CARL CARLSMED, INC. Insider Trading

CEO Cordonnier sold 197,855 shares (197.9K) at $13.29 on 2026-03-02; stock now -23.5% from 52-week high. Unprofitable company.

CEO Michael Cordonnier sold 197,855 shares (197.9K shares) at $13.29 on 2026-03-02, reducing his post-transaction holdings to 1,550,477 shares (1.55M shares)—an 11.3% reduction in his position. The company is unprofitable with a net income of $-8,526,000.00 ($-8.5M) in its most recent full fiscal year, yet reports strong revenue growth of +85.9% year-over-year and a market cap of $347,248,576.08 ($347.2M). The sale occurred at $13.29, while the current price of $12.99 is now 23.5% below the 52-week high of $16.99, and the stock has declined 9.8% over the past 90 days. This disposal by the CEO of a material stake in a loss-making, high-growth company warrants attention given the divergence between strong top-line expansion and significant bottom-line losses.

Director Young buys 60.0K shares ($900.0K) at $15.00 as 4 insiders buy within 14 days

Philip M Young, a Director at CARLSMED, INC., executed 2 separate purchases totaling 59,999 shares for $899,985.00 at $15.00 per share on 2025-07-24. This transaction occurs within a cluster pattern: 4 other insiders also bought within the past 14 days, indicating coordinated buying activity among the leadership group. The company is a recent listing (2 trading days old), so this early window of insider accumulation suggests key stakeholders are establishing positions in the newly public entity. Young's holdings post-transaction total 53,333 shares, reflecting the net purchase activity.

Director Jonathan D Root purchased 466,666 shares of CARL at $15.00 ($7.0M) in cluster buy pattern; 4 other insiders acquired within 14 days.

Director Jonathan D Root acquired 466,666 shares at $15.00 on 2025-07-24, totaling $6,999,990.00, increasing his holdings to 483,999 shares post-transaction. This purchase is part of a cluster pattern: 4 other insiders also bought within the past 14 days, suggesting aligned interest across the executive team. The transaction involves a conversion of derivative securities, so the holdings figure in Table I does not represent the complete position; investors should review Form 4 Table II for the full picture. The current market price of $14.45 as of the filing date shows the stock trading below the purchase price, and given CARL's recent listing status (2 trading days), the longer-term valuation context remains unclear.

Director Sidow Kevin bought 13,333 shares of CARL at $15.00 ($199,995); 4 other insiders also bought in past 14 days

Sidow Kevin, a director, purchased 13,333 shares at $15.00 for $199,995.00, increasing his holdings by 28.8% from 46,233 to 59,566 shares. The transaction occurred on 2025-07-24 at a price $0.55 above the current market price of $14.45. Most notably, this purchase is part of a cluster pattern: 4 other insiders also bought within the past 14 days, indicating coordinated accumulation activity across the insider group. The cluster buying during the early post-IPO trading days suggests unified positioning by company leadership during the stock's recent listing phase.

Director Mittendorff buys 1,333,333 shares of CARL for $20.0M at $15.00; 4 other insiders bought within 14 days

Mittendorff Robert II (Director) acquired 1,333,333 shares for $19,999,995.00 on 2025-07-24 at $15.00 per share, just two trading days after CARL's recent listing. This transaction is part of a cluster pattern: 4 other insiders also bought within the past 14 days, suggesting synchronized insider purchasing activity following the IPO. The derivative-conversion flag indicates this filing involves a conversion of derivative securities, meaning the full scope of Mittendorff's position resides partly in Form 4 Table II (derivative holdings) which is not yet populated; the 931,452 shares shown in Table I represent only the converted portion, not his total stake. The multi-insider buying cluster in the immediate post-listing window suggests significant insider interest in the company's initial public valuation.

10% owner B Capital Group acquired 1,333,333 shares (1.33M) of CARL at $15.00 on 2025-07-24; 4-insider cluster buy within 14 days

B CAPITAL GROUP MANAGEMENT, L.P., a 10% owner, purchased 1,333,333 shares at $15.00 for $19,999,995.00 on 2025-07-24, just two trading days after CARLSMED's recent listing. This represents a derivative-conversion transaction (Table II securities not yet populated in our database), so the reported 931,452 post-transaction shares in Table I do not reflect the insider's full position. The purchase occurs as part of a cluster pattern with 4 other insiders also buying within the past 14 days, suggesting coordinated or opportunistic accumulation following the IPO launch. The transaction price of $15.00 compares to the current price of $14.45, indicating the acquisition was at a modest premium to same-day valuations in an ultra-recent listing context.