CARL at a glance
CARLSMED, INC. (CARL, SEC CIK 1794546) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on September 30, 2026 and Form 4 insider filings as recently as October 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), CARLSMED, INC. (CARL) reported revenue of $50.5 million (up 85.9% from FY2024) and a net loss of $29.6 million. Diluted EPS was -$2.12.
- As of June 30, 2026, 19 institutional investment managers tracked by SignalX reported holding CARLSMED, INC. (CARL) shares worth $18.0 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Bertolini Jeffrey on October 5, 2026 of 747 shares at $14.39 per share.
- In the last 90 days, CARL insiders reported 0 open-market purchases ($0) and 2 open-market sales ($14K) on Form 4, a net sale of $14K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $50.5M
- +85.9% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$14K
- 13F holders
- 19 funds
- $18.0M · +3 vs prior quarter
- Latest 8-K
- Sep 30, 2026
- Item 7.01 · Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: proprietary aprevo platform for personalized spine fusion surgical implants using AI-driven surgical planning software
- New: 2025 launch of FDA-cleared aprevo cervical spine fusion technology and personalized cervical plating solutions
- Strategic shift: July 2025 IPO converted all preferred stock to common, enhanced equity capital structure and reclassified warrants to equity
- Quantitative: cash and short-term investments grew to $109.9M in 2025 from $40.2M in 2024, revenue increased $50.5M (+86%)
- Noteworthy: executed a 1-for-5.58 reverse stock split in July 2025 concurrent with IPO and significant equity recapitalization
Management Discussion & Analysis
- No revenue, segment, or profitability details disclosed in this MD&A excerpt
- Risks highlighted on liquidity due to loan covenants and uninsured cash deposits exposure
- No dividends planned; future returns depend solely on stock price appreciation
- Potential dilution from future equity issuances per 2025 Equity Incentive and Employee Stock Purchase Plans
- Forward risks: regulatory compliance costs, internal control requirements, stock price volatility, and acquisition integration uncertainties
AI summary of the CARL 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- No material changes identified; filing provides only forward-looking risk references, not a substantive Risk Factors section
- Regulatory risk: aprevo Technology Platform requires applicable regulatory approvals before commercialization
- Operational risk: reliance on a limited number of contract manufacturing organizations
- Market risk: surgeon and hospital adoption may not meet expectations
- Financial risk: potential need for additional financing and capital availability uncertainty
AI summary of the CARL 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Heppenstall appointed Chief Financial Officer effective September 28, 2026
- Leadership change potentially relevant to financial reporting, capital strategy, and investor communications
Item 5.02: Departure/Appointment of Directors or Principal Officers
- CFO Leo Greenstein departed September 25, 2026 without accounting or internal-control disagreements
- Separation package includes $500,000 cash, pro-rated 2026 incentive, COBRA for 12 months, and accelerated equity vesting
Item EX-99.1: Item EX-99.1
- Richard Heppenstall appointed CFO effective immediately, replacing Leo Greenstein after three years
- Heppenstall brings nearly 30 years across healthcare, life sciences, and technology, including CFO experience at ZimVie and Breg
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Jeffrey Bertolini appointed Chief Operating Officer effective September 8, 2026
- Internal promotion from Senior Vice President, Operational Excellence, supporting operational continuity
Item 7.01: Regulation FD Disclosure
- Bertolini appointed Chief Operating Officer, signaling a leadership change in day-to-day operations
- Appointment details and management rationale contained in Exhibit 99.1 press release
Item EX-99.1: Item EX-99.1
- Jeff Bertolini promoted to Chief Operating Officer, effective immediately
- Leadership change elevates operations executive with prior SI-BONE, NuVasive, and US Surgical experience
Item EX-99.1: Item EX-99.1
- Q2 revenue $18.9M, up 57% year-over-year, confirming accelerating adoption of aprevo spine procedures
- Gross margin expanded to 76.8% from 73.4%, supporting stronger operating leverage as production scales
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 financial results for quarter ended June 30, 2026
- Press release issued August 5, 2026
AI summaries of CARL 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for CARL
Don't miss the next CARL filing
- Alerts as it files. A push when CARL files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut CARL, by share count.
