CARLSMED, INC.
CARL · Surgical & Medical Instruments & Apparatus · 27.2M shares · EDGAR filings ↗
Reference price $13.29 · est. market cap ~$361M — last insider sale, 2026-03-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Medical-device company (AI-enabled personalized spinal-implant systems) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 8.9 (90th)
Risks
- Operating/net losses & cash burn — per metrics
- heavy cash burn during commercialization (recently public) — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- No interest coverageInterest coverage -21.38 (cannot cover interest)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-29.6M)
- Strong balance sheetStrong balance sheet — $110M cash & investments, ~15 quarters of runway
- FDA approvalFDA clearance/approval — aprevo® anterior and lateral lumbar interbody system; aprevo® posterior and tran (2026-05-09)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
Key metrics
Return on equity
-30.0%
Return on assets
-22.8%
ROIC
-21.1%
Debt / equity
0.2×
Interest coverage
-21.4×
Current ratio
8.9×
Free cash flow
-$30M
EBITDA
-$30M
Tangible book value
$99M
Cash & investments
$110M
Cash runway
15q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Sidow Kevin | Grant | 14K | — |
| 2026-06-03 | YOUNG PHILIP M | Grant | 14K | — |
| 2026-06-03 | OBOYLE KEVIN C | Grant | 14K | — |
| 2026-06-03 | ROOT JONATHAN D | Grant | 14K | — |
| 2026-03-03 | Cordonnier Michael | Option exercise | 161K | $0.34 |
| 2026-03-03 | Cordonnier Michael | Option exercise | 33K | $4.35 |
| 2026-03-02 | Cordonnier Michael | Sell | 198K | $13.29 |
| 2026-03-02 | Cordonnier Michael | Option exercise | 198K | $0.34 |
| 2026-01-28 | Casey Niall | Grant | 45K | — |
| 2026-01-28 | Cordonnier Michael | Grant | 117K | — |
| 2026-01-28 | Greenstein Leonard M. | Grant | 45K | — |
| 2026-01-28 | Durall William Scott | Grant | 45K | — |
| 2025-07-24 | Cordonnier Michael | Option exercise | 3.6K | — |
| 2025-07-24 | YOUNG PHILIP M | Buy | 53K | $15.00 |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 2.9M | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 825K | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 532K | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 150K | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 42K | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 27K | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Conversion | 1.1M | — |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Conversion | 3.7M | — |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Buy | 1.3M | $15.00 |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Conversion | 2.4M | — |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Conversion | 931K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 1.1M | — |
| 2025-07-24 | ROOT JONATHAN D | Buy | 467K | $15.00 |
| 2025-07-24 | YOUNG PHILIP M | Conversion | 29K | — |
| 2025-07-24 | YOUNG PHILIP M | Buy | 6.7K | $15.00 |
| 2025-07-24 | Sidow Kevin | Option exercise | 29K | — |
| 2025-07-24 | Sidow Kevin | Buy | 13K | $15.00 |
| 2025-07-24 | Mittendorff Robert II | Conversion | 3.7M | — |
| 2025-07-24 | Mittendorff Robert II | Buy | 1.3M | $15.00 |
| 2025-07-24 | Mittendorff Robert II | Conversion | 2.4M | — |
| 2025-07-24 | Mittendorff Robert II | Conversion | 931K | — |
| 2025-07-24 | Casey Niall | Option exercise | 3.6K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 2.9M | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 825K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 532K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 150K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 42K | — |
| 2025-07-24 | ROOT JONATHAN D | Conversion | 27K | — |
| 2025-07-22 | Sidow Kevin | Grant | 17K | — |
| 2025-07-22 | OBOYLE KEVIN C | Grant | 17K | — |
| 2025-07-22 | YOUNG PHILIP M | Grant | 17K | — |
| 2025-07-22 | ROOT JONATHAN D | Grant | 17K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-10-30 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-08-28 | ResultsExhibits | filing ↗ |
| 2025-07-24 | 5.03OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-03 | 0001193125-26-255404 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001794546-26-000011 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001794546-26-000010 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001193125-26-071551 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-071512 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009828 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269545 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269469 ↗ |
| 8-K | 2025-10-30 | 2025-10-29 | 0001193125-25-258525 ↗ |
| 10-Q | 2025-08-28 | 2025-06-30 | 0000950170-25-111953 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0000950170-25-111947 ↗ |
| 8-K | 2025-07-24 | 2025-07-24 | 0000950170-25-098327 ↗ |