# EDGAR Filing Document

**Accession Number:** 0002077425
**File Stem:** 0000950170-25-098549
**Filing Date:** 2025-7
**Character Count:** 15382
**Document Hash:** e6b9211cfcb6aab20e9499e47e571433
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-098549.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000950170-25-098549

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250724

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B Capital Global Growth III, L.P.
- **CENTRAL INDEX KEY:** 0001911138

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42756
- **FILM NUMBER:** 251148294

**BUSINESS ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-698-1270

**MAIL ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B Capital Healthcare I, L.P.
- **CENTRAL INDEX KEY:** 0001875322

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42756
- **FILM NUMBER:** 251148293

**BUSINESS ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-698-1270

**MAIL ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hornet Co-Invest Investors, Ltd.
- **CENTRAL INDEX KEY:** 0002077425

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42756
- **FILM NUMBER:** 251148292

**BUSINESS ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-698-1270

**MAIL ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B CAPITAL GROUP MANAGEMENT, L.P.
- **CENTRAL INDEX KEY:** 0001997306

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42756
- **FILM NUMBER:** 251148295

**BUSINESS ADDRESS:**
- **STREET 1:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-698-1270

**MAIL ADDRESS:**
- **STREET 1:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hornet Co-Invest, LP
- **CENTRAL INDEX KEY:** 0002077424

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42756
- **FILM NUMBER:** 251148291

**BUSINESS ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-698-1270

**MAIL ADDRESS:**
- **STREET 1:** C/O B CAPITAL GROUP MANAGEMENT, L.P.
- **STREET 2:** 1240 ROSECRANS AVE., 5TH FLOOR
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARLSMED, INC.
- **CENTRAL INDEX KEY:** 0001794546
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 831081863
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1800 ASTON AVENUE
- **STREET 2:** SUITE 100
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008
- **BUSINESS PHONE:** 858-295-9290

**MAIL ADDRESS:**
- **STREET 1:** 1800 ASTON AVENUE
- **STREET 2:** SUITE 100
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B CAPITAL GROUP MANAGEMENT, L.P.<br><sub>(Last) (First) (Middle)</sub><br>1240 ROSECRANS AVE., 5TH FLOOR<br><sub>(Street)</sub><br>MANHATTAN BEACH, CA 90266<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARLSMED, INC. [ CARL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B Capital Global Growth III, L.P.<br><sub>(Last) (First) (Middle)</sub><br>1240 ROSECRANS AVE., 5TH FLOOR<br><sub>(Street)</sub><br>MANHATTAN BEACH, CA 90266<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARLSMED, INC. [ CARL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B Capital Healthcare I, L.P.<br><sub>(Last) (First) (Middle)</sub><br>1240 ROSECRANS AVE., 5TH FLOOR<br><sub>(Street)</sub><br>MANHATTAN BEACH, CA 90266<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARLSMED, INC. [ CARL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hornet Co-Invest Investors, Ltd.<br><sub>(Last) (First) (Middle)</sub><br>1240 ROSECRANS AVE., 5TH FLOOR<br><sub>(Street)</sub><br>MANHATTAN BEACH, CA 90266<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARLSMED, INC. [ CARL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hornet Co-Invest, LP<br><sub>(Last) (First) (Middle)</sub><br>1240 ROSECRANS AVE., 5TH FLOOR<br><sub>(Street)</sub><br>MANHATTAN BEACH, CA 90266<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARLSMED, INC. [ CARL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-07-24 |  | C |  | 3680506 | A | <sup>(1)</sup> | 3680506 | I | By B Capital Global Growth III, L.P.<sup>(2)(5)</sup> |
| Common Stock | 2025-07-24 |  | P |  | 1333333 | A | $15 | 5013839 | I | By B Capital Global Growth III, L.P.<sup>(2)(5)</sup> |
| Common Stock | 2025-07-24 |  | C |  | 2376472 | A | <sup>(1)</sup> | 2376472 | I | By B Capital Healthcare I, L.P.<sup>(3)(5)</sup> |
| Common Stock | 2025-07-24 |  | C |  | 931452 | A | <sup>(1)</sup> | 931452 | I | By Hornet Co-Invest, L.P.<sup>(4)(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Series B Preferred Stock | <sup>(1)</sup> | 2025-07-24 |  | C |  |  | 1445020 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 1445020 | <sup>(1)</sup> | 0 | I | By B Capital Global Growth III, L.P.<sup>(2)(5)</sup> |
| Series C Preferred Stock | <sup>(1)</sup> | 2025-07-24 |  | C |  |  | 2235486 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 2235486 | <sup>(1)</sup> | 0 | I | By B Capital Global Growth III, L.P.<sup>(2)(5)</sup> |
| Series B Preferred Stock | <sup>(1)</sup> | 2025-07-24 |  | C |  |  | 1445020 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 1445020 | <sup>(1)</sup> | 0 | I | By B Capital Healthcare I, L.P.<sup>(3)(5)</sup> |
| Series C Preferred Stock | <sup>(1)</sup> | 2025-07-24 |  | C |  |  | 931452 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 931452 | <sup>(1)</sup> | 0 | I | By B Capital Healthcare I, L.P.<sup>(3)(5)</sup> |
| Series C Preferred Stock | <sup>(1)</sup> | 2025-07-24 |  | C |  |  | 931452 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 931452 | <sup>(1)</sup> | 0 | I | By Hornet Co-Invest, L.P.<sup>(4)(5)</sup> |

---

### Footnotes:

(1) Each share of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock (collectively, the "Preferred Stock") automatically converted into one share of the Issuer's common stock immediately prior to the closing of the Issuer's initial public offering without payment of additional consideration. The Preferred Stock had no expiration date.

(2) Shares held by B Capital Global Growth III, L.P.

(3) Shares held by B Capital Healthcare I, L.P.

(4) Shares held by Hornet Co-Invest, L.P.

(5) B Capital Group Management, LP is the manager of B Capital Global Growth III, L.P. and B Capital Healthcare I, L.P. Hornet-Co-Invest Investors, Ltd. is the ultimate general partner of Hornet Co-Invest, L.P. (Hornet Co-Invest, L.P., together with B Capital Healthcare I, L.P., and B Capital Global Growth III, L.P., "B Capital"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of its pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Persons is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

**Signature:** B CAPITAL GROUP MANAGEMENT, L.P., By: /s/ Rajarshi Ganguly, Authorized Signatory  
**Date:** 2025-07-24

**Signature:** B Capital Global Growth III, L.P., By: /s/ Rajarshi Ganguly, Authorized Signatory  
**Date:** 2025-07-24

**Signature:** B Capital Healthcare I, L.P., By: /s/ Rajarshi Ganguly, Authorized Signatory  
**Date:** 2025-07-24

**Signature:** Hornet-Co-Invest Investors, Ltd., By: /s/ Rajarshi Ganguly, Authorized Signatory  
**Date:** 2025-07-24

**Signature:** Hornet-Co-Invest, L.P., By: /s/ Rajarshi Ganguly, Authorized Signatory  
**Date:** 2025-07-24

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**