Goldman Sachs Discloses 5.3% Stake in ICAD (1.45M Shares)

THE GOLDMAN SACHS GROUP, INC. and Goldman Sachs & Co. LLC filed a Schedule 13G disclosing beneficial ownership of 1,452,580 shares of ICAD, Inc. common stock, representing 5.3% of the class.

Accepted by SEC EDGAR 08/12/2025 - 05:24 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

THE GOLDMAN SACHS GROUP, INC. and Goldman Sachs & Co. LLC filed a Schedule 13G disclosing beneficial ownership of 1,452,580 shares of ICAD, Inc. common stock, representing 5.3% of the class. The filing shows shared voting and shared dispositive power over those shares and reports sole voting and dispositive power as 0. The statement affirms the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. A joint filing agreement and an exhibit identify Goldman Sachs & Co. LLC as a subsidiary and as a broker-dealer and registered investment adviser.

Positive

• Goldman Sachs reports beneficial ownership of 1,452,580 ICAD shares, equal to 5.3% of the common stock.
• Shared voting and shared dispositive powers over the reported shares are disclosed, with sole powers reported as 0.
• The filing certifies the holdings are passive—acquired and held in the ordinary course and not to change or influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR: Goldman Sachs reports a passive 5.3% stake in ICAD with shared voting/dispositive power; disclosure is material but non-activist.

The filing reports 1,452,580 shares (5.3%) beneficially owned with shared voting and shared dispositive power and no sole powers. The Schedule 13G includes an express certification that the position is held in the ordinary course of business and not to influence control, indicating passive intent. For investors, the development is material as a >5% holder disclosure, but it does not indicate an active governance or control strategy.

Corporate Governance Expert

TL;DR: Schedule 13G shows passive ownership and a joint filing; governance implications are limited absent further disclosures.

The filing attaches a Joint Filing Agreement and identifies Goldman Sachs & Co. LLC as a subsidiary that may be the owner and as a broker-dealer and investment adviser. The reported structure—parent holding company and subsidiary broker/adviser—clarifies reporting responsibility but, combined with the passive certification, suggests limited immediate governance impact. Any change to this position or a switch to an active filing (e.g., Schedule 13D) would be materially different for corporate governance.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ICAD (ICAD) shares does Goldman Sachs report owning?

1,452,580 shares, representing 5.3% of ICAD common stock as reported in the Schedule 13G.

Does the Schedule 13G for ICAD state Goldman Sachs intends to influence control?

No; the filing certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Which entities filed the Schedule 13G for ICAD?

The filing lists The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC as reporting persons.

What voting and dispositive powers are reported by Goldman Sachs for ICAD?

The filing reports 0 sole voting power, 1,452,580 shared voting power, 0 sole dispositive power, and 1,452,580 shared dispositive power.

Is there a joint filing agreement or subsidiary identification in the ICAD filing?

Yes; a Joint Filing Agreement (Exhibit 99.1) is attached and Exhibit 99.2 identifies Goldman Sachs & Co. LLC as a subsidiary and as a broker-dealer and registered investment adviser.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ICAD, INC.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

44934S206

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 44934S206

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,452,580.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,452,580.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,452,580.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 44934S206

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,452,580.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,452,580.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,452,580.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ICAD, INC.
(b)	Address of issuer's principal executive offices: 2 Townsend West,Suite 6,Nashua,NH,X1,03063
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 44934S206
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/17/2025

GOLDMAN SACHS & CO. LLC

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/17/2025

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, $0.01 par value, of ICAD, INC. and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 07/17/2025 THE GOLDMAN SACHS GROUP, INC. By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group.