IMMUCELL CORP /DE/

Listed Company

ICCCCIK 0000811641NasdaqNon-AcceleratedSmaller ReportingIn Vitro & In Vivo Diagnostic SubstancesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$27.64M

Net Income

—

Total Assets

—

Equity

—

Shares Out

9.05M

Op. Cash Flow

$2.48M

Business

ImmuCell Corporation develops, manufactures and sells animal health products that protect newborn calves and address mastitis in dairy cows. Its main offerings include the USDA‑licensed First Defense® product line (including Tri‑Shield® and Dual‑Force®), First Defense Technology® formats, a California Mastitis Test (CMT) and a purified Nisin intramammary treatment (Re‑Tain®). The company reports results across three segments—Scours, Mastitis and Other—and focuses on product development, manufacturing and regulatory compliance. It distributes primarily through major animal‑health distributors to veterinary clinics, fleet stores and farms in North America and select international markets.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product sales	28	26	—	—	—
Costs of goods sold	16	19	—	—	—
Gross profit	11	8	4	8	9
Product development expenses	3	4	4	4	4
Sales and marketing expenses	4	3	3	3	3
Administrative expenses	3	2	2	2	2
Operating expenses	10	10	10	10	8
NET OPERATING INCOME (LOSS)	2	−2	−6	−2	257,385
Other expenses, net	3	506,414	21,893	—	—
LOSS BEFORE INCOME TAXES	−1	−2	−6	−2	−69,127
Income tax expense	11,570	10,056	4,627	7,672	9,165
NET LOSS	−1	−2	−6	−2	−78,292
Basic weighted average common shares outstanding (in shares)	9	8	8	8	8
Basic net loss per share (in dollars per share)	−0.12	−0.26	−0.75	−0.32	−0.01
Diluted weighted average common shares outstanding (in shares)	9	8	8	8	8
Diluted net loss per share (in dollars per share)	−0.12	−0.26	−0.75	−0.32	−0.01

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-10-31	FY 2022 2022-12-31
Cash and cash equivalents	4	4	978,741	—	6
Trade accounts receivable	3	4	2	—	2
Inventory	9	7	8	—	6
Prepaid expenses and other current assets	451,673	400,762	493,885	—	406,055
Total current assets	17	15	11	—	14
Property, plant and equipment, net	21	25	28	—	28
Operating lease right-of-use asset	4	5	5	—	2
Goodwill	95,557	95,557	95,557	—	95,557
Intangible assets, net	0	19,104	38,208	—	57,312
Other assets	37,686	33,368	57,655	—	14
TOTAL ASSETS	43	45	44	—	45
Current portion of debt obligations	2	1	—	—	—
Current portion of operating lease liability	85,489	432,072	644,276	—	31,764
Accounts payable and accrued expenses	2	2	2	—	2
Total current liabilities	4	4	4	—	3
Debt obligations, net of current portion	7	9	—	—	—
Operating lease liability, net of current portion	4	4	4	5	2
Total long-term liabilities	11	13	15	—	11
TOTAL LIABILITIES	15	18	19	—	14
COMMITMENTS AND CONTINGENCIES (See Note 10)	—	—	—	—	—
Common stock, $0.10 par value per share, with 15,000,000 shares authorized and 9,105,622 and 9,042,392 shares issued and 9,045,851 and 8,979,091 shares outstanding as of December 31, 2025 and 2024, respectively	910,563	904,240	781,417	—	781,417
Additional paid-in capital	41	41	36	—	36
Accumulated deficit	−15	−14	−12	—	−6
Treasury stock, at cost, 59,771 and 63,301 shares as of December 31, 2025 and 2024, respectively	−130,760	−138,482	−138,482	—	−147,233
Total stockholders equity	27	28	25	—	30
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	43	45	44	—	45

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	3	3	3	2	2
Amortization of intangible assets	19,104	19,104	19,104	19,104	—
Amortization and write-off of debt issuance costs and debt discounts	54,348	42,666	—	—	—
Share-based compensation	295,871	325,551	368,866	266,244	—
Loss on disposal of property, plant and equipment	106,350	15,391	8,099	−7,334	—
Impairment charge related to property, plant and equipment	3	0	—	—	—
Non-cash rent benefit	−284,846	−149,741	—	—	—
Trade accounts receivable	352,124	−2	−426,783	935,629	—
Inventory	−2	699,218	−2	−3	−997,460
Prepaid expenses and other current assets	−50,911	93,123	−87,830	−110,858	26,064
Other assets	−4,318	24,287	—	—	—
Accounts payable and accrued expenses	−195,254	362,606	156,995	341,614	245,760
Net cash provided by operating activities	2	357,903	−5	−2	954,170
Purchase of property, plant and equipment	−1	−465,725	−2	−4	−3
Proceeds from sale of property, plant and equipment	36,132	4,500	2,474	11,000	—
Net cash used for investing activities	−1	−461,225	−2	−4	−2
Borrowings on bank debt	801,267	0	—	—	—
Repayments on bank debt	−2	−1	−1	−897,125	−768,271
Payments of debt issuance costs and debt discounts	−14,633	−5,037	−35,425	−19,306	—
Proceeds from At-The-Market Offering	349,326	5	—	—	165,337
Payments of equity issuance fees	−67,880	−291,834	—	—	—
Proceeds from exercise of stock options	3	0	18,760	30,670	11,693
Net cash (used for) provided by financing activities	−1	3	2	1	4
NET INCREASE IN CASH AND CASH EQUIVALENTS	48,599	3	—	—	—
Income taxes	10,691	7,293	—	—	—
Interest	443,019	528,907	444,954	338,516	308,682
Change in capital expenditures incurred, but not paid	4,685	4,421	—	—	—

Filings

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