PHILIP M. YOUNG - 22 Jul 2025 Form 3 Insider Report for CARLSMED, INC.

Role: Director
Signature: /s/ Leonard Greenstein, as attorney-in-fact for Philip Young
Issuer symbol: CARL on Nasdaq
Transactions as of: 22 Jul 2025
Net transactions value: $0
Form type: 3
Filing time: 22 Jul 2025, 17:28:08 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
YOUNG PHILIP M	Director	C/O CARLSMED, INC., 1800 ASTON AVE., SUITE 100, CARLSBAD	/s/ Leonard Greenstein, as attorney-in-fact for Philip Young	22 Jul 2025	0001048637

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
holding	CARL	Series B Preferred Stock							22 Jul 2025	Common Stock	28,900		See Footnotes	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Stock held by PMY Partners L.P.
F2	Reporting Person is the sole general partner of PMY Partners L.P. and has voting and dispositive power over the stock held by PMY Partners L.P.
F3	These shares of preferred stock are reported after giving effect to the 1-for-5.58 reverse split of the Issuer's common and preferred stock effected on July 10, 2025 (the "Reverse Split"). Each share of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock is convertible into one share of the Issuer's common stock immediately prior to the closing of the Issuer's initial public offering. These shares are reported in Table II above on an as-converted 1-to-1 basis and have no expiration date.