<SEC-DOCUMENT>0000950170-25-097646.txt : 20250722
<SEC-HEADER>0000950170-25-097646.hdr.sgml : 20250722
<ACCEPTANCE-DATETIME>20250722173115
ACCESSION NUMBER:		0000950170-25-097646
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250722
FILED AS OF DATE:		20250722
DATE AS OF CHANGE:		20250722

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Greenstein Leonard M.
		CENTRAL INDEX KEY:			0001519692
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42756
		FILM NUMBER:		251141183

	MAIL ADDRESS:	
		STREET 1:		24562 BELGREEN PLACE
		CITY:			LAKE FOREST
		STATE:			CA
		ZIP:			92630

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARLSMED, INC.
		CENTRAL INDEX KEY:			0001794546
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				831081863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1800 ASTON AVENUE
		STREET 2:		SUITE 100
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008
		BUSINESS PHONE:		858-295-9290

	MAIL ADDRESS:	
		STREET 1:		1800 ASTON AVENUE
		STREET 2:		SUITE 100
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-07-22</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001794546</issuerCik>
        <issuerName>CARLSMED, INC.</issuerName>
        <issuerTradingSymbol>CARL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001519692</rptOwnerCik>
            <rptOwnerName>Greenstein Leonard M.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CARLSMED, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1800 ASTON AVE., SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>CARLSBAD</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92008</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CFO, Treasurer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>143369</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.17</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2033-08-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>83673</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These shares of common stock are reported after giving effect to the 1-to-5.58 reverse split of the Issuer's common and preferred stock, effected on July 10, 2025 (the &quot;Reverse Split&quot;).</footnote>
        <footnote id="F2">These options are reported after giving effect to the Reverse Split of the Issuer's common stock.</footnote>
        <footnote id="F3">Includes 83,673 stock options convertible into approximately 83,673 shares of the Issuer's common stock, which began to vest on August 14, 2023. 40,093 of these stock options are fully vested and exercisable stock options convertible into approximately 40,093 shares of the Issuer's common stock and 43,580 are unvested stock options convertible into approximately 43,580 shares of the Issuer's common stock and will be fully vested on August 14, 2027.</footnote>
        <footnote id="F4">The exercise price has been adjusted to reflect the Reverse Split.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Leonard Greenstein</signatureName>
        <signatureDate>2025-07-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>carl-ex24.htm
<DESCRIPTION>EX-24
<TEXT>
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  <title>EX-24</title>
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  <div style="padding-top:0.5in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Aptos',sans-serif;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;margin-right:13.333%;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">POWER OF ATTORNEY FOR SECTION 16 REPORTING PURPOSES</font></p><p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;margin-right:13.333%;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Michael Cordonnier, with full power of substitution, as the undersigned&#x2019;s true and lawful attorney-in-fact to: (1) execute for and on behalf of the undersigned, in the undersigned&#x2019;s capacity as an officer and/or director of Carlsmed, Inc. (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Company</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#x201d;), Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Exchange Act</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#x201d;), and the rules thereunder; (2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and execute any amendment or amendments thereto, and timely file such forms or amendments with the United States Securities and Exchange Commission and any stock exchange or similar authority; and (3) take any other action of any type whatsoever in connection with the foregoing, which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in any such attorney-in-fact&#x2019;s discretion.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&#x2019;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of the Exchange Act.</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned&#x2019;s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of July 10, 2025.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;margin-right:13.333%;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;margin-right:13.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">By: </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline solid;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">/s/ Leonard Greenstein</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">_____________</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;margin-right:13.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Name: Leonard Greenstein</font></p></div>
  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Aptos',sans-serif;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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</SEC-DOCUMENT>
