IMMUCELL CORP /DE/
ICCC evidence brief
What we can confirm
- BioSniper Score:
- 7.2 / 10
- Market Cap:
- $89.5M
- Lead Asset:
- first defense (Approved)
What it means
What to watch
Prepared research question
What matters most for ICCC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ICCC
ImmuCell Corp (ICCC) is an animal health company focused on the First Defense® product line and the development of Re-Tain®, a novel mastitis treatment for dairy cows, currently navigating FDA approval delays and operational recovery.
Key risk: Re-Tain® launch uncertainty
BioSniper Score
Based on 4 of 6 signals
Market Cap
$89.5M
Cash Runway
—
Lead Asset
first defense (Approved)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for IMMUCELL CORP /DE/.
ImmuCell Corp (ICCC) is an animal health company focused on the First Defense® product line and the development of Re-Tain®, a novel mastitis treatment for dairy cows, currently navigating FDA approval delays and operational recovery.
- Cash & equivalents of $8.9M as of 2026-06-30 [sec].
- Total revenue of $7.2M and net income of $1.8M for the period ending 2026-06-30 [sec].
- Shareholders' equity of $31.4M as of 2026-06-30 [sec].
- The company is working through a prolonged backlog and rebuilding inventory levels as part of an operational recovery [sec · filed 2026-04-24].
- Re-Tain® FDA approval is delayed; a full commercial launch requires FDA approval, a validated aseptic fill solution, and adequate cash [sec_mda · as of 2025-11-13].
What works
- The company has a strong lead product franchise, First Defense®, and is working to expand its commercial reach and international growth [sec · filed 2026-04-24].
- Management has taken decisive steps to stabilize the business, including strengthening the leadership team and enhancing board governance [sec · filed 2026-04-24].
- The company believes it can repurpose most Re-Tain® assets for expanded production of First Defense®, potentially mitigating some of the impairment impact [sec · filed 2026-01-08].
- Net working capital improved to $12.8M as of September 30, 2025, from $10.6M at year-end 2024 [sec_mda · as of 2025-11-13].
What to weigh
- Re-Tain® commercial launch is contingent on three conditions: FDA approval, a validated aseptic fill solution, and adequate cash, all of which remain uncertain [sec_mda · as of 2025-11-13].
- The company recorded a non-cash impairment write-down of Re-Tain® property, plant and equipment estimated at approximately $2.9 million [sec · filed 2026-01-08].
- Cash constraints are a limiting factor; the company has an ATM agreement for up to $11M in stock sales but no draw on its $1M line of credit as of September 30, 2025 [sec_mda · as of 2025-11-13].
- The company faces risks related to difficulties in development, testing, regulatory approval, production, and marketing of its products [sec_mda · as of 2025-11-13].
From the filings
Quoted directly from source documents.
Operational recovery and leadership changes
“During 2025, our priority was operational recovery. We worked through a prolonged backlog, rebuilt inventory levels, and restored confidence across our distribution network.”
SEC filings · April 24, 2026
Re-Tain® launch conditions
“A full commercial launch will not proceed until three key conditions are met: 1) FDA approval is obtained; 2) a validated aseptic fill solution for DP is in place; and 3) adequate cash is available to produce commercial inventory.”
SEC MD&A · November 13, 2025
Cash position and liquidity
“Cash and cash equivalents | | $ | 3,886”
SEC MD&A · November 13, 2025
Risks & what to watch (4)›
Key risks
- Re-Tain® launch uncertainty — Commercial launch requires FDA approval, validated aseptic fill, and adequate cash; all conditions are unmet [sec_mda · as of 2025-11-13].
- Cash constraints — Limited cash ($8.9M as of 2026-06-30) and reliance on ATM equity sales for funding [sec].
- Impairment of Re-Tain® assets — Non-cash impairment write-down of ~$2.9M on Re-Tain® property, plant and equipment [sec · filed 2026-01-08].
- Operational and regulatory risks — Risks related to development, testing, regulatory approval, production, and marketing of products [sec_mda · as of 2025-11-13].
What to watch
- FDA approval status and any updates on Re-Tain® [sec_mda · as of 2025-11-13].
- Completion of in-field demonstration trials and data analysis for Re-Tain® expected in Q1 2026 [sec_mda · as of 2025-11-13].
- Cash runway and any draws on the ATM equity facility or line of credit [sec_mda · as of 2025-11-13].
- Progress on repurposing Re-Tain® manufacturing assets for First Defense® production [sec · filed 2026-01-08].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated September 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.49 · 1% dilution
Lead: Approved
1 candidate
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Pipeline
Financials
Short Interest
as of May 21, 2026- % of float
- 0.2%
- Days to cover
- 0.7
- Shares short
- 18,194
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ICCC short interestGovernance
Frequently asked questions
What is the AI investment thesis for IMMUCELL CORP /DE/?
ImmuCell Corp (ICCC) is an animal health company focused on the First Defense® product line and the development of Re-Tain®, a novel mastitis treatment for dairy cows, currently navigating FDA approval delays and operational recovery.
What is IMMUCELL CORP /DE/'s lead drug candidate?
IMMUCELL CORP /DE/'s most advanced tracked candidate is first defense (Approved) for Neonatal calf diarrhea (scours).
Who is the CEO of IMMUCELL CORP /DE/?
Mr. Paul F. Olivier Te Boekhorst is the chief executive officer of IMMUCELL CORP /DE/ (ICCC).
Where is IMMUCELL CORP /DE/ headquartered?
IMMUCELL CORP /DE/ (ICCC) is headquartered in Portland, ME, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.