CARL on Nasdaq
CARLSMED, INC.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
75.3%Gross margin3
-60.5%Operating margin3
-58.7%Net margin3
85.9%Revenue growth, 20253
-30.0%Return on equity3
0.16×Debt to equity3
-$29.6MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue25¢$12.5M
- Research and development34¢$17.0M
- Other costs39¢$19.6M
- Interest3¢$1.4M
Out of $50.5M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $50.5M | $27.2M |
| Cost of sales | $12.5M | $7.1M |
| Gross profit | $38.0M | $20.0M |
| Research and development | $17.0M | $14.3M |
| Sales and marketing | $35.0M | $21.5M |
| General and administrative | $16.6M | $8.4M |
| Total operating expenses | $68.6M | $44.2M |
| Loss from operations | -$30.6M | -$24.1M |
| Interest expense | -$1.4M | -$1.3M |
| Interest income | $2.7M | $1.3M |
| Change in fair value of warrant liabilities | -$328.0K | -$144.0K |
| Total other income (expense), net | $940.0K | -$135.0K |
| Net loss | -$29.6M | -$24.3M |
| Net loss and comprehensive loss | -$29.6M | -$24.3M |
| Deemed dividend to preferred stockholders | -$584.0K | -$592.0K |
| Net loss attributable to common stockholders | -$30.2M | -$24.8M |
| 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 | 14.2M shares | 4.1M shares |
| Weighted-average number of common shares used to compute diluted net loss per share | 14.2M shares | 4.1M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $85.8M | $40.1M | $7.2M |
| Restricted cash | $100.0K | $100.0K | |
| Short-term investments | $24.0M | $0 | |
| Accounts receivable, net of allowances of $1,653 and $1,239, as of December 31, 2025 and December 31, 2024, respectively | $11.4M | $6.8M | |
| Inventory | $1.8M | $995.0K | |
| Prepaid expenses and other current assets | $3.6M | $1.4M | |
| Total current assets | $126.7M | $49.4M | |
| Property and equipment, net | $1.5M | $260.0K | |
| Operating lease right-of-use assets | $1.8M | $1.6M | |
| Other assets | $134.0K | $569.0K | |
| Total assets | $130.1M | $51.8M | |
| Accounts payable | $4.5M | $2.4M | |
| Accrued liabilities | $3.3M | $2.7M | |
| Accrued compensation | $5.8M | $3.3M | |
| Short-term operating lease liabilities | $752.0K | $449.0K | |
| Total current liabilities | $14.3M | $8.8M | |
| Long-term portion of term loan, net | $15.3M | $15.4M | |
| Long-term operating lease liabilities | $1.3M | $1.3M | |
| Warrant liabilities | $457.0K | ||
| Other long-term liabilities | $309.0K | $222.0K | |
| Total liabilities | $31.3M | $26.2M | |
| 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 | $199.7M | $541.0K | |
| Accumulated deficit | -$100.8M | -$71.2M | |
| Total stockholders' equity (deficit) | $98.9M | -$70.6M | -$46.1M |
| Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $130.1M | $51.8M | |
| Allowance for credit loss on accounts receivable | $1.7M | $1.2M | |
| Preferred stock, par value per share | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 0 shares | |
| Preferred stock, shares, issued | 0 shares | 0 shares | |
| Preferred stock, shares, outstanding | 0 shares | 0 shares | |
| Common stock, par value per share | $0.00 | $0.00 | |
| Common stock, shares authorized | 600.0M shares | 21.8M shares | |
| Common stock, shares, issued | 26.7M shares | 4.2M shares | |
| Common stock, shares, outstanding | 26.6M shares | 4.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$29.6M | -$24.3M |
| Depreciation and amortization | $281.0K | $145.0K |
| Stock-based compensation | $1.9M | $253.0K |
| Non-cash interest | $206.0K | $206.0K |
| Loss on remeasurement of warrant liabilities | $328.0K | $144.0K |
| Non-cash lease expense | $536.0K | $375.0K |
| Provision for credit losses | $414.0K | $368.0K |
| Provision for excess and obsolete inventory | $1.8M | $1.4M |
| Other non-cash items | $17.0K | $0 |
| Accounts receivable, net | -$5.0M | -$4.0M |
| Inventory | -$2.7M | -$1.8M |
| Prepaid expenses and other assets | -$2.3M | -$720.0K |
| Accounts payable | $2.3M | $297.0K |
| Accrued liabilities | $627.0K | $1.2M |
| Accrued compensation | $2.5M | $1.2M |
| Lease liabilities | -$290.0K | -$310.0K |
| Net cash used in operating activities | -$29.0M | -$25.5M |
| Purchase of short-term investments | -$24.0M | $0 |
| Purchase of property and equipment | -$642.0K | -$180.0K |
| Capitalized software costs | -$715.0K | $0 |
| Payment of initial direct costs related to operating leases | -$126.0K | $0 |
| Net cash used in investing activities | -$25.5M | -$180.0K |
| Proceeds from initial public offering, net of underwriting discounts and commissions | $93.5M | $0 |
| Payments for deferred initial public offering costs | -$5.4M | $0 |
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | $11.9M | $52.3M |
| Proceeds from term loan, net of issuance costs | $0 | $6.2M |
| Payment of issuance costs related to term loan modification | -$50.0K | $0 |
| Proceeds from exercises of stock options | $205.0K | $34.0K |
| Net cash provided by financing activities | $100.1M | $58.5M |
| Increase in cash, cash equivalents, and restricted cash | $45.7M | $32.9M |
| Cash paid for interest | $1.2M | $1.1M |
| Conversion of convertible preferred stock upon initial public offering | $108.7M | $0 |
| Reclassification of warrants from liability classified to equity classified | $760.0K | $0 |
| Vesting of early exercised common stock options | $42.0K | $56.0K |
| Right-of-use asset obtained in exchange for lease liability | $593.0K | $0 |
| Reclassification of financial commitment asset to debt discount | $69.0K | $0 |
| Unpaid purchases of property and equipment | $41.0K | $0 |
| Capitalized software included in accounts payable and accrued liabilities | $127.0K | $0 |
| Preferred stock warrants issued in connection with term loan modifications | $0 | $313.0K |
| Unpaid deferred offering costs | $0 | $423.0K |
Recent filings
- Oct 14, 2026144
- Oct 6, 20264
- Oct 5, 2026144
- Oct 1, 2026S-8
- Oct 1, 20264
- Sep 30, 20268-K
- Sep 30, 2026144
- Sep 30, 20263
- Sep 30, 20264
- Sep 30, 20263
- Sep 15, 20264/A
- Sep 10, 20263
- Sep 10, 20264
- Sep 8, 20268-K
- Aug 21, 2026EFFECT
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARCARLSMED, INC. filings on SEC EDGAR
- 2SEC EDGARCARLSMED, INC. filings on SEC EDGAR
- 3SEC EDGARCARLSMED, INC. 10-K for fiscal 2025
- 4SEC EDGARCARLSMED, INC. 10-Q for fiscal 2026
- 5SEC EDGARCARLSMED, INC. 10-Q for fiscal 2026