Immucell Corp 10-Q for FY2026 Q3

Immucell Corp (ICCC)

10-Q 2026-11-12 For: 2026-09-30

Added on November 13, 2026

About this 10-Q

Immucell Corp filed this 10-Q on November 12, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

ImmuCell Corporation reported product sales of $8,039,951 and net income of $952,510 for the three months ended September 30, 2026, compared with a net loss of $139,748 a year earlier. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.04M; up 46.0% from $5.51M a year earlier
Net income: $952.51K; compared with a net loss of $139.75K a year earlier
Diluted EPS: $0.10; compared with -$0.02 a year earlier

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56 Evergreen Drive, Portland, ME		04103
(Address of principal executive office)		(Zip Code)

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value per share	ICCC	The Nasdaq Capital Market

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

Forward-Looking Statements

PART I: FINANCIAL INFORMATION

ITEM 1.	Condensed Unaudited Financial Statements	2
	Condensed Balance Sheets as of September 30, 2026 and December 31, 2025	2
	Condensed Statements of Income for the three and nine months ended September 30, 2026 and 2025	3
	Condensed Statements of Stockholders’ Equity for the three and nine months ended September 30, 2026 and 2025	4
	Condensed Statements of Cash Flows for the nine months ended September 30, 2026 and 2025	5-6
	Notes to Condensed Unaudited Financial Statements	7-18

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19-25

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	25

ITEM 4.	Controls and Procedures	25

PART II: OTHER INFORMATION

ITEM 1.	Legal Proceedings	26

ITEM 1A.	Risk Factors	26

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

ITEM 3.	Defaults Upon Senior Securities	27

ITEM 4.	Mine Safety Disclosures	27

ITEM 5.	Other Information	27

ITEM 6.	Exhibits	28

	Signature

●	our business plans, goals and strategies;
●	projections of future financial and operational performance, expense ratios and margins;
●	future demand for our products, including the First Defense^® product line;
●	the sequence, duration, costs and goals of our program to repurpose our former Re-Tain^®facility;
●	capital expenditures for First Defense^®production; and cost recoveries on Re-Tain^® equipment no longer in service;
●	the scope, timing, and cost of ongoing and future product development and commercialization, including any further valuation or licensing of Re-Tain^®;

	*As of*			As of
	*September 30,*			December 31,
	*2026*			2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	7,914,406		$	3,806,831
Trade accounts receivable		3,373,759			3,419,009
Inventory		9,857,047			9,267,369
Prepaid expenses and other current assets		432,267			451,673
Total current assets		21,577,479			16,944,882

Property, plant and equipment, net		21,917,432			21,074,694
Operating lease right-of-use assets		4,337,977			4,379,628
Goodwill		95,557			95,557
Other assets		29,817			37,686
TOTAL ASSETS	$	47,958,262		$	42,532,447

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of debt obligations	$	1,382,782		$	1,610,185
Current portion of operating lease liabilities		124,235			85,489
Accounts payable and accrued expenses		3,173,595			2,282,583
Total current liabilities		4,680,612			3,978,257

LONG-TERM LIABILITIES:
Debt obligations, net of current portion		6,516,067			7,488,922
Operating lease liabilities, net of current portion		3,987,398			4,009,788
Total long-term liabilities		10,503,465			11,498,710

TOTAL LIABILITIES		15,184,077			15,476,967

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Common stock, $0.10 par value per share, 15,000,000 shares authorized and 9,105,622 shares issued and 9,090,361 and 9,045,851 shares outstanding, as of September 30, 2026 and December 31, 2025, respectively.	$	910,563		$	910,563
Additional paid-in capital		42,388,989			41,479,430
Accumulated deficit		(10,474,980	)		(15,203,753	)
Treasury stock, at cost, 15,261 and 59,771 shares as of September 30, 2026 and December 31, 2025, respectively		(50,387	)		(130,760	)
TOTAL STOCKHOLDERS’ EQUITY		32,774,185			27,055,480

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	47,958,262		$	42,532,447

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2026*			2025			*2026*			2025

