PORTLAND, Maine, Nov. 04, 2025 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, today announced the start date of its new CEO and related board changes. Effective November 1, 2025, Olivier te Boekhorst began serving as President and CEO of the Company, succeeding Michael F. Brigham. At its ...

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - SRK Fund I, LP achieved a return of 46.94% in the first half of 2025, significantly outperforming the S&P 500 and Russell 2000, which returned 6.20% and -1.78% respectively [2][3] - Since its inception on May 1, 2018, the fund has appreciated 1200.66%, compared to 162.30% for the S&P 500 and 55.46% for the Russell 2000 [2][3] - The fund manager emphasizes the importance of long-term performance evaluation rather than short-term results [4] Portfolio Updates - **Innovative Solutions & Support (ISSC)**: Contributed significantly to the fund's performance with a 104% revenue increase and Ebitda margins reaching 35%. The company is expanding through strategic acquisitions and has increased its manufacturing capacity [6][7] - **ImmuCell Corporation (ICCC)**: Reported record first-quarter results with gross margins expanding to 42%. The company is targeting further growth and has received investigational use authorization for its product Re-Tain, which is pending FDA approval [8][9][10] - **Soléance (SLSN)**: Experienced a 53% revenue growth in the first half of the year despite lower margins due to onboarding costs. The company resolved litigation issues and uplisted to Nasdaq, which positively impacted its stock price [11] - **Sanuwave Health, Inc. (SNWV)**: Achieved 51% revenue growth without a national sales presence. The company has now established a national sales force and is pursuing debt refinancing options [12][13] Closing Thoughts - The strong returns in the first half of the year are viewed as a recovery from the previous year's poor performance. The fund has increased its cash reserves to capitalize on future investment opportunities [14]

[FORM 8-K Filing Details](index=1&type=section&id=FORM%208-K%20Filing%20Details) This section details the foundational information of the Form 8-K filing, including registrant identity and securities specifics [General Information](index=1&type=section&id=General%20Information) This section provides foundational details of the Form 8-K filing, including registrant identity, jurisdiction, and securities information - The report is a Current Report on Form 8-K, filed under Section 13 or 15(d) of The Securities Exchange Act of 1934[2](index=2&type=chunk) Registrant and Filing Details | Detail | Value | | :--- | :--- | | **Registrant Name** | ImmuCell Corporation | | **Date of Report** | October 7, 2025 | | **State of Incorporation** | Delaware | | **Commission File Number** | 001-12934 | | **IRS Employer Identification No.** | 01-0382980 | | **Registrant's Telephone Number** | 207-878-2770 | | **Title of Class** | Common Stock, $0.10 par value per share | | **Trading Symbol** | ICCC | | **Exchange Registered On** | The Nasdaq Capital Market | - The registrant is **not an emerging growth company** and has not elected the extended transition period for new accounting standards[4](index=4&type=chunk) [Reported Events](index=3&type=section&id=Reported%20Events) This section details the specific events reported in the Form 8-K, including financial results and required exhibits [Item 2.02. Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) ImmuCell Corporation announced preliminary, unaudited product sales for Q3 2025 via press release, furnished but not filed for liability - ImmuCell Corporation issued a press release on October 7, 2025, announcing preliminary, unaudited product sales for the quarter ended September 30, 2025[5](index=5&type=chunk) - The full text of the press release is attached as **Exhibit 99.1** to this Current Report on Form 8-K[5](index=5&type=chunk) - Information under Item 2.02 is **furnished, not filed**, limiting liability under Section 18 of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=3&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section lists exhibits furnished with the Form 8-K filing, including the press release and interactive data file Exhibits Furnished | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of the Company dated October 7, 2025 | | 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) | - Exhibits related to Item 2.02 are **furnished, not filed**[7](index=7&type=chunk) [Signatures and Exhibit Index](index=4&type=section&id=Signatures%20and%20Exhibit%20Index) This section includes the official signatures for the report and a comprehensive index of all attached exhibits [SIGNATURE](index=4&type=section&id=SIGNATURE) The report is duly signed by authorized officers of ImmuCell