Financial Data and Key Metrics Changes - Product sales increased by 18% or $972,000 in Q2 2025 compared to Q2 2024, and by 14% or $1,800,000 compared to the previous quarter [6][8] - Gross margin as a percentage of product sales improved to 44% in Q2 2025 from 22% in Q2 2024 [9] - Adjusted EBITDA for the three months ended June 30, 2025, was $1,400,000, a significant improvement from negative $619,000 in the same period of 2024 [10] Business Line Data and Key Metrics Changes - The First Defense product line is now positioned as a suite of related products with expanded uses and appeal, contributing to the overall sales growth [11] - The company has eliminated its backlog of orders and is now refilling distribution inventory, which may lead to a temporary boost in sales [7][8] Market Data and Key Metrics Changes - The company anticipates a potential softening in sales during the second half of 2025 due to the inventory rebuild not being expected to repeat [8] - The market for the new product format of First Defense is showing traction, with initial sales recorded in Q2 2025 [49][50] Company Strategy and Development Direction - The company is focused on commercial opportunities with First Defense and aims to capture increased market share while recovering from previous supply disruptions [12] - The strategy for the RETAIN product includes conducting investigational product use studies to gather market feedback and explore strategic options for future commercialization [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term plan despite current challenges, emphasizing the importance of cash flow and regulatory compliance for future growth [39][41] - The management acknowledged the frustration caused by supply shortages and is now focused on rebuilding customer relationships and reputation in the market [44][45] Other Important Information - The company successfully refinanced its bank debt, reducing interest rates and avoiding large balloon payments due in 2026 [10][11] - The company is exploring strategic options to support the launch of RETAIN, including potential partnerships for financial and marketing support [33][34] Q&A Session Summary Question: Can you provide details on the backlog and organic growth? - The backlog was $4,000,000 as of March 31, 2025, and has been worked through during Q2 2025, with some orders canceled and most filled [21][22] Question: Update on FDA interactions regarding RETAIN? - The company clarified that it does not have a 483 observation and is waiting for a CMO to resolve inspection observations, which is the final hurdle for FDA approval [26][28] Question: How much inventory will be expiring in the second half of the year? - All inventory produced for RETAIN will be used for investigational studies and will not generate revenue [29][30] Question: What are the strategic options being pursued? - The company is looking for financial and marketing support to assist in the commercial launch of RETAIN, focusing on partnerships rather than traditional distributors [33][34] Question: What is the status of the capacity expansion project? - The project to increase capacity from $30 million to $40 million is currently on hold, with timing dependent on cash flow and market conditions [37][39] Question: How is the sales team adapting post-supply issues? - The sales team is now focused on regaining lost customers and expanding into new territories, feeling energized by the availability of adequate inventory [41][42]

