Carlsmed (CARL) CFO Leonard Greenstein granted 44,977 RSUs in Form 4

Rhea-AI Filing Summary

Carlsmed, Inc. reported an equity award to its CFO and Treasurer, Leonard Greenstein. On 01/28/2026, he received 44,977 shares of common stock at a price of $0, tied to restricted stock units that each represent one future share if vesting conditions are met.

After this grant, Greenstein beneficially owned 188,346 shares directly. The RSUs vest in three equal annual installments beginning on the first anniversary of the grant date, so the award is spread over three years rather than delivered all at once.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Greenstein Leonard M.

(Last) (First) (Middle)

C/O CARLSMED, INC.

1800 ASTON AVE., SUITE 100

(Street)

CARLSBAD CA 92008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARLSMED, INC. [ CARL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO, Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/28/2026		A		44,977(1)	A	$0	188,346	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one (1) share of the Issuer's Common Stock. The RSUs will vest in three equal annual installments beginning on the first anniversary of the grant date.

	/s/ Leonard Greenstein	01/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Carlsmed (CARL) report for Leonard Greenstein?

Carlsmed reported that CFO and Treasurer Leonard Greenstein received 44,977 shares of common stock on January 28, 2026. These shares are linked to restricted stock units and were granted at a price of $0 as part of his equity compensation arrangement.

How many Carlsmed (CARL) shares does Leonard Greenstein own after this Form 4?

Following the reported grant, Leonard Greenstein beneficially owned 188,346 shares of Carlsmed common stock. This figure includes the newly awarded 44,977 shares associated with restricted stock units, all held in a direct ownership capacity according to the filing details.

How do Leonard Greenstein’s Carlsmed (CARL) RSUs vest over time?

Each restricted stock unit for Leonard Greenstein represents the right to receive one Carlsmed common share. The RSUs vest in three equal annual installments, beginning on the first anniversary of the January 28, 2026 grant date, spreading the benefit over a three-year period.

What transaction code was used in Leonard Greenstein’s Carlsmed (CARL) Form 4?

The transaction was reported with code A, indicating an acquisition of securities. The filing shows 44,977 shares of common stock acquired at a price of $0, reflecting a compensatory equity grant rather than an open-market purchase by the Carlsmed executive.

Is Leonard Greenstein’s ownership in Carlsmed (CARL) direct or indirect after this grant?

The Form 4 indicates that Leonard Greenstein’s beneficial ownership of 188,346 Carlsmed shares is held directly. The ownership column lists the holdings as direct, and there is no disclosed nature of indirect beneficial ownership for this particular equity award transaction.