CARLSMED, INC. SEC Filings

Carlsmed, Inc. reports rapid 2025 growth as it scales its AI‑enabled aprevo Technology Platform for personalized spine fusion. Revenue rose to $50.5 million from $27.2 million, an 85.9% increase, with gross margin improving to 75.3%.

The company remains in investment mode, with net loss widening to $29.6 million and accumulated deficit reaching $100.8 million. Carlsmed focuses on U.S. lumbar and cervical spine fusion, supported by multiple FDA 510(k) clearances, dedicated reimbursement codes, and early clinical evidence suggesting better alignment and lower revision rates versus traditional stock implants.

The platform had 253 surgeon users as of December 31, 2025, up from 152 a year earlier, and has treated more than 3,200 patients. Management sees a U.S. addressable market of about $13.4 billion for lumbar and $6 billion for cervical devices, and is expanding indications, product breadth, and clinical registries to support broader adoption.

Carlsmed, Inc. reported rapid growth in its AI-enabled spine surgery business for 2025, with revenue rising to $50.5 million, an 86% increase from 2024. Fourth quarter revenue reached $15.2 million, up 61% year over year, while gross margin improved to 76.5%, showing strong unit economics.

Growth is being driven by new products like the aprevo® cervical system, the myaprevo® ecosystem, and first-in-human procedures for personalized spine implants. Operating expenses increased to $68.6 million in 2025 as the company invested in R&D and sales, resulting in a net loss of $29.6 million and Adjusted EBITDA loss of $28.4 million.

Carlsmed ended 2025 with $109.9 million in cash, restricted cash, and short-term investments, providing funding for continued expansion. For 2026, it expects revenue between $70 million and $75 million, implying about 44% growth at the midpoint over 2025.

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.

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.

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.