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ICCC on Nasdaq

IMMUCELL CORP /DE/

IMMUCELL CORP /DE/ is an American in vitro and in vivo diagnostic substances company based in Portland.2 Its shares trade on Nasdaq under the symbol ICCC.2

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Last updated Oct 21, 2026.

Overview

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  • TickerICCC on Nasdaq2
  • IndustryIn Vitro & In Vivo Diagnostic Substances2
  • HeadquartersPortland, United States2
  • Incorporated inDE3
  • Business address56 Evergreen Dr, Portland, Me 041033
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI5493003G4YVJPVDW6U672
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 21170882

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ImmuCell Corporation, founded in 1982 and a SEC-registered public company since 1987, is an animal health biologics company focused on the development, manufacture, and commercialization of products intended to improve the survivability, health, and long-term performance of neonatal dairy and beef calves. The Company's practical, science-based solutions help prevent calf scours, one of the most prevalent diseases in neonatal calves worldwide that accounts for 30-40% of pre-weaning mortality in many production systems. The Company’s primary product line, First Defense ® , utilizes hyperimmunized bovine colostrum to provide pathogen-specific antibodies and other bioactive components. First Defense ® is designed to provide Immediate Immunity™ through orally delivered antibodies against the principal viral and bacterial causes of neonatal calf diarrhea (scours), including Escherichia coli (E…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

41.4%Gross margin5
6.0%Operating margin5
-3.8%Net margin5
4.3%Revenue growth, 20255
-3.8%Return on equity5
0.28×Debt to equity5
$1.2MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Corporate Segment, Scours brought in 99% of the revenue IMMUCELL CORP /DE/ broke down this way in fiscal 2025.

  1. Corporate Segment, Scours$27.4M599%up 4% from 2024
  2. Corporate Segment, Mastitis$196.4K51%up 10% from 2024
Business segments by year
Business segments20242025
Corporate Segment, Scours$26.3M$27.4M
Corporate Segment, Mastitis$178.9K$196.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue59¢$16.2M
  • Research and development11¢$3.0M
  • Other costs30¢$8.4M
  • Income tax0¢$11.6K

Out of $27.6M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending51¢$1.3M
  • Kept or used elsewhere49¢$1.2M

Out of $2.5M of cash from operations.5

Financial statements

Revenue67895$27.6M in 2025+101% since 2019
0$10.0M$20.0M$30.0M2019: $13.7M$13.7M20192020: $15.3M$15.3M2020+12%2021: $19.2M$19.2M2021+25%2022: $18.6M$18.6M2022−4%2023: $17.5M$17.5M2023−6%2024: $26.5M$26.5M2024+52%2025: $27.6M$27.6M2025+4%
Gross profit107811125$11.4M in 2025+70% since 2019
0$5.0M$10.0M$15.0M2019: $6.7M$6.7M20192020: $6.9M$6.9M2020+2%2021: $8.7M$8.7M2021+26%2022: $7.6M$7.6M2022−12%2023: $3.9M$3.9M2023−49%2024: $7.9M$7.9M2024+105%2025: $11.4M$11.4M2025+44%
Operating income107811125$1.6M in 2025
-$6.0M-$4.0M-$2.0M0$2.0M2019: -$953.9K-$953.9K20192020: -$1.4M-$1.4M2020+45%2021: $257.4K$257.4K20212022: -$2.3M-$2.3M20222023: -$5.7M-$5.7M2023+150%2024: -$1.6M-$1.6M2024−71%2025: $1.6M$1.6M2025
Net income1013149125-$1.0M in 2025−20% since 2019
-$6.0M-$4.0M-$2.0M02019: -$1.3M-$1.3M20192020: -$1.0M-$1.0M2020−21%2021: -$78.3K-$78.3K2021−92%2022: -$2.5M-$2.5M2022+3085%2023: -$5.8M-$5.8M2023+132%2024: -$2.2M-$2.2M2024−63%2025: -$1.0M-$1.0M2025−52%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Product sales$27.6M$26.5M
Costs of goods sold$16.2M$18.6M
Gross profit$11.4M$7.9M
Product development expenses$3.0M$3.9M
Sales and marketing expenses$3.6M$3.5M
Administrative expenses$3.2M$2.2M
Operating expenses$9.8M$9.6M
NET OPERATING INCOME (LOSS)$1.6M-$1.6M
Other expenses, net$2.7M$506.4K
LOSS BEFORE INCOME TAXES-$1.0M-$2.1M
Income tax expense$11.6K$10.1K
NET LOSS-$1.0M-$2.2M
Basic weighted average common shares outstanding (in shares)9.0M shares8.2M shares
Basic net loss per share (in dollars per share)-$0.12-$0.26
Diluted weighted average common shares outstanding (in shares)9.0M shares8.2M shares
Diluted net loss per share (in dollars per share)-$0.12-$0.26

