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10-K

Annual Report

CARLSMED, INC. CARL

0001193125-26-071551

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Filed
Feb 25, 2026 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding FY 2025 · Feb 23, 2026 26.73M sh
Shares Diluted FY 2025 · Dec 31, 2025 14.22M sh
Shares Diluted FY 2025 · Dec 31, 2024 4.07M sh
Capex FY 2025 · Dec 31, 2025 $642K
Capex FY 2025 · Dec 31, 2024 $180K
Operating Cash Flow FY 2025 · Dec 31, 2025 −$28.98M
Operating Cash Flow FY 2025 · Dec 31, 2024 −$25.47M
Long Term Debt FY 2025 · Dec 31, 2025 $15.35M
Long Term Debt FY 2025 · Dec 31, 2024 $15.41M
Short Term Investments FY 2025 · Dec 31, 2025 $24M
Short Term Investments FY 2025 · Dec 31, 2024 $0
Cash And Equivalents FY 2025 · Dec 31, 2025 $85.79M
Cash And Equivalents FY 2025 · Dec 31, 2024 $40.13M
Cash And Equivalents FY 2025 · Dec 31, 2023 $7.22M
Stockholders Equity FY 2025 · Dec 31, 2025 $98.87M
Stockholders Equity FY 2025 · Dec 31, 2024 −$70.63M
Stockholders Equity FY 2025 · Dec 31, 2023 −$46.13M
Current Liabilities FY 2025 · Dec 31, 2025 $14.28M
Current Liabilities FY 2025 · Dec 31, 2024 $8.82M
Total Liabilities FY 2025 · Dec 31, 2025 $31.25M
Total Liabilities FY 2025 · Dec 31, 2024 $26.23M
Current Assets FY 2025 · Dec 31, 2025 $126.67M
Current Assets FY 2025 · Dec 31, 2024 $49.35M
Total Assets FY 2025 · Dec 31, 2025 $130.12M
Total Assets FY 2025 · Dec 31, 2024 $51.82M
Eps Diluted FY 2025 · Dec 31, 2025 −$2.12
Eps Diluted FY 2025 · Dec 31, 2024 −$6.11
Eps Basic FY 2025 · Dec 31, 2025 −$2.12
Eps Basic FY 2025 · Dec 31, 2024 −$6.11
Sga Expense FY 2025 · Dec 31, 2025 $16.57M
Sga Expense FY 2025 · Dec 31, 2024 $8.39M
Rd Expense FY 2025 · Dec 31, 2025 $17.02M
Rd Expense FY 2025 · Dec 31, 2024 $14.3M
Net Income FY 2025 · Dec 31, 2025 −$29.63M
Net Income FY 2025 · Dec 31, 2024 −$24.26M
Operating Income FY 2025 · Dec 31, 2025 −$30.57M
Operating Income FY 2025 · Dec 31, 2024 −$24.12M
Gross Profit FY 2025 · Dec 31, 2025 $38.04M
Gross Profit FY 2025 · Dec 31, 2024 $20.05M
Cost Of Revenue FY 2025 · Dec 31, 2025 $12.47M
Cost Of Revenue FY 2025 · Dec 31, 2024 $7.12M
Revenue FY 2025 · Dec 31, 2025 $50.51M
Revenue FY 2025 · Dec 31, 2024 $27.17M