PART I: FINANCIAL INFORMATION [ITEM 1. Unaudited Financial Statements](index=3&type=section&id=ITEM%201.%20Unaudited%20Financial%20Statements) Presents ImmuCell's unaudited financial statements and notes for Q2 2025 and FY2024, covering Balance Sheets, Operations, Equity, and Cash Flows [Balance Sheets](index=3&type=section&id=Balance%20Sheets) The balance sheets show the company's financial position, with total assets increasing to $46.72 million as of June 30, 2025, from $45.10 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Assets | $46,720,898 | $45,100,477 | | Total Liabilities | $16,853,470 | $17,582,290 | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | - Cash and cash equivalents increased by **60% to $5,998,494** as of June 30, 2025, from $3,758,232 as of December 31, 2024[8](index=8&type=chunk) - Inventory increased to **$8,294,426** as of June 30, 2025, from $7,112,623 as of December 31, 2024[8](index=8&type=chunk) [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) The company reported a significant turnaround, moving from a net loss in 2024 to net income in 2025 | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Product sales | $6,444,880 | $5,472,890 | $14,512,054 | $12,730,467 | | Gross margin | $2,817,924 | $1,230,486 | $6,171,896 | $3,525,845 | | Net operating income (loss) | $569,562 | $(1,386,607) | $1,687,187 | $(1,686,660) | | Net income (loss) | $501,880 | $(1,531,626) | $1,948,863 | $(1,969,494) | | Basic net income (loss) per share | $0.06 | $(0.20) | $0.22 | $(0.25) | - Product sales increased by **18%** for the three-month period and **14%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) - Gross margin significantly improved, increasing by **129%** for the three-month period and **75%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) [Statements of Stockholders' Equity](index=5&type=section&id=Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased, primarily driven by net income, At-The-Market (ATM) offerings of common stock, and stock-based compensation | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | | Net Income (Loss) (6-month) | $1,948,863 | $(1,969,494) | | ATM Offering Proceeds (6-month) | $281,446 | $252,749 | | Stock-based Compensation (6-month) | $118,929 | $179,131 | - The company issued **63,230 shares** through an At-The-Market Offering during the six-month period ended June 30, 2025, generating net proceeds of **$281,446**[13](index=13&type=chunk) [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to $3.18 million for the six-month period ended June 30, 2025, compared to $1 million in the prior year | Cash Flow Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $3,175,334 | $1,000,285 | | Net cash used for investing activities | $(454,977) | $(176,597) | | Net cash used for financing activities | $(480,095) | $(478,144) | | Net increase in cash and cash equivalents | $2,240,262 | $345,544 | | Ending cash and cash equivalents | $5,998,494 | $1,324,285 | - Cash and cash equivalents increased by **$2,240,262** during the six-month period ended June 30, 2025, reaching **$5,998,494**[16](index=16&type=chunk) - Investing activities saw an increase in cash used, primarily for the purchase of property, plant, and equipment[16](index=16&type=chunk) [Notes to Unaudited Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) The notes provide detailed disclosures on the company's business operations, significant accounting policies, and specific financial accounts [1. BUSINESS OPERATIONS](index=9&type=section&id=1.%20BUSINESS%20OPERATIONS) ImmuCell Corporation, an animal health company, focuses on products for dairy and beef cattle, particularly the First Defense product line and Re-Tain - ImmuCell Corporation specializes in animal health products for dairy and beef cattle, with two main segments: Scours (First Defense product line) and Mastitis (Re-Tain)[21](index=21&type=chunk) - The company experienced production contamination events from Q3 2022 through April 2024, and another in Q2 2025, which led to a production slowdown and negatively impacted sales and gross margin[21](index=21&type=chunk) - Re-Tain, a treatment for subclinical mastitis, is under development and, if approved, would be a first-of-its-kind new animal drug unrelated to human-use antibiotics[21](index=21&type=chunk) [2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the significant accounting policies followed by ImmuCell Corporation, including the basis of presentation, valuation methods, and revenue recognition - The financial statements are prepared in accordance with GAAP, requiring management to make estimates and assumptions, particularly for inventory valuation, Re-Tain related assets, deferred tax assets, and costs of goods sold[22](index=22&type=chunk)[50](index=50&type=chunk) - The company considers highly liquid investment instruments maturing within three months as cash equivalents and holds no cash or cash equivalents in excess of FDIC limits[23](index=23&type=chunk) - Revenue is recognized when control of promised goods is transferred to customers, typically at shipment, with immaterial product returns historically[41](index=41&type=chunk) [3. TRADE ACCOUNTS RECEIVABLE](index=16&type=section&id=3.%20TRADE%20ACCOUNTS%20RECEIVABLE) Trade accounts receivable decreased to $2.38 million as of June 30, 2025, from $3.77 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :----------------------- | :-------------- | :---------------- | | Trade accounts receivable | $2,378,823 | $3,771,133 | - No allowance for credit losses or product returns was recorded as of June 30, 2025, or December 31, 2024, reflecting a very low historical credit loss rate[53](index=53&type=chunk) [4. INVENTORY](index=17&type=section&id=4.%20INVENTORY) Total inventory increased to $8.29 million as of June 30, 2025, from $7.11 million as of December 31, 2024, primarily driven by finished goods | Inventory Component | June 30, 2025 | December 31, 2024 | | :------------------ | :-------------- | :---------------- | | Raw materials | $1,514,140 | $1,356,228 | | Work-in-process | $5,582,991 | $5,746,865 | | Finished goods | $1,197,295 | $9,530 | | Total | $8,294,426 | $7,112,623 | - Finished goods inventory saw a significant increase from **$9,530 to $1,197,295**, indicating a build-up of ready-to-sell products[55](index=55&type=chunk) [5. PRE

