# EDGAR Filing Document

**Accession Number:** 0001794546
**File Stem:** 0000950170-25-098127
**Filing Date:** 2025-7
**Character Count:** 32599
**Document Hash:** 0ea53257a9e689552a6ec472127a0ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-098127.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000950170-25-098127

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288915
- **FILM NUMBER:** 251144413

**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

**As filed with the Securities and Exchange Commission on July 24, 2025** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER THE*** 

***SECURITIES ACT OF 1933*** 

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**Carlsmed, Inc.** 

**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Delaware** | **83-1081863** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer**<br>**Identification Number)** |
| **1800 Aston Ave, Suite 100**<br>**Carlsbad, California**  | **92008** |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**Carlsmed, Inc. 2019 Stock Incentive Plan** 

**Carlsmed, Inc. 2025 Equity Incentive Plan** 

**Carlsmed, Inc. 2025 Employee Stock Purchase Plan** 

**(Full title of the plan)** 

**Michael Cordonnier**

**Chairman, Chief Executive Officer, President and Co-Founder**

**Carlsmed, Inc.** 

**1800 Aston Ave, Suite 100** 

**Carlsbad, California 92008**

**(Name and address of agent for service)** 

**(760) 766-1923** 

**(Telephone number, including area code, of agent for service)** 

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***Copies to:*** 

**R. John Hensley**

**H. Thomas Felix**

**James M. Krenn** 

**Morrison & Foerster LLP** 

**12531 High Bluff Drive, Suite 200** 

**San Diego, California 92130** 

**(858) 720-5100** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

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**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The document(s) containing the information specified in Part I will be sent or given to participants as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this registration statement on Form S-8 (the "Registration Statement") or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

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**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference.** 

The following documents, which have previously been filed by Carlsmed, Inc. (the "Registrant") with the Commission, are hereby incorporated by reference herein and shall be deemed to be a part hereof:

1. The Registrant's Registration Statement on [<u>Form S-1</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl_-_s-1_-_june_2025.htm) (File No. 333-288339) (as amended and including the exhibits thereto), initially filed with the Commission on June 26, 2025, which contains the Registrant's audited financial statements for the latest fiscal year for which such statements have been filed; and

2. The description of the Registrant's common stock set forth in the Registration Statement on [<u>Form 8-A</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095017025097122/carl_8-a12b_july_2025.htm) filed with the Commission on July 21, 2025 (File No. 001-42756) pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including any amendments or reports filed for the purpose of updating such description.

In addition, all reports and other documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment hereto which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; *provided, however*, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.** 

Not applicable.

**Item 5. Interests of Named Experts and Counsel.** 

Not applicable.

**Item 6. Indemnification of Directors and Officers.** 

Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise. Our amended and restated certificate of incorporation and our amended and restated bylaws will provide for indemnification by us of our directors and officers to the fullest extent permitted by the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability of (1) a director or officer for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (2) a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) a director for

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unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL, (4) a director or officer for any transaction from which the director or officer derived an improper personal benefit or (5) an officer in any action by or in the right of the corporation. Our amended and restated certificate of incorporation will provide for such limitation of liability.

We will maintain standard policies of insurance under which coverage is provided (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to payments which may be made by us to our directors and officers pursuant to the above indemnification provision or otherwise as a matter of law. Our amended and restated bylaws will provide that we will indemnify our directors and officers to the fullest extent permitted by the DGCL against liabilities that may arise by reason of their service to us and that we must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking by or on behalf of an indemnified person to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

We have entered into, and intend to continue to enter into, separate indemnification agreements with our directors and officers. These indemnification agreements generally require us, among other things, to indemnify our officers and directors against certain liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct. These indemnification agreements also generally require us to advance any expenses incurred by the directors or officers as a result of any proceeding against them as to which they could be indemnified. These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act.

See also the Undertakings set forth in the response to Item 9 herein.

**Item 7. Exemption from Registration Claimed.** 

Not applicable.

