INCR on Nasdaq

Intercure Ltd.

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

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Last updated Oct 19, 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.

Cannabis270.2M ILS⁵50%up 13% from 2024
Reportable segments [member]270.2M ILS⁵50%up 13% from 2024

Business segments by year

Business segments	2024	2025
Cannabis	238.8M ILS	270.2M ILS
Reportable segments [member]	238.8M ILS	270.2M ILS

Where the money goes

Where each dollar of revenue went, fiscal 2024

Cost of revenue

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

Gross profit⁶⁷⁸⁴30.2M ILS in 2024+1944% since 2019

Operating income⁶⁷⁸⁴-67.2M ILS in 2024+1868% since 2019

Net income⁶⁷⁸⁴-72.8M ILS in 2024+1135% since 2019

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

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	270.2M ILS	238.8M ILS	355.6M ILS
Cost of revenue before fair value adjustments	229.5M ILS	203.3M ILS	247.2M ILS
Gross income before impact of changes in fair value	40.7M ILS	35.6M ILS	108.3M ILS
Unrealized changes to fair value adjustments of biological assets	21.0K ILS	6.5M ILS	261.0K ILS
Loss from fair value changes realized in the current year	7.5M ILS	11.8M ILS	3.5M ILS
Gross profit	33.2M ILS	30.2M ILS	105.1M ILS
Research and development expenses	390.0K ILS	414.0K ILS	388.0K ILS
General and administrative expenses	40.9M ILS	53.7M ILS	42.6M ILS
Sales and marketing expenses	52.5M ILS	54.2M ILS	53.3M ILS
Other expenses (income), net	-37.5M ILS	-12.8M ILS	47.1M ILS
Changes in the fair value of financial assets through profit or loss, net	2.0M ILS	-341.0K ILS	665.0K ILS
Share based payments	2.4M ILS	2.3M ILS	2.6M 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 income	3.1M ILS	2.7M ILS	5.9M ILS
Financing expenses	20.0M ILS	22.9M ILS	25.6M ILS
Financing expenses, net	16.9M ILS	20.1M ILS	19.7M ILS
loss before taxes on income	-44.1M ILS	-87.3M ILS	-61.3M ILS
Tax (expense) benefit	7.3M ILS	14.5M 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

Total assets⁶⁷⁸⁴762.6M ILS in 2024+170% since 2019

Total liabilities⁶⁷⁸⁴364.9M ILS in 2024

Shareholders’ equity⁶⁷⁸⁴397.7M ILS in 2024+1923% since 2018

Cash⁶⁷⁸⁴78.3M ILS in 2024+2193% since 2018

Long-term debt⁷⁸⁴114.0M ILS in 2024+860% since 2021

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	46.5M ILS	78.3M ILS	101.1M ILS	232.6M ILS
Deposits and restricted cash	2.0M ILS	1.3M ILS
Trade receivables, net	21.2M ILS	51.8M ILS
Other receivables	138.8M ILS	134.7M ILS
Inventory	108.0M ILS	120.3M ILS
Biological assets	57.0K ILS	5.0M ILS	822.0K ILS
Financial assets measured at fair value through profit or loss	209.0K ILS	333.0K ILS
Other receivables	4.8M ILS	423.0K ILS
Property, plant and equipment and right-of-use assets	102.8M ILS	105.2M ILS
Goodwill	219.2M ILS	224.6M ILS	221.1M ILS
Deferred tax assets	46.0M ILS	38.4M ILS
Financial assets measured at fair value through profit or loss	122.0K ILS	2.1M ILS
Investment in associate and loans	901.0K ILS
Total Non-current assets	373.8M ILS	370.8M ILS
Total assets	690.6M ILS	762.6M ILS
Short term loans and current maturities	88.8M ILS	69.4M ILS
Trade payables	68.1M ILS	77.5M ILS
Other payables	43.5M ILS	41.8M ILS
Contingent consideration	3.0M ILS	4.0M ILS
Short term loan from controlling shareholder	11.0M ILS
Financial liability with respect to shares and warrants to be issued		34.0M ILS
Total Current liabilities	214.4M ILS	226.8M ILS
Long term loans	59.5M ILS	114.0M ILS
Liabilities in respect of employee benefits	881.0K ILS	973.0K ILS
Lease liability	19.5M ILS	23.2M ILS
Total Non-current liabilities	79.8M ILS	138.2M ILS
Total liabilities	294.2M ILS	364.9M ILS
Share capital, premium and other reserves	675.6M ILS	658.6M ILS
Capital reserve for transactions with controlling shareholder	2.4M ILS	2.4M ILS
Capital reserve for transactions with non-controlling interests	13.6M ILS	13.6M ILS
Receipts on account of warrants	19.6M ILS
Accumulated losses	-314.6M ILS	-277.6M ILS
Equity attributable to owners of the Company	396.5M ILS	397.0M ILS
Non-controlling interests	-164.0K ILS	702.0K ILS
Total equity	396.4M ILS	397.7M ILS	457.1M ILS	521.5M ILS
Total equity and liabilities	690.6M ILS	762.6M ILS

