<SEC-DOCUMENT>0000921895-25-002116.txt : 20250806
<SEC-HEADER>0000921895-25-002116.hdr.sgml : 20250806
<ACCEPTANCE-DATETIME>20250806160655
ACCESSION NUMBER:		0000921895-25-002116
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250806
DATE AS OF CHANGE:		20250806

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			InspireMD, Inc.
		CENTRAL INDEX KEY:			0001433607
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				262123838
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86184
		FILM NUMBER:		251189522

	BUSINESS ADDRESS:	
		STREET 1:		6303 WATERFORD DISTRICT DRIVE
		STREET 2:		SUITE 215
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126
		BUSINESS PHONE:		(888) 776-6804

	MAIL ADDRESS:	
		STREET 1:		6303 WATERFORD DISTRICT DRIVE
		STREET 2:		SUITE 215
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Saguaro Resources, Inc.
		DATE OF NAME CHANGE:	20080428

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Velan Capital Investment Management LP
		CENTRAL INDEX KEY:			0001848809
		ORGANIZATION NAME:           	
		EIN:				844706623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		100 NORTH MAIN STREET
		STREET 2:		SUITE 301
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30009
		BUSINESS PHONE:		646-844-0037

	MAIL ADDRESS:	
		STREET 1:		100 NORTH MAIN STREET
		STREET 2:		SUITE 301
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30009
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Velan Capital Investment Management LP -->
          <cik>0001848809</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


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    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001433607</issuerCik>
        <issuerName>InspireMD, Inc.</issuerName>
        <issuerCusip>45779A846</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>6303 WATERFORD DISTRICT DRIVE</com:street1>
          <com:street2>SUITE 215</com:street2>
          <com:city>MIAMI</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>33126</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
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    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Velan Capital Master Fund LP</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
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    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Velan Capital Holdings LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Velan Capital Investment Management LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Velan Capital Management LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Morgan Adam</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Venkataraman Balaji</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2143698.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2143698.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2143698.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>InspireMD, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>6303 WATERFORD DISTRICT DRIVE, SUITE 215, MIAMI, FLORIDA 33126</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by:

(i) Velan Capital Master Fund LP, an exempted limited partnership organized under the laws of the Cayman Islands ("Velan Master"), with respect to the shares of Common Stock, par value $0.0001 per share (the "Shares"), directly and beneficially owned by it;

(ii) Velan Capital Holdings LLC, a Delaware limited liability company ("Velan GP"), as the general partner of Velan Master;

(iii) Velan Capital Investment Management LP, a Delaware limited partnership ("Velan Capital"), as the investment manager of Velan Master;

(iv) Velan Capital Management LLC, a Delaware limited liability company ("Velan IM GP"), as the general partner of Velan Capital;

(v) Adam Morgan, as a Managing Member of each of Velan GP and Velan IM GP; and

(vi) Balaji Venkataraman, as a Managing Member of each of Velan GP and Velan IM GP.

Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal office of Velan Master is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands. The address of the principal office of each of Velan GP, Velan Capital, Velan IM GP and Messrs. Morgan and Venkataraman is 100 North Main Street, Suite 301, Alpharetta, Georgia 30009.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Velan Master is organized under the laws of the Cayman Islands. Velan GP, Velan Capital and Velan IM GP are organized under the laws of the State of Delaware. Messrs. Morgan and Venkataraman are citizens of the United States of America.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>As of the date hereof:

(i) Velan Master directly beneficially owns 2,143,698 Shares. In addition, Velan Master directly owns: (i) Series J Warrants exercisable into 452,015 Shares, which are subject to a 4.99% beneficial ownership limitation, (ii) Series K Warrants exercisable into 452,014 Shares, which are subject to a 4.99% beneficial ownership limitation and (iii) Pre-funded Warrants exercisable into 904,029 Shares, which are subject to a 4.99% beneficial ownership limitation (collectively, the "Warrants"). Due to the respective beneficial ownership limitations, the Shares issuable upon the exercise of the Warrants have been excluded from Velan Master's beneficial ownership reported herein.

(ii) Velan GP, as the general partner of Velan Master, may be deemed to beneficially own the 2,143,698 Shares beneficially owned directly by Velan Master;

(iii) Velan Capital, as the investment manager of Velan Master, may be deemed to beneficially own the 2,143,698 Shares beneficially owned directly by Velan Master;

(iv) Velan IM GP, as the general partner of Velan Capital, may be deemed to beneficially own the 2,143,698 Shares beneficially owned directly by Velan Master;

(v) Mr. Morgan, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the 2,143,698 Shares beneficially owned directly by Velan Master; and

(vi) Mr. Venkataraman, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the 2,143,698 Shares beneficially owned directly by Velan Master.

The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.</amountBeneficiallyOwned>
        <classPercent>The following percentages are based on 41,720,662 Shares outstanding as of August 4, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2025.

As of the date hereof, (i) Velan Master beneficially owns approximately 5.1% of the outstanding Shares, (ii) Velan GP may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (iii) Velan Capital may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (iv) Velan IM GP may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (v) Mr. Morgan may be deemed to beneficially own approximately 5.1% of the outstanding Shares and (vi) Mr. Venkataraman may be deemed to beneficially own approximately 5.1% of the outstanding Shares.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Cover Pages Items 5-9.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Cover Pages Items 5-9.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Cover Pages Items 5-9.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Cover Pages Items 5-9.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>See Exhibit 99.1.</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>99.1 - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Velan Capital Master Fund LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Adam Morgan</signature>
        <title>Adam Morgan, Managing Member of Velan Capital Holdings LLC, its General Partner</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Velan Capital Holdings LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Adam Morgan</signature>
        <title>Adam Morgan, Managing Member</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Velan Capital Investment Management LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Adam Morgan</signature>
        <title>Adam Morgan, Managing Member of Velan Capital Management LLC, its General Partner</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Velan Capital Management LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Adam Morgan</signature>
        <title>Adam Morgan, Managing Member</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Morgan Adam</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Adam Morgan</signature>
        <title>Adam Morgan</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Venkataraman Balaji</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Balaji Venkataraman</signature>
        <title>Balaji Venkataraman</title>
        <date>08/06/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991to13g12927024_080625.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Joint Filing Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The undersigned hereby agree that the Statement on Schedule 13G
dated August 6, 2025 with respect to the Common Stock, par value $0.0001 per share, of InspireMD, Inc., and any amendments thereto executed
by each and any of the undersigned shall be filed on behalf of each of the undersigned pursuant to and in accordance with the provisions
of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">Velan Capital Master Fund LP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Adam Morgan</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">Adam Morgan, Managing Member of Velan Capital Holdings LLC, its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Velan Capital Holdings LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Adam Morgan</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Adam Morgan, Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Velan Capital Investment Management LP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Adam Morgan</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Adam Morgan, Managing Member of Velan Capital Management LLC, its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Velan Capital Management LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Adam Morgan</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Adam Morgan, Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Morgan Adam</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Adam Morgan</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Adam Morgan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Venkataraman Balaji</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Balaji Venkataraman</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Balaji Venkataraman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">08/06/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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