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**Item 8. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [<u>Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex3_1.htm) |
| 4.2 | [<u>Form of Amended and Restated Certificate of Incorporation, to be in effect upon completion of the Registrant's initial public offering (incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex3_2.htm) |
| 4.3 | [<u>Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex3_3.htm) |
| 4.4 | [<u>Amended and Restated Bylaws, to be in effect upon completion of the Registrant's initial public offering (incorporated by reference to Exhibit 3.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex3_4.htm) |
| 4.5 | [<u>Specimen common stock certificate of the Registrant</u> <u>(incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex4_1.htm) |
| 4.6 | [<u>Amended and Restated Investor Rights Agreement by and among the Registrant and certain of its stockholders, dated March 12, 2024</u> <u>(incorporated by reference to Exhibit 4.5 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex4_5.htm) |
| 5.1\* | [<u>Opinion of Morrison & Foerster LLP.</u>](carl-ex5_1.htm) |
| 23.1\* | [<u>Consent of Independent Registered Accounting Firm.</u>](carl-ex23_1.htm) |
| 23.2\* | [<u>Consent of Morrison & Foerster LLP (included in Exhibit 5.1).</u>](carl-ex5_1.htm) |
| 24.1\* | [<u>Power of Attorney (included on the signature page to this Registration Statement).</u>](#signatures_and_power_of_attorne) |
| 99.1# | [<u>2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex10_2.htm) |
| 99.2# | [<u>Form of Stock Option Agreement and Exercise Notice under the 2019 Stock Incentive Plan (early exercise) (incorporated by reference to Exhibit 10.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex10_3.htm) |
| 99.3# | [<u>Form of Stock Option Agreement and Exercise Notice under the 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095012325006117/carl-ex10_4.htm) |
| 99.4# | [<u>2025 Equity Incentive Plan</u> <u>(incorporated by reference to Exhibit 10.6 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339))</u><u>.</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095017025095710/carl-ex10_6.htm) |
| 99.5# | [<u>2025 Employee Stock Purchase Plan</u> <u>(incorporated by reference to Exhibit 10.7 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339))</u><u>.</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095017025095710/carl-ex10_7.htm) |
| 99.6# | [<u>Form of Option Award Agreement under the 2025 Equity Incentive Plan</u> <u>(incorporated by reference to Exhibit 10.8 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339))</u><u>.</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095017025095710/carl-ex10_8.htm) |
| 99.7# | [<u>Form of RSU Award Agreement under the 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.9 to the Registrant's Registration Statement on Form S-1 (File No. 333-288339)).</u>](https://www.sec.gov/Archives/edgar/data/1794546/000095017025095710/carl-ex10_9.htm) |
| 107\* | [<u>Filing Fee Table.</u>](carl-exfiling_fees.htm) |

---

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\* Filed herewith.

# Indicates management contract or compensatory plan.

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**Item 9. Undertakings.** 

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Carlsbad, State California, on the 24th day of July, 2025.

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| | |
|:---|:---|
| **Carlsmed, Inc.** | **Carlsmed, Inc.** |
| By: | /s/ Michael Cordonnier |
|  | Michael Cordonnier |
|  | Chief Executive Officer, President and Co-Founder |
|  | Chairman of the Board of Directors |

---

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**SIGNATURES AND POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Michael Cordonnier and Leonard Greenstein and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments to the Registration Statement), and to file the same, with all exhibits thereto, and any other documents in connection therewith, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Michael Cordonnier<br>Michael Cordonnier | Chairman, Chief Executive Officer, President and Co-Founder<br>(*Principal Executive Officer*) | July 24, 2025 |
| /s/ Leonard Greenstein<br>Leonard Greenstein | Chief Financial Officer<br>(*Principal Financial and Accounting Officer*) | July 24, 2025 |
| /s/ Kevin O'Boyle<br>Kevin O'Boyle | Director | July 24, 2025 |
| /s/ Niall Casey<br>Niall Casey | Director | July 24, 2025 |
| /s/ Robert Mittendorff<br>Robert Mittendorff | Director | July 24, 2025 |
| /s/ Jonathan Root<br>Jonathan Root | Director | July 24, 2025 |
| /s/ Kevin Sidow<br>Kevin Sidow | Director | July 24, 2025 |
| /s/ Philip Young<br>Philip Young | Director | July 24, 2025 |

