Initial Registration Statement for Employee Benefit Plan (Form S-8)

As filed with the Securities and Exchange Commission on October 1, 2026

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Carlsmed, Inc.

(Exact name of registrant as specified in its charter)

Delaware		83-1081863
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1800 Aston Ave., Suite 100 Carlsbad, California		92008
(Address of Principal Executive Offices)		(Zip Code)

Inducement Restricted Stock Unit Agreement for Richard Heppenstall

Inducement Restricted Stock Unit Agreement for Anthony Jarc

Inducement Stock Option Agreement for Richard Heppenstall

Inducement Stock Option Agreement for Anthony Jarc

(Full title of the plan)

Michael Cordonnier

Chief Executive Officer
Carlsmed, Inc.
1800 Aston Ave., Suite 100

Carlsbad, California 92008

(Name and address of agent for service)

(442) 325-2871

(Telephone number, including area code, of agent for service)

With copies to:

H. Thomas Felix

R. John Hensley
James M. Krenn
Morrison & Foerster LLP
12531 High Bluff Drive
Suite 200

San Diego, California 92130

(858) 720-5100

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
				Emerging growth company		☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

EXPLANATORY NOTE

This Registration Statement on Form S-8 (the "Registration Statement") is being filed by Carlsmed, Inc., a Delaware corporation (the "Registrant"), for the purpose of registering an aggregate of 465,622 shares of the Registrant's common stock, par value $0.00001 per share (the "Common Stock"), granted as inducement grants to certain of the Registrant's new employees, authorized for issuance upon (i) the vesting and settlement of 89,286 restricted stock units ("RSUs") granted to Richard Heppenstall (the "Heppenstall Inducement RSU Grant"), (ii) the vesting and settlement of 63,735 RSUs granted to Anthony Jarc (the "Jarc Inducement RSU Grant"), (iii) 180,137 shares issuable upon the vesting and exercise of a stock option granted to Mr. Heppenstall (the "Heppenstall Inducement Stock Option Grant") and (iv) 132,464 shares issuable upon the vesting and exercise of a stock option granted to Mr. Jarc (the "Jarc Inducement Stock Option Grant" and, together with the Heppenstall Inducement RSU Grant, the Jarc Inducement RSU Grant and the Heppenstall Inducement Stock Option Grant, the "Inducement Grants"). The Heppenstall Inducement RSU Grant and the Heppenstall Inducement Stock Option Grant were granted on September 28, 2026, and the Jarc Inducement RSU Grant and the Jarc Inducement Stock Option Grant will be granted on or about October 1, 2026. The Compensation Committee of the Registrant's Board of Directors approved the Inducement Grants as an inducement material to each of Mr. Heppenstall and Mr. Jarc entering into employment with the Registrant in accordance with Nasdaq Listing Rule 5635(c)(4), which exempts employment inducement grants from the general requirement of the Nasdaq Listing Rules that equity-based compensation plans and arrangements be approved by stockholders. The Inducement Grants were, and will be, made outside of any equity incentive plan of the Registrant.

PART I

INFORMATION REQUIRED IN THE PROSPECTUS

This Registration Statement relates to the Inducement Grants. With respect to the Inducement Grants, the document(s) containing the information specified in Part I will be sent or given to participants as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). In accordance with the Note to Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

PART II

INFORMATION REQUIRED IN REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

The following documents, which have been filed by the Registrant with the Commission, are incorporated by reference herein and shall be deemed to be a part hereof:

(a) The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Commission on February 25, 2026;

(b) The information specifically incorporated by reference into the Registrant's Annual Report from the Registrant's Definitive Proxy Statement on Schedule 14A, filed with the Commission on April 22, 2026;

(c) The Registrant's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, filed with the Commission on May 5, 2026 and August 5, 2026, respectively;

(d) The Registrant's Current Reports on Form 8-K filed with the Commission on June 3, 2026, September 8, 2026 and September 30, 2026; and

(e) The description of the Registrant's capital stock set forth in the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Commission on February 25, 2026.

In addition, all reports and other documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment hereto which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities.

