Carlsmed CARL Insider Ownership

NASDAQ CARL

$14.71 -1.34 (-8.35%)

At close: Nov 10, 2026 · 4:00 PM EST

Insider Holdings by Owner

13.88Mn Shares

Capital Group Management, L.P. B8.32Mn59.9%

Michael Cordonnier1.55Mn11.2%

Management Group Xii, L.L.C. Presidio1.12Mn8.1%

Niall Casey982.56K7.1%

Robert Ii Mittendorff931.45K6.7%

Other insiders (8)978.12K7.0%

Insider Ownership Statistics

as of 30 Sep, 2026

Insider Ownership

47.89%

▲+0.411% pp QoQ

Shares Held by Insiders

13.04Mn

filed for Sep 2026

▲+0.86% QoQ

Shares Outstanding

27.23Mn

27,225,759 shares

Direct Holdings

3.51Mn

Indirect: 9.53Mn

Net Open-Market Trades

-243

net sold · -$3.40K in Sep 2026

Insiders Holding Shares

with Form 4 holdings on file

Shares Owned by Insiders

Shares held % of outstanding

Latest —

Average ownership —

Peak ownership —

Open-Market Insider Trades

Bought Sold

Latest quarter —

Net over range —

Net-buying quarters —

Insider Ownership Summary

Updated Nov 5, 2026

In the last 12 months, insiders at Carlsmed made open-market sales of $2.66 million (199.84K shares) and bought no shares on the open market.

By number of insiders, Carlsmed saw 2 insiders sell on the open market over the past 12 months and none buy.
Michael Cordonnier (CEO, President) sold the most Carlsmed stock on the open market over the past 12 months, $2.63 million (197.85K shares), most recently on March 2, 2026.
The latest open-market trade on record is a sale of 747 shares for $11,317 by Jeffrey Bertolini (Chief Operating Officer) on November 3, 2026.
Outside the open market, Carlsmed insiders received 265.28K shares in stock awards and acquired 393.67K shares through option exercises and conversions over the past 12 months.
Per Business Quant data, Carlsmed insiders hold 13.04Mn shares in total based on their latest Form 4 filings, up 0.86% from 12.93Mn shares at the end of Q2 2026 and up 6.46% from 12.25Mn shares at the end of Q3 2025.
By type of ownership, CARL insiders hold 26.93% of their shares directly (3.51Mn shares) and 73.07% indirectly (9.53Mn shares).
Per Business Quant, 13 insiders of CARL hold shares, counting officers, directors and 10% owners who have filed a Form 4 in the past two years.
CARL's largest insider holders by reported holdings are B Capital Group Management, L.P. (10% owner, 7.39Mn shares), Michael Cordonnier (CEO, President, 1.55Mn shares) and Presidio Management Group XII, L.L.C. (10% owner, 1.12Mn shares).
The holding of B Capital Group Management, L.P. makes up 56.68% of all shares held by Carlsmed insiders.
Institutions held 20.95% of Carlsmed's outstanding shares in their Q2 2026 13F filings, insiders about 47.89% based on their latest Form 4 filings, and other investors, including the public, the remaining 31.16%.
Over the past 12 months, 10 insiders reported transactions in Carlsmed stock in 15 Form 4 filings.
The insider holdings and trades above for Carlsmed reflect Form 4 filings through November 4, 2026.

Form 4 Holdings

Insiders Holding CARL

Insiders 13

Shares held 13.88Mn

Of outstanding 50.99%

#	Insider	Position	Direct	Indirect	Total	Share of Insiders	Last Filed
1	Capital Group Management, L.P. B	TenPercentOwner	0	8,321,763	8,321,763	59.9%	24 Jul, 2025
2	Michael Cordonnier	Ceo, President	1,550,477	0	1,550,477	11.2%	04 Mar, 2026
3	Management Group Xii, L.L.C. Presidio	TenPercentOwner	0	1,117,743	1,117,743	8.1%	24 Jul, 2025
4	Niall Casey	Chief Ip Officer	982,562	0	982,562	7.1%	30 Jan, 2026
5	Robert Ii Mittendorff	Director	0	931,452	931,452	6.7%	24 Jul, 2025
6	Jonathan D Root	Director	497,697	0	497,697	3.6%	22 Jun, 2026
7	Leonard M. Greenstein	Cfo, Treasurer	188,346	0	188,346	1.4%	30 Jan, 2026
8	Richard Heppenstall	Cfo, Treasurer	89,286	0	89,286	0.6%	30 Sep, 2026
9	Kevin Sidow	Director	73,264	0	73,264	0.5%	22 Jun, 2026
10	William Scott Durall	Chief Commercial Officer	44,977	0	44,977	0.3%	30 Jan, 2026
11	Philip M Young	Director	31,031	0	31,031	0.2%	22 Jun, 2026
12	Kevin C Oboyle	Director	31,031	0	31,031	0.2%	22 Jun, 2026
13	Jeffrey Bertolini	Chief Operating Officer	22,489	0	22,489	0.2%	04 Nov, 2026

Each row is that insider’s most recently reported position, from Form 4 filings over the last 60 months — which is why this total does not tie to the quarterly series above, where a quarter counts only the insiders who filed in it. Shares held through a fund or institutional portfolio are counted on the institutional ownership page instead.

Form 4 Filings

96 Insider Transactions

Source SEC Form 4

Latest quarter Sep 2026

Date	Insider	Position	Transaction	Shares	Price	Value	Shares Held After	Ownership
03 Nov, 2026	Jeffrey Bertolini	Chief Operating Officer	Acquired M	747	$5.92	$4.42K	23,236	Direct
03 Nov, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed S	747	$15.15	$11.32K	22,489	Direct
03 Nov, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed M	747	$0.00	$0	20,908	Direct
30 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Acquired M	243	$2.23	$542	22,732	Direct
30 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed S	243	$15.80	$3.84K	22,489	Direct
30 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed M	243	$0.00	$0	5,582	Direct
05 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Acquired M	747	$5.92	$4.42K	23,236	Direct
05 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed S	747	$14.39	$10.75K	22,489	Direct
05 Oct, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed M	747	$0.00	$0	21,655	Direct
30 Sep, 2026	Jeffrey Bertolini	Chief Operating Officer	Acquired M	243	$2.23	$542	22,732	Direct
30 Sep, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed S	243	$13.99	$3.40K	22,489	Direct
30 Sep, 2026	Jeffrey Bertolini	Chief Operating Officer	Disposed M	243	$0.00	$0	5,825	Direct
28 Sep, 2026	Richard Heppenstall	Cfo, Treasurer	Acquired A	89,286	$0.00	$0	89,286	Direct
28 Sep, 2026	Richard Heppenstall	Cfo, Treasurer	Acquired A	180,137	$0.00	$0	180,137	Direct
08 Sep, 2026	Jeffrey Bertolini	Chief Operating Officer	Acquired A	50,000	$0.00	$0	50,000	Direct
03 Jun, 2026	Kevin Sidow	Director	Acquired A	13,698	$0.00	$0	73,264	Direct
03 Jun, 2026	Philip M Young	Director	Acquired A	13,698	$0.00	$0	31,031	Direct
03 Jun, 2026	Kevin C Oboyle	Director	Acquired A	13,698	$0.00	$0	31,031	Direct
03 Jun, 2026	Jonathan D Root	Director	Acquired A	13,698	$0.00	$0	497,697	Direct
02 Mar, 2026	Michael Cordonnier	Ceo, President	Acquired M	197,855	$0.34	$66.28K	1,554,501	Direct

Showing 1 to 20 of 96 transactions