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## Exhibit 5.1

**Exhibit 5.1**

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| | | |
|:---|:---|:---|
| ![img448658_0.jpg](img448658_0.jpg) | 12531 High Bluff Drive<br>Suite 200<br>San Diego<br>California 92130-3588<br>TELEPHONE: 858.720.5100<br>FACSIMILE: 858.720.5125<br>www.mofo.com | morrison & foerster llp<br>amsterdam, austin, berlin, boston, brussels, denver, hong kong, london, los angeles, miami, new york, palo alto, san diego, san francisco, shanghai, singapore, tokyo, washington, d.c. |

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July 24, 2025

Carlsmed, Inc.

1800 Aston Avenue, Suite 120

Carlsbad, CA 92008

Re: <u>Registration Statement on Form S-8</u> 

Ladies and Gentlemen:

We are acting as counsel to Carlsmed, Inc., a Delaware corporation (the "**Company**"), in connection with its registration statement on Form S-8 (the "**Registration Statement**"), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the proposed offering of up to 6,317,308 shares (the "**Shares**") of the Company's common stock, $0.00001 par value per share ("**Common Stock**"), consisting of (a) 2,210,904 shares of Common Stock issuable pursuant to stock options outstanding under Company's 2019 Stock Incentive Plan (the "**2019 Plan**"), (b) 112,478 shares of Common Stock issuable pursuant to restricted stock units outstanding under the 2019 Stock Incentive Plan, (c) 3,595,177 shares of Common Stock issuable pursuant to the Company's 2025 Equity Incentive Plan (the "**2025 Plan**"), and (d) 398,749 shares of the Common Stock issuable pursuant to the Company's 2025 Employee Stock Purchase Plan (together with the 2019 Plan and the 2025 Plan, the "**Plans**").

As counsel for the Company, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary for the purposes of rendering this opinion, and we are familiar with the proceedings taken and proposed to be taken by the Company in connection with the authorization, issuance and sale of the Shares. In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based as to matters of law solely on the General Corporation Law of the State of Delaware as currently in effect. We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations.

Based upon, subject to and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plans, and (iii) receipt by the Company of the consideration for the Shares specified in the applicable resolutions of the Board of Directors of the Company or a duly authorized committee thereof and the Plans, the Shares will be validly issued, fully paid and nonassessable.

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![img448658_1.jpg](img448658_1.jpg)

Carlsmed, Inc.<br>July 24, 2025<br>Page Two

This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We consent to the use of this opinion as an exhibit to the Registration Statement, and we consent to the reference of our name wherever appearing in the Registration Statement and any amendments thereto. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

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| |
|:---|
| Very truly yours, |
| /s/ Morrison & Foerster LLP |
| Morrison & Foerster LLP |

---

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2019 Stock Incentive Plan, 2025 Equity Incentive Plan, and 2025 Employee Stock Purchase Plan of Carlsmed, Inc. of our report dated April 23, 2025 (except for the fourth paragraph of Note 12, as to which the date is July 15, 2025), with respect to the financial statements of Carlsmed, Inc. included in its Registration Statement (Form S-1 No. 333-288339), filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

