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INCR on Nasdaq

Intercure Ltd.

Intercure Ltd. is a pharmaceutical preparations company, listed on Nasdaq (INCR).1

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Last updated Oct 21, 2026.

Overview

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  • TickerINCR on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersL31
  • Incorporated inIsrael2
  • Business address85 Medinat Ha-Yehudim Street, Herzliya, L3 46766702
  • Filer categoryNon-accelerated filer, Emerging growth company2
  • Legal formCorporation

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Max Pharm’s operations are focused on managing and operating two pharmacies in Holon and Rishon Lezion.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in ILS, the currency the company reports in.

Key numbers, fiscal 2024

12.7%Gross margin4
-28.1%Operating margin4
-30.5%Net margin4
-32.8%Revenue growth, 20244
-18.3%Return on equity4
0.29×Debt to equity4
-71.3M ILSFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Cannabis brought in 50% of the revenue Intercure Ltd. broke down this way in fiscal 2025.

  1. Cannabis270.2M ILS550%up 13% from 2024
  2. Reportable segments [member]270.2M ILS550%up 13% from 2024
Business segments by year
Business segments20242025
Cannabis238.8M ILS270.2M ILS
Reportable segments [member]238.8M ILS270.2M ILS

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue85¢203.3M ILS
  • Research and development0¢414.0K ILS
  • Other costs9¢20.6M ILS
  • Income tax6¢14.5M ILS

Out of 238.8M ILS in revenue.4 The company lost money this year.

Financial statements

Revenue6784238.8M ILS in 2024+2576% since 2019
0100.0M ILS200.0M ILS300.0M ILS400.0M ILS2019: 8.9M ILS8.9M ILS20192020: 65.0M ILS65.0M ILS2020+629%2021: 219.7M ILS219.7M ILS2021+238%2022: 388.7M ILS388.7M ILS2022+77%2023: 355.6M ILS355.6M ILS2023−9%2024: 238.8M ILS238.8M ILS2024−33%
Gross profit678430.2M ILS in 2024+1944% since 2019
050.0M ILS100.0M ILS150.0M ILS200.0M ILS2019: 1.5M ILS1.5M ILS20192020: 32.0M ILS32.0M ILS2020+2062%2021: 91.1M ILS91.1M ILS2021+185%2022: 155.1M ILS155.1M ILS2022+70%2023: 105.1M ILS105.1M ILS2023−32%2024: 30.2M ILS30.2M ILS2024−71%
Operating income6784-67.2M ILS in 2024+1868% since 2019
-100.0M ILS-50.0M ILS050.0M ILS100.0M ILS2019: -3.4M ILS-3.4M ILS20192020: -38.4M ILS-38.4M ILS2020+1024%2021: 28.2M ILS28.2M ILS20212022: 50.6M ILS50.6M ILS2022+80%2023: -41.6M ILS-41.6M ILS20232024: -67.2M ILS-67.2M ILS2024+62%
Net income6784-72.8M ILS in 2024+1135% since 2019
-100.0M ILS-50.0M ILS050.0M ILS2019: -5.9M ILS-5.9M ILS20192020: -36.0M ILS-36.0M ILS2020+512%2021: 7.3M ILS7.3M ILS20212022: 43.7M ILS43.7M ILS2022+500%2023: -63.5M ILS-63.5M ILS20232024: -72.8M ILS-72.8M ILS2024+15%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue270.2M ILS238.8M ILS355.6M ILS
Cost of revenue before fair value adjustments229.5M ILS203.3M ILS247.2M ILS
Gross income before impact of changes in fair value40.7M ILS35.6M ILS108.3M ILS
Unrealized changes to fair value adjustments of biological assets21.0K ILS6.5M ILS261.0K ILS
Loss from fair value changes realized in the current year7.5M ILS11.8M ILS3.5M ILS
Gross profit33.2M ILS30.2M ILS105.1M ILS
Research and development expenses390.0K ILS414.0K ILS388.0K ILS
General and administrative expenses40.9M ILS53.7M ILS42.6M ILS
Sales and marketing expenses52.5M ILS54.2M ILS53.3M ILS
Other expenses (income), net-37.5M ILS-12.8M ILS47.1M ILS
Changes in the fair value of financial assets through profit or loss, net2.0M ILS-341.0K ILS665.0K ILS
Share based payments2.4M ILS2.3M ILS2.6M ILS
Share of profit of investees accounted for using the equity method-296.0K ILS
Operating loss-27.2M ILS-67.2M ILS-41.6M ILS
Financing income3.1M ILS2.7M ILS5.9M ILS
Financing expenses20.0M ILS22.9M ILS25.6M ILS
Financing expenses, net16.9M ILS20.1M ILS19.7M ILS
loss before taxes on income-44.1M ILS-87.3M ILS-61.3M ILS
Tax (expense) benefit7.3M ILS14.5M ILS-2.2M ILS
Total comprehensive loss for the year-36.8M ILS-72.8M ILS-63.5M ILS
To the Companys shareholders-35.7M ILS-67.8M ILS-62.0M ILS
To non-controlling interests-1.1M ILS-5.0M ILS-1.6M ILS
Total-36.8M ILS-72.8M ILS-63.5M ILS
Basic loss-0.66 ILS-1.48 ILS-1.36 ILS
Diluted loss-0.66 ILS-1.48 ILS-1.36 ILS

