Carlsmed COO Jeffrey Bertolini sells 243 shares

Rhea-AI Filing Summary

Carlsmed, Inc. Chief Operating Officer Jeffrey Bertolini exercised stock options covering 243 shares of common stock on September 30, 2026, at an exercise price of $2.2320 per share, then sold 243 shares at $13.9900 per share under a Rule 10b5-1 trading plan adopted March 12, 2026. The reported stock-option position following the exercise was 5,825 shares. The option terms state that 25% of the original number of shares subject to the option vested on September 30, 2025, and the remaining 75% will vest in 1/36th installments on a monthly basis thereafter, subject to continued service through each vesting date.

Insider Trade Summary 10b5-1

Exercise and Sale: 243 shares ($3K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Bertolini Jeffrey

Role Chief Operating Officer

Sold 243 shs ($3K)

Approx. gross sale proceeds $3K

Approx. exercise cost $542.38

Approx. pre-tax spread $3K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F2	243	$0.00	$0.00
Exercise	Common Stock	243	$2.232	$542.38
Sale	Common Stock F1	243	$13.99	$3K

Holdings After Transaction: Stock Option (Right to Buy) — 5,825 contracts (Direct); Common Stock — 22,489 shares (Direct)

Footnotes (2)

1. F1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 12, 2026.
2. F2. 25% of the original number of shares subject to the stock option vested on September 30, 2025, and the remaining 75% of the original number of shares subject to the stock option will vest in 1/36th installments on a monthly basis thereafter, subject to the Reporting Person's continued service through each such vesting date.

Key Figures

Shares exercised: 243 shares Exercise price: $2.2320 per share Shares sold: 243 shares +2 more

5 metrics

Shares exercised 243 shares Stock-option exercise on September 30, 2026

Exercise price $2.2320 per share Stock-option exercise on September 30, 2026

Shares sold 243 shares Common stock sale on September 30, 2026

Sale price $13.9900 per share Common stock sale on September 30, 2026

Stock-option shares following exercise 5,825 shares Reported position following the September 30, 2026 exercise

Key Terms

Rule 10b5-1 trading plan, stock option, 1/36th installments

3 terms

Rule 10b5-1 trading plan regulatory

"sales reported were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

stock option financial

"shares subject to the stock option"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

1/36th installments financial

"will vest in 1/36th installments on a monthly basis"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares did CARL COO Jeffrey Bertolini sell, and at what price?

Jeffrey Bertolini sold 243 shares of common stock at $13.9900 per share on September 30, 2026. The sale was made under a Rule 10b5-1 trading plan adopted March 12, 2026.

What option position did the CARL report show after Jeffrey Bertolini’s exercise?

Bertolini exercised options covering 243 shares of common stock at an exercise price of $2.2320 per share. The reported stock-option position following the exercise was 5,825 shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/01/2026 - 05:35 PM Accepted by SEC EDGAR 10/01/2026 - 05:35 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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^*

Bertolini Jeffrey

(Last) (First) (Middle)

1800 ASTON AVENUE

SUITE 100

(Street)

CARLSBAD CALIFORNIA 92008

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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

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

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

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	09/30/2026		M		243	A	$2.232	22,732	D
Common Stock	09/30/2026		S(1)		243	D	$13.99	22,489	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
Stock Option (Right to Buy)	$2.232	09/30/2026		M			243	(2)	11/12/2034	Common Stock	243	$0	5,825	D

Explanation of Responses:

1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 12, 2026.

2. 25% of the original number of shares subject to the stock option vested on September 30, 2025, and the remaining 75% of the original number of shares subject to the stock option will vest in 1/36th installments on a monthly basis thereafter, subject to the Reporting Person's continued service through each such vesting date.

	/s/ Michael Cordonnier, as attorney-in-fact for Jeffrey Bertolini	10/01/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)