Product sales	$	8,039,951		$	5,506,122		$	25,583,359		$	20,018,175
Costs of goods sold		4,484,891			3,143,024			14,933,633			11,483,181
Gross profit		3,555,060			2,363,098			10,649,726			8,534,994

Administrative expenses		1,289,291			729,421			3,698,877			2,072,682
Sales and marketing expenses		1,131,228			919,291			3,474,718			2,472,035
Product development expenses		176,771			694,311			614,111			2,283,016
Other operating income		—			—			(2,000,000	)		—
Operating expenses		2,597,290			2,343,023			5,787,706			6,827,733

NET OPERATING INCOME		957,770			20,075			4,862,020			1,707,261

Other (expenses) income, net		(22,495	)		(155,367	)		(92,010	)		110,118

INCOME (LOSS) BEFORE INCOME TAXES		935,275			(135,292	)		4,770,010			1,817,379

Income tax (benefit) expense		(17,235	)		4,456			41,237			8,264

NET INCOME (LOSS)	$	952,510		$	(139,748	)	$	4,728,773		$	1,809,115

Basic weighted average common shares outstanding		9,084,358			9,045,851			9,065,181			9,019,484
Basic net income (loss) per share	$	0.10		$	(0.02	)	$	0.52		$	0.20
Diluted weighted average common shares outstanding		9,297,507			9,045,851			9,188,856			9,019,484
Diluted net income (loss) per share	$	0.10		$	(0.02	)	$	0.51		$	0.20

	*Common Stock*										*Treasury Stock*
					*Additional*												*Total*
					*paid-in*			*Accumulated*									*Stockholders’*
	*Shares*		*Amount*		*capital*			*Deficit*			*Shares*			*Amount*			*Equity*

Balance, June 30, 2026		9,105,622	$	910,563	$	41,968,805		$	(11,427,490	)		23,425		$	(77,342	)	$	31,374,536
Net income		—		—		—			952,510			—			—			952,510
Exercise of stock options		—		—		23,727			—			(8,164	)		26,955			50,682
Stock-based compensation		—		—		396,457			—			—			—			396,457
Balance, September 30, 2026		9,105,622	$	910,563	$	42,388,989		$	(10,474,980	)		15,261		$	(50,387	)	$	32,774,185

Balance, June 30, 2025		9,105,622		910,563	$	41,302,488		$	(12,214,863	)		59,771		$	(130,760	)	$	29,867,428
Net loss		—		—		—			(139,748	)		—			—			(139,748	)
Stock-based compensation		—		—		73,161			—			—			—			73,161
Balance, September 30, 2025		9,105,622	$	910,563	$	41,375,649		$	(12,354,611	)		59,771		$	(130,760	)	$	29,800,841

Balance, December 31, 2025		9,105,622	$	910,563	$	41,479,430		$	(15,203,753	)		59,771		$	(130,760	)	$	27,055,480
Net income		—		—		—			4,728,773			—			—			4,728,773
Exercise of stock options		—		—		135,286			—			(44,510	)		80,373			215,659
Stock-based compensation		—		—		774,273			—			—			—			774,273
Balance, September 30, 2026		9,105,622	$	910,563	$	42,388,989		$	(10,474,980	)		15,261		$	(50,387	)	$	32,774,185

Balance, December 31, 2024		9,042,392	$	904,240	$	40,916,155		$	(14,163,726	)		63,301		$	(138,482	)	$	27,518,187
Net income		—		—		—			1,809,115			—			—			1,809,115
Exercise of stock options		—		—		(7,719	)		—			(3,530	)		7,722			3
At-The-Market Offering of common stock, net of $67,880 of issuance fees		63,230		6,323		275,123			—			—			—			281,446
Stock-based compensation		—		—		192,090			—			—			—			192,090
Balance, September 30, 2025		9,105,622	$	910,563	$	41,375,649		$	(12,354,611	)		59,771		$	(130,760	)	$	29,800,841

	*As of*			As of
	*September 30, 2026*			December 31, 2025
Company A		63	%		45	%
Company B		19	%		24	%
Total		82	%		69	%

					As of December 31, 2025

		Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash and money market accounts⁽¹⁾	$	3,806,831	$	3,806,831	$	3,806,831	$	—	$	—	$	3,806,831

