Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

CARL — Fair Value Analysis

CARLSMED, INC.

Current: $14.73Overvalued

Fair Value Range

Bear Case (25th pct.)

$2.57

-82.6% vs price

Base Case (Median)

$2.72

-81.5% vs price

Bull Case (75th pct.)

$2.86

-80.6% vs price

$2.57$2.72$2.86

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
PE Comparable	$2.43	-83.5%	Medium (25%)
Graham Number	$3.00	-79.6%	Medium (40%)

Interpretation

Based on 2 out of 7 methods, CARL appears overvalued at the current price of $14.73. The base case fair value of $2.72 implies 81.5% downside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.