San Diego, California<br>July 23, 2025

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## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Carlsmed, Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security<br>Type | Security<br>Class Title | Fee<br>Calculation<br>Rule | Proposed<br>Maximum<br>Offering<br>Price Per<br>Security | Maximum<br>Aggregate<br>Offering<br>Price | Fee<br>Rate | Amount of<br>Registration<br>Fee |
| Equity | Common stock,<br>$0.00001 par value per share, issuable pursuant to stock options outstanding under the Carlsmed, Inc. 2019 Stock Incentive Plan | Rule 457(h)<br>2210904<sup>(2)(3)</sup> | $2.53 | $5593587<sup>(4)</sup> | 0.00015310 | $856.38 |
| Equity | Common stock,<br>$0.00001 par value per share, issuable pursuant to restricted stock units outstanding under the Carlsmed, Inc. 2019 Stock Incentive Plan | Rule 457(h)<br>112478<sup>(3)(5)</sup> | $15.00 | $1687170<sup>(6)</sup> | 0.00015310 | $258.31 |
| Equity | Common stock,<br>$0.00001 par value per share, reserved for<br>future issuance under the Carlsmed, Inc.<br>2025 Equity Incentive Plan | Rule 457(h)<br>3595177<sup>(7)</sup> | $15.00 | $53927655<sup>(6)</sup> | 0.00015310 | $8256.32 |
| Equity | Common stock, $0.00001 par value per share, reserved for future issuance under the Carlsmed, Inc. 2025 Employee Stock Purchase Plan | Rule 457(h)<br>398749<sup>(8)</sup> | $15.00 | $5981235<sup>(6)</sup> | 0.00015310 | $915.73 |
|  | Total Offering Amounts  | Total Offering Amounts  |  | $67189647 |  | $10286.73 |
|  | Total Fee Offsets  | Total Fee Offsets  |  |  |  |  |
|  | Net Fee Due  | Net Fee Due  |  |  |  | $10286.73 |

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(1)Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement (the "Registration Statement") shall also cover any additional shares of the Registrant's common stock, $0.00001 par value per share (the "Common Stock") that become issuable under the 2019 Stock Incentive Plan (the "2019 Plan"), the 2025 Equity Incentive Plan (the "2025 Plan") and the 2025 Employee Stock Purchase Plan (the "ESPP") by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding shares of Common Stock.

(2)Represents shares of Common Stock subject to outstanding stock options granted under the 2019 Plan as of the date of this Registration Statement. No additional stock awards will be granted under the 2019 Plan.

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(3)To the extent that any awards issued under the 2019 Plan are forfeited or canceled, expire, are surrendered, or otherwise become unexercisable, the shares of Common Stock reserved for issuance pursuant to such awards will become available for issuance as shares of Common Stock under the 2025 Plan.

(4)Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) of the Securities Act. The proposed maximum aggregate offering price per share and proposed maximum aggregate offering price for the 2,210,904 shares of Common Stock reserved for issuance upon the exercise of outstanding stock options granted under the 2019 Plan are calculated using the weighted-average exercise price of $2.53 per share for such stock options.

(5)Represents shares of Common Stock underlying restricted stock unit awards outstanding under the 2019 Plan as of the date of this Registration Statement.

(6)Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) of the Securities Act. The proposed maximum aggregate offering price per share and proposed maximum aggregate offering price are calculated based on the initial public offering price per share of Common Stock of $15.00 set forth in the Registrant's prospectus filed with the Securities and Exchange Commission on July 24, 2025 pursuant to Rule 424(b) under the Securities Act

(7)Represents 3,595,177 shares of Common Stock reserved for future grant under the 2025 Plan. The 2025 Plan provides that the number of shares of the Common Stock reserved for issuance under our 2025 Plan will automatically increase on January 1 of each calendar year, beginning on January 1, 2026 and continuing through and including January 1, 2035, by 5% of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Registrant's board of directors. This explanation is provided for information purposes only. The issuance of such additional shares is not being registered on this Registration Statement.

(8)Represents 398,749 shares of Common Stock reserved for future grant under the 2025 ESPP. The 2025 ESPP provides that the number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2026 and continuing through and including January 1, 2035, by 1% of the total number of shares of our capital stock outstanding on the last day of the calendar month before the date of the automatic increase or a lesser number of shares determined by the Registrant's board of directors. This explanation is provided for information purposes only. The issuance of such additional shares is not being registered on this Registration Statement.

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