Business Summary
Carlsmed, Inc. is a commercial-stage medical technology company headquartered in Carlsbad, California, focused on AI-enabled personalized spine surgery solutions. Founded in 2018 and incorporated in Delaware, Carlsmed has built an end-to-end digital platform — the aprevo Technology Platform — designed to replace traditional spine fusion surgery using stock implants with patient-specific, AI-planned procedures. The company's mission is to improve clinical outcomes, reduce revision surgery rates, and lower the overall cost of spine care. Carlsmed completed its U.S. commercial launch for lumbar fusion in October 2021 and began commercializing cervical fusion in December 2025.
Products & Services
Core Platform — aprevo Technology Platform: An integrated, end-to-end digital surgery system covering three workflow stages: - Pre-operative: AI-enabled software converts standard CT/diagnostic imaging into patient-specific 3D anatomical models (PSMs), generates personalized digital surgical plans, and designs custom interbody implants matched to each patient's vertebral bone topography. Surgeons review and...
AI-generated summary of Item 1 (Business) from the 10-K filed Feb 25, 2026 — View filing on SEC.gov. May contain errors — refer to the filing for authoritative information.
Across SEC filings
Institutional holders · 13F
Q2 2026| Largest holders | Reported value |
|---|---|
| Jupiter Topco LLC | $13.0M |
| Parkman Healthcare Partners LLC | $6.2M |
| BlackRock Inc | $5.5M |
| KCM Capital Inc | $4.6M |
| Pier Capital LLC | $3.9M |
Annual results · 10-K
Fiscal 2025- Revenue
- $50.5M
- Net loss
- -$29.6M
As reported in the fiscal 2025 annual report.
Funds & ETFs · N-PORT
80 funds| Fund | Value | % of fund |
|---|---|---|
| Janus Henderson Venture Fund | $6.3M | 0.17% |
| Janus Henderson Small Cap Value Fund | $3.6M | 0.28% |
| iShares Russell 2000 ETF IWM | $2.2M | < 0.01% |
| VANGUARD TOTAL STOCK MARKET INDEX FUND VTI | $1.6M | < 0.01% |
| Adara Smaller Companies Fund | $1.4M | 0.17% |
| U.S. Small Cap Equity Fund | $1.3M | 0.13% |
| Fidelity Small Cap Index Fund | $1.2M | < 0.01% |
| VANGUARD RUSSELL 2000 INDEX FUND VTWO | $794.1K | < 0.01% |
| VANGUARD EXTENDED MARKET INDEX FUND | $762.8K | < 0.01% |
| Dunham Small Cap Growth Fund | $652.4K | 0.82% |
80 funds reported holding $25.7M in total on their latest public Form N-PORT reports, the most recent dated August 2026. Security record
Insider trades · Form 4
Latest filings
- Jeffrey Bertolini 2026-11-02 Sell
- Jeffrey Bertolini 2026-10-06 Sell
- Jeffrey Bertolini 2026-10-01 Sell
- Richard Heppenstall 2026-09-30 Award
- Jeffrey Bertolini 2026-09-10 Award
5%+ holders · 13D/G
3 filers| Filer | % of class | Filed |
|---|---|---|
| B Capital Global Growth III L P 13G | 27.8% | 2025-11-14 |
| U S Venture Partners XII L P 13G | 22.0% | 2025-11-13 |
| Michael Cordonnier 13G | 5.9% | 2025-07-24 |
Latest Schedule 13D or 13G from each filer; stakes a filer has reported closed are left out.
Federal lobbying · LD-2
Securities
| CUSIP | Security | Type |
|---|---|---|
| 14280C105 | CARL CARLSMED INC | Common stock |