IceCure Medical Ltd.
ICCM · Surgical & Medical Instruments & Apparatus · EDGAR filings ↗
Grade
D44Going-concern cryoablation device maker with deeply negative margins and roughly two quarters of cash.
Strengths
- FDA marketing authorization for ProSense in low-risk breast cancer; low debt (D/E ~0.001)
- Current ratio 2.6 provides some near-term cushion
Risks
- Explicit going concern; cash runway only 2.4 quarters on $8.9M cash
- Deeply negative returns (ROE -166%, ROIC -131%, 3rd pct) and minimal revenue
Notable findings
- Going concern● our management team concluded, and the report of our independent registered public accounting firm contains an explanatory paragraph that indicates that there are conditions that raise substanti
- Net lossNet loss (net margin -445.6%)
- Cash burnNegative free cash flow (-14.6M)
- FDA approvalFDA clearance/approval — XSense Cryoablation System with CryoProbes (2026-02-24)
Key metrics
Gross margin
36.3%
Operating margin
-446.7%
Net margin
-445.6%
Return on equity
-166.4%
Return on assets
-108.4%
ROIC
-131.6%
Revenue growth (QoQ)
2.7%
Debt / equity
0.0×
Current ratio
2.6×
Free cash flow
-$15M
Tangible book value
$9M
Cash & investments
$9M
Cash runway
2q
Stock comp / revenue
40.6%
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT02399124 ↗ | Post Marketing Surveillance for PROSENSE™ a Cryotherapy Treatment of Renal Cell Carcinoma Renal Cell Carcinoma | NA | Active Not Recruiting | 2026-02-01 |
| NCT07629206 ↗ | Post-Marketing Study for Early-Stage Low-Risk Breast Cancer Treatment Using ProSense® Cryoablation (ChoICE Trial) Low-Risk, Early Stage Breast Cancer | NA | Not Yet Recruiting | 2034-07-01 |
| NCT02200705 ↗ | Cryoablation of Low Risk Small Breast Cancer- ICE3 Trial Breast Cancer | NA | Completed | 2024-03-17 |
| NCT01735812 ↗ | Laparoscopic Cryoablation of Uterine Fibroids Symptomatic Uterine Fibroids | NA | Withdrawn | 2015-12-01 |
| NCT01671943 ↗ | Cryotherapy for Breast Cancer Trial Breast Carcinoma | NA | Completed | 2014-07-01 |
| NCT00910312 ↗ | ICE-SENSE™ Cryotherapy for Breast Fibroadenoma Trial Fibroadenoma | NA | Completed | 2013-01-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-17 | 2025-12-31 | 0001213900-26-028684 ↗ |
| 20-F | 2025-03-27 | 2024-12-31 | 0001013762-25-003012 ↗ |
| 20-F | 2025-03-27 | 2024-12-31 | 0001013762-25-003010 ↗ |
| 20-F | 2024-04-03 | 2023-12-31 | 0001213900-24-029586 ↗ |
| 20-F | 2023-03-29 | 2022-12-31 | 0001213900-23-023867 ↗ |
| 20-F | 2022-04-01 | 2021-12-31 | 0001213900-22-017147 ↗ |