Jeffrey Bertolini, Chief Operating Officer of Carlsmed, Inc. (NASDAQ:CARL), filed a Form 4 on November 2, 2026, reporting the exercise of a stock option and sale of 243 shares of common stock on October 30, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: Bertolini exercised a stock option for 243 shares of common stock at an exercise price of $2.232 per share on October 30, 2026.
  • Shares sold: 243 shares of common stock were disposed of at $15.80 per share on October 30, 2026.
  • 10b5-1 plan: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by Bertolini on March 12, 2026.
  • Remaining ownership: Following the transactions, Bertolini directly holds 22,489 shares of common stock.
  • Remaining options: Bertolini beneficially owns 5,582 derivative securities (stock options with a right to buy) following the reported transaction, with an expiration date of November 12, 2034.
  • Vesting schedule: 25% of the original option shares vested on September 30, 2025, with the remaining 75% vesting in 1/36th monthly installments thereafter, subject to continued service.

Bertolini's October 30 Option Exercise and Share Sale at Carlsmed

According to the filing, Jeffrey Bertolini, Chief Operating Officer of Carlsmed, Inc., executed two transactions on October 30, 2026. First, he acquired 243 shares of common stock via the exercise of a stock option (transaction code "M") at a price of $2.232 per share, bringing his directly held common stock to 22,732 shares. He then disposed of all 243 of those shares (transaction code "S") at $15.80 per share, resulting in a directly held position of 22,489 shares of common stock.

The filing notes that the sale was "effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 12, 2026." The filing also indicates that the form was checked to reflect a transaction made pursuant to such a plan, satisfying the affirmative defense conditions of Rule 10b5-1(c). The stock option exercised carried an exercise price of $2.232 and an expiration date of November 12, 2034.

Regarding the vesting terms of the underlying option, the filing states that "25% of the original number of shares subject to the stock option vested on September 30, 2025, and the remaining 75% of the original number of shares subject to the stock option will vest in 1/36th installments on a monthly basis thereafter, subject to the Reporting Person's continued service through each such vesting date." After the reported transactions, Bertolini holds 5,582 stock options directly. The form was signed by Michael Cordonnier as attorney-in-fact for Jeffrey Bertolini and filed on November 2, 2026.

What Was Disclosed

Carlsmed, Inc.'s COO Jeffrey Bertolini reported the exercise of 243 stock options and the same-day sale of 243 shares at $15.80 each on October 30, 2026, under a pre-established 10b5-1 trading plan, leaving him with 22,489 directly held shares and 5,582 remaining options.