CARLSMED, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
CARL$14.52-5.2%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(21,021) | $(19,537) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 183 | 108 |
| Stock-based compensation | 1,137 | 153 |
| Non-cash interest | 163 | 151 |
| Loss on remeasurement of warrant liabilities | 335 | 89 |
| Non-cash lease expense | 376 | 278 |
| Provision for credit losses | 362 | 310 |
| Provision for excess and obsolete inventory | 1,337 | 882 |
| Other non-cash items | 17 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (4,893) | (2,379) |
| Inventory | (1,681) | (1,703) |
| Prepaid expenses and other assets | (2,138) | (631) |
| Accounts payable | 683 | 832 |
| Accrued liabilities | 530 | 564 |
| Accrued compensation | 1,139 | (173) |
| Lease liabilities | (185) | (207) |
| Net cash used in operating activities | (23,656) | (21,263) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (569) | (119) |
| Capitalized internal use software costs | (558) | — |
| Payment of initial direct costs related to operating leases | (126) | — |
| Net cash used in investing activities | (1,253) | (119) |
| Cash flows from financing activities: | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 93,465 | — |
| Payments for deferred initial public offering costs | (5,411) | — |
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | 11,919 | 52,288 |
| Proceeds from term loan, net of issuance costs | — | 6,235 |
| Proceeds from exercises of stock options | 184 | 27 |
| Net cash provided by financing activities | 100,157 | 58,550 |
| Increase in cash, cash equivalents, and restricted cash | 75,248 | 37,168 |
| Cash, cash equivalents, and restricted cash at beginning of the period | 40,225 | 7,372 |
| Cash, cash equivalents, and restricted cash at end of the period | $115,473 | $44,540 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.