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	46.5M ILS	78.3M ILS	101.1M ILS	232.6M ILS
Deposits and restricted cash	2.0M ILS	1.3M ILS
Trade receivables, net	21.2M ILS	51.8M ILS
Other receivables	138.8M ILS	134.7M ILS
Inventory	108.0M ILS	120.3M ILS
Biological assets	57.0K ILS	5.0M ILS	822.0K ILS
Financial assets measured at fair value through profit or loss	209.0K ILS	333.0K ILS
Other receivables	4.8M ILS	423.0K ILS
Property, plant and equipment and right-of-use assets	102.8M ILS	105.2M ILS
Goodwill	219.2M ILS	224.6M ILS	221.1M ILS
Deferred tax assets	46.0M ILS	38.4M ILS
Financial assets measured at fair value through profit or loss	122.0K ILS	2.1M ILS
Investment in associate and loans	901.0K ILS
Total Non-current assets	373.8M ILS	370.8M ILS
Total assets	690.6M ILS	762.6M ILS
Short term loans and current maturities	88.8M ILS	69.4M ILS
Trade payables	68.1M ILS	77.5M ILS
Other payables	43.5M ILS	41.8M ILS
Contingent consideration	3.0M ILS	4.0M ILS
Short term loan from controlling shareholder	11.0M ILS
Financial liability with respect to shares and warrants to be issued		34.0M ILS
Total Current liabilities	214.4M ILS	226.8M ILS
Long term loans	59.5M ILS	114.0M ILS
Liabilities in respect of employee benefits	881.0K ILS	973.0K ILS
Lease liability	19.5M ILS	23.2M ILS
Total Non-current liabilities	79.8M ILS	138.2M ILS
Total liabilities	294.2M ILS	364.9M ILS
Share capital, premium and other reserves	675.6M ILS	658.6M ILS
Capital reserve for transactions with controlling shareholder	2.4M ILS	2.4M ILS
Capital reserve for transactions with non-controlling interests	13.6M ILS	13.6M ILS
Receipts on account of warrants	19.6M ILS
Accumulated losses	-314.6M ILS	-277.6M ILS
Equity attributable to owners of the Company	396.5M ILS	397.0M ILS
Non-controlling interests	-164.0K ILS	702.0K ILS
Total equity	396.4M ILS	397.7M ILS	457.1M ILS	521.5M ILS
Total equity and liabilities	690.6M ILS	762.6M ILS

