{"url_path":"/sec/iccc/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/811641/0001437749-26-017045-index.html","accession_number":"0001437749-26-017045","cik":"0000811641","ticker":"ICCC","issuer_name":"IMMUCELL CORP /DE/","edgar_url":"https://www.sec.gov/Archives/edgar/data/811641/0001437749-26-017045-index.html","primary_entity_key":"0000811641","primary_entity_name":"IMMUCELL CORP /DE/"},"word_count":1550,"has_tables":true,"body_markdown":"iccc20260331_10q.htm\n\n0000811641\nImmuCell Corporation\nfalse\n--12-31\nQ1\n2026\n\n0.10\n0.10\n15,000,000\n15,000,000\n9,105,622\n9,105,622\n9,046,799\n9,045,851\n58,823\n59,771\n42,975\n5\n0\n12,300,000\n0\n0\n0\n0\n5\n2\n0\n7\n5\n0\n0\n0\n0\n50\n3\n99,675\n127,928\n4,264\n4,865\n15,187\n331,263\n2\n2\n2\nfalse\nfalse\nfalse\nfalse\nInterest expense includes amortization of debt issuance and debt discount costs of $3,158 and $10,806 during the three months ended March 31, 2026 and 2025, respectively.\nCash and cash equivalents are stated at nominal value, which equals fair value. A portion of our cash and cash equivalents is invested in money market accounts. The fair value of these investments is based on their closing published net asset value.\nAs of March 31, 2026, property, plant and equipment, net includes approximately $12,300,000 of idle assets, which primarily related to one of our manufacturing facilities that was previously utilized for Re-Tain® that we now plan to refit for use in producing First Defense® products.\nThe income from insurance recoveries resulted from claim benefits paid to us during the first quarter of 2025 under our business interruption policy related to product contamination losses incurred during late 2022 and through early 2024. This recovery does not include the $250,000 received on this claim during the third quarter of 2023.\nIncludes $3,402,201 and $3,590,628 of colostrum on hand as of December 31, 2025 and 2024, respectively.\nDue to inflation and the changing interest rate environment, the carrying values of our fixed rate bank debt as of March 31, 2026 and December 31, 2025 differed from their fair market values. The amount outstanding under our bank debt facilities is measured at carrying value in our accompanying balance sheets.\nThe amortization of these debt issuance costs and debt discount costs is being recorded as a component of interest expense, included in other (expenses) income, net, and is being amortized on a straight-line basis over the underlying terms of the 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of Contents](#toc)\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n**(Mark One)**\n\n**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\nOR\n\n**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from _________________ to _____________________**\n\n \n\n**001-12934**\n\n**(Commission file number)**\n\n \n\n \n\n**ImmuCell Corporation**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\nDelaware\n \n01-0382980\n\n(State of Incorporation)\n \n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n56 Evergreen Drive, Portland, ME\n \n04103\n\n(Address of principal executive office)\n \n(Zip Code)\n\n \n\n(207) 878-2770\n\n(Registrant’s telephone number)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Exchange Act:\n\n \n\n**Title of each class****Trading symbol(s)****Name of each exchange on which registered**\n\nCommon Stock, $0.10 par value per shareICCCThe Nasdaq Capital Market\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n  \nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nThe number of shares of the registrant’s common stock outstanding as of May 1, 2026 was 9,046,799.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n    \n\n \n\n**ImmuCell Corporation**\n\n**TABLE OF CONTENTS**\n\n**March 31, 2026**\n\n \n\n[Forward-Looking Statements](#fwdlookingstmts)\n\n \n\n[**PART I: FINANCIAL INFORMATION**](#part1)\n\n \n \n \n\n[ITEM 1.](#financialstmts)\n\n[Condensed Unaudited Financial Statements](#financialstmts)\n\n \n\n \n \n \n\n \n\n[Condensed Balance Sheets as of March 31, 2026 and December 31, 2025](#bs)\n\n[2](#bs)\n\n \n \n \n\n \n\n[Condensed Statements of Income for the three months ended March 31, 2026 and 2025](#ops)\n\n[3](#ops)\n\n \n \n \n\n \n\n[Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#equity) \n\n[4](#equity)\n\n \n \n \n\n \n\n[Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#cf)\n\n[5](#cf)-[6](#cfcontinued)\n\n \n \n \n\n \n\n[Notes to Condensed Unaudited Financial Statements](#notes)\n\n[7](#notes)-[15](#endnotes)\n\n \n \n \n\n[ITEM 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[16](#mda)-[18](#mdaend)\n\n \n \n \n\n[ITEM 3.](#quant)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#quant)\n\n[19](#quant)\n\n \n \n \n\n[ITEM 4.](#controls)\n\n[Controls and Procedures](#controls)\n\n[19](#controls)\n\n \n \n \n\n[**PART II: OTHER INFORMATION**](#part2)\n\n \n \n \n\n[ITEM 1.](#p2item1)\n[Legal Proceedings](#p2item1)\n[19](#p2item1)\n\n \n \n \n\n[ITEM 1A](#p2item1a).\n[Risk Factors](#p2item1a)\n[19](#p2item1a)\n\n \n \n \n\n[ITEM 2.](#p2item2)\n[Unregistered Sales of Equity Securities and Use of Proceeds](#p2item2)\n[19](#p2item2)\n\n \n \n \n\n[ITEM 3.](#p2item3)\n[Defaults Upon Senior Securities](#p2item3)\n[19](#p2item3)\n\n \n \n \n\n[ITEM 4.](#p2item4)\n[Mine Safety Disclosures](#p2item4)\n[19](#p2item4)\n\n \n \n \n\n[ITEM 5.](#p2item5)\n[Other Information](#p2item5)\n[19](#p2item5)\n\n \n \n \n\n[ITEM 6.](#p2item6)\n[Exhibits](#p2item6)\n[20](#p2item6)\n\n \n \n \n\n \n\n[Signature](#signatures)\n\n[21](#signatures)\n\n \n\n \n\n[Table of Contents](#toc)\n\n      \n\n \n\n**Forward-Looking Statements**\n\n \n\nThis Quarterly Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to: our plans, goals and strategies for our business; projections of future financial or operational performance; future demand for our products, including the First Defense® product line; the scope, timing, and costs of ongoing and future product development work and commercialization of our products; future regulatory requirements relating to our products; future expense ratios and margins; estimates of  useful lives of equipment; cost recoveries on Re-Tain® equipment no longer in service; and any other statements that are not historical facts. projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements are intended to provide management’s current expectation of future events as of the date of this earnings release, are based on management’s estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company’s actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements, including, but not limited to, those risks and uncertainties relating to: difficulties or delays in development, testing, regulatory approval, production and marketing of our products, competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized under **PART II: OTHER INFORMATION, ITEM 1A-RISK FACTORS **and uncertainties otherwise referred to in this Quarterly Report. In addition, there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.\n\n \n\n \n\n1\n\n[Table of Contents](#toc)\n\n    \n\n \n\n**ImmuCell Corporation**\n\n**Part 1. FINANCIAL INFORMATION**"}