$CARL

CARLSMED, INC.

CIK:0001794546|SEC Filings

Condensed Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 18,940,000	$ 12,083,000	$ 35,056,000	$ 22,272,000
Cost of sales	4,398,000	3,214,000	8,089,000	5,767,000
Gross profit	14,542,000	8,869,000	26,967,000	16,505,000
Operating expenses:
Research and development	6,040,000	4,160,000	11,218,000	7,310,000
Sales and marketing	11,920,000	7,869,000	22,217,000	14,608,000
General and administrative	7,618,000	3,342,000	13,844,000	6,808,000
Total operating expenses	25,578,000	15,371,000	47,279,000	28,726,000
Loss from operations	(11,036,000)	(6,502,000)	(20,312,000)	(12,221,000)
Other income (expense):
Interest expense	(313,000)	(363,000)	(624,000)	(720,000)
Interest income	839,000	336,000	1,730,000	716,000
Change in fair value of warrant liabilities	0	(237,000)	0	(270,000)
Total other income (expense), net	526,000	(264,000)	1,106,000	(274,000)
Net loss	(10,510,000)	(6,766,000)	(19,206,000)	(12,495,000)
Deemed dividend to preferred stockholders	0	0	0	(584,000)
Net loss attributable to common stockholders	(10,510,000)	(6,766,000)	(19,206,000)	(13,079,000)
Net loss	(10,510,000)	(6,766,000)	(19,206,000)	(12,495,000)
Unrealized loss on available-for-sale debt securities	(17,000)	0	(17,000)	0
Total other comprehensive loss	(17,000)	0	(17,000)	0
Total comprehensive loss	$ (10,527,000)	$ (6,766,000)	$ (19,223,000)	$ (12,495,000)
Net loss per share attributable to common stockholders, basic	$ (0.39)	$ (1.47)	$ (0.71)	$ (2.94)
Net loss per share attributable to common stockholders, diluted	$ (0.39)	$ (1.47)	$ (0.71)	$ (2.94)
Weighted-average number of common shares used to compute basic net loss per share	27,190,765	4,589,717	27,003,868	4,445,384
Weighted-average number of common shares used to compute diluted net loss per share	27,190,765	4,589,717	27,003,868	4,445,384

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (19,206)	$ (12,495)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]
Depreciation and amortization	229	101
Stock-based compensation	3,900	433
Non-cash interest	72	108
Gain on termination of lease	(52)	0
Loss on remeasurement of warrant liabilities	0	270
Non-cash lease expense	399	219
Provision for credit losses	1,141	338
Provision for excess and obsolete inventory	1,144	872
Accretion of discount on marketable securities	(89)	0
Other non-cash items	21	0
Changes in operating assets and liabilities:
Accounts receivable, net	(3,554)	(3,282)
Inventory	(1,574)	(945)
Prepaid expenses and other assets	(624)	(500)
Accounts payable	(861)	1
Accrued liabilities	848	(78)
Accrued compensation	(1,884)	(157)
Lease liabilities	(275)	(82)
Net cash used in operating activities	(20,365)	(15,197)
Cash flows from investing activities:
Purchase of short-term investments	(12,000)	0
Proceeds from maturities of short-term investments	12,000	0
Purchase of marketable securities	(18,908)	0
Purchase of property and equipment	(200)	(410)
Capitalized internal use software costs	(755)	(374)
Payment of initial direct costs related to operating leases	0	(126)
Net cash used in investing activities	(19,863)	(910)
Cash flows from financing activities:
Payments for deferred initial public offering costs	0	(2,648)
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs	0	11,919
Proceeds from exercises of stock options	472	183
Proceeds from employee stock plan purchases	207	0
Net cash provided by financing activities	679	9,454
(Decrease) increase in cash, cash equivalents, and restricted cash	(39,549)	(6,653)
Cash, cash equivalents, and restricted cash at beginning of the period	85,893	40,225
Cash, cash equivalents, and restricted cash at end of the period	46,344	33,572
Supplemental Disclosure of Noncash Investing and Financing Activities:
Right-of-use asset obtained in exchange for lease liability	5,027	593
Property and equipment obtained in exchange for lease liability	270	0
Vesting of early exercised common stock options	21	20
Unpaid deferred offering and issuance costs	144	1,190
Capitalized internal use software included in accounts payable and accrued liabilities	59	0
Cash, Cash Equivalents, and Restricted Cash Information:
Cash and cash equivalents, beginning of period	85,793	40,125
Restricted cash, beginning of period	100	100
Cash, cash equivalents, and restricted cash, beginning of period	46,344	33,572
Cash and cash equivalents, end of period	46,244	33,472
Restricted cash, end of period	100	100
Cash, cash equivalents, and restricted cash, end of period	$ 46,344	$ 33,572

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 46,244	$ 85,793
Restricted cash	100	100
Short-term investments	24,000	24,000
Marketable securities	18,980	0
Accounts receivable, net of allowances of $2,794 and $1,653, as of June 30, 2026 and December 31, 2025, respectively	13,775	11,362
Inventory	2,275	1,845
Prepaid expenses and other current assets	4,224	3,573
Total current assets	109,598	126,673
Property and equipment, net	2,400	1,487
Operating lease right-of-use assets	5,951	1,826
Other assets	253	134
Total assets	118,202	130,120
Current liabilities:
Accounts payable	3,704	4,481
Accrued liabilities	4,113	3,287
Accrued compensation	3,877	5,760
Short-term operating lease liabilities	703	752
Total current liabilities	12,397	14,280
Long-term portion of term loan, net	15,382	15,346
Long-term operating lease liabilities	5,832	1,316
Other long-term liabilities	345	309
Total liabilities	33,956	31,251
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 600,000,000 shares authorized, 27,267,575 shares issued, and 27,225,759 shares outstanding as of June 30, 2026; 600,000,000 shares authorized, 26,664,243 shares issued, and 26,604,505 shares outstanding as of December 31, 2025	0	0
Additional paid-in capital	204,274	199,674
Accumulated deficit	(120,011)	(100,805)
Accumulated other comprehensive loss	(17)	0
Total stockholders' equity	84,246	98,869
Total liabilities and stockholders' equity	$ 118,202	$ 130,120