Compare IMMUCELL CORP /DE/ with another company

Corporate structure

IMMUCELL CORP /DE/ sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of IMMUCELL CORP /DE/

  • Ejnar A. Knudsen Iii. Filed SCHEDULE 13D/A on IMMUCELL CORP /DE/, latest Nov 20, 2025 (2 filings since Aug 27, 2024)
  • SRK FUND I, LP Filed SCHEDULE 13D/A on IMMUCELL CORP /DE/, latest Sep 17, 2024 (2 filings since May 22, 2024)
  • IMMUCELL CORP /DE/ Portland, Maine, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What IMMUCELL CORP /DE/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$39.9M5 Dec 31, 2025$46.4M5 Dec 31, 2024−14.0%
Accumulated depreciation$18.8M5 Dec 31, 2025$21.0M5 Dec 31, 2024−10.5%
Property and equipment, net$21.1M5 Dec 31, 2025$25.3M5 Dec 31, 2024−16.9%
Operating-lease assets (leased space)$4.4M5 Dec 31, 2025$4.6M5 Dec 31, 2024−4.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.8M5 Dec 31, 2025$3.8M5 Dec 31, 2024+1.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$95.6K5 Dec 31, 2025$95.6K5 Dec 31, 20240%
Finite-lived intangibles, gross$191.0K5 Dec 31, 2025$191.0K5 Dec 31, 20240%
Accumulated amortization$191.0K5 Dec 31, 2025$171.9K5 Dec 31, 2024+11.1%
Finite-lived intangibles, net$05 Dec 31, 2025$19.1K5 Dec 31, 2024−100.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$9.3M5 Dec 31, 2025$7.1M5 Dec 31, 2024+30.3%
Raw materials$1.7M5 Dec 31, 2025$1.4M5 Dec 31, 2024+21.7%
Work in process$5.7M5 Dec 31, 2025$5.7M5 Dec 31, 20240%
Finished goods$1.9M5 Dec 31, 2025$9.5K5 Dec 31, 2024+19498.1%

Properties, in its own words

Location/Description · Function/Use · Approximate Square Feet · Lease/Own

56 Evergreen Drive, Portland, Maine · i) principal executive office and laboratory needs, ii) vaccine manufacturing operations, iii) liquid processing operations and iv) freeze-drying operations for our USDA-regulated product line. · 34,850 · Own

The rest of Item 2

33 Caddie Lane, Portland, Maine(1) · Re-Tain® FDA-regulated operations · 16,202 · Own

14 Wedge Way, Portland, Maine · Warehouse space primarily for storage of inventory, materials and equipment · 4,080 · Own

175A Industrial Way, Portland, Maine · All of our powder milling and filling, gel formulation and assembly services. · 14,300 · Lease

175B Industrial Way, Portland, Maine · i) additional warehouse space, ii) shipping and receiving services from 56 Evergreen Drive and iii) space for additional freeze-drying equipment in the future to increase our production capacity · 15,400 · Lease

(1) At the end of December 2025, the Company made the decision to cease further investment in its Re-Tain® manufacturing operations. As a result, we intend on refitting this building to meet the manufacturing needs of our First Defense® product line.

In addition to the properties above, we also lease office, storage and parking space in New York and a small sales office in Winona, Minnesota. We maintain property insurance in amounts that approximate replacement cost and a modest amount of business interruption insurance.

Item 2 of the 10-K filed Mar 30, 2026.4

Leadership

Who has led IMMUCELL CORP /DE/, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael F. Brigham2006–2022
  2. Boekhorst Paul Francis Olivier Te2025–now

