Carlsmed, Inc. filings document the regulatory record of a commercial-stage medical technology company developing AI-enabled personalized spine surgery solutions. Recent 8-K filings report results of operations and financial condition, including furnished earnings releases tied to the company’s aprevo® platform, product activity and revenue outlook.
The company’s SEC materials also cover emerging growth company status, annual meeting and proxy governance matters, and capital-structure disclosures. Material-event filings include amendments to loan and security arrangements, credit facility terms, warrant-related disclosures and other financing matters relevant to Carlsmed’s public-company reporting.
Carlsmed, Inc. CEO and President Michael Cordonnier, who also serves as a director, received an equity award of 117,316 shares of common stock on January 28, 2026. These are restricted stock units, each convertible into one share, vesting in three equal annual installments starting on the first anniversary of the grant date. Following this grant, he beneficially owned 1,356,646 shares of Carlsmed common stock in direct ownership.
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.
Carlsmed, Inc. filed a current report to disclose that it has issued a press release announcing its preliminary, unaudited revenue for the year ended December 31, 2025. The company furnished the full text of this press release as Exhibit 99.1, stating that it is incorporated by reference in the report but will not be treated as filed for liability purposes under the Exchange Act. The filing also notes that Carlsmed’s common stock trades on The Nasdaq Stock Market LLC under the symbol CARL.
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.
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.
Carlsmed, Inc. filed a current report to disclose that it has released its financial results for the quarter ended June 30, 2025. On August 28, 2025, the company issued a press release with these quarterly results, which is included as Exhibit 99.1 to the report.
The press release describing the quarter’s results is being furnished rather than filed, meaning it is not automatically subject to certain liability provisions and is not automatically incorporated into other securities filings unless specifically referenced. The company’s common stock, with a par value of $0.00001 per share, trades on The Nasdaq Stock Market LLC under the symbol CARL.
Carlsmed, Inc. filed a current report to disclose that it has released its financial results for the quarter ended June 30, 2025. On August 28, 2025, the company issued a press release with these quarterly results, which is included as Exhibit 99.1 to the report.
The press release describing the quarter’s results is being furnished rather than filed, meaning it is not automatically subject to certain liability provisions and is not automatically incorporated into other securities filings unless specifically referenced. The company’s common stock, with a par value of $0.00001 per share, trades on The Nasdaq Stock Market LLC under the symbol CARL.