- Ask anything. An AI agent that reads every CARL filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Bertolini Jeffrey | M | Oct 5, 2026 | 747 | - |
| Bertolini Jeffrey | Sell | Oct 5, 2026 | 747 | $14.39 |
| Bertolini Jeffrey | M | Oct 5, 2026 | 747 | $5.92 |
| Bertolini Jeffrey | M | Sep 30, 2026 | 243 | - |
| Bertolini Jeffrey | Sell | Sep 30, 2026 | 243 | $13.99 |
| Bertolini Jeffrey | M | Sep 30, 2026 | 243 | $2.23 |
| Heppenstall Richard | A | Sep 28, 2026 | 180,137 | - |
| Heppenstall Richard | A | Sep 28, 2026 | 89,286 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $27.2M | $50.5M |
| Gross Profit | - | $20.0M | $38.0M |
| Operating Income | - | -$24.1M | -$30.6M |
| Net Income | - | -$24.3M | -$29.6M |
| Gross Margin | - | 73.8% | 75.3% |
| Op. Margin | - | -88.8% | -60.5% |
| Net Margin | - | -89.3% | -58.7% |
| Balance Sheet | |||
| Total Assets | - | $51.8M | $130.1M |
| Equity | -$46.1M | -$70.6M | $98.9M |
| ROE | - | 34.3% | -30.0% |
| Per Share | |||
| EPS | - | $-6.11 | $-2.12 |
| Cash Flow | |||
| Operating CF | - | -$25.5M | -$29.0M |
| CapEx | - | $180K | $642K |
Source: XBRL data in CARLSMED, INC. (CARL)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate CARL share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 19 | $18.0M |
| Q1 2026 | 16 | $9.7M |
| Q4 2025 | 15 | $14.2M |
| Q3 2025 | 15 | $12.4M |
- BlackRock+85.7K (+19%)
- Citadel Advisors LLC+57.1K (+128%)
- Goldman Sachs Group+40.5K (+179%)
- State Street Corp+19.4K (+17%)
- Morgan Stanley+19.3K (+169%)
- Vanguard Capital Management LLC−37.4K (-14%)
- Bank of America Corp−5.2K (-33%)
- FMR LLC (Fidelity)−141 (-11%)
- Millennium Management+295.9K
- AQR Capital Management+92.2K
- D.E. Shaw & Co+60.4K
- Two Sigma Investments+18.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 65 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
CARL filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Sep 30, 2026 | - | - | - |
| 8-K | Sep 30, 2026 | - | Analysis | - |
| 4 | Sep 15, 2026 | - | - | - |
| 4 | Sep 10, 2026 | - | - | - |
| 8-K | Sep 8, 2026 | - | Analysis | - |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 22, 2026 | - | - | - |
| 8-K | Jun 3, 2026 | - | Analysis | |
| 8-K | May 5, 2026 | - | Analysis | - |
| 10-Q | May 5, 2026 | Mar 31, 2026 | Analysis | |
| 4 | Mar 4, 2026 | - | - | - |
| 10-K | Feb 25, 2026 | Dec 31, 2025 | Analysis | |
| 8-K | Feb 25, 2026 | - | Analysis | - |
| 4 | Jan 30, 2026 | - | - | |
| 4 | Jan 30, 2026 | - | - | |
| 4 | Jan 30, 2026 | - | - | |
| 4 | Jan 30, 2026 | - | - | |
| 8-K | Jan 12, 2026 | - | - | |
| SC 13G | Nov 14, 2025 | - | - |
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CARL SEC filings: frequently asked questions
Are CARL insiders buying or selling?
In the last 90 days, CARLSMED, INC. (CARL) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $14,149 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold CARL stock?
As of June 30, 2026, the largest CARLSMED, INC. (CARL) holders among the 13F filers tracked by SignalX were BlackRock ($5.5 million), Millennium Management ($3.1 million), Vanguard Capital Management LLC ($2.5 million), State Street Corp ($1.4 million), Citadel Advisors LLC ($1.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was CARL's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), CARLSMED, INC. (CARL) reported revenue of $50.5 million (up 85.9% from FY2024) and a net loss of $29.6 million. Diluted EPS was -$2.12. The figures come from the XBRL data in the 10-K.
What did CARL report in its latest 8-K?
CARLSMED, INC. (CARL) filed an 8-K on September 30, 2026 reporting Item 7.01 (Regulation FD Disclosure) and Item 5.02 (Departure/Appointment of Directors or Principal Officers). Heppenstall appointed Chief Financial Officer effective September 28, 2026.
What are the latest CARL SEC filings?
CARLSMED, INC. (CARL) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on September 30, 2026 and a Form 4 insider filing on October 6, 2026.
What is CARL's SEC CIK number?
CARLSMED, INC. (CARL)'s SEC Central Index Key (CIK) is 1794546. EDGAR lists every CARL filing under that number.
Ask anything about CARL
The research agent reads CARL's filings, financials, insider trades and 13F holders, then answers with sources.