IceCure Medical (ICCM) Registration Filing summary

Company overview and business model

• Commercial-stage medical device company specializing in cryoablation systems using liquid nitrogen for minimally invasive tumor treatment in various organs, including breast, lung, kidney, and bone.

• Lead product, ProSense, and related systems have received FDA marketing authorization for several indications; seeking expanded approval for early-stage breast cancer.

• ICE3 breast cancer trial showed 100% patient and physician satisfaction and a 96.3% recurrence-free rate; FDA decision on expanded indication expected in Q1 2025.

• Operations are based in Israel, with global subsidiaries and a focus on U.S. and international markets.

Financial performance and metrics

• Generated $2.4 million in revenue for the nine months ended September 30, 2024.

• Held approximately $10.67 million in cash and cash equivalents as of September 30, 2024.

• As of June 30, 2024, net tangible book value was $0.21 per share; post-offering, estimated at $0.38 per share.

• Immediate dilution to new investors is estimated at $0.43 per share, with new investors contributing 14% of total invested capital but owning 29% of shares post-offering.

Use of proceeds and capital allocation

• Expected net proceeds of approximately $16.5 million, assuming full sale at $0.81 per share, after fees and expenses.

• Proceeds intended for business development, marketing, R&D, and general corporate purposes; management retains broad discretion over allocation.

• If less than full offering is sold, proceeds could be significantly lower, impacting ability to execute business plan.