Corporation, affirming compliance with Exchange Act requirements - The report was signed on **October 7, 2025**, by Michael F. Brigham (President, CEO, PFO) and Timothy C. Fiori (CFO)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Exhibit Index](index=5&type=section&id=Exhibit%20Index) This section provides a final, consolidated list of all exhibits included in the Form 8-K filing for easy reference Consolidated Exhibit List | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of the Company dated October 7, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Insights - ImmuCell Corporation reported preliminary, unaudited sales results for Q3 2025, showing a decrease in sales compared to the same period in 2024 and the previous quarter [1][3] - The company has been providing preliminary sales results since Q1 2020 and plans to continue this practice [2] Sales Performance - Total sales for Q3 2025 were $5.5 million, down from $6.0 million in Q3 2024, representing an 8% decrease [3] - For the first six months of 2025, total sales reached $12.0 million, a 4% increase from $11.5 million in the same period of 2024 [3] - Total sales for the first nine months of 2025 were $20.0 million, up 7% from $18.7 million in 2024 [3] - Over the trailing twelve months, total sales increased to $27.8 million, a 16% rise from $23.8 million in the previous year [3] Inventory and Market Dynamics - The increase in sales during the first half of 2025 was attributed to the rebuilding of inventories of the First Defense product line after backlogs peaked in early 2024 [3][4] - The company anticipates a potential softening of sales in the second half of 2025 due to the re-stocking of distributor inventories [3][4] Product Development - ImmuCell is conducting a controlled study of its Investigational Product, Re-Tain, in collaboration with Michigan State University, which is expected to provide valuable data for treating mastitis in dairy cows [4] - The company submitted a Non-Administrative New Animal Drug Application (NADA) in early January 2025, with the remaining hurdle being the clearance of inspectional observations at its contract manufacturer's facilities [4] Future Outlook - The sales team is focused on regaining lost market share and is optimistic about sustainable long-term growth for the First Defense product line [4]

Summary of ImmuCell Corporation's Investor Conference Call Company Overview - ImmuCell Corporation is located in Maine and has approximately 80 employees with trailing 12-month sales of about $28 million as of June 30 [2] - The company primarily focuses on its flagship product, First Defense, which is designed for newborn dairy calves [2] Product Details - The First Defense product line includes Tri-Shield, which was introduced in 2018 and adds rotavirus protection to the existing E. coli and coronavirus claims [4] - The product aims to prevent scours, a significant issue in calf raising, by providing concentrated antibodies to newborns [6][7] - The company is expanding its product line to include functional feeds, which will not have USDA claims but will utilize the same antibodies [5] Market Position and Competition - The total domestic market opportunity for calf-level treatment is estimated at $31 million, with an additional $82 million when including dam-level treatment [16] - Main competitors include large vaccine manufacturers like Boehringer Ingelheim and Merck, with ImmuCell differentiating itself by providing preformed antibodies rather than relying on vaccination [14][15] Manufacturing and Capacity - ImmuCell faced contamination issues in the past but has since improved its manufacturing processes and is now capable of producing over $30 million in revenue [17][18] - The company is considering expanding its capacity, which would involve a $3 million investment in additional equipment to support $40 million or more in revenue [28][30] Financial Performance - In the first half of 2025, ImmuCell reported a year-over-year revenue growth of approximately 14%, with net income around $1.9 million and adjusted EBITDA of approximately $3.7 million [33] - The company has recently refinanced loans to lower interest rates and remove large balloon payments due in 2026 [34] FDA Approval and Future Products - ImmuCell is developing a new product, Re-Tain, aimed at treating mastitis, which is currently in the late stages of FDA approval [35][36] - The company has invested $22 million in a commercial-scale production plant for Re-Tain, but is currently facing delays due to compliance issues with a contract manufacturer [37] Leadership Transition - CEO Michael Brigham announced his intention to step down due to personal reasons, with a succession plan in place to find a successor by year-end [39] Additional Insights - The company emphasizes sustainability by reducing antibiotic use in livestock, aligning with current health trends and regulatory demands [19][20] - Customer sentiment has been mixed due to past supply issues, but there is a strong return to the product as availability improves [25]