Core Insights - ImmuCell Corporation reported significant improvements in financial performance for the second quarter and six-month period ended June 30, 2025, including a net income of approximately $502,000 for the quarter and $1.9 million for the six months, contrasting with net losses in the same periods of 2024 [4][8]. Product Sales Highlights - Product sales for the second quarter of 2025 increased by 18% to approximately $6.4 million compared to the same quarter in 2024 [7]. - For the six-month period ended June 30, 2025, product sales rose by 14% to approximately $14.5 million compared to the same period in 2024 [7]. - Over the twelve-month period ended June 30, 2025, product sales increased by 22% to approximately $28.3 million compared to the previous year [7]. Financial Performance - Gross margin improved to 44% for the three-month period and 43% for the six-month period ended June 30, 2025, compared to 22% and 28% respectively in 2024 [8]. - Adjusted EBITDA improved to approximately $1.4 million, $3.7 million, and $5.3 million for the three-month, six-month, and twelve-month periods ended June 30, 2025, respectively [8][16]. Balance Sheet Strength - Cash and cash equivalents increased to approximately $6.0 million as of June 30, 2025, up from $3.8 million at the end of 2024 [8][14]. - Net working capital rose to approximately $12.7 million as of June 30, 2025, compared to $10.6 million at the end of 2024 [8][14]. - Stockholders' equity increased to approximately $29.9 million as of June 30, 2025, from $27.5 million at the end of 2024 [9]. Strategic Initiatives - The company has eliminated the backlog of orders as of June 30, 2025, and is building inventory to meet customer demand for the peak selling season [4]. - ImmuCell has initiated Investigational Product use for Re-Tain to collect market feedback on product performance during the second half of 2025 and into early 2026 [4].

ImmuCell Corporation Investor Presentation August 2025 (Nasdaq: ICCC) 2 Table of Contents | 1) | Company Overview and Strategic Opportunity..…….……..…………………………………………………….….… 4-27 | | --- | --- | | 2) | Testimonials………………………………………………………………….……..…….…………………………………….……….…28-32 | | 3) | Financial Review(1).………………..….……..……………………………..……………………………………………..… 33-39 | | 4) | Other Information..……………...………...………………………………………….……………………………...……….…….40-52 | (1)Detailed financial reports, summary press releases and conference ...

Core Viewpoint - ImmuCell Corporation has successfully refinanced a portion of its bank debt, which is expected to improve its financial position and operational flexibility [1][2]. Financial Summary - The company secured a new loan from Maine Community Bank (MCB) amounting to $2,327,119 at a fixed interest rate of 6.5% per annum [2]. - The proceeds were utilized to pay off an existing loan from MCB with a balance of $1,525,852 at 7% interest and another loan from the Finance Authority of Maine (FAME) with a balance of $768,209 at 8% interest [2]. - The paid-off loans had balloon principal payments totaling approximately $1,946,000 due in the third quarter of 2026 [2]. - The new loan features a five-year amortization schedule, concluding in the third quarter of 2030 [2]. Management Commentary - The President and CEO of ImmuCell expressed appreciation for the ongoing relationship with MCB and acknowledged the support from FAME, particularly during mid-2023 [3]. - By paying off the FAME loan early, the company aims to free up funds for other uses within the State of Maine [3]. Upcoming Events - ImmuCell plans to host a conference call on August 15, 2025, to discuss the unaudited financial results for the quarter ended June 30, 2025 [3]. Company Overview - ImmuCell Corporation focuses on developing and marketing products that enhance the health and productivity of dairy and beef cattle [4]. - The company manufactures First Defense, which provides Immediate Immunity™ to newborn calves, and is developing Re-Tain, a treatment for subclinical mastitis in dairy cows [4].

Core Viewpoint - ImmuCell Corporation is set to report its unaudited financial results for Q2 2025 on August 14, 2025, with a conference call scheduled for the following morning to discuss these results [1][2][3]. Financial Results - The company anticipates no changes to the preliminary sales results for the second quarter ended June 30, 2025, which were previously disclosed on July 9, 2025 [3]. Conference Call Details - A conference call will be held on August 15, 2025, at 9:00 AM ET, accessible via specific toll-free and international numbers [2]. - A replay of the conference call will be available until August 22, 2025, with designated access codes for listeners [2]. Corporate Presentation - Investors are encouraged to review the updated Corporate Presentation slide deck available on the company's website, which will be updated after the market closes on August 14, 2025 [4]. Company Overview - ImmuCell Corporation focuses on developing products that enhance the health and productivity of dairy and beef cattle, including First Defense for newborn calves and Re-Tain for treating subclinical mastitis in dairy cows [5].

