The company's financial position is deteriorating, evidenced by a decline in total equity from $12.1M in 2023Q4 to $8.5M in 2026Q1, alongside an accumulated deficit of $124.7M.
| Total Current Assets | 12.12M | 12.61M | 10.75M | 14.18M | 28.13M | 30.32M | 9.68M | 6.9M | 5.15M | 1.86M | 3.23M | 4.92M | 3.1M |
| Cash & Short-Term Investments | 8.12M | 8.9M | 7.56M | 11.06M | 23.66M | 25.62M | 3.5M | 5.78M | 4.19M | 1.46M | 2.82M | 4.52M | 2.6M |
| Cash Only | 8.12M | 8.9M | 7.56M | 10.53M | 23.66M | 25.62M | 3.5M | 5.78M | 4.19M | 1.46M | 2.82M | 4.52M | 2.6M |
| Short-Term Investments | 0 | 0 | 0 | 529K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 274K | 331K | 221K | 103K | 366K | 771K | 165K | 2 | 250.38K | 2 | 65.77K | 2 | 2 |
| Days Sales Outstanding | 57.08 | 35.75 | 24.51 | 11.64 | 43.3 | 68.01 | 14.74 | 0 | 85.26 | 0 | 38.38 | 0 | 0 |
| Inventory | 2.65M | 2.63M | 1.99M | 2.27M | 2.86M | 1.96M | 1.14M | 717.34K | 653.18K | 300.38K | 319.5K | 322.26K | 291.74K |
| Days Inventory Outstanding | 415.95 | 445.02 | 394.36 | 430.47 | 635.86 | 367.25 | 292.33 | 242.16 | 382.57 | 213.12 | 288.66 | 241.92 | 153.86 |
| Other Current Assets | 1.09M | 1K | 188K | 11K | 296K | 0 | 266K | 104.54K | 1 | 62.44K | 0 | 64.3K | 182.85K |
| Total Non-Current Assets | 1.18M | 1.28M | 1.82M | 2.23M | 2.06M | 1.96M | 658.36K | 417.58K | 101.43K | 74.81K | 86.83K | 127.83K | 209.3K |
| Property, Plant & Equipment | 1.13M | 1.23M | 1.78M | 2.19M | 2.02M | 1.63M | 621.67K | 377.44K | 73.81K | 43.73K | 61.87K | 91.71K | 170.26K |
| Fixed Asset Turnover | 2.71x | 2.74x | 1.85x | 1.47x | 1.52x | 2.54x | 6.57x | 4.39x | 14.52x | 15.76x | 10.11x | 8.32x | 6.28x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 52K | 51K | 0 | 0 | 0 | 0 | 0 | 20.27K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 46K | 34K | 34K | 333K | 36.7K | 19.88K | 27.61K | 31.07K | 24.96K | 36.12K | 39.03K |
| Total Assets | 13.3M | 13.89M | 12.58M | 16.41M | 30.19M | 32.28M | 10.34M | 7.32M | 5.25M | 1.93M | 3.31M | 5.05M | 3.31M |
| Asset Turnover | 0.27x | 0.24x | 0.26x | 0.20x | 0.10x | 0.13x | 0.40x | 0.23x | 0.20x | 0.36x | 0.19x | 0.15x | 0.32x |
| Asset Growth % | -2.13% | 10.43% | -23.36% | -45.64% | -6.48% | 212.28% | 41.27% | 39.27% | 172.07% | -41.71% | -34.43% | 52.82% | - |
| Total Current Liabilities | 4.8M | 4.82M | 5.51M | 3.87M | 4.34M | 4.02M | 3.91M | 3.63M | 1.17M | 1.57M | 557.12K | 649.65K | 775.82K |
| Accounts Payable | 988K | 863K | 1.23M | 502K | 714K | 881K | 645K | 425.67K | 452.98K | 152.49K | 124.78K | 88.12K | 128.4K |
| Days Payables Outstanding | 167.94 | 146.31 | 244.39 | 94.99 | 158.91 | 165.5 | 165.07 | 143.7 | 265.31 | 108.19 | 112.74 | 66.15 | 67.72 |
| Short-Term Debt | 0 | 0 | 298K | 0 | 0 | 0 | 0 | 0 | 0 | 936.24K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 255K | 255K | 334K | 187K | 646K | 884K | 0 | 2M | 0 | -1.18M | 0 | 0 | 0 |
| Other Current Liabilities | 787K | 843K | 468K | 677K | 601K | 472K | 3.05M | 2.66M | 520.15K | 292.9K | 297.93K | 359.15K | 363.13K |
| Current Ratio | 2.52x | 2.61x | 1.95x | 3.66x | 6.49x | 7.54x | 2.48x | 1.90x | 4.42x | 1.18x | 5.79x | 7.58x | 3.99x |
| Quick Ratio | 1.97x | 2.07x | 1.59x | 3.08x | 5.83x | 7.06x | 2.18x | 1.70x | 3.86x | 0.99x | 5.22x | 7.08x | 3.62x |
| Cash Conversion Cycle | 305.09 | 334.47 | 174.48 | 347.13 | 520.25 | 269.76 | 142.01 | 98.46 | 202.52 | 104.93 | 214.3 | 175.77 | 86.14 |
| Total Non-Current Liabilities | 5K | 13K | 161K | 376K | 430K | 1.3M | 1.85M | 1.06M | 720.62K | 621.19K | 652.78K | 552.3K | 688.25K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 101K | 13K | 161K | 376K | 430K | 685K | 118K | 110.6K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 618K | 815.9K | 346.83K | 0 | 0 | 0 | 0 | 18.49K |
| Total Liabilities | 4.81M | 4.84M | 5.67M | 4.25M | 4.77M | 5.32M | 5.75M | 4.69M | 1.89M | 2.19M | 1.21M | 1.2M | 1.46M |
| Total Debt | 139K | 217K | 459K | 599K | 597K | 909K | 301.04K | 245.18K | 0 | 936.24K | 0 | 0 | 0 |
| Net Debt | -7.98M | -8.68M | -7.11M | -9.93M | -23.06M | -24.71M | -3.2M | -5.53M | -4.19M | -521.06K | -2.82M | -4.52M | -2.6M |
| Debt / Equity | 0.02x | 0.02x | 0.07x | 0.05x | 0.02x | 0.03x | 0.07x | 0.09x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.27x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -196.05x | - | - | - | -70.04x | -56.87x | -107.10x | -208.26x | -47.44x | -46.07x | -21.11x | -18.90x | -6.40x |