President

  1. Michael F. Brigham2006–2022
  2. Boekhorst Paul Francis Olivier Te2025–now

Chief financial officer

  1. Timothy C. Fiori2025–now
2010201520202025
Board members and other officers (19)

Timeline

  1. Oct 13, 20268-K Results of operations37
  2. Aug 13, 20268-K Results of operations38
  3. Jul 9, 20268-K Results of operations39
  4. Jun 17, 20268-K Shareholder vote40
  5. Jun 10, 20268-K Regulation FD disclosure41
  6. May 14, 20268-K Results of operations42
  7. May 8, 20268-K Entered a material agreement43
  8. Apr 14, 20268-K Executive or director change; Other events44
  9. Apr 8, 20268-K Results of operations45
  10. Mar 18, 20268-K Executive or director change46
  11. Mar 4, 20268-K Results of operations47
  12. Feb 9, 20268-K Executive or director change48
  13. Nov 7, 2025New chief executive Boekhorst Paul Francis Olivier Te becomes CEO18
  14. Mar 29, 2006New chief executive Michael F. Brigham becomes CEO19
  15. Feb 9, 1987Founded IMMUCELL CORP /DE/ is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202649

When it reported results

  1. Oct 13, 2026Reported quarterly or annual results37
  2. Aug 13, 2026Reported quarterly or annual results38
  3. Jul 9, 2026Reported quarterly or annual results39
  4. May 14, 2026Reported quarterly or annual results42
  5. Apr 8, 2026Reported quarterly or annual results45
  6. Mar 4, 2026Reported quarterly or annual results47
  7. Jan 8, 2026Reported quarterly or annual results50
  8. Nov 13, 2025Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

180 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 79 major events, 57 insider forms, 4 large holders, 17 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Aug 13, 202610-Q EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Jul 9, 20268-K EDGAR
  5. Jun 22, 20264 FORM 4 TE BOEKHORST, OLIVIER EDGAR
  6. Jun 17, 20268-K EDGAR
  7. Jun 10, 20268-K EDGAR
  8. May 14, 20268-K EDGAR
  9. May 14, 202610-Q EDGAR
  10. May 13, 202610-K/A EDGAR
  11. May 8, 20268-K EDGAR
  12. Apr 24, 2026DEF 14A EDGAR
  13. Apr 23, 20263 FORM 3 DIMARCO, ANTHONY 04/23/26 EDGAR
  14. Apr 23, 20263 FORM 3 GUILLEMETTE, GILLES 04-23-2026 EDGAR
  15. Apr 16, 20264 FORM 4 TURNER, KATHY 04/15/26 EDGAR
  16. Apr 16, 20264 FORM 4, TOMSCHE, DAVID 04/15/26 EDGAR
  17. Apr 16, 20264 FORM 4 BASSE GLORIA 04/15/26 EDGAR
  18. Apr 16, 20264 FORM 4 WAINMAN, PAUL 04/15/26 EDGAR
  19. Apr 14, 2026PRE 14A EDGAR
  20. Apr 14, 20264 FORM 4 GATHAGAN, BRYAN 04/14/26 EDGAR

The 180 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 8 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 18, 2026te Boekhorst Paul Francis OlivierPresident and CEOBuy8,000$9.50$76.0KForm 4
Dec 4, 2025te Boekhorst Paul Francis OlivierPresident and CEOBuy2,432$5.50$13.4KForm 4
Dec 3, 2025te Boekhorst Paul Francis OlivierPresident and CEOBuy3,598$5.05$18.2KForm 4
Dec 3, 2025te Boekhorst Paul Francis OlivierPresident and CEOBuy6,077$5.02$30.5KForm 4
Dec 2, 2025te Boekhorst Paul Francis OlivierPresident and CEOBuy3,708$4.87$18.1KForm 4
Nov 25, 2025Tomsche David ScottDirectorBuy3,266$4.76$15.6KForm 4
Jun 12, 2025Gathagan Bryan K.DirectorBuy1,000$6.32$6.3KForm 4
Jun 13, 2022Cunningham DavidDirectorBuy1,000$8.00$8.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael F. Brigham$384.0K$831.0K54
2025Paul Olivier te Boekhorst$69.2K$675.9K54
2025Bobbi Jo Brockmann$302.2K$441.3K54
2025Timothy C. Fiori$182.7K$369.4K54
2024Former PresidentChief Executive Officer, Treasurer and Secretary$357.6K$392.6K54
2024Senior VicePresident of Sales and Marketing$279.8K$364.4K54
2024Chief Financial OfficerTreasurer and Secretary$0$054
2024President and Chief Executive Officer$0$054

