X0202 SCHEDULE 13G/A 0000921895-25-002116 0001848809 XXXXXXXX LIVE 1 Common Stock, par value $0.0001 per share 03/31/2026 0001433607 InspireMD, Inc. 45779A846 6303 WATERFORD DISTRICT DRIVE SUITE 215 MIAMI FL 33126 Rule 13d-1(c) Velan Capital Master Fund LP E9 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 PN Velan Capital Holdings LLC DE 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 OO Velan Capital Investment Management LP DE 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 PN Velan Capital Management LLC DE 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 OO Morgan Adam X1 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 IN Venkataraman Balaji X1 0.00 2347779.00 0.00 2347779.00 2347779.00 N 4.99 IN InspireMD, Inc. 6303 WATERFORD DISTRICT DRIVE, SUITE 215, MIAMI, FL, 33126 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." 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. 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. Y As of the close of business on March 31, 2026: (i) Velan Master directly beneficially owns 2,347,779 Shares, including 248,127 Shares underlying certain Warrants (as defined below). In addition to 2,099,652 Shares directly owned as of March 31, 2026, Velan Master directly owned: (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 in excess of the beneficial ownership limitations 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 2,347,779 Shares beneficially owned directly by Velan Master; (iii) Velan Capital, as the investment manager of Velan Master, may be deemed to beneficially own the 2,347,779 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 2,347,779 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 2,347,779 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 2,347,779 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. The following percentages are based on 46,801,561 Shares outstanding as of March 18, 2026, which is the total number of Shares outstanding as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2026, plus the Shares underlying the Warrants that may be exercised by the Reporting Persons, as applicable, subject to the beneficial ownership limitations. As of the close of business on March 31, 2026, (i) Velan Master beneficially owned approximately 4.99% of the outstanding Shares, (ii) Velan GP may be deemed to beneficially own approximately 4.99% of the outstanding Shares, (iii) Velan Capital may be deemed to beneficially own approximately 4.99% of the outstanding Shares, (iv) Velan IM GP may be deemed to beneficially own approximately 4.99% of the outstanding Shares, (v) Mr. Morgan may be deemed to beneficially own approximately 4.99% of the outstanding Shares and (vi) Mr. Venkataraman may be deemed to beneficially own approximately 4.99% of the outstanding Shares. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on August 6, 2025. Y N 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. Velan Capital Master Fund LP /s/ Adam Morgan 05/15/2026 Velan Capital Holdings LLC /s/ Adam Morgan 05/15/2026 Velan Capital Investment Management LP /s/ Adam Morgan 05/15/2026 Velan Capital Management LLC /s/ Adam Morgan 05/15/2026 Morgan Adam /s/ Adam Morgan 05/15/2026 Venkataraman Balaji /s/ Balaji Venkataraman 05/15/2026