[Form 4] Marpai, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marpai, Inc. (MRAI) — insider share sales reported. A reporting person filed a Form 4 showing open‑market sales of Common Shares on multiple dates: 10,000 shares at $1.43 on 08/13/2025; 20,000 at $1.40 on 08/15/2025; 20,000 at $1.40 on 08/18/2025; 20,000 at $1.40 on 08/19/2025; 10,000 at $1.42 on 08/20/2025; and 14,000 at $1.63 on 10/06/2025. Following the reported transactions, the filing lists 1,770,707 shares beneficially owned. The reporting person is indicated as a Director. Footnotes state the shares are held by IFCM MicroCap Fund LP, with Intelligent Fanatics Capital Management LLC as general partner; Mr. Cassel may be deemed a beneficial owner through shared voting and investment power and disclaims beneficial ownership except to the extent of his interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Intelligent Fanatics Capital Management LLC

(Last) (First) (Middle)

350 RUMFORD ROAD

(Street)

LITITZ PA 17543

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Marpai, Inc. [ MRAI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares, par value $0.0001	08/13/2025		S		10,000	D	$1.43	1,854,707	D(1)
Common Shares, par value $0.0001	08/15/2025		S		20,000	D	$1.4	1,834,707	D(1)
Common Shares, par value $0.0001	08/18/2025		S		20,000	D	$1.4	1,814,707	D(1)
Common Shares, par value $0.0001	08/19/2025		S		20,000	D	$1.4	1,794,707	D(1)
Common Shares, par value $0.0001	08/20/2025		S		10,000	D	$1.42	1,784,707	D(1)
Common Shares, par value $0.0001	10/06/2025		S		14,000	D	$1.63	1,770,707	D(1)
Common Shares, par value $0.0001	08/13/2025		S		10,000	D	$1.43	1,854,707	I	See Footnotes(1)(2)
Common Shares, par value $0.0001	08/15/2025		S		20,000	D	$1.4	1,834,707	I	See Footnotes(1)(2)
Common Shares, par value $0.0001	08/18/2025		S		20,000	D	$1.4	1,814,707	I	See Footnotes(1)(2)
Common Shares, par value $0.0001	08/19/2025		S		20,000	D	$1.4	1,794,707	I	See Footnotes(1)(2)
Common Shares, par value $0.0001	08/20/2025		S		10,000	D	$1.42	1,784,707	I	See Footnotes(1)(2)
Common Shares, par value $0.0001	10/06/2025		S		14,000	D	$1.63	1,770,707	I	See Footnotes(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Intelligent Fanatics Capital Management LLC

(Last) (First) (Middle)

350 RUMFORD ROAD

(Street)

LITITZ PA 17543

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cassel Ian J.

(Last) (First) (Middle)

350 RUMFORD ROAD

(Street)

LITITZ PA 17543

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

IFCM MicroCap Fund LP

(Last) (First) (Middle)

350 RUMFORD ROAD

(Street)

LITITZ PA 17543

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Intelligent Fanatics Capital Management LLC (IFCM) is the general partner of IFCM MicroCap Fund LP (Fund). The securities reported in this form are held directly by theFund and indirectly by IFCM and Mr. Cassel (see footnote 2).

2. Mr. Cassel is the sole managing member of IFCM. Mr. Cassel has shared voting and investment power with respect to, and therefore may be deemed to be the beneficialowner of, the shares beneficially owned by the Fund. Mr. Cassel disclaims beneficial ownership of the shares beneficially owned by the Fund, other than the shares attributableto his limited and general partnership interest therein.

	/s/ Ian Cassel, on behalf of himself and each other reporting person here	10/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Marpai (MRAI) insiders report on Form 4?

The filing reports open‑market sales of Common Shares across six dates, with a listed beneficial ownership of 1,770,707 shares after the transactions.

What were the sale dates and prices in the MRAI Form 4?

Sales occurred on 08/13/2025 ($1.43), 08/15/2025 ($1.40), 08/18/2025 ($1.40), 08/19/2025 ($1.40), 08/20/2025 ($1.42), and 10/06/2025 ($1.63).

How many shares were sold in each Marpai (MRAI) transaction?

Reported amounts: 10,000, 20,000, 20,000, 20,000, 10,000, and 14,000 shares on the respective dates.

What is the insider’s role at Marpai (MRAI)?

The filing indicates the reporting person is a Director.

Who holds the reported MRAI shares and what are the footnotes?

Shares are held by IFCM MicroCap Fund LP; IFCM is the general partner. Mr. Cassel may be deemed a beneficial owner via shared control and disclaims beneficial ownership except for his interests.

Were any derivative securities reported for MRAI?

The derivative securities table contained no entries.

What is the beneficial ownership after the reported MRAI sales?

The filing lists 1,770,707 shares beneficially owned after the transactions.