Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 191

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 18
Chunk 191
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 NIS 23 thousand.
 
Note 11 – Investment in Assets Measured at Fair Value through Profit or Loss:
 
The Company’s investments in biomed companies are revalued at fair value through profit and loss. The fair value is determined according to valuations, which are mostly performed using the OPM method.
 Schedule of Investment in Assets Measured at Fair Value through Profit or Loss
 
                                                  2024                   2023     
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                                                 December 31                      
                                                       2024        2023           
                                                 NIS in thousands                 
Fair value of the investment in Fore (A)              2,147                  1,922
Fair value of the investment in Cavnox (B)                -                      -
Fair                                                  2,147                  1,922
value of the investment                                                           

A.              F.O.R.E           
     Biotherapeutics Ltd. (“Fore”)
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 In 2015 the Company signed an investment agreement together with the PontifaVenture Capital and additional investors, for an investment in F.O.R.E Biotherapeutics Ltd. (formerly known as NovellusDX Ltd.) (hereinafter: the “Agreement” and “Fore”).
 
Fore is developing an innovative technology which is intended to significantly improve the results of treatment of patients suffering from various types of cancer, using designated biological drugs (hereinafter: the “Product”).
 
In October 2022, Fore had an investment round. The Company chose not to participate and as a result was diluted from 0.44% to 0.11% on a fully diluted basis.
 
In August 2023, Fore had another investment round of series D convertible preferred stock and raised USD 40 million. The Company chose not to participate and as a result was diluted from 0.11% to 0.03% on a fully diluted basis.
 
In July 2024, Fore raised the second round of series D convertible preferred stock in the same price per share. As a result, the Company was diluted from 0.03% to 0.02% on a fully diluted basis.
 
 
F-37
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Note 11 – Investment in Assets Measured at Fair Value through Profit or Loss: (Cont.)
 
As of December 31, 2024, the Company’s stake in Fore is approximately 0.02% of capital, undiluted (assuming conversion to ordinary shares), and approximately 0.02%, fully diluted.
 

A.