CARLSMED COO Bertolini Exercises Options, Sells 243 Shares

What Happened

• Jeffrey Bertolini, Chief Operating Officer of CARLSMED, exercised stock options and then sold the resulting 243 shares on September 30, 2026. The option exercise recorded an acquisition at $2.23 per share (cash cost $542). The open-market sale disposed of 243 shares at $13.99 per share, generating roughly $3,400 in gross proceeds. A separate derivative line at $0.00 reflects the option-to-share conversion reporting convention.

Key Details

• Transaction dates/prices: 2026-09-30 — exercised 243 shares at $2.23 (acquired; $542), sold 243 shares at $13.99 (disposed; $3,400), and a derivative conversion line of 243 shares at $0.00.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: Sale was executed under a Rule 10b5-1 trading plan adopted March 12, 2026 (F1). Vesting info: 25% of the original option vests on 9/30/2025, remaining 75% vests monthly in 1/36th installments thereafter, subject to continued service (F2).
• Filing timeliness: The Form 4 was filed on 2026-10-01 for transactions on 2026-09-30 (appears timely).

Context

• This was an option exercise followed by an immediate open-market sale (a common "cashless" pattern where exercised shares are sold). The 10b5-1 plan note indicates the sale was preplanned under an automated trading arrangement, which is routine for insider sales and reduces inference about timing decisions.
• Facts only — the filing shows the mechanics and amounts but does not state the insider’s motivation.