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Carlsmed, Inc. balance sheet

At the end of fiscal 2025, Carlsmed, Inc. had total assets of $130m, total liabilities of $31.3m and shareholders' equity of $98.9m. It held $85.8m in cash against $15.6m of debt: net cash of $70.2m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents408646
Receivables71114
Inventory122
Total current assets49127110
Total assets52130118
Accounts payable244
Total current liabilities91412
Long-term debt151515
Total debt151616
Total liabilities263134
Shareholders' equity−719984
Non-controlling interests and other (assets − liabilities − equity)96——
Net debt (negative = net cash)−25−70−31
Shares outstanding4m—27m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Carlsmed, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carlsmed, Inc.