ICAD INC

Overview

• IndustrySurgical & Medical Instruments & Apparatus¹
• HeadquartersNashua, New Hampshire¹
• Incorporated inDE²
• Business address98 Spit Brook Road, Suite 100, Nashua, Nh 03062²
• Filer categoryNon-accelerated filer, Smaller reporting company²

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Powered by advances in artificial intelligence ("AI"), and built on one of the largest, most diverse US and global data sets, the ProFound Breast Health Suite uniquely offers solutions for cancer detection, density assessment, and personalized risk evaluation, all based on a 2D or 3D mammogram’s collection of images. The ProFound Detection solution scores cases and suspicious lesions, helping radiologists identify and focus on areas of most concern and highest suspicion of cancer. The ProFound Suite’s Density Assessment standardizes and simplifies breast density reporting, algorithmically examining a woman’s breast anatomy from the mammogram image. The ProFound AI Risk solution provides a near-term probability for developing breast cancer in the next one or two years, making it more relevant than generalized lifetime risk scores.⁴ From its latest annual report

Corporate structure

ICAD INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ICAD INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Intangibles and goodwill

Inventory

Properties, in its own words

The Company’s executive offices and warehouse facility are located at 2 Townsend West, Suite 6 in Nashua, New Hampshire and are leased pursuant to a lease entered into in January 2024. The 36-month lease provides approximately 3,000 square feet of space with annual rent payments totaling approximately $46,000 for the entire term.

The Company’s prior executive offices were leased pursuant to a lease agreement originally entered into in December 2006. That lease covered approximately 11,000 square feet of office space located at 98 Spit Brook Road, Suite 100 in Nashua, New Hampshire. In November of 2022, the lease was extended through May 31, 2026 with monthly base rent payments of $16,983. Additionally, the Company was required to pay its proportionate share of the building and real estate tax expenses and obtain insurance for the facility. In July 2024, the Company executed a sublease for the entire space, which commenced August 15, 2024 and ends on May 31, 2026. The sublease provides the Company with monthly income of approximately $8,000 and specifies that the sublessee shall reimburse the Company for all common area maintenance (CAM) expenses, electricity, and natural gas. The Company exited the space in August 2024

Item 2 of the 10-K filed Mar 31, 2025.⁴

Leadership

Who has led ICAD INC, and when. Pick a name to see everywhere that person has worked.

• Chief executive officerStacey M. Stevens Mar 23, 2022 to Mar 28, 2022¹⁴
• Chief executive officerKenneth M. Ferry May 16, 2006 to Apr 2, 2018¹⁵
• PresidentStacey M. Stevens Oct 22, 2019 to Mar 28, 2022¹⁶
• PresidentKenneth M. Ferry May 16, 2006 to Nov 18, 2014¹⁵
• Chief financial officerCharles Ross Carter Aug 4, 2021 to Jan 18, 2022¹⁷
• Chief financial officerR. Scott Areglado Nov 10, 2016 to Feb 17, 2021¹⁸
• Chief financial officerRichard Christopher Nov 14, 2016 to Dec 27, 2018¹⁹
• Chief financial officerAnnette Heroux Jun 28, 2006 to Jun 28, 2006²⁰
• Chief financial officerDarlene M. Deptula-Hicks Sep 13, 2006 to Mar 31, 2011²¹

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

• iCad France, LLC Delaware³

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

• HOWTEK INCMay 8, 1995 to Jul 15, 2002²

Timeline

1. Jul 17, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights⁴⁷
2. Jul 14, 20258-K Shareholder vote⁴⁸
3. May 22, 20258-K Executive or director change⁴⁹
4. May 13, 20258-K Results of operations⁵⁰
5. Apr 15, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure⁵¹
6. Mar 19, 20258-K Results of operations⁵²
7. Jan 27, 20258-K Results of operations⁵³
8. Nov 13, 20248-K Results of operations⁵⁴
9. Aug 13, 20248-K Results of operations⁵⁵
10. Jun 14, 20248-K Executive or director change; Shareholder vote⁵⁶
11. May 15, 20248-K Results of operations⁵⁷
12. Mar 12, 20248-K Results of operations⁵⁸
13. Mar 23, 2022New chief executive Stacey M. Stevens becomes CEO¹⁴
14. May 16, 2006New chief executive Kenneth M. Ferry becomes CEO¹⁵

Calendar

When it reported results

1. May 13, 2025Reported quarterly or annual results⁵⁰
2. Mar 19, 2025Reported quarterly or annual results⁵²
3. Jan 27, 2025Reported quarterly or annual results⁵³
4. Nov 13, 2024Reported quarterly or annual results⁵⁴
5. Aug 13, 2024Reported quarterly or annual results⁵⁵
6. May 15, 2024Reported quarterly or annual results⁵⁷
7. Mar 12, 2024Reported quarterly or annual results⁵⁸
8. Nov 13, 2023Reported quarterly or annual results⁵⁹

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

221 filings to the SEC since October 2021: 5 annual reports, 12 quarterly reports, 43 major events, 89 insider forms, 13 large holders, 59 other. The latest 20:

1. Nov 10, 2025SCHEDULE 13G/A EDGAR
2. Aug 12, 2025SCHEDULE 13G EDGAR
3. Jul 28, 202515-12G NOTICE OF TERMINATION EDGAR
4. Jul 21, 2025EFFECT EDGAR
5. Jul 21, 2025EFFECT EDGAR
6. Jul 21, 2025EFFECT EDGAR
7. Jul 21, 2025EFFECT EDGAR
8. Jul 21, 2025EFFECT EDGAR
9. Jul 21, 2025EFFECT EDGAR
10. Jul 21, 2025EFFECT EDGAR
11. Jul 21, 2025EFFECT EDGAR
12. Jul 21, 2025EFFECT EDGAR
13. Jul 21, 2025EFFECT EDGAR
14. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
15. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
16. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
17. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
18. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
19. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
20. Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 7 buys and 12 sales. Grants, option exercises and gifts are left out.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

• Goldman SachsSCHEDULE 13G/A, 2 filings Aug 12, 2025 to Nov 10, 2025⁶⁰
• Granahan Investment Management, LLCSC 13G/A, 5 filings Feb 14, 2022 to Feb 14, 2024⁶¹
• PURA VIDA INVESTMENTS, LLCSC 13G, 1 filing Mar 15, 2023⁶²
• Orin HirschmanSC 13G/A, 2 filings Jul 6, 2022 to Dec 9, 2022⁶³
• BlackRockSC 13G, 2 filings Feb 1, 2022 to Jul 8, 2022⁶⁴
• Portolan Capital Management, LLCSC 13G/A, 1 filing Feb 11, 2022⁶⁵

SEC filer profile

How ICAD INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARICAD INC¹
• CIK0000749660
• Employer ID (EIN)02-0377419⁴
• Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company⁴
• Incorporated inDelaware⁴
• Fiscal year endsDecember 31¹
• Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus¹
• SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance¹
• Business address98 Spit Brook Road, Suite 100, Nashua, NH 03062¹
• Phone603-882-5200¹
• Shares outstanding27,445,869 as of May 6, 2025¹²
• Public float$32.6M as of Jun 30, 2024⁴
• AuditorBDO USA, P.C., Boston, Massachusetts PCAOB ID 243; no auditor attestation of internal control over financial reporting⁴
• On EDGAR sinceApr 14, 1995¹
• Filings1,453 in all: 4 (714), 8-K (239), 10-Q (91), 3 (41), 425 (40), DEF 14A (29), SC 13G/A (28), 10-K (27)¹
  All 50 form types

  SC 13G (21), EFFECT (18), S-3 (15), UPLOAD (13), 10-K/A (11), S-8 (11), S-8 POS (11), 5 (10), CORRESP (10), POS AM (10), 4/A (9), 424B5 (9), ARS (9), PRE 14A (9), SC 13D/A (9), SD (9), S-3/A (8), 8-K/A (6), DEFA14A (6), 3/A (5), 424B3 (4), SC 13D (4), 10-K405 (3), REGDEX (3), D (2), NT 10-Q (2), SC TO-I/A (2), 10-Q/A (1), 144 (1), 15-12G (1), 25-NSE (1), 424B4 (1), 5/A (1), DEFM14A (1), DEFR14A (1), NT 10-K (1), S-3MEF (1), S-4 (1), S-4/A (1), SC TO-I (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

• Latest filingsAnnual report (10-K) Mar 31, 2025
  Quarterly report (10-Q) May 13, 2025
  Proxy statement (DEF 14A) Apr 29, 2024
  Latest 8-K (8-K) Jul 17, 2025

Securities registered for trading

From the cover page of the 10-K filed Mar 31, 2025 (Section 12(b) of the Exchange Act).⁴

Risk factors and legal proceedings

The risks ICAD INC names in Item 1A of its 10-K filed Mar 31, 2025: 58 risks under these headings, as written.⁴

• Risks Related to Financial Position, Operating Results and Need for Additional Capital
• The rate at which the Company is shifting to a software as a service (SaaS) model is uncertain.
• The Company has incurred significant losses from inception through 2024 and there can be no assurance that it will be able to achieve and sustain future profitability.
• The Company’s quarterly and annual operating and financial results and its gross margins are likely to fluctuate significantly in future periods.
• The Company may need to raise additional capital to fund its products, including manufacturing, sales and marketing activities, expand its investments in research and development, and commercialize new products and services.
• Tariffs could adversely affect our business and financial results.
• Risks Related to the Company and its Business
• We have been informed by the FDA that our ProFound AI® Risk product is appropriate for classification through the De Novo pathway and have paused U.S. sales of the product until we obtain FDA regulatory clearance.
• The markets for the Company’s products and newly introduced enhancements to the Company’s existing products may not develop as expected, the Company continues to face barriers to broad market acceptance.
• The Company may be exposed to significant product liability for which the Company may not have sufficient insurance coverage or be able to procure sufficient insurance coverage.
• Sales and market acceptance of the Company’s products is dependent upon the coverage and reimbursement decisions made by third-party payers, including carve-out radiology benefits managers. The failure of third-party payers to provide appropriate levels of coverage and reimbursement, and/or meeting prior authorization and other requirements for approval to use the Company’s products and treatments facilitated by the Company’s products could harm the Company’s business and prospects.
• There is no guarantee that we will successfully develop, or receive the required regulatory approvals for our proposed BAC products.

Legal proceedings

From time to time, we may be involved in various legal proceedings and subject to claims that arise in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not currently a party to any material legal proceedings.

The opening of Item 3, Legal Proceedings.⁴