CARLSMED, INC. — Director's Dealing 2025

Jul 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARLSMED, INC. (CARL)
CIK: 0001794546
Period of Report: 2025-07-24

Reporting Person: Presidio Management Group XII, L.L.C. (N/A)
Reporting Person: U.S. Venture Partners XII, L.P. (10% Owner)
Reporting Person: Tansey Casey M (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-24	Common Stock	C	2948794	—	Acquired	2948794	Indirect
2025-07-24	Common Stock	C	825135	—	Acquired	3773929	Indirect
2025-07-24	Common Stock	C	531877	—	Acquired	4305806	Indirect
2025-07-24	Common Stock	C	149655	—	Acquired	149655	Indirect
2025-07-24	Common Stock	C	41876	—	Acquired	191531	Indirect
2025-07-24	Common Stock	C	26993	—	Acquired	218524	Indirect
2025-07-24	Common Stock	C	1117743	—	Acquired	1117743	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-24	Preferred Series A Stock	$	C	2948794	Disposed		Common Stock (2948794)	Indirect
2025-07-24	Preferred Series B Stock	$	C	825135	Disposed		Common Stock (825135)	Indirect
2025-07-24	Preferred Series C Stock	$	C	531877	Disposed		Common Stock (531877)	Indirect
2025-07-24	Preferred Series A Stock	$	C	149655	Disposed		Common Stock (149655)	Indirect
2025-07-24	Preferred Stock Series B	$	C	41876	Disposed		Common Stock (41876)	Indirect
2025-07-24	Preferred Series C Stock	$	C	26993	Disposed		Common Stock (26993)	Indirect
2025-07-24	Preferred Series C Stock	$	C	1117743	Disposed		Common Stock (1117743)	Indirect

Footnotes

F1: These shares of preferred stock are reported after giving effect to the 1-for-5.58 reverse split of the Issuer's common and preferred stock effected on July 10, 2025 (the "Reverse Split"). Each share of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock is convertible into one share of the Issuer's common stock immediately prior to the closing of the Issuer's initial public offering. These shares are reported in Table II above on an as-converted 1-to-1 basis with no additional consideration and have no expiration date.

F2: Stock held by U.S. Venture Partners XII, L.P. ("USVP XII").

F3: Presidio Management Group XII, L.L.C ("PMG XII") is the general partner of USVP XII and U.S. Venture Partners XII-A, L.P. ("USVP XII-A", and together with USVP XII, the "USVP XII Funds"). Presidio Management Group Select Fund I, L.L.C ("PMG SFI", and, together with USVP XII, USVP XII-A, U.S. Venture Partners Select Fund I, L.P. ("USVP SFI"), U.S. Venture Partners Select Fund I-A, L.P. ("USVP SFI-A"), and PMG XII, "USVP") is the general partner of USVP SFI and USVP SFI-A. PMG XII and PMG SFI may be deemed to share voting and dispositive power over the stock held by USVP.

F4: Each of Jonathan D. Root, Richard W. Lewis, Dafina Toncheva and Steven M. Krausz, are managing members of PMG XII, who may be deemed to share voting and dispositive power over the reported securities held by the USVP XII Funds. In addition, Casey M. Tansey is the managing partner of PMG XII and may be deemed to share voting and dispositive power over the reported securities held by the USVP XII Funds. Each such persons and entities disclaim beneficial ownership of the reported securities held by the USVP XII Funds, except to the extent of any pecuniary interest therein.

F5: Stock Held by USVP XII-A.

F6: Stock held by USVP SFI, on its own behalf and as nominee for USVP SFI-A.