- Carlsmed, Inc. entered into a **Fifth Amendment to its Loan and Security Agreement** with Customers Bank on **October 29, 2025**, establishing a new credit facility.  **[1794546_0001193125-25-258525_carl-ex10_1.htm:0]** **[1794546_0001193125-25-258525_carl-20251029.htm:1]** 
- The credit facility provides up to **$50.0 million**, consisting of a term loan of up to **$50.0 million** (with **$17.5 million** contingent upon revenue milestones) and a **$10.0 million non-formula revolving line of credit**.  **[1794546_0001193125-25-258525_carl-20251029.htm:1]** 
- The interest rate for both the term loan and revolving line is the greater of **WSJ Prime Rate + 0.25%** or **5.25%**, which totaled **7.50%** as of September 30, 2025.  **[1794546_0001193125-25-258525_carl-20251029.htm:1]** **[1794546_0001193125-25-258525_carl-ex10_1.htm:6]**  The term loan matures on **October 15, 2030**, and the revolving line matures on **October 15, 2028**.  **[1794546_0001193125-25-258525_carl-20251029.htm:1]** 
- In connection with the Fifth Amendment, existing warrants held by Customers Bank were partially modified, reducing the exercisable shares of Common Stock for the Series B Warrant to **52,776** and for the Series C Warrant to **10,188**, resulting in the cancellation of contingent rights for **15,831** shares.  **[1794546_0001193125-25-258525_carl-20251029.htm:1]**

CARLSMED (CARL)