Cash from operations⁶⁷⁸⁴-66.9M ILS in 2024+478% since 2019

Capital spending⁶⁷⁸⁴4.4M ILS in 2024−84% since 2019

Free cash flow⁶⁷⁸⁴-71.3M ILS in 2024+80% since 2019

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

Period ending	2025-12-31	2024-12-31	2023-12-31
Loss for the year	-36.8M ILS	-72.8M ILS	-63.5M ILS
Taxes paid	306.0K ILS	-12.9M ILS	-7.6M ILS
Net cash provided by (used in) operating activities	16.8M ILS	-66.9M ILS	-53.6M ILS
Purchase of property, plant and equipment	-3.5M ILS	-4.4M ILS	-2.6M ILS
Loans granted (Note 12B)	-545.0K ILS	-928.0K ILS	-5.2M ILS
Increase in restricted cash	-909.0K ILS	-465.0K ILS	-60.0K ILS
Decrease in restricted cash	212.0K ILS	9.1M ILS	4.7M ILS
Acquisition of Subsidiaries, net of cash acquired (Note 8)	-114.0K ILS	1.1M ILS
Deconsolidation of subsidiaries, net of cash (Note 8)	2.4M ILS	-253.0K ILS
Investments in equity accounted investee	-651.0K ILS
Brand acquisition		-450.0K ILS
Repayment of loans granted	196.0K ILS	14.0M ILS	11.3M ILS
Proceeds from sales of property, plant and equipment			25.0K ILS
Interest received	939.0K ILS		845.0K ILS
Payments of contingent consideration			-4.2M ILS
Net cash provided by (used in) investing activities	-2.0M ILS	17.7M ILS	4.8M ILS
Receipt on account of shares and warrants (Note 18I)		34.0M ILS
Issuance of shares and warrants (Note 18I)	1.5M ILS
Lease payments	-5.0M ILS	-5.5M ILS	-4.7M ILS
Receipt of loans from banks	10.2M ILS	188.4M ILS	62.7M ILS
Repayment of loans from banks	-45.3M ILS	-175.2M ILS	-119.9M ILS
Dividend distribution to non-controlling interests		-98.0K ILS
Repayment of loan from related party			-76.0K ILS
Receipt of loan from related party and controlling shareholder	11.0M ILS
Interest paid	-19.0M ILS	-15.2M ILS	-20.9M ILS
Net cash provided by (used in) financing activities	-46.7M ILS	26.5M ILS	-82.9M ILS
Decrease in cash and cash equivalents	-31.8M ILS	-22.8M ILS	-131.7M ILS
Exchange differences in respect of balances of cash and cash equivalents	-44.0K ILS	-39.0K ILS	297.0K ILS
Gain from deconsolidation of subsidiaries	3.3M ILS	-1.3M ILS
Impairment losses on property, plant and equipment			4.6M ILS
Impairment losses on goodwill			63.1M ILS
Changes in loan measured at fair value through profit or loss			2.3M ILS
Depreciation	17.1M ILS	15.4M ILS	13.2M ILS
Share-based payment (Note 18M)	2.4M ILS	2.3M ILS	2.6M ILS
Changes in the fair value of financial assets through profit or loss, net	2.1M ILS	-371.0K ILS	661.0K ILS
Finance expenses, net	16.9M ILS	20.1M ILS	19.7M ILS
Remeasurement of contingent consideration			1.1M ILS
Tax expense (benefit)	-7.3M ILS	-14.5M ILS	2.2M ILS
Loss on sale of property, plant and equipment		394.0K ILS	412.0K ILS
Changes in loan from non-controlling interest			-1.0M ILS
Gain in respect of acquisition of a subsidiary		-202.0K ILS
Change in liabilities in respect of employee benefits, net	-92.0K ILS	132.0K ILS	-184.0K ILS
Change in consideration payable in shares		6.1M ILS
Total Adjustments of comprehensive income	34.4M ILS	27.9M ILS	108.7M ILS
Decrease (increase) in trade receivables	30.8M ILS	8.4M ILS	-23.5M ILS
Increase (decrease) in other receivables	-21.6M ILS	4.8M ILS	-64.9M ILS
Decrease (increase) in inventory	11.0M ILS	-13.2M ILS	34.7M ILS
Decrease (increase) in biological assets	5.0M ILS	-4.2M ILS	5.5M ILS
Increase in trade payables	-8.8M ILS	-8.9M ILS	-47.6M ILS
Increase in other payables	2.5M ILS	3.9M ILS	4.7M ILS
Total of changes in assets and liabilities	18.9M ILS	-9.2M ILS	-91.2M ILS
Total Adjustments to reconcile profit (loss)	53.3M ILS	18.8M ILS	17.5M ILS
Disposal (acquisition) of subsidiary, net of cash against share issuance (Note 8)		-8.1M ILS
Deconsolidation of subsidiaries, net of cash (Note 8)		1.0M ILS
Purchase of property, plant and equipment	10.4M ILS	6.0M ILS	7.4M ILS
Additions to right-of-use assets	767.0K ILS	6.7M ILS	3.0M ILS
Issuance of shares and warrants	34.0M ILS
De-recognition of non-controlling interests			13.6M ILS
Trade and other receivables	114.0K ILS	3.3M ILS
Inventory and biological assets		2.6M ILS
Property, plant, equipment and right-of-use asset	85.0K ILS	10.2M ILS
Trade and other payables	-294.0K ILS	-13.6M ILS
Short term loan	25.0K ILS	198.0K ILS
Goodwill	184.0K ILS	7.9M ILS
Issuance of shares		-8.1M ILS
Lease liability		-3.5M ILS
Financial assets measured at fair value through profit or loss		-202.0K ILS
Total acquisition of subsidiary, net of cash	114.0K ILS	-1.1M ILS
Trade and other receivables	-3.7M ILS	-4.5M ILS
Inventory and biological assets	-1.3M ILS	-1.4M ILS
Property, plant, equipment and right-of-use asset	-69.0K ILS	-3.6M ILS
Trade and other payables	2.5M ILS	4.6M ILS
Short term loan		1.0M ILS
Goodwill	-5.6M ILS	-4.5M ILS
Issuance of shares	1.3M ILS	1.0M ILS
Payables for deferred consideration due to acquisitions		4.1M ILS
Non-controlling interests	1.1M ILS	1.9M ILS
Contingent consideration		120.0K ILS
Loss (gain)	3.3M ILS	-1.3M ILS
Total disposal of subsidiary, net of cash	-2.4M ILS	-2.5M ILS

