[Form 4] CARLSMED, INC. Insider Trading Activity

Rhea-AI Filing Summary

Carlsmed, Inc. reported that Chief Commercial Officer William Scott Durall acquired 44,977 shares of common stock on January 28, 2026 at a price of $0 per share. These shares relate to restricted stock units, each representing the right to receive one share of common stock.

The RSUs will vest in three equal annual installments beginning on the first anniversary of the grant date, providing Durall with equity that vests over a multi-year period as long as the vesting conditions are met.

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).

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^*

Durall William Scott

(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)
	Chief Commercial 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	44,977	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 William Scott Durall	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.
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.

FAQ

What insider transaction did Carlsmed (CARL) disclose for January 28, 2026?

Carlsmed disclosed that Chief Commercial Officer William Scott Durall acquired 44,977 shares of common stock on January 28, 2026. The shares were received at a price of $0 per share in connection with a restricted stock unit equity grant.

Who is the reporting person in this Carlsmed (CARL) Form 4 filing?

The reporting person is William Scott Durall, Chief Commercial Officer of Carlsmed, Inc. He filed individually and is reported as an officer, but not as a director or 10% owner, for this equity award transaction.

How many Carlsmed (CARL) shares does William Scott Durall hold after this transaction?

Following the reported transaction, William Scott Durall beneficially owns 44,977 shares of Carlsmed common stock. This reflects the full amount of the restricted stock unit grant reported as acquired on January 28, 2026.

What are the terms of the Carlsmed (CARL) RSUs granted to the CCO?

Each restricted stock unit represents a contingent right to receive one share of Carlsmed common stock. The RSUs vest in three equal annual installments, starting on the first anniversary of the January 28, 2026 grant date, subject to continued vesting conditions.

Was there any cash paid in the Carlsmed (CARL) insider equity grant?

No cash was paid for these shares. The Form 4 shows that 44,977 shares of common stock were acquired at a price of $0 per share, consistent with a stock-based compensation grant of restricted stock units.

Is the Carlsmed (CARL) Form 4 transaction direct or indirect ownership?

The Form 4 lists the ownership form as direct, indicating that the 44,977 shares underlying the restricted stock units are directly attributable to William Scott Durall, without an intermediary entity reported in this filing.