SCHEDULE 13G 0001997306 XXXXXXXX LIVE Common Stock, $0.00001 par value per share 09/30/2025 0001794546 CARLSMED, INC. 14280C105 1800 Aston Ave, Suite 100 Carlsbad CA 92008 Rule 13d-1(d) B Capital Global Growth III, L.P. b E9 5013839 0 5013839 0 5013839 N 18.9 PN B Capital Healthcare I, L.P. b E9 2376472 0 2376472 0 2376472 N 8.9 PN B CAPITAL GROUP MANAGEMENT, L.P. b E9 7390311 0 7390311 0 7390311 N 27.8 PN Hornet Co-Invest, L.P. b E9 931452 0 931452 0 931452 N 3.5 PN Hornet Co-Invest Investors, Ltd. b E9 931452 0 931452 0 931452 N 3.5 OO CARLSMED, INC. 1800 Aston Ave, Suite 100, Carlsbad, CA 92008 This Schedule 13G is being filed by (i) B Capital Global Growth III, L.P. ("Growth III"), (ii) B Capital Healthcare I, L.P. ("Healthcare I"), (iii) B Capital Group Management, L.P. ("B Capital"), (iv) Hornet Co-Invest, L.P. ("Hornet Co-Invest") and (v) Hornet Co-Invest Investors, Ltd. ("Hornet UGP"). The foregoing are sometimes collectively referred to as the "Reporting Persons." The principal business address for each of the Reporting Persons is 1240 Rosecrans Ave., 5th Floor, Manhattan Beach, CA 90266. Each of the Reporting Persons is organized under the laws of the Cayman Islands. Y Growth III directly owns 5,013,839 shares of Common Stock, representing approximately 18.9% of the outstanding Common Stock of the Issuer; Healthcare I directly owns 2,376,472 shares of Common Stock, representing approximately 8.9% of the outstanding Common Stock of the Issuer; and Hornet Co-Invest directly owns 931,452 shares of Common Stock, representing approximately 3.5% of the outstanding Common Stock of the Issuer. B Capital, as the manager of Growth III and Healthcare I, may be deemed to beneficially own the 7,390,311 shares of Common Stock held directly by such funds, representing approximately 27.8% of the outstanding Common Stock of the Issuer. Hornet UGP, as the ultimate general partner of Hornet Co-Invest, may be deemed to beneficially own the 931,452 shares of Common Stock held directly by Hornet Co-Invest, representing approximately 3.5% of the outstanding Common Stock of the Issuer. See Item 4(a). The percent of class is based upon 26,581,134 shares of Common Stock outstanding as of August 25, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 28, 2025. Growth III: 5,013,839 shares of Common Stock Healthcare I: 2,376,472 shares of Common Stock B Capital: 7,390,311 shares of Common Stock Hornet Co-Invest: 931,452 shares of Common Stock Hornet UGP: 931,452 shares of Common Stock Not applicable. Growth III: 5,013,839 shares of Common Stock Healthcare I: 2,376,472 shares of Common Stock B Capital: 7,390,311 shares of Common Stock Hornet Co-Invest: 931,452 shares of Common Stock Hornet UGP: 931,452 shares of Common Stock Not applicable. Y Y Y Y Y Y B Capital Global Growth III, L.P. /s/ Rajarshi Ganguly 11/14/2025 B Capital Healthcare I, L.P. /s/ Rajarshi Ganguly 11/14/2025 B CAPITAL GROUP MANAGEMENT, L.P. /s/ Rajarshi Ganguly 11/14/2025 Hornet Co-Invest, L.P. /s/ Rajarshi Ganguly 11/14/2025 Hornet Co-Invest Investors, Ltd. /s/ Rajarshi Ganguly 11/14/2025