伊芙美尔医疗 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 001-12934(Commission file number) ImmuCell Corporation(Exact name of registrant as specified in its charter) Delaware01-0382980(State of incorporation)(I.R.S. EmployerIdentification No.) 56 Evergreen Drive, Portland, Maine04103(Address of principal executive offices)(Zip Code) (Registrant’s telephone number) Name of each exchange on whichregisteredThe Nasdaq Capital Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates at June 30,2025 wasapproximately $50,600,000 based on the closing sales price on June 27,2025 of $6.75per share. The number of shares of the registrant’s common stock outstanding as of March 24, 2026 was 9,046,799. Documents incorporated by reference: Portions of the registrant’s definitive Proxy Statement to be filed in connection withthe2026 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. Table of Contents ImmuCell CorporationTABLE OF CONTENTSDecember 31, 2025 PART I ITEM 1BusinessITEM 1ARisk FactorsITEM 1BUnresolved Staff CommentsITEM 1CCybersecurityITEM 2PropertiesITEM 3Legal ProceedingsITEM 4Mine Safety Disclosures PART II ITEM 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities9ITEM 6[Reserved]9ITEM 7Management’s Discussion and Analysis of Financial Condition and Results of Operations10ITEM 7AQuantitative and Qualitative Disclosures about Market Risk14ITEM 8Financial Statements and Supplementary Data14ITEM 9Changes In and Disagreements With Accountants on Accounting and Financial Disclosure14ITEM 9AControls and Procedures14ITEM 9BOther Information15ITEM 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections15 PART III ITEM 10Directors, Executive Officers and Corporate Governance15ITEM 11Executive Compensation15ITEM 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters15ITEM 13Certain Relationships and Related Transactions, and Director Independence15ITEM 14Principal Accountant Fees and Services15 PART IV ImmuCell Corporation Cautionary Note Regarding Forward-Looking Statements: This Annual Report on Form 10-K (Annual Report) contains “forward-looking statements” within the meaning of the PrivateSecurities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified b