b/apps/mobile/src/features/threads/useThreadListV2.ts
@@ -62,8 +62,7 @@ export function useThreadListV2(input: {
     threadListInboxReturns.getSnapshot,
   );
   const inbox = useMemo(
-    () => threadListInboxReturns.observe(workingShelfEnabled ? threads : null),
-    // oxlint-disable-next-line react/memo-dependencies -- the version signals an expired grace
+    () => threadListInboxReturns.observe(workingShelfEnabled ? threads : null, inboxVersion),
     [threads, workingShelfEnabled, inboxVersion],
   );
   // Up/down menu availability for every card, computed once per section per
diff --git a/apps/mobile/src/reactCompilerCoverage.test.ts b/apps/mobile/src/reactCompilerCoverage.test.ts
index c644fb09a4c74..62e019bcb7d4b 100644
--- a/apps/mobile/src/reactCompilerCoverage.test.ts
+++ b/apps/mobile/src/reactCompilerCoverage.test.ts
@@ -184,6 +184,32 @@ describe("React Compiler coverage", () => {
     ).toEqual([true]);
   });
 
+  // The compiler infers memo deps from the callback, so an unread version dep is dropped and
+  // an expired working grace never re-observes the Working shelf.
+  it("re-observes the inbox tracker when its version changes", () => {
+    const result = compileLikeMetro("src/features/threads/useThreadListV2.ts", [], { ast: true });
+    const cacheKeys: string[][] = [];
+    if (typeof result === "object" && result !== null && "ast" in result) {
+      walkAst(result.ast, (node, ancestors) => {
+        if (node.type !== "CallExpression" || !isAstNode(node.callee)) return;
+        const property = node.callee.property;
+        if (!isAstNode(property) || property.name !== "observe") return;
+        const guard = ancestors.findLast(
+          (ancestor, index) =>
+            ancestor.type === "IfStatement" && ancestors[index + 1] === ancestor.consequent,
+        );
+        const names: string[] = [];
+        walkAst(guard?.test, (child) => {
+          if (child.type === "Identifier" && typeof child.name === "string" && child.name !== "$")
+            names.push(child.name);
+        });
+        cacheKeys.push(names);
+      });
+    }
+    expect(cacheKeys).toHaveLength(1);
+    expect(cacheKeys[0]).toContain("inboxVersion");
+  });
+
   it("lists only files that exist", () => {
     expect(Object.keys(KNOWN_BAILOUTS).filter((file) => !sourceFiles.includes(file))).toEqual([]);
   });
diff --git a/packages/client-runtime/src/state/threadInbox.ts b/packages/client-runtime/src/state/threadInbox.ts
index de9cd822398d0..0869c08b79aa5 100644
--- a/packages/client-runtime/src/state/threadInbox.ts
+++ b/packages/client-runtime/src/state/threadInbox.ts
@@ -117,7 +117,8 @@ export const WORKING_EXIT_GRACE_MS = 2_000;
 /**
  * Keep one at module scope so placement survives routes that unmount the list. Call
  * `observe` when the shells or the snapshot version change, or with null while the beta
- * is off. Its result stays fixed, so a list built from it can be cached.
+ * is off. Its result stays fixed, so a list built from it can be cached. A memoized caller
+ * passes the version it read: the React Compiler keys memos only on values the callback reads.
  */
 export function createInboxReturnTracker() {
   const keyOf = (thread: ThreadKeyInput) => `${thread.environmentId}:${thread.id}`;
@@ -166,7 +167,10 @@ export function createInboxReturnTracker() {
       };
     },
     getSnapshot: () => version,
-    observe(threads: readonly TrackedInboxThread[] | null): {
+    observe(
+      threads: readonly TrackedInboxThread[] | null,
+      _version?: number,
+    ): {
       readonly isWorking: (thread: WorkingThreadInput & ThreadKeyInput) => boolean;
       readonly returnedAt: (thread: ThreadKeyInput) => number | undefined;
     } {