Liabilities:
Bank debt⁽²⁾	$	9,099,107	$	8,457,433	$	—	$	8,457,433	$	—	$	8,457,433

	Three Months Ended September 30, 2025
	Scours		Mastitis			Other			Total
Product sales	$	5,444,619	$	61,503		$	—		$	5,506,122
Costs of goods sold		3,100,872		42,152			—			3,143,024
Gross profit		2,343,747		19,351			—			2,363,098

Sales and marketing expenses		837,141		82,150			—			919,291
Product development expenses		88,894		575,642			29,775			694,311
Administrative expenses		—		—			729,421			729,421
Operating expenses		926,035		657,792			759,196			2,343,023

NET OPERATING INCOME (LOSS)	$	1,417,712	$	(638,441	)	$	(759,196	)	$	20,075

	*Scours*		*Mastitis*		*Other*		*Total*
Total Assets as of September 30, 2026⁽¹⁾	$	39,642,206	$	119,887	$	8,196,169	$	47,958,262
Total Assets as of December 31, 2025⁽¹⁾	$	38,245,418	$	134,138	$	4,152,891	$	42,532,447
Depreciation expense during the three months ended September 30, 2026	$	455,868	$	—	$	3,489	$	459,357
Depreciation and amortization expense during the three months ended September 30, 2025	$	377,484	$	313,719	$	17,464	$	708,667
Capital Expenditures during the three months ended September 30, 2026	$	1,343,462	$	—	$	1,799	$	1,345,261
Capital Expenditures during the three months ended September 30, 2025	$	582,304	$	11,020	$	600	$	593,924

	Nine Months Ended September 30, 2025
	Scours		Mastitis			Other			Total
Product sales	$	19,871,621	$	146,554		$	—		$	20,018,175
Costs of goods sold		11,365,307		117,874			—			11,483,181
Gross profit		8,506,314		28,680			—			8,534,994

Sales and marketing expenses		2,259,124		212,911			—			2,472,035
Product development expenses		275,390		1,915,299			92,327			2,283,016
Administrative expenses		—		—			2,072,682			2,072,682
Operating expenses		2,534,514		2,128,210			2,165,009			6,827,733

NET OPERATING INCOME (LOSS)	$	5,971,800	$	(2,099,530	)	$	(2,165,009	)	$	1,707,261

	Three Months Ended September 30,						Increase/(Decrease)
	2026			2025			Amount			Percent
Product sales	$	8,039,951		$	5,506,122		$	2,533,829			46.0	%
Costs of goods sold		4,484,891			3,143,024			1,341,867			42.7	%
Gross profit		3,555,060			2,363,098			1,191,962			50.4	%

Sales and marketing expenses		1,131,228			919,291			211,937			23.1	%
Product development expenses		176,771			694,311			(517,540	)		-74.5	%
Administrative expenses		1,289,291			729,421			559,870			76.8	%
Operating expenses		2,597,290			2,343,023			254,267			10.9	%

NET OPERATING INCOME		957,770			20,075			937,695			4671.0	%

Other expenses, net		(22,495	)		(155,367	)		132,872			-85.5	%

INCOME (LOSS) BEFORE INCOME TAXES		935,275			(135,292	)		1,070,567			NM

Income tax (benefit) expense		(17,235	)		4,456			(21,691	)		NM

NET INCOME (LOSS)	$	952,510		$	(139,748	)	$	1,092,258			NM

	Nine Months Ended September 30,					Increase/(Decrease)
	2026			2025		Amount			Percent
Product sales	$	25,583,359		$	20,018,175	$	5,565,184			27.8	%
Costs of goods sold		14,933,633			11,483,181		3,450,452			30.0	%
Gross profit		10,649,726			8,534,994		2,114,732			24.8	%

Sales and marketing expenses		3,474,718			2,472,035		1,002,683			40.6	%
Product development expenses		614,111			2,283,016		(1,668,905	)		-73.1	%
Administrative expenses		3,698,877			2,072,682		1,626,195			78.5	%
Other operating income		(2,000,000	)		—		(2,000,000	)		NM
Operating expenses		5,787,706			6,827,733		(1,040,027	)		-15.2	%

