CARLNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
CARLSMED, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$13.66+0.25 (+1.86%)
Close on Oct 19, 2026
- Market cap
- $371.43M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
20.9%
6M of 27M shares
Institutional holders
75
24 new, 13 sold out
Net institutional buying
2M
In Q2 2026
Insider trades, 12 months
0 buys · 1 sales
Net sold $2.63M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| B Capital Group Management, L.P. | 7,390,311 | 27.80% | 13G (passive) | Sep 30, 2025 |
| Casey M Tansey | 5,842,073 | 22.00% | 13G (passive) | Jul 24, 2025 |
| Michael Cordonnier | 1,597,752 | 5.90% | 13G (passive) | Jul 24, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of CARL | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Jupiter Topco LLC | 1,251,616 | 4.58% | $12.99M | New | 0.01% |
| Parkman Healthcare Partners LLC | 597,318 | 2.19% | $6.20M | +76,195 | 0.63% |
| BlackRock, Inc. | 532,593 | 1.95% | $5.53M | +85,701 | 0.00% |
| KCM Capital Inc | 440,000 | 1.61% | $4.57M | +240,000 | 0.74% |
| Pier Capital, LLC | 373,677 | 1.37% | $3.88M | New | 0.51% |
| Millennium Management LLC | 295,907 | 1.08% | $3.07M | New | 0.00% |
| Palumbo Wealth Management LLC | 267,298 | 0.98% | $2.77M | New | 0.58% |
| Vanguard Capital Management LLC | 238,727 | 0.87% | $2.48M | −37,404 | 0.00% |
| Schonfeld Strategic Advisors LLC | 224,804 | 0.82% | $2.33M | −58,376 | 0.01% |
| Geode Capital Management, LLC | 204,655 | 0.75% | $2.13M | +11,482 | 0.00% |
| Russell Investments Group, Ltd. | 139,142 | 0.51% | $1.44M | −20,149 | 0.00% |
| State Street Corp | 133,083 | 0.49% | $1.38M | +19,366 | 0.00% |
| Citadel Advisors LLC | 101,726 | 0.37% | $1.06M | +57,131 | 0.00% |
| Aqr Capital Management LLC | 92,159 | 0.34% | $956.61K | New | 0.00% |
| Jane Street Group, LLC | 73,389 | 0.27% | $761.78K | +58,353 | 0.00% |
| Northern Trust Corp | 64,633 | 0.24% | $670.89K | +10,157 | 0.00% |
| Goldman Sachs Group Inc | 63,126 | 0.23% | $655.25K | +40,488 | 0.00% |
| D. E. Shaw & Co., Inc. | 60,439 | 0.22% | $627.36K | New | 0.00% |
| Vanguard Portfolio Management LLC | 56,948 | 0.21% | $591.12K | +9,304 | 0.00% |
| Kornitzer Capital Management Inc /Ks | 51,688 | 0.19% | $536.52K | −1,744 | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 75 | 6M | 20.9% | 24 / 32 | 12 / 13 | 3M | 2M |
| Q1 2026 | 66 | 5M | 19.4% | 21 / 16 | 18 / 11 | 2M | 1M |
| Q4 2025 | 57 | 5M | 17.1% | 16 / 19 | 10 / 7 | 1M | 1M |
| Q3 2025 | 48 | 5M | 17.1% | 48 / 0 | 0 / 0 | 5M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of CARL | Value | % of fund | As of |
|---|---|---|---|---|---|
| Janus Henderson Venture Fund | 609,059 | 2.23% | $6.32M | 0.17% | Jun 30, 2026 |
| Janus Henderson Small Cap Value Fund | 343,579 | 1.26% | $3.57M | 0.28% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 213,041 | 0.78% | $2.21M | 0.00% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 158,583 | 0.58% | $1.65M | 0.00% | Jun 30, 2026 |
| U.S. Small Cap Equity Fund | 102,893 | 0.38% | $1.30M | 0.13% | Jul 31, 2026 |
| Fidelity Small Cap Index Fund | 93,117 | 0.34% | $1.17M | 0.00% | Jul 31, 2026 |
| Vanguard Extended Market Index Fund | 73,487 | 0.27% | $762.80K | 0.00% | Jun 30, 2026 |
| Adara Smaller Companies Fund | 59,725 | 0.22% | $682.06K | 0.08% | May 31, 2026 |
| Janus Henderson Small-Mid Cap Value Fund | 54,781 | 0.20% | $568.63K | 0.79% | Jun 30, 2026 |
