C
CARLSMED, INC.
CARLCIK 0001794546NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-29.63M
Total Assets
$130.12M
Equity
$98.87M
Shares Out
26.73M
Op. Cash Flow
$-28.98M
Business
CARLSMED, Inc. develops and commercializes an AI-enabled, end-to-end personalized spine surgery platform that aims to improve outcomes for spine fusion procedures. The company offers the aprevo Technology Platform, including pre-operative AI planning software, patient‑specific 3D‑printed interbody implants, single‑use surgical instruments, and post‑operative analytics (myaprevo and aprevo intelligence). Key business activities include product commercialization for lumbar and cervical fusion, clinical evidence generation (registries and studies), and R&D for expanded indications and tooling. CARLSMED primarily markets and sells in the United States to hospitals and ambulatory surgical centers through direct sales and independent sales agents.
Summary from filing dated 2026-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Revenue | 51 | 27 | |
| Cost of sales | 12 | 7 | |
| Gross profit | 38 | 20 | |
| Research and development | 17 | 14 | |
| Sales and marketing | 35 | 21 | |
| General and administrative | 17 | 8 | |
| Total operating expenses | 69 | 44 | |
| Loss from operations | −31 | −24 | |
| Interest expense | −1 | −1 | |
| Interest income | 3 | 1 | |
| Change in fair value of warrant liabilities | −328,000 | −144,000 | |
| Total other income (expense), net | 940,000 | −135,000 | |
| Net loss | −30 | −24 | |
| Net loss and comprehensive loss | −30 | −24 | |
| Deemed dividend to preferred stockholders | −584,000 | −592,000 | |
| Net loss attributable to common stockholders | −30 | −25 | |
| Net loss per share attributable to common stockholders, basic | −2.12 | −6.11 | |
| Net loss per share attributable to common stockholders, diluted | −2.12 | −6.11 | |
| Weighted-average number of common shares used to compute basic net loss per share | 14 | 4 | |
| Weighted-average number of common shares used to compute diluted net loss per share | 14 | 4 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 86 | 40 | 7 | |
| Restricted cash | 100,000 | 100,000 | — | |
| Short-term investments | 24 | 0 | — | |
| Accounts receivable, net of allowances of $1,653 and $1,239, as of December 31, 2025 and December 31, 2024, respectively | 11 | 7 | — | |
| Inventory | 2 | 995,000 | — | |
| Prepaid expenses and other current assets | 4 | 1 | — | |
| Total current assets | 127 | 49 | — | |
| Property and equipment, net | 1 | 260,000 | — | |
| Operating lease right-of-use assets | 2 | 2 | — | |
| Other assets | 134,000 | 569,000 | — | |
| Total assets | 130 | 52 | — | |
| Accounts payable | 4 | 2 | — | |
| Accrued liabilities | 3 | 3 | — | |
| Accrued compensation | 6 | 3 | — | |
| Short-term operating lease liabilities | 752,000 | 449,000 | — | |
| Total current liabilities | 14 | 9 | — | |
| Long-term portion of term loan, net | 15 | 15 | — | |
| Long-term operating lease liabilities | 1 | 1 | — | |
| Warrant liabilities | — | 457,000 | — | |
| Other long-term liabilities | 309,000 | 222,000 | — | |
| Total liabilities | 31 | 26 | — | |
| Commitments and contingencies (Note 9) | — | — | — | |
| Preferred stock, $0.00001 par value; 10,000,000 shares authorized and zero shares issued and outstanding as of December 31, 2025; zero shares authorized, issued, and outstanding as of December 31, 2024 | 0 | 0 | — | |
| Common stock, $0.00001 par value; 600,000,000 shares authorized, 26,664,200 shares issued, and 26,604,462 shares outstanding as of December 31, 2025; 21,835,801 shares authorized, 4,234,798 shares issued, and 4,139,219 shares outstanding as of December 31, 2024 | 0 | 0 | — | |
| Additional paid-in capital | 200 | 541,000 | — | |
| Accumulated deficit | −101 | −71 | — | |
| Total stockholders' equity (deficit) | 99 | −71 | −46 | |
| Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | 130 | 52 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Depreciation and amortization | 281,000 | 145,000 | |
| Stock-based compensation | 2 | 253,000 | |
| Non-cash interest | 206,000 | 206,000 | |
| Non-cash lease expense | 536,000 | 375,000 | |
| Provision for credit losses | 400,000 | 400,000 | |
| Provision for excess and obsolete inventory | 2 | 1 | |
| Other non-cash items | 17,000 | 0 | |
| Accounts receivable, net | −5 | −4 | |
| Inventory | −3 | −2 | |
| Prepaid expenses and other assets | −2 | −720,000 | |
| Accounts payable | 2 | 297,000 | |
| Accrued liabilities | 627,000 | 1 | |
| Accrued compensation | 2 | 1 | |
| Lease liabilities | −290,000 | −310,000 | |
| Net cash used in operating activities | −29 | −25 | |
| Purchase of short-term investments | −24 | 0 | |
| Purchase of property and equipment | −642,000 | −180,000 | |
| Capitalized software costs | −715,000 | 0 | |
| Payment of initial direct costs related to operating leases | −126,000 | 0 | |
| Net cash used in investing activities | −25 | −180,000 | |
| Proceeds from initial public offering, net of underwriting discounts and commissions | 93 | 0 | |
| Payments for deferred initial public offering costs | −5 | 0 | |
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | 12 | 52 | |
| Proceeds from term loan, net of issuance costs | 0 | 6 | |
| Payment of issuance costs related to term loan modification | −50,000 | 0 | |
| Proceeds from exercises of stock options | 205,000 | 34,000 | |
| Net cash provided by financing activities | 100 | 58 | |
| Increase in cash, cash equivalents, and restricted cash | 46 | 33 | |
| Cash paid for interest | 1 | 1 | |
| Conversion of convertible preferred stock upon initial public offering | 109 | 0 | |
| Reclassification of warrants from liability classified to equity classified | 760,000 | 0 | |
| Vesting of early exercised common stock options | 42,000 | 56,000 | |
| Right-of-use asset obtained in exchange for lease liability | 593,000 | 0 | |
| Reclassification of financial commitment asset to debt discount | 69,000 | 0 | |
| Unpaid purchases of property and equipment | 41,000 | 0 | |
| Capitalized software included in accounts payable and accrued liabilities | 127,000 | 0 | |
| Preferred stock warrants issued in connection with term loan modifications | 0 | 313,000 | |
| Unpaid deferred offering costs | 0 | 423,000 |
Filings
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