Balsam is a miscellaneous item. As of Early Access v4.1.1, it has no use except for sale, but will likely be an alchemy ingredient in v1.0.

Since balsam thrives on high mountaintops, the betals of this spindly flower can be carried for miles on a strong wind.
Properties
Miscellaneous Items
Rarity: Common
Weight: 0.2 kg / 0.4 lb
Price: 1 gp
Where to find
Found growing in the wild.