Intercure Ltd.
INCR evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for INCR—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INCR
Intercure Ltd. (INCR) is a pharmaceutical-grade cannabis company focused on developing cannabis-based products, with a limited operating history and early-stage clinical trials, including a phase 3 trial in autism that was paused due to COVID-19.
Key risk: Clinical trial delays
Market Cap
$86.7M
Cash Runway
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Lead Asset
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Next Catalyst
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Financial data as of Dec 31, 2024.
Intercure Ltd. (INCR) is a pharmaceutical-grade cannabis company focused on developing cannabis-based products, with a limited operating history and early-stage clinical trials, including a phase 3 trial in autism that was paused due to COVID-19.
- Intercure has not completed any clinical trials using cannabis or cannabis-based products to date [sec · filed 2026-04-30].
- The company received IMCA feasibility approval to initiate nine clinical trials and commenced one phase 3 clinical trial in autism, but recruitment was stopped due to COVID-19 [sec · filed 2026-04-30].
- As of 2024-12-31, Intercure reported cash & equivalents of $17.8M, shareholders' equity of $448.0M, and total debt of $138.2M [sec].
- The company reported positive Adjusted EBITDA for the sixth consecutive year, at 15% of revenues [sec · filed 2026-04-30].
- Intercure faces risks from limited research on cannabis, potential clinical trial delays, and the need for additional financing to achieve business objectives [sec · filed 2026-04-30].
What works
- Intercure has achieved positive Adjusted EBITDA for six consecutive years, indicating operational efficiency [sec · filed 2026-04-30].
- The company has received IMCA feasibility approval for nine clinical trials, suggesting regulatory progress [sec · filed 2026-04-30].
- Intercure has a substantial shareholders' equity of $448.0M as of 2024-12-31, providing a financial buffer [sec].
What to weigh
- Intercure has not completed any clinical trials using cannabis-based products, and its only phase 3 trial was paused due to COVID-19 [sec · filed 2026-04-30].
- The company has a limited operating history and faces risks associated with developing a new industry [sec · filed 2026-04-30].
- Future clinical trials may be expensive, time-consuming, and could yield negative results, impacting regulatory approval and social acceptance [sec · filed 2026-04-30].
- Intercure requires additional financing to achieve its business objectives, and there is no assurance of obtaining such capital [sec · filed 2026-04-30].
From the filings
Quoted directly from source documents.
Intercure has not completed any clinical trials using cannabis or cannabis-based products.
“We have not completed any clinical trials using cannabis or cannabis-based products to date.”
SEC filings · April 30, 2026
The phase 3 clinical trial in autism was initiated but stopped due to COVID-19.
“We initiated a phase 3 clinical trial in a leading Israeli medical center to study our product's influence on cognitive and adjacent capabilities on children who are on the autistic spectrum. The patient recruitment for the trial was initiated but was stopped due to COVID-19 challenges”
SEC filings · April 30, 2026
Intercure reported positive Adjusted EBITDA for the sixth consecutive year.
“For the sixth year in a row we had positive Adjusted EBITDA of 15% of the revenues.”
SEC filings · April 30, 2026
The company has a limited operating history and faces risks of a new business.
“We have a limited operating history upon which investors can evaluate our future prospects.”
SEC filings · April 30, 2026
Risks & what to watch (4)›
Key risks
- Clinical trial delays — The only phase 3 trial was paused due to COVID-19, and completion timeline is uncertain [sec · filed 2026-04-30].
- Need for additional financing — The company requires further capital to achieve objectives, with no assurance of obtaining it [sec · filed 2026-04-30].
- Limited research on cannabis — Research on cannabis medical benefits is early-stage, and future trials may yield negative results [sec · filed 2026-04-30].
- Operating history and scalability — Limited operating history and risks in scaling production and management [sec · filed 2026-04-30].
What to watch
- Progress and potential restart of the phase 3 clinical trial in autism [sec · filed 2026-04-30].
- Ability to secure additional financing to fund operations and clinical development [sec · filed 2026-04-30].
- Regulatory developments and outcomes of IMCA-approved clinical trials [sec · filed 2026-04-30].
- Trend in Adjusted EBITDA and overall financial performance [sec · filed 2026-04-30].
Sources: SEC filings · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
15
Total value held
$604K
| Holder | Shares | Value |
|---|---|---|
| healthcare of ontario pension plan trust fund | 212,500 | $325K |
| citadel advisors llc | 133,919 | $101K |
| moore capital management, lp | 97,273 | $73K |
| renaissance technologies llc | 64,602 | $49K |
| blackrock, inc. | 22,990 | $17K |
| geode capital management, llc | 22,539 | $17K |
| revisor wealth management llc | 11,882 | $9K |
| quent capital, llc | 10,321 | $8K |
| morgan stanley | 4,031 | $3K |
| penderfund capital management ltd. | 1,977 | $1K |
Showing top 10 of 15 institutional holders of Intercure Ltd.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 0.1%
- Days to cover
- 0.8
- Shares short
- 20,146
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INCR short interestFrequently asked questions
What is the AI investment thesis for Intercure Ltd.?
Intercure Ltd. (INCR) is a pharmaceutical-grade cannabis company focused on developing cannabis-based products, with a limited operating history and early-stage clinical trials, including a phase 3 trial in autism that was paused due to COVID-19.
Who is the CEO of Intercure Ltd.?
Mr. Alexander Rabinovich is the chief executive officer of Intercure Ltd. (INCR).
Where is Intercure Ltd. headquartered?
Intercure Ltd. (INCR) is headquartered in Herzliya, Israel.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.