Michael Cordonnier - 22 Jul 2025 Form 3 Insider Report for CARLSMED, INC.

Role: CEO, President, Director
Signature: /s/ Michael Cordonnier
Issuer symbol: CARL on Nasdaq
Transactions as of: 22 Jul 2025
Net transactions value: $0
Form type: 3
Filing time: 22 Jul 2025, 17:31:25 UTC
Next filing: 30 Jan 2026
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	22 Jul 2025	0002077087

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CARL	Common Stock						1,235,718	22 Jul 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
holding	CARL	Series B Preferred Stock							22 Jul 2025	Common Stock	3,612		Direct	F2
holding	CARL	Stock Option (Right to Buy)							22 Jul 2025	Common Stock	358,422	$0.3300	Direct	F3, F5
holding	CARL	Stock Option (Right to Buy)							22 Jul 2025	Common Stock	224,956	$4.35	Direct	F4, F5
holding	CARL	Restricted Stock Units							22 Jul 2025	Common Stock	112,478		Direct	F6

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

Explanation of Responses:

Id	Content
F1	These shares of common 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").
F2	Includes 3,612 shares of Series B Preferred Stock issued to the Reporting Person on April 18, 2022. Each share of Series B 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 after giving effect to the Reverse Split and on an as-converted 1-to-1 basis and have no expiration date.
F3	Includes 358,422 vested stock options convertible into approximately 358,422 shares of the Issuer's common stock. These options are reported after giving effect to the Reverse Split and became fully vested on December 15, 2024.
F4	Includes 224,956 unvested stock options convertible into approximately 224,956 shares of the Issuer's common stock which began to vest on December 15, 2024, subject to a one-year cliff, and will be fully vested on December 15, 2028. These options are reported after giving effect to the Reverse Split.
F5	The exercise price has been adjusted to reflect the Reverse Split.
F6	Includes 112,478 unvested restricted stock units convertible into approximately 112,478 shares of the Issuer's common stock that are subject to milestone and performance-based vesting. These restricted stock units are reported after giving effect to the Reverse Split.