Carlsmed Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Cash & Equivalents	85.79	40.13	7.22
Short-Term Investments	24	-	-
Cash & Short-Term Investments	109.79	40.13	7.22
Cash Growth	173.63%	455.59%	-
Receivables	11.36	6.77	3.17
Inventory	1.85	1	0.58
Prepaid Expenses	3.57	1.37	0.65
Restricted Cash	0.1	0.1	0.15
Total Current Assets	126.67	49.35	11.77
Property, Plant & Equipment	3.31	1.9	2.24
Long-Term Deferred Charges	-	0.4	-
Other Long-Term Assets	0.13	0.17	0.02
Total Assets	130.12	51.82	14.02
Accounts Payable	4.48	2.41	1.69
Accrued Expenses	9.05	5.96	3.6
Current Portion of Long-Term Debt	-	-	1.84
Current Portion of Leases	0.75	0.45	0.31
Total Current Liabilities	14.28	8.82	7.44
Long-Term Debt	15.35	15.41	7.47
Long-Term Leases	1.32	1.32	1.77
Other Long-Term Liabilities	0.31	0.68	0.1
Total Liabilities	31.25	26.23	16.78
Additional Paid-In Capital	199.67	0.54	0.78
Retained Earnings	-100.81	-71.17	-46.91
Total Common Equity	98.87	-70.63	-46.13
Shareholders' Equity	98.87	25.6	-2.75
Total Liabilities & Equity	130.12	51.82	14.02
Total Debt	17.41	17.18	11.39
Net Cash (Debt)	92.38	22.95	-4.17
Net Cash Growth	302.61%	-	-
Net Cash Per Share	6.50	5.64	-1.07
Filing Date Shares Outstanding	26.73	4.23	3.89
Total Common Shares Outstanding	26.6	4.23	3.89
Working Capital	112.39	40.53	4.33
Book Value Per Share	3.72	-16.68	-11.87
Tangible Book Value	98.87	-70.63	-46.13
Tangible Book Value Per Share	3.72	-16.68	-11.87
Machinery	0.82	0.58	0.4
Construction In Progress	0.52	-	-
Leasehold Improvements	0.36	0.08	0.08

Source: S&P Capital IQ. Standard template. Financial Sources.