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

Role: CEO, President, Director
Signature: /s/ Michael Cordonnier
Stock symbol: CARL
Transactions as of: Jul 22, 2025
Transactions value $: $0
Form type: 4
Date filed: 7/24/2025, 08:33 PM
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Cordonnier Michael	CEO, President, Director	C/O CARLSMED, INC., 1800 ASTON AVE., SUITE 100, CARLSBAD	/s/ Michael Cordonnier	2025-07-24	0002077087

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CARL	Common Stock	Options Exercise		+3.61K	+0.29%		1.24M	Jul 24, 2025	Direct	F1

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	+143K	+24.49%	$0.00	726K	Jul 22, 2025	Common Stock	143K	$15.00	Direct	F2
transaction	CARL	Series B Preferred Stock	Conversion of derivative security		-3.61K	-100%		0	Jul 24, 2025	Common Stock	3.61K		Direct	F1

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

Explanation of Responses:

Id	Content
F1	These securities were previously reported on a Form 3 filed by the Reporting Person as preferred stock of the Issuer. Each share of preferred stock of the Issuer converted into one share of the Issuer's common stock immediately prior to the closing of the Issuer's initial public offering on a 1-to-1 basis without payment of additional consideration. The preferred stock has no expiration date.
F2	The unvested stock options are convertible into approximately 142,857 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

These securities were previously reported on a Form 3 filed by the Reporting Person as preferred stock of the Issuer. Each share of preferred stock of the Issuer converted into one share of the Issuer's common stock immediately prior to the closing of the Issuer's initial public offering on a 1-to-1 basis without payment of additional consideration. The preferred stock has no expiration date.

The unvested stock options are convertible into approximately 142,857 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.