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 30. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC268,130$2.7M0.0%+7,803
Morgan Stanley233,910$2.4M0.0%+12,194
Renaissance Technologies LLC171,089$1.7M0.0%+19,300
Cresset Asset Management, LLC135,267$1.4M0.0%No change
Geode Capital Management, LLC72,270$726.5K0.0%+6,505
Dimensional Fund Advisors LP58,452$587.4K0.0%+2,422
Bleichroeder LP50,000$502.5K0.1%−51,594
Steadtrust LLC45,370$456.0K0.2%−9,000
Mesirow Financial Investment Management, Inc.42,481$426.9K0.0%No change
Citadel Advisors LLC40,503$407.1K0.0%+4,807
Vanguard Fiduciary Trust Co37,766$379.5K0.0%−4,903
Strategic Financial Services, Inc.37,000$371.9K0.0%No change
HighTower Advisors, LLC24,354$244.8K0.0%No change
BlackRock, Inc.22,860$229.7K0.0%+4,674
Jane Street Group, LLC15,751$158.3K0.0%New
Quadrature Capital Ltd15,415$154.9K0.0%New
Northern Trust Corp14,721$147.9K0.0%−26,897
Mercer Global Advisors Inc /adv12,000$120.6K0.0%New
Bailard, Inc.10,102$101.5K0.0%No change
Shufro Rose & Co LLC10,000$100.5K0.0%−25,000
Militia Capital Management LLC10,000$100.5K0.0%−44,000
Hm Payson & Co4,000$40.2K0.0%No change
UBS Group AG1,000$10.1K0.0%−113
Osaic Holdings, Inc.391$3.9K0.0%No change
Fmr LLC160$1.6K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How IMMUCELL CORP /DE/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIMMUCELL CORP /DE/1
  • CIK0000811641
  • Employer ID (EIN)01-03829804
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2835 In Vitro & In Vivo Diagnostic Substances1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address56 Evergreen Dr, Portland, ME 041031
  • Mailing address56 Evergreen Drive, Portland, ME 041031
  • Phone20787827701
  • Shares outstanding9,082,197 as of Jul 31, 202616
  • Public float$50.6M as of Jun 30, 20254
  • AuditorWipfli LLP, Radnor, Pennsylvania PCAOB ID 344; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 3, 19951
  • Filings795 in all: 8-K (256), 4 (226), 10-Q (88), DEF 14A (31), 10-K (28), SC 13G/A (20), 3 (19), SC 13D/A (16)1
    All 39 form types

    4/A (8), SC 13D (8), 424B5 (7), 8-K/A (7), CORRESP (7), SC 13G (7), UPLOAD (7), 10-Q/A (6), 10QSB (6), ARS (6), PRE 14A (6), S-8 (5), EFFECT (4), S-3 (4), 10-K/A (2), 10KSB (2), 424B2 (2), 424B3 (2), S-3/A (2), SCHEDULE 13D/A (2), 10-K405 (1), 3/A (1), 5 (1), 8-A12B (1), 8-A12B/A (1), CT ORDER (1), D (1), DEFA14A (1), DEFR14A (1), NT 10-Q (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.10 par value per shareICCCNasdaq

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks IMMUCELL CORP /DE/ names in Item 1A of its 10-K filed Mar 30, 2026: 10 risks under these headings, as written.4

  • Financial Risks
  • Gross margin on product sales
  • Exposure to interest rates and debt service obligations
  • Currency exchange fluctuation
  • Inflation, supply disruptions, tax rates and economic downturns
  • Business interruption and business continuity
  • Uncertainty of market size and product sales estimates
  • Product Risks
  • Production capacity constraints
  • Contamination events, equipment failures and gross margin from our production process
  • Regulatory Risks
  • Regulatory requirements limiting access to suppliers and customer base
The other 5 risks
  • Economic Risks Pertaining to the Dairy and Beef Industries
  • Small Size of the Company
  • Global Risks
  • Risks Pertaining to Common Stock
  • Stock market valuation and liquidity
  • Certain provisions might discourage, delay or prevent a change in control of our Company or changes in our management
  • No expectation to pay any dividends or repurchase stock for the foreseeable future
  • Access to raw materials and contract manufacturing services
  • Failure to protect intellectual property
  • Increasing dependence on the continuous and reliable operation of our information technology systems

Legal proceedings

In the ordinary course of business, we may become subject to periodic lawsuits, investigations and claims. Although we cannot predict with certainty the ultimate resolution of any such lawsuits, investigations and claims against us, we do not believe that any pending or threatened legal proceedings to which we are or could become a party will have a material adverse effect on our business, results of operations, or financial condition.

The opening of Item 3, Legal Proceedings.4

Sources

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