I'm only getting 12.05 volts at the ICM between the black/white and green connectors compared to 12.40 volts at the battery. Is this normal? I'm trying to troubleshoot a no spark issue.

 

maybe you should check first your spark plugs and ignition coils,if you have that measure i think it's right, maybe the wire is not plug ok, or your wire past away, your cables how much time had on your bike, maybe need a new kit. and check your wire system in the ignition coils try to find sulfate in the wire.

Cris