Leonard Greenstein - Jul 22, 2025 Form 4 Insider Report for CARLSMED, INC. (CARL)

Role: CFO, Treasurer
Signature: /s/ Leonard Greenstein
Stock symbol: CARL
Transactions as of: Jul 22, 2025
Transactions value $: $0
Form type: 4
Date filed: 7/24/2025, 08:29 PM
Previous filing: Apr 21, 2023
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Greenstein Leonard M.	CFO, Treasurer	C/O CARLSMED, INC., 1800 ASTON AVE., SUITE 100, CARLSBAD	/s/ Leonard Greenstein	2025-07-24	0001519692

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CARL	Stock Options (Right to Buy)	Award	$0	+71.4K	+85.37%	$0.00	155K	Jul 22, 2025	Common Stock	71.4K	$15.00	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The unvested stock options are convertible into approximately 71,429 shares of the Issuer's common stock and will begin to vest in equal installments on each quarterly anniversary of July 22, 2025 (the "Grant Date"), such that all of the stock options will be vested on the fourth anniversary of the Grant Date, provided that the Reporting Person remains in continuous service through each applicable vesting date.

Content

The unvested stock options are convertible into approximately 71,429 shares of the Issuer's common stock and will begin to vest in equal installments on each quarterly anniversary of July 22, 2025 (the "Grant Date"), such that all of the stock options will be vested on the fourth anniversary of the Grant Date, provided that the Reporting Person remains in continuous service through each applicable vesting date.