Welcome to our dedicated page for CARLSMED SEC filings (Ticker: CARL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Understanding a medical device company's regulatory filings requires tracking clinical progress, manufacturing partnerships, and commercial scaling metrics. Carlsmed's SEC filings document the company's journey from development-stage medical technology innovator to commercial spine surgery device manufacturer.
Carlsmed's 10-K annual reports detail the aprevo technology platform development costs, manufacturing arrangements for 3D-printed titanium implants, and surgeon adoption metrics. The filings explain revenue recognition for patient-specific medical devices and disclose the company's contract manufacturing dependencies. For investors analyzing medical technology growth stories, these documents reveal procedure volumes, average revenue per surgery, and the economics of personalized implant manufacturing.
Quarterly 10-Q filings track gross margin trends as the company scales production capacity, sales force expansion investments, and research spending on new spinal applications such as cervical fusion. Understanding how Carlsmed balances growth investment against path to profitability requires following these periodic disclosures. The filings also detail working capital requirements for manufacturing patient-specific devices.
Form 4 insider transactions show executive and director buying and selling activity. For a company in the commercial expansion phase following its IPO, insider trading patterns can signal management confidence in growth trajectory and technology adoption rates among spine surgeons.
8-K material event filings announce regulatory milestones like FDA clearances, breakthrough device designations, and CMS reimbursement decisions that directly impact hospital adoption of the aprevo platform. These filings also cover clinical data presentations at spine surgery conferences and strategic partnership announcements relevant to market expansion.
Our AI-powered summaries help you quickly identify the key metrics and disclosures in Carlsmed's SEC filings without reading through extensive medical device regulatory and accounting language.
Carlsmed (CARL) filed its Q3 2025 report, showing higher sales and a stronger balance sheet following its IPO. Revenue for the quarter reached $13.1 million, up from $6.6 million a year ago, while the net loss was $8.5 million versus $7.8 million last year. For the nine months, revenue was $35.3 million compared with $17.8 million in 2024, reflecting broader commercial uptake of the aprevo platform.
Cash and cash equivalents rose to $115.4 million, primarily from the July IPO of 6,700,000 shares at $15.00, which provided $93.5 million in net proceeds. All preferred stock converted into 15,245,731 common shares at closing. Debt outstanding under the Customers Bank facility was $15.6 million as of September 30, 2025. A subsequent amendment on October 29, 2025 expanded borrowing capacity, including a term loan of up to $50.0 million and a $10.0 million revolving line, capped at an aggregate $50.0 million.
Shares outstanding were 26,592,908 as of November 3, 2025. Operating expenses increased as the company invested in sales, marketing, and administration to support growth.
Carlsmed, Inc. furnished an update on its latest performance. The company announced financial results for the quarter ended September 30, 2025, via a press release furnished with a Form 8-K.
The press release is included as Exhibit 99.1. The information furnished under Item 2.02 is not deemed “filed” under Section 18 of the Exchange Act and is not incorporated by reference into Securities Act filings except as specifically referenced.
Carlsmed, Inc. amended its loan agreement with Customers Bank, adding a credit facility consisting of a Term Loan of up to $50.0 million and a $10.0 million non‑formula revolver, with total advances capped at $50.0 million. Of the Term Loan, $17.5 million is contingent on revenue milestones. The interest rate is the greater of WSJ Prime + 0.25% or 5.25%, which was 7.50% as of September 30, 2025.
The Term Loan matures on October 15, 2030 with interest‑only through October 15, 2027, extendable to October 15, 2028 upon milestone achievement. The revolver matures on October 15, 2028. The company must keep at least $20.0 million in an operating account at Customers Bank and meet minimum revenue thresholds if deposits are less than 100% of outstanding debt.
Carlsmed also reduced warrant overhang tied to future draws: the Series B warrant decreased from 58,420 to 52,776 shares, and the Series C from 20,375 to 10,188, cancelling contingent rights to 15,831 shares in total.
Carlsmed, Inc. reported items in its Quarterly Report highlighting its recent IPO proceeds, debt amendments, warrants and liquidity arrangements, and ongoing risks tied to commercialization of the aprevo Technology Platform. The IPO generated approximately $93.5 million of gross proceeds (after underwriting discounts and commissions and before offering expenses) with the underwriters' 30-day option for an additional 1,005,000 shares not exercised. The condensed financial statements do not reflect the shares or proceeds from the IPO for the three and six months ended June 30, 2025.
The company disclosed amended credit facilities that expanded available principal from $12.5 million to $18.8 million and later to up to $27.5 million with draw tranches; as of June 30, 2025 the company could draw $7.5 million immediately and an additional $4.4 million contingent on revenue milestones not yet met. Interest terms included a coupon of 7.75% as of June 30, 2025 and extended maturities to October 31, 2029 with interest-only periods tied to milestone achievement. Other noted items include provision for credit losses of $0.3 million for the three and six months ended June 30, 2025, stock-based awards covering 4,055,427 shares, outstanding warrants and preferred conversion features, and the company remaining in an accumulated deficit position which affected deemed dividends recorded to APIC.
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