American Well (NYSE: AMWL) gets new 5.5% holder Funicular Funds

Rhea-AI Filing Summary

American Well Corp received a Schedule 13G filing showing that investment entities associated with Jacob Ma-Weaver have accumulated a meaningful stake in the company. Funicular Funds, LP, Cable Car Capital, LP, and Jacob Ma‑Weaver each report beneficial ownership of 810,551 shares of Class A common stock, representing 5.5% of the class, based on 14,723,951 shares outstanding as disclosed in a prior Form 10‑Q. Each reporting person has sole voting and dispositive power over these shares and no shared power. They certify that the shares were not acquired to change or influence control of American Well, but instead are being reported on a passive basis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

American Well Corp

(Name of Issuer)

Class A Common Stock, par value $0.01

(Title of Class of Securities)

03044L204

(CUSIP Number)

01/16/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 03044L204

1

Names of Reporting Persons

Funicular Funds, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 810,551.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 810,551.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

810,551.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The reporting person's beneficial ownership consists of 810,551 shares of Class A Common Stock (the "Shares"). The foregoing calculation is based upon 14,723,951 Shares outstanding as reported by the Issuer on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025.

SCHEDULE 13G

CUSIP No. 03044L204

1

Names of Reporting Persons

Cable Car Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 810,551.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 810,551.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

810,551.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The reporting person's beneficial ownership consists of 810,551 Shares. The foregoing calculation is based upon 14,723,951 Shares outstanding as reported by the Issuer on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. Cable Car Capital, LP, as the General Partner of Funicular Funds, LP, and Jacob Ma-Weaver, as the Managing Member of Cable Car Capital, LP, may each be deemed the beneficial owner of the Shares held by Funicular Funds, LP.

SCHEDULE 13G

CUSIP No. 03044L204

1

Names of Reporting Persons

Ma-Weaver Jacob

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 810,551.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 810,551.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

810,551.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The reporting person's beneficial ownership consists of 810,551 Shares. The foregoing calculation is based upon 14,723,951 Shares outstanding as reported by the Issuer on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. Cable Car Capital, LP, as the General Partner of Funicular Funds, LP, and Jacob Ma-Weaver, as the Managing Member of Cable Car Capital, LP, may each be deemed the beneficial owner of the Shares held by Funicular Funds, LP.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Well Corp
(b)	Address of issuer's principal executive offices: 75 STATE STREET, 26TH FLOOR, Boston, MASSACHUSETTS, 02109
Item 2.
(a)	Name of person filing: Funicular Funds, LP Cable Car Capital, LP Jacob Ma-Weaver
(b)	Address or principal business office or, if none, residence: 601 California Street, Suite 1151, San Francisco, CA 94108
(c)	Citizenship: Funicular Funds, LP - Delaware Cable Car Capital, LP - Delaware Jacob Ma-Weaver - United States
(d)	Title of class of securities: Class A Common Stock, par value $0.01
(e)	CUSIP No.: 03044L204
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Funicular Funds, LP - 810,551 Cable Car Capital, LP - 810,551 Jacob Ma-Weaver - 810,551
(b)	Percent of class: Funicular Funds, LP - 5.5% Cable Car Capital, LP - 5.5% Jacob Ma-Weaver - 5.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Funicular Funds, LP - 810,551 Cable Car Capital, LP - 810,551 Jacob Ma-Weaver - 810,551
	(ii) Shared power to vote or to direct the vote: Funicular Funds, LP - 0 Cable Car Capital, LP - 0 Jacob Ma-Weaver - 0
	(iii) Sole power to dispose or to direct the disposition of: Funicular Funds, LP - 810,551 Cable Car Capital, LP - 810,551 Jacob Ma-Weaver - 810,551
	(iv) Shared power to dispose or to direct the disposition of: Funicular Funds, LP - 0 Cable Car Capital, LP - 0 Jacob Ma-Weaver - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Funicular Funds, LP

Signature:	Jacob Ma-Weaver
Name/Title:	Managing Member of the General Partner
Date:	01/26/2026

Cable Car Capital, LP

Signature:	Jacob Ma-Weaver
Name/Title:	Managing Member
Date:	01/26/2026

Ma-Weaver Jacob

Signature:	Jacob Ma-Weaver
Name/Title:	Jacob Ma-Weaver
Date:	01/26/2026

Exhibit Information

Exhibit A

FAQ

What ownership stake in American Well Corp (AMWL) is disclosed in this Schedule 13G?

The filing reports beneficial ownership of 810,551 shares of American Well Class A common stock, equal to 5.5% of the outstanding class.

Who are the reporting persons in the American Well (AMWL) Schedule 13G?

The reporting persons are Funicular Funds, LP, Cable Car Capital, LP, and Jacob Ma‑Weaver, each reporting the same 810,551 shares as beneficially owned.

How was the 5.5% ownership in AMWL calculated in this filing?

The 5.5% figure is based on 14,723,951 Class A shares outstanding, as reported by American Well in its Form 10‑Q filed on November 4, 2025.

Do the reporting persons have sole or shared voting power over AMWL shares?

Each reporting person lists sole voting and dispositive power over 810,551 shares and no shared voting or dispositive power.

Is the American Well (AMWL) stake intended to influence control of the company?

The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of American Well.

What roles do Cable Car Capital, LP and Jacob Ma‑Weaver play in this AMWL position?

The filing notes that Cable Car Capital, LP, as general partner of Funicular Funds, LP, and Jacob Ma‑Weaver, as managing member of Cable Car Capital, may each be deemed beneficial owners of the shares held by Funicular Funds.