Michael Cordonnier - 02 Mar 2026 Form 4 Insider Report for CARLSMED, INC. (CARL)

Role: CEO, President, Director
Signature: /s/ Michael Cordonnier
Issuer symbol: CARL
Transactions as of: 02 Mar 2026
Net transactions value: -$2,629,889
Form type: 4
Filing time: 04 Mar 2026, 16:05:03 UTC
Previous 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	04 Mar 2026	0002077087

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CARL	Common Stock	Options Exercise		+197,855	+15%	$0.3350^*	1,554,501	02 Mar 2026	Direct
transaction	CARL	Common Stock	Sale	$2,629,889	-197,855	-13%	$13.29	1,356,646	02 Mar 2026	Direct	F1, F2
transaction	CARL	Common Stock	Options Exercise		+160,567	+12%	$0.3350^*	1,517,213	03 Mar 2026	Direct
transaction	CARL	Common Stock	Options Exercise		+33,264	+2.2%	$4.35^*	1,550,477	03 Mar 2026	Direct

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 Option (Right to Buy)	Options Exercise		-197,855	-55%	$0.000000^*	160,567	02 Mar 2026	Common Stock	197,855	$0.3350	Direct	F3
transaction	CARL	Stock Option (Right to Buy)	Options Exercise		-160,567	-100%	$0.000000^*	0	03 Mar 2026	Common Stock	160,567	$0.3350	Direct	F3
transaction	CARL	Stock Option (Right to Buy)	Options Exercise		-33,264	-15%	$0.000000^*	191,692	03 Mar 2026	Common Stock	33,264	$4.35	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Sale of shares to cover the exercise price, withholding tax obligations and broker fees and commissions, pursuant to a broker assisted cashless exercise of vested stock options granted on January 8, 2021 and February 19, 2025 under the Carlsmed, Inc. 2019 Stock Incentive Plan.
F2	This transaction was executed in multiple trades at prices ranging from $13.000 to $14.030. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide, upon request, to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.
F3	25% of the shares underlying these options, representing a right to purchase a total of 358,422 shares, vested and became exercisable on December 15, 2021, with the remaining shares vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.
F4	25% of the shares underlying these options, representing a right to purchase a total of 224,956 shares, vested and became exercisable on December 15, 2025, with the remaining shares vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.