CORDONNIER MICHAEL (CEO, President) sold 12.7% of their position (197.85K shares) of CARLSMED, INC. on the open market

Open‑market sale worth $2.63M — a moderate reduction. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 1 sale

CORDONNIER MICHAEL

Filed: 3/4/2026ACC: 0001193125-26-091468

InsiderCORDONNIER MICHAELCIK 2077087

→

IssuerCARLSMED, INC.CIK 1794546

DirectorOfficer· CEO, President

Since Mar 2026

-197.85K

Net shares

Net seller

$2.63M

Total sold

Open market trades

0B · 1S

Total transactions

391.69K acquired · 589.54K disposed

Non-Derivative Transactions4

Common Stock

Direct

M · Option Exercise

+197.85K

Price / share

$0.34

Trade value

$66.28K

% of position

14.6%

3/2/2026

1.36M→1.55M

Common Stock

Direct

S · Sale

−197.85K

Price / share

$13.29

Trade value

$2.63M

% of position

12.7%

3/2/2026

1.55M→1.36M

Common Stock

Direct

M · Option Exercise

+160.57K

Price / share

$0.34

Trade value

$53.79K

% of position

11.8%

3/3/2026

1.36M→1.52M

Common Stock

Direct

M · Option Exercise

+33.26K

Price / share

$4.35

Trade value

$144.76K

% of position

2.2%

3/3/2026

1.52M→1.55M

Total

Net shares

+193.83K

Net value

-$2.37M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	3/2/2026	M · Option Exercise	+197.85K	$0.34	$66.28K	14.6%	1.36M	1.55M
Common Stock Direct	3/2/2026	S · Sale	−197.85K	$13.29	$2.63M	12.7%	1.55M	1.36M
Common Stock Direct	3/3/2026	M · Option Exercise	+160.57K	$0.34	$53.79K	11.8%	1.36M	1.52M
Common Stock Direct	3/3/2026	M · Option Exercise	+33.26K	$4.35	$144.76K	2.2%	1.52M	1.55M
Total			+193.83K		-$2.37M

Derivative Transactions3

Stock Option (Right to Buy)

Direct

M · Option Exercise

Converts to

Common Stock

197.85K shares

−197.85K

Strike price

0.335

Held after

160.57K

Exercisable

—

3/2/2026

Stock Option (Right to Buy)

Direct

M · Option Exercise

Converts to

Common Stock

160.57K shares

−160.57K

Strike price

0.335

Held after

0.00

Exercisable

—

3/3/2026

Stock Option (Right to Buy)

Direct

M · Option Exercise

Converts to

Common Stock

33.26K shares

−33.26K

Strike price

4.352

Held after

191.69K

Exercisable

—

3/3/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Stock Option (Right to Buy) Direct	Common Stock197.85K shares	3/2/2026	M · Option Exercise	−197.85K	0.335	—	160.57K
Stock Option (Right to Buy) Direct	Common Stock160.57K shares	3/3/2026	M · Option Exercise	−160.57K	0.335	—	0.00
Stock Option (Right to Buy) Direct	Common Stock33.26K shares	3/3/2026	M · Option Exercise	−33.26K	4.352	—	191.69K