Core Viewpoint - ImmuCell Corporation has appointed Olivier te Boekhorst as the new President and CEO, effective November 1, 2025, to drive growth in its product offerings, particularly First Defense and Re-Tain [1][3]. Company Leadership Transition - Olivier te Boekhorst is currently an Operating Partner at ARCHIMED and has extensive experience in the animal healthcare sector, including leadership roles at IDEXX Laboratories [2]. - The current President and CEO, Michael F. Brigham, will transition to a Special Advisor role for at least two months to ensure a smooth leadership change [3]. Strategic Focus - The company aims to enhance sales of First Defense and advance the development of Re-Tain, which addresses animal health issues without traditional antibiotics [3]. - Mr. te Boekhorst emphasized the opportunity to improve farm animal welfare and sustainability in the dairy and beef industries [3]. Compensation Structure - Mr. te Boekhorst's employment terms include two stock option awards: one for 76,673 shares, granted on September 16, 2025, and a second award for up to 85,000 shares, to be granted after his employment begins [4]. - The stock options will have a 10-year term and will vest in three equal increments over three years [4]. Company Overview - ImmuCell Corporation focuses on developing products that improve the health and productivity of dairy and beef cattle, including First Defense for newborn calves and Re-Tain for mastitis treatment [6].

Core Viewpoint - ImmuCell Corporation has shown a significant turnaround in profitability and operational performance, but investor sentiment remains cautious due to concerns over the sustainability of sales momentum and regulatory challenges with its Re-Tain product [11]. Financial Performance - ImmuCell reported second-quarter revenues of $6.4 million, an 18% increase from $5.5 million a year earlier, with net income turning to a profit of $502,000, or 6 cents per diluted share, compared to a net loss of $1.5 million, or 20 cents per share, in the prior-year quarter [2]. - For the first half of 2025, revenues grew 14% year over year to $14.5 million, and net income rose to $1.9 million, or 22 cents per share, compared to a $2 million loss in the prior-year period [2]. - Adjusted EBITDA turned positive at $1.4 million for the quarter, reversing a loss of $619,000 in the prior year, with trailing 12-month adjusted EBITDA at $5.3 million, compared to a loss of $370,000 in the prior-year period [3]. Balance Sheet Strength - Cash and equivalents increased to $6 million from $3.8 million at year-end 2024, with net working capital at $12.7 million [4]. - The company refinanced part of its bank debt, extending maturities and reducing balloon payment risk [4][9]. Management Commentary - CEO Michael Brigham noted the elimination of the backlog of orders by June 30, 2025, and the rebuilding of distributor inventories ahead of the typically softer third quarter [5]. - CFO Timothy Fiori highlighted that gross margin gains were crucial for returning to profitability, but acknowledged that restocking distributors provided a temporary sales boost, indicating potential softer revenue momentum in the second half of 2025 [5]. Factors Influencing Performance - The recovery was largely driven by expanded First Defense production capacity, which allowed the company to eliminate backlogs that had previously constrained growth [6]. - Strong demand in both dairy and beef segments, along with new product formats, contributed to the positive performance [6]. Regulatory Challenges - The development of Re-Tain, a novel mastitis treatment, faces regulatory and operational hurdles, with a commercial launch delayed pending FDA approval and compliance issues with manufacturing partners [7]. - Current Re-Tain inventory will be used in investigational product use trials and will not contribute to revenues [7]. Future Guidance - ImmuCell did not provide formal financial guidance for the remainder of 2025 but indicated that distributor restocking in the first half likely provided a one-time sales boost, suggesting softer performance ahead [8]. - Future expansion of First Defense capacity from $30 million to $40 million in annual revenue support is on hold until cash flow visibility improves [8]. Strategic Developments - The company is testing market acceptance of Re-Tain with Michigan State University, reflecting a strategy to balance reduced development spending with exploration of strategic partnerships for commercialization [10].

