Medipress Follow-up: P-Cure Is Advancing, So Why Is the Dollar Valuation Flat?
P-Cure showed real commercial, regulatory, and funding progress in 2025, yet Medipress still carries the holding at the same roughly $1.757 million dollar value. Until there is a new priced round or another external event that fixes a higher price, the progress remains operational progress rather than a new valuation anchor.
P-Cure Is Moving Forward, but the Valuation Is Still Stuck on the Same Dollar Anchor
The main article argued that P-Cure is the only asset in Medipress's portfolio that can really change the story. This follow-up isolates the question that matters now: if 2025 brought clear commercial and regulatory progress, why did the value of the holding not move in dollar terms.
The answer starts with the numbers. At the end of 2025, P-Cure was carried at fair value of NIS 5.605 million versus NIS 6.373 million a year earlier, against historical cost of NIS 6.222 million. But the attached economic review says something even sharper: Medipress's holding in P-Cure stood at about $1.757 million as of December 31, 2024 and remained at about $1.757 million again at the end of 2025. The decline in shekels was a currency effect, not a decline in dollar value.
That is the real gap. The documents do not describe a business standing still. They describe a price anchor standing still.
Why P-Cure Even Has the Potential to Move Value
P-Cure is aimed directly at the economic bottleneck inside proton therapy. The activity description says the company developed technology intended to cut setup and operating cost by about 50%, in part through seated treatment and by removing the need for a large and expensive gantry. In the same description, that is the mechanism meant to allow broader adoption across more oncology departments rather than keeping proton therapy limited to a small number of centers.
The commercialization path is also not framed as pure theory. P-Artis received FDA and CE approvals, was sold to customers in the United States, England, and China, and has been in clinical use in Chicago since 2016. At the same time, P-Cure is not trying to sell only a full system. It is also trying to sell the patient-positioning and navigation layer into centers that already have proton infrastructure. That is why progress here matters far more than it would in the other portfolio names.
What Actually Improved in 2025, and Why It Still Was Not Enough to Create a New Value Mark
The year-end economic review does list concrete achievements. A system-supply agreement with Hadassah and a ten-year service agreement were signed, subject to receiving a clinical license from the Ministry of Health. A new agreement was signed for additional operation and planning systems for the SPHIC sales project in China. Production of systems in the order backlog continued, and the SPHIC project was described as being in advanced installation stages. Alongside that, the documents describe expanded FDA approval for use throughout the body, continued service activity in China, heavier sales and marketing investment in the United States, and continued clinical research cooperation with Hadassah.
But each of those items answers a different question. They show that the company is progressing. They still do not show that a new price has been set.
| What improved | What the documents actually say | Why it still does not move the dollar anchor |
|---|---|---|
| Hadassah | A system-supply agreement and a ten-year service agreement | The agreement remains subject to a clinical license from the Ministry of Health, so it is not yet a clean, unconditional commercial reference site |
| China | A new agreement for operation and planning systems, with the SPHIC project in advanced installation stages | Advanced installation is still not the same thing as a new external pricing event or a new priced equity round |
| Regulation | Expanded FDA approval for use across all body parts | That reduces regulatory friction, but it does not itself set a new capital-market price |
| Funding | About $3 million was raised through a SAFE in July 2025 | A SAFE is bridge financing, not a new priced equity round in the partnership's own disclosure |
| Cash generation | The company reportedly had about $3.8 million of cash, operating profit of about NIS 5.3 million in 2024, and positive cash flow of about NIS 5 million in 2025 | That improves the starting point, but the same document also says an additional funding round is still only at an early stage |
That is the key distinction. In 2025 P-Cure accumulated progress, but it still did not generate a price event.
The Last Priced External Anchor Still Sits in 2024
If you look only at the hard anchors disclosed in the filings, the last clear outside pricing point still sits in January 2024, when P-Cure signed an investment agreement under which up to $10 million would be invested at a $40 million pre-money valuation. That is an external, explicit, price-setting reference point.
By contrast, the financing disclosed for 2025 is a roughly $3 million SAFE, and the same document says a further round is still only at an early stage. So even after a year of visible progress, the filings do not present a new priced equity round above the 2024 anchor. Without such an anchor, Medipress's dollar carrying value stays where it was.
That is deeper than a narrow valuation-committee debate. It means P-Cure's progress is still being treated as de-risking inside the same story, not as a transition into a new story with a new price.
Even Medipress's Protection Layer Is Not Enough to Create an Upside Premium
Medipress is not holding ordinary common stock with no protections. It holds Series D preferred shares with a meaningful rights package: an 8% annual accrued dividend on the original purchase price, liquidation and dividend preference, conversion rights into ordinary shares, and anti-dilution protection. As long as the holding remains above 2.5% of the company's equity, Medipress also keeps consent rights around certain liquidation events and a board observer seat.
That matters because the flat dollar mark is not the result of a weak security package. The documents show a structure designed to protect the investor. Yet by the end of 2025 the fair value still remained below cost, and in dollar terms it had not moved at all. In other words, that protection layer did not translate into a growth premium here.
It is also notable that the accounting fair-value classification for P-Cure moved to level 2 in 2025 from level 3 in 2024, yet that classification change did not come with a higher value. So even the classification change did not alter the number itself.
What Has to Happen for the Dollar Value to Actually Move
The documents leave three clear tests.
First: a priced financing event. As long as the latest funding update is a SAFE and the next round is still at an early stage, there is no new price for the market to hold on to.
Second: conversion of operational progress into a commercial reference point. Hadassah, SPHIC, and the US commercial push are important steps, but they still need to turn from licensing, installation, and marketing milestones into a revenue or delivery event that creates a fresh external anchor.
Third: proof that the cash-flow improvement is repeatable. The documents show a constructive combination of $3.8 million of cash and positive 2025 cash flow, but they also mention another raise that remains only at an early stage. That is still not the picture of a company that has fully crossed from proof mode into scale mode.
Bottom Line
P-Cure is advancing. The end-2025 documents leave little room to argue otherwise. There is progress at Hadassah, in China, in regulation, in marketing, and in funding. But the same set of documents also explains why Medipress's dollar valuation did not rise: that progress still has not received a new external pricing confirmation.
So the answer to the headline is simpler than it looks. P-Cure is advancing, but the dollar valuation is flat because 2025 built proof of direction, not a new price. Until a priced round, an external transaction, or clearly monetized commercialization does that job, Medipress will keep holding the one asset that can change the story, but that still has not changed the dollar number.
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