# EDGAR Filing Document

**Accession Number:** 0001794546
**File Stem:** 0001193125-25-282898
**Filing Date:** 2025-11
**Character Count:** 15987
**Document Hash:** 030c27208c02582a91e10cdb2ff3b592
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-282898.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-282898

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95130
- **FILM NUMBER:** 251485745

**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
**FILED BY**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**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

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** CARLSMED, INC.

**Title of Class of Securities:** Common Stock, $0.00001 par value per share

**CUSIP Number:** 14280C105

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>B Capital Global Growth III, L.P. | Names of Reporting Persons<br>B Capital Global Growth III, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>5013839 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>5013839 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5013839 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5013839 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>18.9% | Percent of Class Represented by Amount in Row (9)<br>18.9% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>B Capital Healthcare I, L.P. | Names of Reporting Persons<br>B Capital Healthcare I, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2376472 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2376472 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2376472 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2376472 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.9% | Percent of Class Represented by Amount in Row (9)<br>8.9% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>B CAPITAL GROUP MANAGEMENT, L.P. | Names of Reporting Persons<br>B CAPITAL GROUP MANAGEMENT, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>7390311 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>7390311 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>7390311 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>7390311 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>27.8% | Percent of Class Represented by Amount in Row (9)<br>27.8% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Hornet Co-Invest, L.P. | Names of Reporting Persons<br>Hornet Co-Invest, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>931452 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>931452 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>931452 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>931452 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.5% | Percent of Class Represented by Amount in Row (9)<br>3.5% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Hornet Co-Invest Investors, Ltd. | Names of Reporting Persons<br>Hornet Co-Invest Investors, Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>931452 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>931452 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>931452 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>931452 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.5% | Percent of Class Represented by Amount in Row (9)<br>3.5% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

**Item 1(a). Name of Issuer:**
CARLSMED, INC.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1800 Aston Ave, Suite 100, Carlsbad, CA 92008

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being filed by (i) B Capital Global Growth III, L.P. ("Growth III"), (ii) B Capital Healthcare I, L.P. ("Healthcare I"), (iii) B Capital Group Management, L.P. ("B Capital"), (iv) Hornet Co-Invest, L.P. ("Hornet Co-Invest") and (v) Hornet Co-Invest Investors, Ltd. ("Hornet UGP"). The foregoing are sometimes collectively referred to as the "Reporting Persons."

**Item 2(b). Address of Principal Business Office:**
The principal business address for each of the Reporting Persons is 1240 Rosecrans Ave., 5th Floor, Manhattan Beach, CA 90266.

**Item 2(c). Citizenship:**
Each of the Reporting Persons is organized under the laws of the Cayman Islands.

**Item 2(d). Title of Class of Securities:**
Common Stock, $0.00001 par value per share

**Item 2(e). CUSIP Number:**
14280C105

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Growth III directly owns 5,013,839 shares of Common Stock, representing approximately 18.9% of the outstanding Common Stock of the Issuer; Healthcare I directly owns 2,376,472 shares of Common Stock, representing approximately 8.9% of the outstanding Common Stock of the Issuer; and Hornet Co-Invest directly owns 931,452 shares of Common Stock, representing approximately 3.5% of the outstanding Common Stock of the Issuer. B Capital, as the manager of Growth III and Healthcare I, may be deemed to beneficially own the 7,390,311 shares of Common Stock held directly by such funds, representing approximately 27.8% of the outstanding Common Stock of the Issuer. Hornet UGP, as the ultimate general partner of Hornet Co-Invest, may be deemed to beneficially own the 931,452 shares of Common Stock held directly by Hornet Co-Invest, representing approximately 3.5% of the outstanding Common Stock of the Issuer.

**(b) Percent of class:**

See Item 4(a). The percent of class is based upon 26,581,134 shares of Common Stock outstanding as of August 25, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 28, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Growth III: 5,013,839 shares of Common Stock
Healthcare I: 2,376,472 shares of Common Stock
B Capital: 7,390,311 shares of Common Stock
Hornet Co-Invest: 931,452 shares of Common Stock
Hornet UGP: 931,452 shares of Common Stock

**(ii) Shared power to vote or to direct the vote:**

Not applicable.

**(iii) Sole power to dispose or to direct the disposition of:**

Growth III: 5,013,839 shares of Common Stock
Healthcare I: 2,376,472 shares of Common Stock
B Capital: 7,390,311 shares of Common Stock
Hornet Co-Invest: 931,452 shares of Common Stock
Hornet UGP: 931,452 shares of Common Stock

**(iv) Shared power to dispose or to direct the disposition of:**

Not applicable.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**B Capital Global Growth III, L.P.**

**Date:** 11/14/2025

**By:** /s/ Rajarshi Ganguly

**Name & Title:** Rajarshi Ganguly, Authorized Signatory

**B Capital Healthcare I, L.P.**

**Date:** 11/14/2025

**By:** /s/ Rajarshi Ganguly

**Name & Title:** Rajarshi Ganguly, Authorized Signatory

**B CAPITAL GROUP MANAGEMENT, L.P.**

**Date:** 11/14/2025

**By:** /s/ Rajarshi Ganguly

**Name & Title:** Rajarshi Ganguly, Authorized Signatory

**Hornet Co-Invest, L.P.**

**Date:** 11/14/2025

**By:** /s/ Rajarshi Ganguly

**Name & Title:** Rajarshi Ganguly, Authorized Signatory

**Hornet Co-Invest Investors, Ltd.**

**Date:** 11/14/2025

**By:** /s/ Rajarshi Ganguly

**Name & Title:** Rajarshi Ganguly, Authorized Signatory