SCHEDULE: U.S. Venture Partners Boosts Carlsmed Stake to 22%

U.S. Venture Partners and its affiliates, including managing partner Casey M. Tansey, have disclosed a combined beneficial ownership of up to 22.0% in Carlsmed, Inc. common stock.

Summary

• U.S. Venture Partners XII, L.P. (USVP XII) reported beneficial ownership of 4,305,806 shares of Carlsmed, Inc. common stock, representing 16.2% of the class.
• Presidio Management Group XII, L.L.C. (PMG XII), as the general partner of USVP XII and other related funds, reported beneficial ownership of 5,642,073 shares, representing 21.2% of the common stock.
• Casey M. Tansey, a managing partner of PMG XII, reported beneficial ownership of 5,842,073 shares, representing 22.0% of the common stock. This includes 200,000 shares with sole voting and dispositive power, in addition to shared power over the shares held by the U.S. Venture Partners entities.
• The beneficial ownership percentages are calculated based on 26,592,908 shares of Common Stock outstanding as of November 3, 2025, as reported by Carlsmed, Inc. in its Quarterly Report on Form 10-Q filed on November 6, 2025.
• The reporting persons disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest therein and certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant and passive institutional investment by a reputable venture capital firm, U.S. Venture Partners, and its affiliates, holding up to 22.0% of Carlsmed, Inc. This substantial stake, coupled with a board presence, generally signals confidence in the company's long-term potential, which is a positive indicator for the market.

Positives

• Significant institutional investor confidence is demonstrated by U.S. Venture Partners and its affiliates holding a substantial stake of up to 22.0% in Carlsmed, Inc.
• The continued involvement of key individuals, including Dr. Jonathan Root, a member of Carlsmed's board of directors, who is associated with the reporting entities, suggests alignment and oversight from major investors.

Negatives

• No direct negatives are presented in this beneficial ownership report, as it primarily discloses ownership structure rather than operational or financial performance.

Risks

• No specific risks related to Carlsmed, Inc.'s operations, financial health, or strategic direction are disclosed in this beneficial ownership filing.

Future Outlook

Not applicable, as this filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance from the issuer.

Industry Context

This Schedule 13G filing indicates a significant and continued investment by a prominent venture capital firm, U.S. Venture Partners, in Carlsmed, Inc. Such substantial institutional ownership can signal confidence in the company's long-term prospects within its industry, which is typically a positive indicator for other investors. It also highlights the ongoing involvement of venture capital in supporting and potentially guiding the growth of emerging companies.

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership by a venture capital firm may instill confidence and potentially attract further investment, positively impacting shareholder perception and potentially share price.
• Management: The continued substantial investment and board representation by associated individuals suggest ongoing support and oversight from key investors.

Key Dates

Recommendation

While the significant institutional ownership by U.S. Venture Partners is a positive signal, indicating confidence from a sophisticated investor, a Schedule 13G filing primarily discloses ownership structure rather than operational or financial performance. It does not provide new fundamental data to warrant a 'buy' or 'sell' recommendation. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal without suggesting immediate action based solely on this ownership disclosure.

Keywords

Carlsmed Inc., U.S. Venture Partners XII L.P., Presidio Management Group XII L.L.C., Casey M. Tansey, Beneficial Ownership, Institutional Investment, Venture Capital, Common Stock, SEC Filing, Schedule 13G