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Leadership

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

Chief executive

Alexander Rabinovich2026–now

Chief financial officer

Amos Cohen2026–now

Chief executive officerAlexander Rabinovich Apr 20, 2026 to now⁹
Chief financial officerAmos Cohen Apr 16, 2026 to now¹⁰

Board members and other officers (5)

Board memberDavid Salton Apr 16, 2026 to now¹¹
Board memberGideon Hirschfeld Apr 16, 2026 to now¹²
Board memberAlexander Rabinovich Apr 20, 2026 to now⁹
Board memberAlon Shmuel Granot Apr 20, 2026 to now¹³
Board memberLennie Grinbaum Michelson Apr 20, 2026 to now¹⁴

Named in SEC Form D filings

People the company listed in its private-offering notices.

DirectorLennie Michelson Grinbaum named Aug 19, 2026¹⁵

Timeline

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:

Sep 8, 20266-K EDGAR
Aug 27, 20266-K/A EDGAR
Aug 26, 20266-K EDGAR
Aug 24, 20264 EDGAR
Aug 24, 20266-K EDGAR
Aug 19, 2026D EDGAR
Aug 11, 20266-K EDGAR
Aug 4, 20266-K EDGAR
Jul 27, 20266-K/A EDGAR
Jul 22, 20266-K EDGAR
Jun 22, 20266-K EDGAR
Jun 15, 20266-K EDGAR
May 1, 20266-K EDGAR
Apr 30, 202620-F EDGAR
Apr 20, 20263 EDGAR
Apr 20, 20263 EDGAR
Apr 20, 20263 EDGAR
Apr 16, 20263 EDGAR
Apr 16, 20263 EDGAR
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.

Alexander RabinovichSCHEDULE 13D, 1 filing Dec 9, 2025¹⁶
ETF MANAGERS GROUP, LLCSC 13G, 1 filing May 16, 2022¹⁷

Money raised

Private offerings the company reported to the SEC on Form D.

Jun 15, 2026Filed a private offering of equity Form D: 15 investors so far Form D

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARIntercure Ltd. filings on SEC EDGAR
2
SEC EDGARIntercure Ltd. filings on SEC EDGAR
3
SEC EDGARIntercure Ltd. annual report, Item 1 (Business)
4
SEC EDGARIntercure Ltd. 10-K for fiscal 2024
5
SEC EDGARIntercure Ltd. 20-F for fiscal 2025: revenue by segment
6
SEC EDGARIntercure Ltd. 10-K for fiscal 2019
7
SEC EDGARIntercure Ltd. 10-K for fiscal 2020
8
SEC EDGARIntercure Ltd. 10-K for fiscal 2021
9
SEC EDGARAlexander Rabinovich, Chief executive officer
10
SEC EDGARAmos Cohen, Chief financial officer
11
SEC EDGARDavid Salton, Board member
12
SEC EDGARGideon Hirschfeld, Board member
13
SEC EDGARAlon Shmuel Granot, Board member
14
SEC EDGARLennie Grinbaum Michelson, Board member
15
SEC EDGARIntercure Ltd. Form D naming Lennie Michelson Grinbaum
16
SEC EDGARAlexander Rabinovich SCHEDULE 13D on Intercure Ltd.
17
SEC EDGARETF MANAGERS GROUP, LLC SC 13G on Intercure Ltd.