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

Role: Director
Signature: /s/ Leonard Greenstein, as attorney-in-fact for Kevin Sidow
Issuer symbol: CARL
Transactions as of: 22 Jul 2025
Transactions value $: $199,995
Form type: 4
Filing time: 24 Jul 2025, 20:32:18 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Sidow Kevin	Director	C/O CARLSMED, INC., 1800 ASTON AVE., SUITE 100, CARLSBAD	/s/ Leonard Greenstein, as attorney-in-fact for Kevin Sidow	24 Jul 2025	0001416947

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CARL	Common Stock	Award	$0	+17.3K		$0.00	17.3K	22 Jul 2025	Direct	F1, F2
transaction	CARL	Common Stock	Options Exercise		+28.9K			28.9K	24 Jul 2025	Direct	F3
transaction	CARL	Common Stock	Purchase	$200K	+13.3K	+28.84%	$15.00	59.6K	24 Jul 2025	Direct	F4, F5

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	Series B Preferred Stock	Conversion of derivative security		-28.9K	-100%		0	24 Jul 2025	Common Stock	28.9K		Direct	F3

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

Explanation of Responses:

Id	Content
F1	Constitute an award of restricted stock units ("RSUs") for which the Reporting Person is entitled to receive one (1) share of Common Stock for each RSU upon vesting. The RSUs will vest in equal annual installments over three years.
F2	Includes 17,333 unvested restricted stock units convertible into approximately 17,333 shares of the Issuer's common stock.
F3	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.
F4	Includes 13,333 shares of the Issuer's common stock purchased by the Reporting Person in the Issuer's initial public offering at the public offering price of $15.00 per share. The purchase was made directly from the underwriters in connection with the offering.
F5	Includes (i) 17,333 unvested RSUs convertible into approximately 17,333 shares of the Issuer's common stock, (ii) 28,900 shares of common stock issued to Reporting Person upon the conversion of outstanding preferred stock on a 1-to-1 basis, immediately prior to the closing of the Issuer's public offering, and (iii) 13,333 shares of the Issuer's common stock purchased by the Reporting Person in the Issuer's initial public offering at the public offering price of $15.00 per share.