Core Viewpoint - ImmuCell Corporation (ICCC) has received an "Outperform" upgrade due to strong sales execution, improved gross margins, and strategic opportunities linked to its late-stage mastitis treatment, Re-Tain [1] Price Performance - ICCC shares have outperformed the industry with a 64.3% increase over the past year compared to the industry's 6.4% growth [2] Sales Execution & Market Penetration - The company achieved a record $8.1 million in product sales for Q1 2025, marking an 11% year-over-year increase, driven by strong demand for its First Defense line [3] - Production capacity expansion supports over $30 million in annual sales, reducing order backlog from $4.4 million at the end of 2024 to $3.4 million by early May 2025 [3] Product Mix and Customer Preference - The Tri-Shield formulation, which provides protection against E. coli, coronavirus, and rotavirus, constituted approximately 71% of the product mix in the quarter, indicating strong customer preference for broader-spectrum coverage [4] Gross Margin Recovery & Operating Leverage - Gross margin improved to 42% in Q1 2025 from 32% in the prior year and 37% in Q4 2024, reflecting enhanced yields and reduced contamination-related scrap [6] - Adjusted EBITDA rose to $2.3 million in Q1 2025 from $0.46 million a year earlier, with a trailing 12-month adjusted EBITDA of $3.3 million, a significant recovery from a $280,000 loss in the prior year [7] Financial Stability - The company reported $4.6 million in cash, $12.1 million in working capital, and a fully undrawn $1 million credit line as of March 2025, alongside $29 million in stockholders' equity [8] Product Innovation & New Format Launch - A bulk powder version of First Defense is set to launch in the second half of 2025, targeting calf ranches and representing an underpenetrated market segment [9] - This new format is expected to enhance market access and diversify revenue streams away from the current sales model [10] Optionality Through Re-Tain & FDA Review - Re-Tain, a non-antibiotic treatment for subclinical mastitis, is under FDA review and represents a strategic option for the company [11] - A Controlled Launch strategy has been outlined to prioritize data collection and quality assurance during initial commercialization [12] Outlook - The "Outperform" rating reflects the company's ability to scale sales and margins through its First Defense franchise, strategic expansion into new formats, and potential upside from Re-Tain's FDA approval [13]

[Overview of Form 8-K Filing (July 9, 2025)](index=1&type=section&id=Form%208-K%20Filing%20July%209%2C%202025) This section outlines ImmuCell Corporation's Form 8-K filing on July 9, 2025, covering preliminary Q2 2025 sales and exhibits [Announcement of Preliminary Q2 2025 Sales Results](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) ImmuCell Corporation announced preliminary unaudited Q2 2025 product sales, detailed in a furnished press release - The company issued a press release announcing its preliminary, unaudited product sales for the quarter ended June 30, 2025[6](index=6&type=chunk) - The information in the press release is considered "furnished" and not "filed" for the purposes of Section 18 of the Exchange Act, which has legal implications regarding liability[7](index=7&type=chunk) [Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) The filing includes a press release with preliminary sales data and a Cover Page Interactive Data File as exhibits Exhibit List | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of ImmuCell Corporation dated July 9, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Viewpoint - ImmuCell Corporation reported preliminary unaudited sales results for Q2 2025, showing significant growth in product sales across various time periods compared to the same periods in 2024 [1][3]. Sales Performance - Total sales for the three-month period ended June 30, 2025, reached $6.4 million, an increase of $972,000 or 18% from $5.5 million in the same period of 2024 [3]. - For the six-month period ended June 30, 2025, sales totaled $14.5 million, up by $1.8 million or 14% from $12.7 million in 2024 [3]. - Sales for the nine-month period ended June 30, 2025, were $22.3 million, reflecting a $4.4 million increase or 25% compared to $17.8 million in 2024 [3]. - Over the twelve-month period ended June 30, 2025, total sales reached $28.3 million, an increase of $5.1 million or 22% from $23.2 million in 2024 [3]. Production and Inventory Management - The company has successfully increased production output, meeting current customer demand and reducing the order backlog to under $100,000 as of June 30, 2025, down from approximately $3.4 million on May 6, 2025 [4]. - The recent sales pace is attributed to the replenishment of the distribution pipeline after a period of supply shortages, allowing the company to ship within one week of order receipt [4]. Future Capacity and Product Development - The company is evaluating additional investments to increase production capacity by 33% to approximately $40 million annually to meet potential demand growth in the North American dairy and beef markets [5]. - ImmuCell is initiating Investigational Product use of Re-Tain to test market acceptance, although this is not expected to generate significant revenue [5]. - The company has submitted a Non-Administrative New Animal Drug Application (NADA) and is addressing inspectional observations at its contract manufacturer's facilities, which is critical for NADA approval [5]. Upcoming Events - A conference call is scheduled for August 15, 2025, to discuss the unaudited financial results for the quarter ended June 30, 2025 [6][7].

Core Insights - ImmuCell Corporation has initiated a search for a new President and CEO as current CEO Michael F. Brigham plans to retire by early 2026 after serving since 2000 [1][2][3] - The company aims to identify a suitable successor by the end of the year, with Brigham committed to assisting in the transition [2][3] Company Overview - ImmuCell Corporation focuses on developing, manufacturing, and marketing products that enhance the health and productivity of dairy and beef cattle [1][3] - The company’s notable products include First Defense®, which provides Immediate Immunity™ to newborn calves, and Re-Tain®, a treatment for subclinical mastitis in dairy cows [3]