| Dunham Small Cap Growth Fund | 51,817 | 0.19% | $652.38K | 0.82% | Jul 31, 2026 |
| Buffalo Early Stage Growth Fund | 51,453 | 0.19% | $534.08K | 0.71% | Jun 30, 2026 |
| iShares Russell 2000 Growth ETF | 44,451 | 0.16% | $461.40K | 0.00% | Jun 30, 2026 |
| Dunham Small Cap Value Fund | 43,923 | 0.16% | $552.99K | 0.60% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 41,737 | 0.15% | $433.23K | 0.00% | Jun 30, 2026 |
| Vanguard Russell 2000 Index Fund | 41,408 | 0.15% | $472.88K | 0.00% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Michael Cordonnier | CEO, President, Director | 1,517,213 | 5.56% | Mar 4, 2026 |
| Niall Casey | Chief IP Officer, Director | 982,562 | 3.60% | Jan 30, 2026 |
| Jennifer Kamocsay | Chief Legal Officer | 56,222 | 0.21% | Sep 30, 2026 |
| Richard Heppenstall | CFO, Treasurer | 89,286 | 0.33% | Sep 30, 2026 |
| Jeffrey Bertolini | Chief Operating Officer | 22,489 | 0.08% | Sep 10, 2026 |
| William Scott Durall | Chief Commercial Officer | 44,977 | 0.16% | Jan 30, 2026 |
| Leonard M. Greenstein | CFO, Treasurer | 188,346 | 0.69% | Jan 30, 2026 |
| Kevin Sidow | Director | 73,264 | 0.27% | Jun 22, 2026 |
| Jonathan D. Root | Director | 716,221 | 2.62% | Jun 22, 2026 |
| Kevin C. Oboyle | Director | 31,031 | 0.11% | Jun 22, 2026 |
| Philip M. Young | Director | 84,364 | 0.31% | Jun 22, 2026 |
| Robert Mittendorff II | Director | 5,013,839 | 18.36% | Jul 24, 2025 |
| Presidio Management Group XII, L.L.C. | 10% owner | 3,773,929 | 13.82% | Sep 15, 2026 |
| Casey M. Tansey | 10% owner | 200,000 | 0.73% | Sep 15, 2026 |
| U.S. Venture Partners XII, L.P. | 10% owner | – | – | Sep 15, 2026 |
| B Capital Healthcare I, L.P. | 10% owner | 6,988,430 | 25.60% | Jul 24, 2025 |
| B Capital Group Management, L.P. | 10% owner | – | – | Jul 24, 2025 |
| B Capital Global Growth III, L.P. | 10% owner | – | – | Jul 24, 2025 |
| Hornet Co-Invest Investors, Ltd. | 10% owner | – | – | Jul 24, 2025 |
| Hornet Co-Invest, LP | 10% owner | – | – | Jul 24, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Richard Heppenstall CFO, Treasurer | Sep 28, 2026 | Award | +89,286 | – | – | 89,286 |
| Jonathan D. Root Director | Jun 3, 2026 | Award | +13,698 | – | – | 497,697 |
| Philip M. Young Director | Jun 3, 2026 | Award | +13,698 | – | – | 31,031 |
| Kevin Sidow Director | Jun 3, 2026 | Award | +13,698 | – | – | 73,264 |
| Kevin C. Oboyle Director | Jun 3, 2026 | Award | +13,698 | – | – | 31,031 |
| Michael Cordonnier CEO, President, Director | Mar 3, 2026 | Option exercise | +160,567 | $0.34 | $54.59K | 1,517,213 |
| Michael Cordonnier CEO, President, Director | Mar 3, 2026 | Option exercise | +33,264 | $4.35 | $144.70K | 1,550,477 |
| Michael Cordonnier CEO, President, Director | Mar 2, 2026 | Sale | −197,855 | $13.29 | $2.63M | 1,356,646 |
| Michael Cordonnier CEO, President, Director | Mar 2, 2026 | Option exercise | +197,855 | $0.34 | $67.27K | 1,554,501 |
| Leonard M. Greenstein CFO, Treasurer | Jan 28, 2026 | Award | +44,977 | – | – | 188,346 |
| William Scott Durall Chief Commercial Officer | Jan 28, 2026 | Award | +44,977 | – | – | 44,977 |
| Michael Cordonnier CEO, President, Director | Jan 28, 2026 | Award | +117,316 | – | – | 1,356,646 |
| Niall Casey Chief IP Officer, Director | Jan 28, 2026 | Award | +44,977 | – | – | 982,562 |
| Casey M. Tansey 10% owner | Jul 24, 2025 | Buy | +200,000 | $15.00 | $3.00M | 200,000 |
| Philip M. Young Director | Jul 24, 2025 | Buy | +53,333 | $15.00 | $800.00K | 53,333 |
| Philip M. Young Director | Jul 24, 2025 | Conversion | +28,900 | – | – | 28,900 |
| Philip M. Young Director | Jul 24, 2025 | Buy | +6,666 | $15.00 | $99.99K | 35,566 |
| Robert Mittendorff II Director | Jul 24, 2025 | Buy | +1,333,333 | $15.00 | $20.00M | 5,013,839 |
| Robert Mittendorff II Director | Jul 24, 2025 | Conversion | +2,376,472 | – | – | 2,376,472 |
| Robert Mittendorff II Director | Jul 24, 2025 | Conversion | +931,452 | – | – | 931,452 |
| Robert Mittendorff II Director | Jul 24, 2025 | Conversion | +3,680,506 | – | – | 3,680,506 |
| Kevin Sidow Director | Jul 24, 2025 | Buy | +13,333 | $15.00 | $200.00K | 59,566 |
| Kevin Sidow Director | Jul 24, 2025 | Option exercise | +28,900 | – | – | 28,900 |
| Niall Casey Chief IP Officer, Secretary, Director | Jul 24, 2025 | Option exercise | +3,612 | – | – | 937,585 |
| Michael Cordonnier CEO, President, Director | Jul 24, 2025 | Option exercise | +3,612 | – | – | 1,239,330 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +26,993 | – | – | 218,524 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +1,117,743 | – | – | 1,117,743 |
| Jonathan D. Root Director | Jul 24, 2025 | Buy | +466,666 | $15.00 | $7.00M | 483,999 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +2,948,794 | – | – | 2,948,794 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +825,135 | – | – | 3,773,929 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +531,877 | – | – | 4,305,806 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +149,655 | – | – | 149,655 |
| Jonathan D. Root Director | Jul 24, 2025 | Conversion | +41,876 | – | – | 191,531 |
| B Capital Healthcare I, L.P. 10% owner | Jul 24, 2025 | Conversion | +3,680,506 | – | – | 3,680,506 |
| B Capital Healthcare I, L.P. 10% owner | Jul 24, 2025 | Conversion | +2,376,472 | – | – | 2,376,472 |
| B Capital Healthcare I, L.P. 10% owner | Jul 24, 2025 | Buy | +1,333,333 | $15.00 | $20.00M | 5,013,839 |
| B Capital Healthcare I, L.P. 10% owner | Jul 24, 2025 | Conversion | +931,452 | – | – | 931,452 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +825,135 | – | – | 3,773,929 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +531,877 | – | – | 4,305,806 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +149,655 | – | – | 149,655 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +41,876 | – | – | 191,531 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +26,993 | – | – | 218,524 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +1,117,743 | – | – | 1,117,743 |
| Presidio Management Group XII, L.L.C. 10% owner | Jul 24, 2025 | Conversion | +2,948,794 | – | – | 2,948,794 |
| Philip M. Young Director | Jul 22, 2025 | Award | +17,333 | – | – | 17,333 |
| Kevin Sidow Director | Jul 22, 2025 | Award | +17,333 | – | – | 17,333 |
| Kevin C. Oboyle Director | Jul 22, 2025 | Award | +17,333 | – | – | 17,333 |
| Jonathan D. Root Director | Jul 22, 2025 | Award | +17,333 | – | – | 17,333 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Leonard M. Greenstein Former Officer | Oct 14, 2026 | 4,136 | $57.87K | Oct 14, 2026 | Restricted Stock Vesting |
| Jeffrey Bertolini Officer | Oct 5, 2026 | 747 | $10.75K | Oct 5, 2026 | Stock Option Exercise |
| Jeffrey Bertolini Officer | Sep 30, 2026 | 243 | $3.40K | Sep 30, 2026 | Stock Option Exercise |
| Michael Cordonnier Officer, Director | Mar 2, 2026 | 197,855 | $2.63M | Mar 2, 2026 | Options Granted - 01/08/2021 |