ICCM IceCure Medical Ltd.
Price Chart
Executive Summary
IceCure Medical filed a 424B5 prospectus supplement for an at-the-market (ATM) equity offering of up to $4.34 million in ordinary shares through A.G.P. The offering represents approximately 22% dilution of outstanding shares at the current $0.24 price, with immediate dilution of $0.11 per share (47%) for new investors. This is the company's third equity raise in two months following a $4.0 million March 2026 offering, signaling ongoing cash burn and capital needs for a pre-revenue medical device company.
Actionable Insight
This ATM offering is a clear signal of acute capital needs for a company with $124.7M in accumulated losses and only $8.1M cash. The stock has already lost 62% in two months. With 25.7M additional shares from outstanding warrants and ongoing dilution, expect continued downward pressure. Monitor for further cash burn updates and potential Nasdaq compliance issues given the sub-$0.25 stock price.
Key Facts
- ATM offering of up to $4,339,697 in ordinary shares via A.G.P. at 3.0% commission
- 18,082,071 shares would be sold at $0.24/share (May 8 closing price), representing 22% dilution
- Immediate dilution of $0.11 per share (47%) for new investors
- Cash and cash equivalents of $8.1M as of March 31, 2026; pro forma $12.2M after offering
- Accumulated deficit of $124.7M as of March 31, 2026
- Third equity raise in ~7 weeks: $4.0M March 2026 offering + this $4.34M ATM
- 25.7M shares issuable upon exercise of outstanding warrants at $0.55-$1.00 per share
- Stock trading at $0.24, down 62% from $0.629 on March 19, 2026
- Market cap of $19M with $59.3M non-affiliate market value
Financial Impact
Up to $4.34M gross proceeds, net ~$4.1M after 3% commission and ~$110K expenses. Pro forma cash increases from $8.1M to $12.2M. Dilution of 22% of outstanding shares at current price.
Risk Factors
- Substantial dilution from this offering and outstanding warrants/options (total ~29M potential shares)
- Cash burn likely to require additional capital raises within 6-12 months
- Stock price at $0.24 may trigger Nasdaq minimum bid price compliance concerns
- Pre-revenue stage with no disclosed revenue or path to profitability
- Geopolitical risk from Israel-based operations
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-055179 |
| Document: 0001213900-26-055179-index-headers.html | 0001213900-26-055179 |
| Document: 0001213900-26-055179-index.html | 0001213900-26-055179 |
| Document: 0001213900-26-055179.txt | 0001213900-26-055179 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 2, 2026
7d ago
|
6-K
| $4.17 $4.55 | ▼ −9.21% | ▼ −9.90% | $2.81 (+32.61%) |
|
May 12, 2026
28d ago
|
424B5
| $0.2370 $0.2370 | · 0.00% | ▼ −0.00% | $2.81 (−1085.65%) |
|
May 12, 2026
28d ago
|
6-K
| $0.2400 $0.2370 | ▼ −1.25% | ▼ −1.83% | $2.81 (+1070.83%) |
|
May 6, 2026
4w ago
|
6-K
| $7.50 $7.20 | ▲ +4.00% | ▲ +4.83% | $2.81 (+62.53%) |
|
Apr 21, 2026
7w ago
|
6-K
| $0.3500 $0.3570 | ▲ +2.00% | ▲ +0.98% | $2.81 (+702.86%) |
|
Apr 13, 2026
8w ago
|
EFFECT
| $0.3370 $0.3550 | ▲ +5.34% | ▲ +4.13% | $2.81 (+733.83%) |
|
Apr 1, 2026
9w ago
|
F-1
| $0.3000 $0.3020 | ▲ +0.67% | ▲ +0.19% | $2.81 (+836.67%) |
|
Mar 25, 2026
10w ago
|
EFFECT
| $0.5880 $0.3900 | ▼ −33.67% | ▼ −31.90% | $2.81 (+377.89%) |
|
Mar 24, 2026
11w ago
|
EFFECT
| $0.6090 $0.5880 | ▼ −3.45% | ▼ −4.01% | $2.81 (+361.41%) |
US Market Status
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