44,977 RSUs granted to Carlsmed (CARL) Chief IP Officer

Rhea-AI Filing Summary

Carlsmed, Inc. director and Chief IP Officer Niall Casey received an equity award of 44,977 restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Carlsmed common stock and will vest in three equal annual installments beginning on the first anniversary of the grant date of January 28, 2026.

Following this award, Casey beneficially owned 982,562 shares of Carlsmed common stock on a direct basis, according to the filing.

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^*

Casey Niall

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief IP Officer

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	982,562	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, as attorney-in-fact for Niall Casey	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).
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FAQ

What insider transaction did Carlsmed (CARL) report for Niall Casey?

Carlsmed reported that Niall Casey received 44,977 restricted stock units. Each RSU represents a right to one share of common stock, vesting over three years in equal annual installments starting one year after the January 28, 2026 grant date.

How many Carlsmed (CARL) shares does Niall Casey own after this Form 4?

After the reported transaction, Niall Casey beneficially owned 982,562 shares of Carlsmed common stock. The filing lists this ownership as direct and reflects the position following the January 28, 2026 RSU grant reported on the Form 4.

What are the vesting terms of the 44,977 RSUs granted by Carlsmed (CARL)?

The 44,977 restricted stock units vest in three equal annual installments. Vesting begins on the first anniversary of the January 28, 2026 grant date, with each RSU representing a contingent right to receive one share of Carlsmed common stock.

What role does Niall Casey hold at Carlsmed (CARL) in this filing?

In the filing, Niall Casey is identified as both a director and an officer of Carlsmed, serving as Chief IP Officer. This dual role is specifically indicated in the relationship section of the Form 4 submitted for the January 28, 2026 transaction.

Was there any purchase price for the Carlsmed (CARL) RSUs granted to Niall Casey?

The RSU-related acquisition was reported at a price of $0 per share. The Form 4 shows 44,977 common stock equivalents acquired with transaction code “A,” with a stated price per share of 0.0000 in the non-derivative securities table.

How does the Carlsmed (CARL) Form 4 describe the RSUs granted to Niall Casey?

The Form 4 explains that each restricted stock unit represents a contingent right to receive one share of Carlsmed common stock. It further states that the RSUs vest in three equal annual installments beginning on the first anniversary of the grant date.