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Corporate structure

Intercure Ltd. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Intercure Ltd.

  • Intercure Ltd. L3

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Intercure Ltd. 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

ItemLatestA year beforeChange
Property and equipment, net105.2M ILS4 Dec 31, 202497.5M ILS4 Dec 31, 2023+8.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents78.3M ILS4 Dec 31, 2024101.1M ILS4 Dec 31, 2023−22.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill224.6M ILS4 Dec 31, 2024221.1M ILS4 Dec 31, 2023+1.6%

Inventory

ItemLatestA year beforeChange
Inventory, total120.3M ILS4 Dec 31, 2024105.5M ILS4 Dec 31, 2023+14.1%

Leadership

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

Chief executive

  1. Alexander Rabinovich2026–now

Chief financial officer

  1. Amos Cohen2026–now
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorLennie Michelson Grinbaum named Aug 19, 202615

Timeline

  1. Apr 20, 2026New chief executive Alexander Rabinovich becomes CEO9

Filings

96 filings to the SEC since October 2021: 5 annual reports, 7 insider forms, 2 large holders, 1 private raises, 81 other. The latest 20:

  1. Sep 8, 20266-K EDGAR
  2. Aug 27, 20266-K/A EDGAR
  3. Aug 26, 20266-K EDGAR
  4. Aug 24, 20264 EDGAR
  5. Aug 24, 20266-K EDGAR
  6. Aug 19, 2026D EDGAR
  7. Aug 11, 20266-K EDGAR
  8. Aug 4, 20266-K EDGAR
  9. Jul 27, 20266-K/A EDGAR
  10. Jul 22, 20266-K EDGAR
  11. Jun 22, 20266-K EDGAR
  12. Jun 15, 20266-K EDGAR
  13. May 1, 20266-K EDGAR
  14. Apr 30, 202620-F EDGAR
  15. Apr 20, 20263 EDGAR
  16. Apr 20, 20263 EDGAR
  17. Apr 20, 20263 EDGAR
  18. Apr 16, 20263 EDGAR
  19. Apr 16, 20263 EDGAR
  20. Apr 16, 20263 EDGAR

The 96 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

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

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.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jun 15, 2026Filed a private offering of equity15 Form D: 15 investors so far Form D

SEC filer profile

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

  • Name on EDGARIntercure Ltd.1
  • CIK0001857030
  • Filer statusNon-accelerated filer an emerging growth company; a shell company3
  • Incorporated inIsrael3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address85 Medinat Ha-Yehudim Street, Herzliya, L3 46766701
  • Phone9727746050121
  • Shares outstanding54,681,335 shares as of Dec 31, 20253
  • AuditorSomekh Chaikin, Tel-Aviv, Israel PCAOB ID 1057; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 21, 20211
  • Filings119 in all: 6-K (69), 3 (6), UPLOAD (6), 20-F (5), CORRESP (5), 6-K/A (4), F-1/A (3), 20FR12B/A (2)1
    All 23 form types

    DRS/A (2), DRSLTR (2), EFFECT (2), NT 20-F (2), 20FR12B (1), 4 (1), 424B3 (1), CERT (1), D (1), DRS (1), F-1 (1), POS AM (1), SC 13G (1), SCHEDULE 13D (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary SharesINCRNasdaq Global Market

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).3

Sources

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