CARLSMED INC

Our financial statements have been prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). We present our financial statements in U.S. dollars.

Our fiscal year ends on December 31 of each year.

Certain monetary amounts, percentages, and other figures included elsewhere in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.

Market, Industry, and Other Data

Market data and certain other statistical information used throughout this prospectus are based on independent industry publications, governmental publications, reports by market research firms, or other independent sources that we believe to be reliable sources. In addition, information regarding the number of expected lumbar and cervical fusion surgeries to be performed in 2025 is based on data from the 2024 Spinal Fusion - US Market Report (the “SmartTRAK Report”) by BioMedGPS, provider of SmartTRAK Business Intelligence Solutions (“SmartTRAK”). SmartTRAK notes that it uses information from both quantitative and qualitative data sources and applies proprietary algorithms to report and/or project trends such as incidence and prevalence figures, procedure volumes and revenues. SmartTRAK data sources include the following: primary research with companies, societies, clinicians, hospitals and ASCs; attendance and coverage of industry conferences; professional societies;·U.S. government databases;·and medical claims databases. In some cases, we do not expressly refer to the sources from which this data is derived. In that regard, when we refer to one or more sources of this type of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived from the same sources, unless otherwise expressly stated or the context otherwise requires. The content of these third-party sources, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We are responsible for all of the disclosure contained in this prospectus, and we believe that these sources are reliable; however, we have not independently verified the underlying data, estimates or information contained in such publications. While we are not aware of any misstatements regarding any third-party information presented in this prospectus, their estimates, in particular, as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed under the section titled “Risk Factors” and elsewhere in this prospectus. Some data are also based on our good-faith estimates. In addition, throughout this prospectus we refer to information related to clinical studies and research that evaluate the aprevo Technology Platform and related matters. Please see the section titled “Business—Our Clinical Results and Studies” for additional information regarding these studies and research.

Trademarks

We own certain trademarks and trademark applications used in this prospectus that are important to our business, including, among others, Carlsmed®, aprevo®, and myaprevo®. We also intend to apply for various trademarks that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks, and trade names of third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsement or sponsorship by, us. Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus may appear without the “™,” “®,” or “SM” symbol, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks, and trade names.

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