Not applicable.

Item 5. Interests of Named Experts and Counsel.

Not applicable.

Item 6. Indemnification of Directors and Officers.

Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise. The Registrant's amended and restated certificate of incorporation and the Registrant's amended and restated bylaws provide for indemnification by the Registrant of its directors and officers to the fullest extent permitted by the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability of (1) a director or officer for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (2) a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) a director for unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL, (4) a director or officer for any transaction from which the director or officer derived an improper personal benefit or (5) an officer in any action by or in the right of the corporation. The Registrant's amended and restated certificate of incorporation provides for such limitation of liability.

The Registrant maintains standard policies of insurance under which coverage is provided (1) to the Registrant's directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to the Registrant with respect to payments which may be made by the Registrant to its directors and officers pursuant to the above indemnification provision or otherwise as a matter of law. The Registrant's amended and restated bylaws provide that the Registrant indemnify the Registrant's directors and officers to the fullest extent permitted by the DGCL against liabilities that may arise by reason of their service to the Registrant and that the Registrant must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking by or on behalf of an indemnified person to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

The Registrant has entered into, and intend to continue to enter into, separate indemnification agreements with the Registrant's directors and officers. These indemnification agreements generally require the Registrant, among other things, to indemnify its officers and directors against certain liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct. These indemnification agreements also generally require the Registrant to advance any expenses incurred by the directors or officers as a result of any proceeding against them as to which they could be indemnified. These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of the Registrant's officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act.

See also the Undertakings set forth in the response to Item 9 herein.

Item 7. Exemption from Registration Claimed.

Not applicable.

Item 8. Exhibits.

The Registrant has filed the exhibits listed on the accompanying Exhibit Index of this Registration Statement.

EXHIBIT INDEX

Exhibit Number		Exhibit Description
3.1		Amended and Restated Certificate of Incorporation of Carlsmed, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K dated July 24, 2025 (File No. 001-42756)).
3.2		Amended and Restated Bylaws of Carlsmed, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K dated July 24, 2025 (File No. 001-42756)).
5.1*		Opinion of Morrison & Foerster LLP.
23.1*		Consent of Independent Registered Public Accounting Firm
23.2*		Consent of Morrison & Foerster LLP (included as part of Exhibit 5.1).
24.1*		Power of Attorney (included on the signature pages of this Registration Statement).
99.1#		Inducement Stock Option Award for Richard Heppenstall (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K dated September 30, 2026 (File No. 001-42756)).
99.2#		Inducement Restricted Stock Unit Award for Richard Heppenstall (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K dated September 30, 2026 (File No. 001-42756)).
99.3*#		Form of Inducement Restricted Stock Unit Agreement.
99.4*#		Form of Inducement Stock Option Agreement.
107*		Filing Fee Table.

* Filed herewith.

# Indicates management contract or compensatory plan.

Item 9. Undertakings.

A. The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in the Registration Statement; provided, however, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Carlsbad, State of California, on this first day of October, 2026.

Carlsmed, Inc.
By: October 1, 2026		/s/ Michael Cordonnier
		Michael Cordonnier
		Chief Executive Officer and President

SIGNATURES AND POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Michael Cordonnier and Richard Heppenstall and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments to the Registration Statement), and to file the same, with all exhibits thereto, and any other documents in connection therewith, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

/s/ Michael Cordonnier Michael Cordonnier		Chairman, Chief Executive Officer, President and Co-Founder (Principal Executive Officer)		October 1, 2026
/s/ Richard Heppenstall Richard Heppenstall		Chief Financial Officer (Principal Financial and Accounting Officer)		October 1, 2026
/s/ Kevin O'Boyle Kevin O'Boyle		Director		October 1, 2026
/s/ Niall Casey Niall Casey		Director		October 1, 2026
/s/ Robert Mittendorff Robert Mittendorff		Director		October 1, 2026
/s/ Jonathan Root Jonathan Root		Director		October 1, 2026
/s/ Kevin Sidow Kevin Sidow		Director		October 1, 2026
/s/ Philip Young Philip Young		Director		October 1, 2026