# ImmuCell Corporation (ICCC)

> Source: Nexqual · https://nexqual.com/ICCC · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, ImmuCell Corporation (ICCC), nexqual.com/ICCC" · informational, not investment advice.

**Price:** USD 10.25 (-1.35% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 10.39 · day 10.2–10.37 · 52w 4.52–12.1 · market cap $93.1M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $30.7M, net income $787K (2.6% margin), free cash flow $4.2M (SEC filings).
- Valuation: P/E 118.2x, EV/EBITDA 14.7x, net cash $557K.
- Earnings quality: non-operating income -$3.0M vs operating income $3.9M over the last four quarters; P/E excluding non-operating income ≈26.1x (estimate: non-operating income taxed at the company's 7.8% effective rate).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $76K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +68.6% vs S&P 500 +13.4%; 5Y +16.5% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.2M | $18.6M | $17.5M | $26.5M | $27.6M | $30.7M |
| Gross profit | $8.7M | $7.6M | $3.9M | $7.9M | $11.4M | — |
| Operating income | $257K | -$2.3M | -$5.7M | -$1.6M | $1.6M | $3.9M |
| Net income | -$78K | -$2.5M | -$5.8M | -$2.2M | -$1.0M | $787K |
| EPS (diluted) | -$0.01 | -$0.32 | -$0.75 | -$0.26 | -$0.12 | — |
| Free cash flow | -$1.7M | -$5.5M | -$6.6M | -$108K | $1.2M | $4.2M |
| Gross margin | 45.0% | 41.2% | 22.1% | 30.0% | 41.4% | — |
| Operating margin | 1.3% | -12.4% | -32.9% | -6.2% | 6.0% | 12.6% |
| Net margin | -0.4% | -13.4% | -33.1% | -8.1% | -3.8% | 2.6% |
| Revenue growth | +25.4% | -3.5% | -5.9% | +51.6% | +4.3% | — |
| Cash + short-term investments | $10.2M | — | $979K | $3.8M | $3.8M | — |
| Total debt | $812K | $19.1M | $21.0M | $10.5M | $9.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 118.2x · P/E ex non-operating (est.) ≈26.1x · P/S 3.0x · EV/EBITDA 14.7x · EV/Sales 3.0x · P/FCF 22.1x · P/B 3.0x · FCF yield 4.53% · Earnings yield 0.85% · Net cash $557K · EV $92.5M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $76K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-18 | Te Boekhorst Paul Francis Olivier | President and CEO | 8,000 | $76K | 9.49 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +68.6% | +16.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +68.9% | +3.1% |
| Volatility (annualized) | 50.5% | 43.8% |
| Max drawdown | -27.7% (Nov 2025→Nov 2025) | -64.8% (Mar 2022→Nov 2024) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 303.53 -1.39% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.27 -1.79% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.09 -0.35% · PRAX (Praxis Precision Medicines, Inc) USD 252.96 -2.30% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.93 -2.23% · AXSM (Axsome Therapeutics, Inc.) USD 145.04 -7.07%

## More
Full page: https://nexqual.com/ICCC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ICCC's own 10-K filed 2026-03-30 (https://www.sec.gov/Archives/edgar/data/811641/000143774926010339/iccc20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Craig-Hallum Capital Group | "Our sources of liquidity and capital resources are cash flows from operations, proceeds from our sale of common stock under our At-The-Market Agreement with Craig-Hallum Capital Group LLC (ATM Agreement), and borrowings …" |
| Competitor | Merck (MRK) | "Our competitors in U.S. and international scours prevention markets are some of the largest animal health companies worldwide, including Zoetis, Elanco, Merck, Boehringer Ingelheim and CEVA, among others." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Corporate Segment Scours | $7.1M | 99.0% | +11.1% | $1.2M | 16.4% |
| Corporate Segment Mastitis | $75,344 | 1.0% | +62.5% | $2.1M | 2741.9% |
| Total revenue | $7.2M | 100% | — | $1.9M | 26.9% |

## Revenue by product line (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| First Defense Product Line | $6.4M | 99.3% | +17.8% |
| Other Animal Health | $46,363 | 0.7% | +8.3% |
| Total revenue | $6.4M | 100% | — |

## Revenue by region (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.9M | 75.6% | -0.4% |
| Other States | $1.6M | 24.4% | +170.4% |
| Total revenue | $6.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 73%, 51%, 22% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Company outlook (8-K filed 2026-10-13)

- "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 the Annual Report."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2021-03-31) | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2021-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |