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Here are 1-3 brief analogies for ImmuCell (ICCC):

• Zoetis for cattle immunity.
• A biotech company for cows.

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• First Defense®: A bovine health supplement providing newborn calves with immediate immunity against common scours-causing pathogens like *E. coli* K99 and bovine coronavirus.
• Re-Tain®: An antibiotic-free intramammary treatment for clinical mastitis in lactating dairy cows.

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ImmuCell (ICCC) primarily sells its animal health products to other companies rather than directly to individuals. Its major direct customers are **Animal Health Distributors**.

While ImmuCell's public filings indicate that a significant portion of its revenue is derived from sales to a limited number of distributors, the company does not publicly disclose the specific names of these major customer companies. Therefore, no specific company names or public symbols can be provided.

However, the key categories of end-users for ImmuCell's products, typically reached through these distributors, include:

• Veterinary Clinics and Practices: Professionals in these settings recommend and use ImmuCell's products, such as the First Defense® line, for the health management of dairy and beef cattle.
• Dairy Cattle Producers: Farms focused on milk production utilize ImmuCell's products to support the health and immunity of their calves and control mastitis in lactating cows.
• Beef Cattle Producers: Ranchers and farms raising beef cattle also use ImmuCell's products to enhance the health and productivity of their herds.

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Olivier te Boekhorst, President and CEO

Mr. te Boekhorst assumed the role of President and CEO on November 1, 2025. He previously served as an Operating Partner at ARCHIMED, a global investment firm specializing in human and animal healthcare. His experience includes serving as Chair of the Board and former CEO of SeqCenter, a Next Generation Sequencing laboratory. From 2004 to 2022, Mr. te Boekhorst held various leadership positions at IDEXX Laboratories, where he directed M&A activities for the livestock diagnostics segment and expanded several divisions, including livestock and dairy diagnostics, water safety testing, and human diagnostics. He also worked for the Boston Consulting Group and earned an MBA from Cornell University.

Timothy C. Fiori, CFO, Treasurer and Secretary

Mr. Fiori joined ImmuCell as CFO in April 2025 and was appointed to the Board of Directors on October 29, 2025, also serving as Treasurer and Secretary. He brings 24 years of finance and commercial operating experience within the livestock industry, having spent that time at IDEXX Laboratories. Mr. Fiori holds a finance degree from the University of Maine.

Michael F. Brigham, Special Advisor to the Chief Executive Officer, Director

Mr. Brigham served as President and CEO of ImmuCell from February 2000 through October 2025, and previously as Chief Financial Officer from October 1991. He initially joined ImmuCell in 1989. Prior to his tenure at ImmuCell, he worked as an auditor at Ernst & Young for nearly six years.

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The key risks to ImmuCell's business include:

1. Regulatory Approval for Re-Tain®: The successful development and commercialization of Re-Tain®, a novel treatment for subclinical mastitis, is contingent upon obtaining FDA approval. Delays or failure to secure this approval would significantly impact ImmuCell's future growth prospects, as Re-Tain® is positioned to address a substantial market opportunity in the dairy industry.
2. Production Capacity and Supply Chain Challenges: ImmuCell faces ongoing risks related to its manufacturing capabilities and supply chain. These include potential difficulties or delays in expanding production capacity, ensuring alignment between manufacturing resources and product demand, and mitigating the impact of supply chain disruptions. The company has previously experienced prolonged order backlogs that affected sales. Additionally, the ability to obtain colostrum that meets its specifications is critical for its products, particularly the First Defense® line.
3. Market Competition and Customer Acceptance: ImmuCell operates in a competitive animal health market. The company's success depends on its ability to compete effectively against other established animal health companies and to achieve broad customer acceptance for both its existing First Defense® product line and any new products, such as Re-Tain®, upon launch.

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ImmuCell (ICCC) focuses on animal health products for dairy and beef industries, primarily addressing calf scours and mastitis in cows.

First Defense® Product Line (Calf Scours Prevention)

The global addressable market for calf scour treatments was approximately USD 1.29 billion in 2024 and is projected to grow to USD 2.05 billion by 2033. This market size is global.

Re-Tain® (Bovine Mastitis Treatment)

The global addressable market for bovine mastitis treatment was approximately USD 2.0 billion in 2024 and is expected to reach USD 3.7 billion by 2034. Another estimate places the global market at USD 2.15 billion in 2024, expected to reach USD 4.06 billion by 2032. The U.S. bovine mastitis market was valued at USD 683 million in 2023.

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• Commercialization of Re-Tain: The potential FDA approval and subsequent full-scale commercial launch of Re-Tain, a novel treatment for subclinical mastitis in dairy cows, is a significant expected revenue driver. The company is currently conducting investigational product use studies to gather market feedback and data to prepare for this launch.
• Expansion of the First Defense® product line: ImmuCell expects continued growth from its flagship First Defense® product line, including the introduction of new products such as a bulk powder formulation targeting large calf-raising ranches, which represents an expansion into a new market segment.
• Increased production capacity and operational efficiencies: The completion of investments to expand the production capacity for the First Defense® product line, aimed at supporting over $30 million in annual revenue, along with stabilized production and improved gross margins, will enable the company to meet increased demand and drive higher sales.
• International market expansion for First Defense®: ImmuCell is pursuing regulatory approvals to introduce its First Defense® product line into selected international territories, which could open up new significant revenue streams.

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Share Issuance

• From the first quarter of 2016 through the second quarter of 2021, ImmuCell issued approximately 4,553,017 shares of common stock, raising gross proceeds of approximately $26.7 million across six separate transactions.
• During 2024, the company issued 1,228,227 shares of common stock, generating gross proceeds of approximately $4.6 million through an At-The-Market (ATM) Offering.
• As of March 21, 2025, ImmuCell had 15,000,000 common shares authorized and 8,982,623 common shares outstanding.

Capital Expenditures

• ImmuCell has made significant investments to increase its production capacity for the First Defense® product line to approximately $30 million or more per year, with facility expansions and new equipment completed by the end of 2022.
• Between 2000 and 2024, the company invested an aggregate of approximately $30.2 million in direct expenditures for the development of Re-Tain®, a purified Nisin treatment for subclinical mastitis.
• In 2023 and 2024, the company deferred large capital expenditure projects, including approximately $3 million to further increase First Defense® capacity and around $2 million for an in-house aseptic filling facility for Re-Tain®, to conserve cash.