Financial Data and Key Metrics Changes - Product sales increased by 18% or $972,000 in Q2 2025 compared to Q2 2024, and by 14% or $1,800,000 compared to the previous quarter [6][8] - Gross margin as a percentage of product sales improved to 44% in Q2 2025 from 22% in Q2 2024 [9] - Adjusted EBITDA for the three months ended June 30, 2025, was $1,400,000, a significant improvement from negative $619,000 in the same period of 2024 [10] Business Line Data and Key Metrics Changes - The First Defense product line is now positioned as a suite of related products with expanded uses and appeal, contributing to the overall sales growth [11] - The company has eliminated its backlog of orders and is now refilling distribution inventory, which may lead to a temporary boost in sales [7][8] Market Data and Key Metrics Changes - The company anticipates a potential softening in sales during the second half of 2025 due to the inventory rebuild not being expected to repeat [8] - The market for the new product format of First Defense is showing traction, with initial sales recorded in Q2 2025 [49][50] Company Strategy and Development Direction - The company is focused on commercial opportunities with First Defense and aims to capture increased market share while recovering from previous supply disruptions [12] - The strategy for the RETAIN product includes conducting investigational product use studies to gather market feedback and explore strategic options for future commercialization [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term plan despite current challenges, emphasizing the importance of cash flow and regulatory compliance for future growth [39][41] - The management acknowledged the frustration caused by supply shortages and is now focused on rebuilding customer relationships and reputation in the market [44][45] Other Important Information - The company successfully refinanced its bank debt, reducing interest rates and avoiding large balloon payments due in 2026 [10][11] - The company is exploring strategic options to support the launch of RETAIN, including potential partnerships for financial and marketing support [33][34] Q&A Session Summary Question: Can you provide details on the backlog and organic growth? - The backlog was $4,000,000 as of March 31, 2025, and has been worked through during Q2 2025, with some orders canceled and most filled [21][22] Question: Update on FDA interactions regarding RETAIN? - The company clarified that it does not have a 483 observation and is waiting for a CMO to resolve inspection observations, which is the final hurdle for FDA approval [26][28] Question: How much inventory will be expiring in the second half of the year? - All inventory produced for RETAIN will be used for investigational studies and will not generate revenue [29][30] Question: What are the strategic options being pursued? - The company is looking for financial and marketing support to assist in the commercial launch of RETAIN, focusing on partnerships rather than traditional distributors [33][34] Question: What is the status of the capacity expansion project? - The project to increase capacity from $30 million to $40 million is currently on hold, with timing dependent on cash flow and market conditions [37][39] Question: How is the sales team adapting post-supply issues? - The sales team is now focused on regaining lost customers and expanding into new territories, feeling energized by the availability of adequate inventory [41][42]

PART I: FINANCIAL INFORMATION [ITEM 1. Unaudited Financial Statements](index=3&type=section&id=ITEM%201.%20Unaudited%20Financial%20Statements) Presents ImmuCell's unaudited financial statements and notes for Q2 2025 and FY2024, covering Balance Sheets, Operations, Equity, and Cash Flows [Balance Sheets](index=3&type=section&id=Balance%20Sheets) The balance sheets show the company's financial position, with total assets increasing to $46.72 million as of June 30, 2025, from $45.10 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Assets | $46,720,898 | $45,100,477 | | Total Liabilities | $16,853,470 | $17,582,290 | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | - Cash and cash equivalents increased by **60% to $5,998,494** as of June 30, 2025, from $3,758,232 as of December 31, 2024[8](index=8&type=chunk) - Inventory increased to **$8,294,426** as of June 30, 2025, from $7,112,623 as of December 31, 2024[8](index=8&type=chunk) [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) The company reported a significant turnaround, moving from a net loss in 2024 to net income in 2025 | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Product sales | $6,444,880 | $5,472,890 | $14,512,054 | $12,730,467 | | Gross margin | $2,817,924 | $1,230,486 | $6,171,896 | $3,525,845 | | Net operating income (loss) | $569,562 | $(1,386,607) | $1,687,187 | $(1,686,660) | | Net income (loss) | $501,880 | $(1,531,626) | $1,948,863 | $(1,969,494) | | Basic net income (loss) per share | $0.06 | $(0.20) | $0.22 | $(0.25) | - Product sales increased by **18%** for the three-month period and **14%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) - Gross margin significantly improved, increasing by **129%** for the three-month period and **75%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) [Statements of Stockholders' Equity](index=5&type=section&id=Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased, primarily driven by net income, At-The-Market (ATM) offerings of common stock, and stock-based compensation | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | | Net Income (Loss) (6-month) | $1,948,863 | $(1,969,494) | | ATM Offering Proceeds (6-month) | $281,446 | $252,749 | | Stock-based Compensation (6-month) | $118,929 | $179,131 | - The company issued **63,230 shares** through an At-The-Market Offering during the six-month period ended June 30, 2025, generating net proceeds of **$281,446**[13](index=13&type=chunk) [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to $3.18 million for the six-month period ended June 30, 2025, compared to $1 million in the prior year | Cash Flow Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $3,175,334 | $1,000,285 | | Net cash used for investing activities | $(454,977) | $(176,597) | | Net cash used for financing activities | $(480,095) | $(478,144) | | Net increase in cash and cash equivalents | $2,240,262 | $345,544 | | Ending cash and cash equivalents | $5,998,494 | $1,324,285 | - Cash and cash equivalents increased by **$2,240,262** during the six-month period ended June 30, 2025, reaching **$5,998,494**[16](index=16&type=chunk) - Investing activities saw an increase in cash used, primarily for the purchase of property, plant, and equipment[16](index=16&type=chunk) [Notes to Unaudited Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) The notes provide detailed disclosures on the company's business operations, significant accounting policies, and specific financial accounts [1. BUSINESS OPERATIONS](index=9&type=section&id=1.%20BUSINESS%20OPERATIONS) ImmuCell Corporation, an animal health company, focuses on products for dairy and beef cattle, particularly the First Defense product line and Re-Tain - ImmuCell Corporation specializes in animal health products for dairy and beef cattle, with two main segments: Scours (First Defense product line) and Mastitis (Re-Tain)[21](index=21&type=chunk) - The company experienced production contamination events from Q3 2022 through April 2024, and another in Q2 2025, which led to a production slowdown and negatively impacted sales and gross margin[21](index=21&type=chunk) - Re-Tain, a treatment for subclinical mastitis, is under development and, if approved, would be a first-of-its-kind new animal drug unrelated to human-use antibiotics[21](index=21&type=chunk) [2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the significant accounting policies followed by ImmuCell Corporation, including the basis of presentation, valuation methods, and revenue recognition - The financial statements are prepared in accordance with GAAP, requiring management to make estimates and assumptions, particularly for inventory valuation, Re-Tain related assets, deferred tax assets, and costs of goods sold[22](index=22&type=chunk)[50](index=50&type=chunk) - The company considers highly liquid investment instruments maturing within three months as cash equivalents and holds no cash or cash equivalents in excess of FDIC limits[23](index=23&type=chunk) - Revenue is recognized when control of promised goods is transferred to customers, typically at shipment, with immaterial product returns historically[41](index=41&type=chunk) [3. TRADE ACCOUNTS RECEIVABLE](index=16&type=section&id=3.%20TRADE%20ACCOUNTS%20RECEIVABLE) Trade accounts receivable decreased to $2.38 million as of June 30, 2025, from $3.77 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :----------------------- | :-------------- | :---------------- | | Trade accounts receivable | $2,378,823 | $3,771,133 | - No allowance for credit losses or product returns was recorded as of June 30, 2025, or December 31, 2024, reflecting a very low historical credit loss rate[53](index=53&type=chunk) [4. INVENTORY](index=17&type=section&id=4.%20INVENTORY) Total inventory increased to $8.29 million as of June 30, 2025, from $7.11 million as of December 31, 2024, primarily driven by finished goods | Inventory Component | June 30, 2025 | December 31, 2024 | | :------------------ | :-------------- | :---------------- | | Raw materials | $1,514,140 | $1,356,228 | | Work-in-process | $5,582,991 | $5,746,865 | | Finished goods | $1,197,295 | $9,530 | | Total | $8,294,426 | $7,112,623 | - Finished goods inventory saw a significant increase from **$9,530 to $1,197,295**, indicating a build-up of ready-to-sell products[55](index=55&type=chunk) [5. PRE