<SEC-DOCUMENT>0000950170-25-098545.txt : 20250724
<SEC-HEADER>0000950170-25-098545.hdr.sgml : 20250724
<ACCEPTANCE-DATETIME>20250724203446
ACCESSION NUMBER:		0000950170-25-098545
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250722
FILED AS OF DATE:		20250724
DATE AS OF CHANGE:		20250724

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Durall William Scott
		CENTRAL INDEX KEY:			0001818744
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42756
		FILM NUMBER:		251148270

	MAIL ADDRESS:	
		STREET 1:		520 LAKE COOK ROAD
		STREET 2:		SUITE 315
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015

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>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

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

    <notSubjectToSection16>false</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001818744</rptOwnerCik>
            <rptOwnerName>Durall William Scott</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>Chief Commercial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-07-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>71429</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2035-07-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>71429</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>296008</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The unvested stock options are convertible into approximately 71,429 shares of the Issuer's common stock and will begin to vest in equal installments on each quarterly anniversary of July 22, 2025 (the &quot;Grant Date&quot;), such that all of the stock options will be vested on the fourth anniversary of the Grant Date, provided that the Reporting Person remains in continuous service through each applicable vesting date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Leonard Greenstein, as attorney-in-fact, for William Scott Durall</signatureName>
        <signatureDate>2025-07-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
