ImmuCell Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ImmuCell Corporation has filed its 2023 annual report detailing its financial performance and corporate status.</b>

AI Summary

IMMUCELL CORP /DE/ (ICCC) filed a Annual Report (10-K) with the SEC on April 1, 2024. ImmuCell Corporation filed its annual report for the fiscal year ended December 31, 2023. The company is registered in Delaware and its principal executive offices are located at 56 Evergreen Drive, Portland, Maine. ImmuCell's common stock, par value $0.10 per share, is traded on the Nasdaq exchange under the symbol ICCC. The company has elected to be a smaller reporting company and a non-accelerated filer. ImmuCell has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking IMMUCELL CORP /DE/, this filing contains several important signals. This filing provides a comprehensive overview of ImmuCell's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. As a publicly traded company on Nasdaq, ImmuCell's 10-K filing is a key document for regulatory compliance and transparency, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — IMMUCELL CORP /DE/ shows moderate risk based on this filing. The company is classified as a non-accelerated filer and a smaller reporting company, indicating a potentially smaller market capitalization and less extensive reporting requirements compared to larger, accelerated filers.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand ImmuCell's performance and potential challenges.

Key Numbers

• 001-12934 — Commission file number (ImmuCell Corporation)
• 01-0382980 — I.R.S. Employer Identification No. (ImmuCell Corporation)
• 04103 — ZIP Code (Portland, Maine)
• $0.10 — Par value per share (Common Stock)

Key Players & Entities

• IMMUCELL CORP /DE/ (company) — Filer name
• ICCC (company) — Trading symbol
• Nasdaq (company) — Exchange where common stock is registered
• Delaware (company) — State of incorporation
• 56 Evergreen Drive, Portland, Maine (company) — Address of principal executive offices
• 20231231 (date) — Conformed period of report
• 20240401 (date) — Filed as of date

FAQ

Industry Context

ImmuCell Corporation operates in the life sciences sector, specifically focusing on in vitro and in vivo diagnostic substances.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing annual reports on Form 10-K.

What Investors Should Do

1. Review ImmuCell's financial statements for the fiscal year ended December 31, 2023.
2. Analyze the company's classification as a smaller reporting company and non-accelerated filer.
3. Examine any disclosures regarding executive compensation or risk factors if available in the full filing.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended December 31, 2023, providing updated information compared to previous filings.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value per share ICCC Nasdaq Secur
• $5.00 — closing sales price on June 30, 2023 of $5.00 per share. The number of shares of th
• $26.7 million — raising gross proceeds of approximately $26.7 million in six separate transactions. In order
• $12 million — bt discount costs, we had approximately $12 million in outstanding debt as of December 31,
• $3.2 million — mber 31, 2023 compared to approximately $3.2 million as of December 31, 2015. This equity an
• $43.8 million — ime, our total assets have increased to $43.8 million as of December 31, 2023 from $14.6 mill
• $14.6 million — .8 million as of December 31, 2023 from $14.6 million as of December 31, 2015, and our stockh
• $25 million — r stockholders' equity has increased to $25 million as of December 31, 2023 from $10.6 mill
• $10.6 million — 25 million as of December 31, 2023 from $10.6 million as of December 31, 2015. This represent
• $29 m — er 31, 2015. This represents a 200%, or $29 million, increase in total assets and a 1
• $14.4 m — increase in total assets and a 135%, or $14.4 million, increase in stockholders' equity
• $30 million — t Defense product line to approximately $30 million per year. The necessary facility expans
• $589,000 — to costs of goods sold of approximately $589,000 during 2022. We took immediate steps to
• $527,000 — to costs of goods sold of approximately $527,000 during 2023. We believe that the ongoin
• $25.6 million — the calf-level market) is approximately $25.6 million per year. With the additional claim for

Filing Documents

• ea0202277-10k_immu.htm (10-K) — 1537KB
• ea020227701ex10-8_immucell.htm (EX-10.8) — 9KB
• ea020227701ex10-11_immucell.htm (EX-10.11) — 10KB
• ea020227701ex23-1_immucell.htm (EX-23.1) — 2KB
• ea020227701ex31_immucell.htm (EX-31) — 9KB
• ea020227701ex32_immucell.htm (EX-32) — 5KB
• ea020227701ex97-1_immucell.htm (EX-97.1) — 20KB
• image_001.jpg (GRAPHIC) — 99KB
• image_002.jpg (GRAPHIC) — 95KB
• 0001213900-24-028718.txt (&nbsp;) — 8924KB
• iccc-20231231.xsd (EX-101.SCH) — 67KB
• iccc-20231231_cal.xml (EX-101.CAL) — 51KB
• iccc-20231231_def.xml (EX-101.DEF) — 351KB
• iccc-20231231_lab.xml (EX-101.LAB) — 633KB
• iccc-20231231_pre.xml (EX-101.PRE) — 354KB
• ea0202277-10k_immu_htm.xml (XML) — 1297KB

Business

Business 1 ITEM 1A

Risk Factors

Risk Factors 11 ITEM 1B Unresolved Staff Comments 21 ITEM 1C Cybersecurity 21 ITEM 2

Properties

Properties 21 ITEM 3

Legal Proceedings

Legal Proceedings 22 ITEM 4 Mine Safety Disclosures 22 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 ITEM 6 [Reserved] 23 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 ITEM 9 Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 38 ITEM 9A

Controls and Procedures

Controls and Procedures 38 ITEM 9B Other Information 39 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III ITEM 10 Directors, Executive Officers and Corporate Governance 40 ITEM 11

Executive Compensation

Executive Compensation 44 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 48 ITEM 14 Principal Accountant Fees and Services 48 PART IV ITEM 15 Exhibits and Financial Statement Schedules 51 ITEM 16 Form 10-K Summary 53 Audited Financial Statements F-1 to F-25

Signatures

Signatures i ImmuCell Corporation PART I

– BUSINESS

ITEM 1 – BUSINESS Cautionary Note Regarding Forward-Looking Statements (Safe Harbor This Annual Report on Form 10-K (Annual Report) contains "forward-looking 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 and outcome of pending or anticipated applications for regulatory approvals; future demand for our products; the extent, nature and duration of the COVID-19 pandemic and its consequences, and their direct and indirect impacts on our production activities, operating results and financial condition and on the customers and markets that we serve; the impact of Russia's unprovoked military invasion of Ukraine (and attack on its people) and the war in the Middle East on the world economy including inflation and the price and availability of grain and oil; the impact of the global supply-chain disruptions on our ability to obtain, in a timely and cost-effective fashion, all the supplies and components we need to produce our products; the impact of inflation and rising interest rates on our operating expenses and financial results; the scope and timing of ongoing and future product development work and commercialization of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis and producers' level of interest in treating subclinical mastitis given the current economic and market conditions;

View Full Filing

View this 10-K filing on SEC EDGAR