NET OPERATING INCOME		4,862,020			1,707,261		3,154,759			184.8	%

Other (expenses) income, net		(92,010	)		110,118		(202,128	)		NM

INCOME BEFORE INCOME TAXES		4,770,010			1,817,379		2,952,631			162.5	%

Income tax expense		41,237			8,264		32,973			399.0	%

NET INCOME	$	4,728,773		$	1,809,115	$	2,919,658			161.4	%

	*Nine Months Ended September 30,*
	*2026*			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,728,773		$	1,809,115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,458,272			2,008,958
Amortization of intangible assets		—			14,328
Amortization and write-off of debt issuance costs and debt discounts		9,404			51,191
Stock-based compensation		774,273			192,090
(Gain) loss on disposal of property, plant and equipment		(4,264	)		60,056
Non-cash rent expense (benefit)		58,007			(304,900	)
Changes in:
Trade accounts receivable		45,250			1,216,367
Inventory		(589,678	)		(2,689,382	)
Prepaid expenses and other current assets		19,406			(181,447	)
Other assets		7,869			(10,977	)
Accounts payable and accrued expenses		840,696			(172,648	)
Net cash provided by operating activities		7,348,008			1,992,751

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(2,256,430	)		(1,078,133	)
Proceeds from sale of property, plant and equipment		10,000			31,132
Net cash used for investing activities		(2,246,430	)		(1,047,001	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on debt obligations		(1,209,662	)		(1,885,867	)
Proceeds from debt issuance		—			801,267
Proceeds from At-The-Market Offering, gross		—			349,326
Payments of debt issuance costs and debt discounts		—			(14,633	)
Payments of equity issuance fees		—			(67,880	)
Proceeds from exercise of stock options		215,659			3
Net cash used for financing activities		(994,003	)		(817,784	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		4,107,575			127,966

BEGINNING CASH AND CASH EQUIVALENTS		3,806,831			3,758,232

ENDING CASH AND CASH EQUIVALENTS	$	7,914,406		$	3,886,198

	*Nine Months Ended September 30,*
	*2026*			2025
CASH PAID FOR:
Income taxes	$	83,109		$	10,205
Interest	$	282,056		$	340,381

NON-CASH ACTIVITIES:
Change in capital expenditures incurred, but not paid	$	(50,316	)	$	(13,736	)
Operating lease right-of-use assets and operating lease liabilities	$	95,719		$	—
Refinance of debt obligation	$	—		$	1,525,852

	*As of*		As of
	*September 30, 2026*		December 31, 2025
Accounts payable – trade	$	999,099	$	792,217
Accounts payable – capital		54,385		4,069
Accrued payroll		1,775,553		1,032,479
Accrued vendor payables		216,003		311,484
Accrued professional fees		107,340		113,414
Accrued other		21,215		22,226
Income tax payable		—		6,694
Total	$	3,173,595	$	2,282,583

	As of		As of		Increase
	September 30, 2026		December 31, 2025		Amount		Percent
Cash and cash equivalents	$	7,914,406	$	3,806,831	$	4,107,575		108	%
Net working capital	$	16,896,867	$	12,966,625	$	3,930,242		30	%
Total assets	$	47,958,262	$	42,532,447	$	5,425,815		13	%
Stockholders’ equity	$	32,774,185	$	27,055,480	$	5,718,705		21	%
Common shares outstanding		9,090,361		9,045,851		44,510		0.5	%

	Exhibit No.	Description
	31.1^*	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2^*	Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1^*	Certification of the Chief Financial Officer pursuant to Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2^*	Certification of the President and Chief Executive Officer pursuant to Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101.INS^*	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
	101.SCH^*	Inline XBRL Taxonomy Extension Schema Document.
	101.CAL^*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
	101.DEF^*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
	101.LAB^*	Inline XBRL Taxonomy Extension Label Linkbase Document.
	101.PRE^*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
	104^*	Cover Page Interactive Data File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

	^*Filed/furnished herewith.

	ImmuCell Corporation
	Registrant

Date: November 12, 2026	By: /s/ Timothy C. Fiori
	Timothy C. Fiori
	Chief Financial Officer and
	Principal Financial Officer