| Total Equity | 8.49M | 9.05M | 6.9M | 12.16M | 25.42M | 26.96M | 4.58M | 2.63M | 3.37M | -256.93K | 2.1M | 3.85M | 1.84M |
| Equity Growth % | -7.53% | 31.15% | -43.26% | -52.16% | -5.7% | 488.21% | 74.51% | -22% | 1410.37% | -112.22% | -45.38% | 109.04% | - |
| Book Value per Share | 3.46 | 4.27 | 4.07 | 8.00 | 20.60 | 28.33 | 8.03 | 5.78 | 8.66 | -1.23 | 11.90 | 25.09 | 43.25 |
| Total Shareholders' Equity | 8.49M | 9.05M | 6.9M | 12.16M | 25.42M | 26.96M | 4.58M | 2.63M | 3.37M | -256.93K | 2.1M | 3.85M | 1.84M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 5.03M | 3.47M | 2.7M | 1.26M | 1.13M | 680.13K | 293.02K |
| Retained Earnings | -124.71M | -120.44M | -105.38M | -90.06M | -75.41M | -58.43M | -56.97M | -48.54M | -40.24M | -39.78M | -33.34M | -29.63M | -25.95M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -41K | -50.25K | -46.2K | -50.06K | -45.23K | -44.57K | -44.69K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 2.68M | 2.3M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the latest quarterly filings, ICCM's total equity has declined from $12.1M in 2023Q4 to $8.5M in 2026Q1, reflecting a persistent erosion of the balance sheet as the company continues to fund its operational losses through the consumption of its existing capital reserves.
The consistent downward trend in equity suggests that the company is struggling to reach a self-sustaining scale before exhausting its financial resources. This trajectory indicates that the business model remains highly dependent on external capital injections, which may become increasingly difficult to secure without significant clinical or regulatory progress.
As reported in financial statements, ICCM's cash position has contracted from $10.4M in 2023Q4 to $8.1M in 2026Q1, while the current ratio has simultaneously compressed from 3.66 to 2.52, indicating a tightening liquidity buffer that warrants close monitoring by investors concerned with near-term solvency.
The reduction in the current ratio suggests that the company's ability to cover short-term obligations is weakening as cash reserves are depleted by ongoing R&D and operational costs. This trend implies that the company may face a liquidity crunch if it fails to achieve a major commercial milestone or secure additional funding in the coming quarters.
Based on the provided balance sheet data, ICCM's net PPE has decreased from $2.2M in 2023Q4 to $1.1M in 2026Q1, suggesting that the company is not currently prioritizing significant capital investment in physical infrastructure, likely due to the need to preserve cash for clinical and regulatory activities.
The decline in net PPE may indicate that the company is either utilizing existing capacity more efficiently or deferring necessary upgrades to its manufacturing facilities. This asset-light approach appears to be a defensive measure to mitigate cash burn, though it may limit the company's ability to scale production rapidly if demand for its cryoablation systems were to suddenly accelerate.
Analysis of the company's reported figures reveals an accumulated deficit of $124.7M as of 2026Q1, which highlights the substantial historical capital investment required to develop the proprietary liquid nitrogen delivery system, potentially obscuring the true economic cost of the company's current commercialization efforts.
The sheer scale of the accumulated deficit suggests that the company has faced significant challenges in converting its R&D investments into profitable revenue streams. Investors should consider whether this historical burden will continue to weigh on the company's valuation, as it reflects years of persistent losses that have yet to be offset by meaningful commercial success.
Quick answers to the most common questions about buying ICCM stock.
As of 2025, IceCure Medical Ltd (ICCM) had total assets of $13.9M including $12.6M in current assets.
IceCure Medical Ltd (ICCM) carries total debt of $0.2M, offset by $8.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IceCure Medical Ltd (ICCM) has total shareholders' equity (book value) of $9.1M ($4.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IceCure Medical Ltd (ICCM) reported a current ratio of 2.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.