IMMUCELL CORP /DE/
ICCC evidence brief
What we can confirm
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 is a animal health biotech company focused on developing and commercializing novel products for the dairy and beef industries, including its lead product First Defense® and the late-stage Re-Tain® mastitis treatment.
Key risk: Re-Tain® launch delays
BioSniper Score
Based on 5 of 6 signals
Market Cap
$90.3M
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 is a animal health biotech company focused on developing and commercializing novel products for the dairy and beef industries, including its lead product First Defense® and the late-stage Re-Tain® mastitis treatment.
- Cash and cash equivalents were $8.9M as of 2026-06-30 [sec].
- Total revenue was $7.2M for the six months ended 2026-06-30 [sec].
- Net income was $1.8M for the six months ended 2026-06-30 [sec].
- Shareholders' equity was $27.1M as of 2026-06-30 [sec].
- Total debt was $9.8M as of 2026-06-30 [sec].
What works
- The company has a novel product pipeline including First Defense® (polyclonal antibodies from hyperimmunized colostrum) and Re-Tain® (bacteriocin-based), which it describes as 'first-of-their-kind' and potentially 'significant market disrupter' [sec_mda · as of 2025-08-14].
- Management believes existing cash, cash flows from operations, and its bank line of credit will be sufficient to fund operations for at least the next 12 months and the foreseeable future [sec_mda · as of 2026-03-30].
- Gross margins improved to 42% in Q1 2025 after process yield improvements, indicating operational progress [sec_mda · as of 2025-05-14].
What to weigh
- Re-Tain® commercial launch is contingent on FDA approval, a validated aseptic fill solution, and adequate cash, with no guaranteed timeline [sec_mda · as of 2025-05-14].
- The company has invested approximately $50 million over 25 years in Re-Tain® development, representing a significant sunk cost with uncertain return [sec_mda · as of 2025-08-14].
- Past contamination and yield losses in manufacturing required remediation, and the company acknowledges ongoing risks in process control [sec_mda · as of 2025-08-14].
From the filings
Quoted directly from source documents.
Re-Tain® launch is conditional on FDA approval, aseptic fill solution, and cash availability.
“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 · May 14, 2025
The company has invested about $50 million over 25 years in Re-Tain®.
“After an investment of about 25 years and approximately $50 million in the development of this technology”
SEC MD&A · August 14, 2025
Management believes existing resources are sufficient for at least 12 months.
“we believe that our existing cash and cash equivalents, together with cash flows from operations and our bank line of credit, will be sufficient to meet our currently planned working capital, capital expenditure, and debt requirements and to finance our ongoing business operations for at least the next 12 months and the foreseeable future.”
SEC MD&A · March 30, 2026
Risks & what to watch (4)›
Key risks
- Re-Tain® launch delays — Commercial launch requires FDA approval, validated aseptic fill, and adequate cash; any delay impacts revenue [sec_mda · as of 2025-05-14].
- Manufacturing contamination risk — Past contamination and yield losses required remediation; ongoing process control risks remain [sec_mda · as of 2025-08-14].
- Dependence on novel products — Revenue heavily relies on First Defense® and unapproved Re-Tain®; competition or market rejection could hurt [sec_mda · as of 2025-11-13].
- Cash runway uncertainty — Despite current sufficiency, large capital needs for Re-Tain® launch could strain resources [sec_mda · as of 2026-03-30].
What to watch
- FDA approval decision for Re-Tain® [sec_mda · as of 2025-05-14].
- Progress on validating aseptic fill solution for Re-Tain® [sec_mda · as of 2025-05-14].
- Cash position and any draw on the $1M line of credit or ATM facility [sec_mda · as of 2025-11-13].
- Gross margin trends and manufacturing yield improvements [sec_mda · as of 2025-05-14].
Sources: SEC MD&A · Generated August 14, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.49 · 1% dilution
Lead: Approved
1 candidate
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
23
Total value held
$8.2M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 520,654 | $3.3M |
| morgan stanley | 221,716 | $1.4M |
| renaissance technologies llc | 151,789 | $961K |
| geode capital management, llc | 65,765 | $416K |
| dimensional fund advisors lp | 56,030 | $355K |
| vanguard fiduciary trust co | 42,669 | $270K |
| northern trust corp | 41,618 | $263K |
| strategic financial services, inc. | 37,000 | $234K |
| citadel advisors llc | 35,696 | $226K |
| shufro rose & co llc | 35,000 | $222K |
Showing top 10 of 23 institutional holders of IMMUCELL CORP /DE/. Open the full 13F history after sign-in.
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 is a animal health biotech company focused on developing and commercializing novel products for the dairy and beef industries, including its lead product First Defense® and the late-stage Re-Tain® mastitis treatment.
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.