{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-258525","form_type":"8-K","ticker":"CARL","cik":"0001794546","company_name":"CARLSMED, INC.","filed_at":"2025-10-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.483480+00:00","generated_at":"2026-05-17T01:24:01.109351+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Carlsmed secures up to $50M credit facility from Customers Bank; $17.5M contingent on revenue milestones","bullets":["Term loan of up to $50M ($32.5M immediate, plus $7.5M and $10M upon achieving $60M and $90M trailing revenue milestones) with interest at Prime+0.25% (floor 5.25%).","$10M non-formula revolving line fully available immediately; aggregate borrowing limit $50M.","Term loan matures Oct 2030 with interest-only through Oct 2027 (extendable to Oct 2028 if milestones met).","Company must maintain at least $20M cash at Bank at all times; additional minimum revenue covenants if cash < outstanding debt.","Warrants modified: Series B reduced from 58,420 to 52,776 shares; Series C from 20,375 to 10,188 shares; 15,831 contingent shares cancelled."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-258525","json":"https://secwatch.observer/filing/0001193125-25-258525.json","markdown":"https://secwatch.observer/filing/0001193125-25-258525.md","text":"https://secwatch.observer/filing/0001193125-25-258525.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1794546/000119312525258525/0001193125-25-258525-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1794546/000119312525258525/carl-20251029.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:24:01.109351+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"37e14145d47fc0ddbf0acf3f09897a189a35cbdd","claim":"CARLSMED, INC. amended credit facility of up to $50.0 million at the greater of (a) the WSJ Prime Rate + 0.25% or (b) 5.25% maturing October 15, 2030.","evidence_excerpt":"Customers Bank (the “Customers Loan Agreement”). The Fifth Amendment provides the Company with a credit facility consisting of (i) a term loan in the principal amount of up to $50.0 million (the “Term Loan”), $17.5 million of which is contingent upon the achievement of requisite revenue milestones, and (ii) a $10.0 million non-formula revolving line of credit (the","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1794546/000119312525258525/0001193125-25-258525-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"up to $50.0 million"},{"label":"Rate","value":"the greater of (a) the WSJ Prime Rate + 0.25% or (b) 5.25%"},{"label":"Maturity","value":"October 15, 2030"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}