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Lifecore Biomedical generated Q2 2026 revenue of $34.2 million and a net loss of $6.2 million; first‑half revenue was $57.4 million with a $21.1 million net loss. CDMO revenue declined while HA manufacturing grew in the quarter, and gross margin eased to 35.3%.
R&D and SG&A expenses fell year on year, and operating cash flow was positive at $2.5 million, but higher interest expense and losses on a related‑party debt derivative deepened overall losses. Cash was $17.2 million with $21.6 million of revolver availability and $192.7 million outstanding on a term loan from major customer Alcon.
The balance sheet includes $50.2 million of Series A Redeemable Convertible Preferred Stock; all shares have been noticed for redemption in December 2026, which would require lender consents and could accrue extra charges if unpaid. Lifecore reports covenant compliance and believes current liquidity covers at least the next twelve months. A securities class action has a preliminarily approved settlement expected to be covered by insurance, while an investor contract dispute continues with limited remaining claims, and an SEC enforcement inquiry related to a past restatement has been closed with no action.
Lifecore Biomedical reported softer mid‑2026 results while reaffirming its full‑year outlook. For the second quarter of 2026, revenue was $34.2 million, down 6.2% from $36.4 million, as CDMO revenue fell 34% while hyaluronic‑acid manufacturing grew 44%. Gross margin declined to 35.3% from 38.4%, and net loss widened to $6.2 million, or $0.19 per share, from $1.1 million, or $0.06 per share. Adjusted EBITDA was $8.6 million versus $9.1 million a year earlier.
For the six months ended June 30, 2026, revenue was $57.4 million, down 19.9% from $71.6 million, with gross profit of $16.5 million versus $23.8 million. Net loss was $21.1 million, or $0.61 per share, compared with $15.9 million, or $0.48 per share, while Adjusted EBITDA declined to $9.6 million from $14.8 million. Operating cash flow was $2.5 million and free cash flow $0.9 million. Lifecore ended the quarter with $38.8 million of liquidity, including $17.2 million of cash and $21.6 million of revolver availability, against total liabilities of $213.4 million and a stockholders’ deficit of $34.1 million.
The company added 13 programs to its development pipeline over the past 12 months, including eight late‑stage programs, and completed seven customer and regulatory audits in the quarter. It reaffirmed 2026 guidance for revenue of $120–$125 million and Adjusted EBITDA of $20.5–$25 million, and reiterated long‑term goals for roughly 12% revenue CAGR and Adjusted EBITDA margins above 25% by the end of 2029.
BlackRock, Inc. reports a passive ownership position in Lifecore Biomedical, Inc. common stock. BlackRock and certain of its business units beneficially own 2,010,546 shares of Lifecore common stock, representing 5.4% of the class. Of these, 1,988,535 shares carry sole voting power, and all 2,010,546 shares are subject to BlackRock’s sole dispositive power, with no shared voting or dispositive authority. Various underlying clients and accounts have rights to dividends or sale proceeds, but no single other person has more than five percent of Lifecore’s outstanding common shares. The filing is signed by a BlackRock managing director under a power of attorney.
Legion Partners and related entities report a significant stake in Lifecore Biomedical, Inc. (LFCR) and update their position details. They collectively may be deemed to beneficially own up to 6,794,595 common shares, representing approximately 17.1% of Lifecore’s common stock, including shares issuable from immediately convertible Series A Preferred Stock and director equity awards.
Legion Partners I beneficially owns 6,196,557 shares and Legion Partners II owns 520,263 shares, both including shares issuable upon conversion of Series A Preferred Stock. The ownership percentages are calculated using 37,509,407 common shares outstanding as of April 29, 2026, plus the shares underlying the preferred stock held by the group.
The group also discloses that on June 30, 2026, Legion Partners I and II delivered written notices to redeem all of their Series A Preferred Stock at the Holder Optional Redemption Price, with Lifecore required to redeem these preferred shares for cash on December 28, 2026. The reporting persons state they have made no Lifecore securities transactions in the previous 60 days and expressly disclaim beneficial ownership of securities they do not directly own.
Lifecore Biomedical received redemption notices for all 49,263 outstanding shares of its Series A Redeemable Convertible Preferred Stock, triggering a required cash redemption of approximately $52.1 million on December 28, 2026, based on a $1,000 per-share price plus accrued dividends.
As of June 30, 2026, the Series A Preferred Stock carried about $0.9 million of accrued and unpaid dividends and a total liquidation value of roughly $50.2 million. If Lifecore does not redeem all shares submitted on December 28, 2026, the unpaid balance will accrue interest at 1% per month.
The company must obtain lender consent under its credit agreements before making redemption payments and is evaluating strategic alternatives, including cash on hand, potential debt or equity financings, and other transactions. As of March 31, 2026, Lifecore reported total liquidity of $38.1 million, including $20.8 million in cash and cash equivalents and $17.3 million of availability under its revolving credit facility.
Kiper Christopher S reported acquisition or exercise transactions in this Form 4 filing.
Lifecore Biomedical director Christopher S. Kiper reported an equity award linked to his board service. He received 25,907 restricted stock units (RSUs), each representing a contingent right to one share of Common Stock, at a stated price of $0.00 per unit. The RSUs vest on the earlier of June 4, 2027 or the first annual stockholder meeting held in 2027, if that meeting occurs at least 50 weeks after June 4, 2026. After this award, Kiper reports 103,482 shares/RSUs directly, while affiliated Legion funds report indirect holdings including 4,084,268 shares held by Legion Partners, L.P. I and 319,286 shares held by Legion Partners, L.P. II. Footnotes state that the economic interest in securities granted for Kiper’s board role belongs to Legion Partners Asset Management and its affiliates.
Lifecore Biomedical director Nelson Obus received an equity grant in the form of restricted stock units. The award covers 25,907 RSUs that convert into common stock on a 1-for-1 basis. These units vest on the earlier of June 4, 2027 or the company’s 2027 annual stockholder meeting, provided that date is at least 50 weeks after June 4, 2026. Following this grant, Obus holds 164,100 shares of Lifecore Biomedical common stock directly.
Lifecore Biomedical director Jason Aryeh received an equity award of 25,907 shares of common stock as a grant, not an open-market purchase. The award reflects restricted stock units that convert into common stock on a 1-for-1 basis. Following this grant, he directly holds 69,967 shares. The units vest on the earlier of June 4, 2027 or the date of the company’s 2027 annual meeting of stockholders, provided that meeting occurs at least 50 weeks after June 4, 2026.
Lifecore Biomedical director Joshua Schechter received an equity grant as part of his compensation. On the reported date, he was awarded 25,907 restricted stock units that convert into common stock on a 1-for-1 basis at no cash cost to him.
The grant vests on the earlier of June 4, 2027 or the date of the company’s annual meeting of stockholders first held in calendar year 2027, provided that meeting occurs at least 50 weeks after June 4, 2026. After this award, Schechter directly holds 133,080 shares of Lifecore common stock.