2015 Q2 Form 10-K Financial Statement

#000114420415059224 Filed on October 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2 2014
Revenue $320.0K $210.0K $205.0K
YoY Change 52.38% -66.13% -79.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.450M $1.950M $3.840M
YoY Change -25.64% 105.26% -1.79%
% of Gross Profit
Research & Development $760.0K -$590.0K $1.898M
YoY Change -228.81% -160.82% -44.68%
% of Gross Profit
Depreciation & Amortization $100.0K $90.00K $3.000K
YoY Change 11.11% 0.0% 50.0%
% of Gross Profit
Operating Expenses $2.210M $1.360M $4.045M
YoY Change 62.5% -29.17% -47.29%
Operating Profit -$3.840M
YoY Change -42.4%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $10.00K $10.00K $174.0K
YoY Change 0.0% 0.0% -62.9%
Pretax Income -$1.890M -$1.140M -$3.670M
YoY Change 65.79% -13.64% -40.81%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.890M -$1.140M -$3.666M
YoY Change 65.79% -13.64% -40.85%
Net Earnings / Revenue -590.63% -542.86% -1788.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$248.0K -$173.8K -$582.5K
COMMON SHARES
Basic Shares Outstanding 76.76M shares 65.64M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.490M $3.590M $3.590M
YoY Change 164.35% -18.59% -18.59%
Cash & Equivalents $9.494M $3.590M
Short-Term Investments
Other Short-Term Assets $17.00K $8.000K $120.0K
YoY Change 112.5% -74.19% -90.08%
Inventory
Prepaid Expenses
Receivables $445.0K $205.0K $210.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.12M $3.913M $3.910M
YoY Change 158.65% -41.02% -41.11%
LONG-TERM ASSETS
Property, Plant & Equipment $13.00K $6.000K $10.00K
YoY Change 116.67% 0.0% 0.0%
Goodwill
YoY Change
Intangibles $2.360M $2.575M
YoY Change -8.35% -5.09%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.373M $2.581M $2.580M
YoY Change -8.06% -5.08% -4.8%
TOTAL ASSETS
Total Short-Term Assets $10.12M $3.913M $3.910M
Total Long-Term Assets $2.373M $2.581M $2.580M
Total Assets $12.49M $6.494M $6.490M
YoY Change 92.39% -30.58% -30.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.104M $297.0K $300.0K
YoY Change 271.72% -87.63% -87.5%
Accrued Expenses $159.0K $98.00K $100.0K
YoY Change 62.24% -94.8% -94.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.263M $395.0K $400.0K
YoY Change 219.75% -90.78% -90.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.263M $395.0K $400.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.263M $395.0K $400.0K
YoY Change 219.75% -90.79% -90.68%
SHAREHOLDERS EQUITY
Retained Earnings -$47.83M -$41.20M
YoY Change 16.08% 9.77%
Common Stock $59.08M $47.30M
YoY Change 24.91% 11.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.23M $6.099M $6.100M
YoY Change
Total Liabilities & Shareholders Equity $12.49M $6.494M $6.490M
YoY Change 92.39% -30.58% -30.59%

Cashflow Statement

Concept 2015 Q2 2014 Q2 2014
OPERATING ACTIVITIES
Net Income -$1.890M -$1.140M -$3.666M
YoY Change 65.79% -13.64% -40.85%
Depreciation, Depletion And Amortization $100.0K $90.00K $3.000K
YoY Change 11.11% 0.0% 50.0%
Cash From Operating Activities -$1.210M -$690.0K -$4.120M
YoY Change 75.36% -24.18% -15.03%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$60.00K $4.000K
YoY Change 16.67% 50.0% -42.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$70.00K -$60.00K -$260.0K
YoY Change 16.67% 50.0% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $480.0K
YoY Change -88.8%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M 0.000 3.550M
YoY Change -100.0% -7.41%
NET CHANGE
Cash From Operating Activities -1.210M -690.0K -4.120M
Cash From Investing Activities -70.00K -60.00K -260.0K
Cash From Financing Activities 2.700M 0.000 3.550M
Net Change In Cash 1.420M -750.0K -830.0K
YoY Change -289.33% -126.04% -31.4%
FREE CASH FLOW
Cash From Operating Activities -$1.210M -$690.0K -$4.120M
Capital Expenditures -$70.00K -$60.00K $4.000K
Free Cash Flow -$1.140M -$630.0K -$4.124M
YoY Change 80.95% -27.59% -15.07%

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.3pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">1.</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">Nature of Business</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">iBio, Inc. and Subsidiaries (&#8220;iBio&#8221; or the &#8220;Company&#8221;) is a biotechnology company focused on the commercialization of its proprietary plant-based protein expression technologies - the iBioLaunch&#153; platform for vaccines and therapeutic proteins and the iBioModulator&#153; platform for vaccine enhancement &#150; and on developing and commercializing select biopharmaceutical product candidates. The advantages of iBio&#8217;s technology include the ability to manufacture therapeutic proteins that are difficult or commercially infeasible to produce with conventional methods, and reduced production time, capital and operating costs for biopharmaceuticals. iBio was established as a public company in August 2008 as the result of a spinoff from Integrated BioPharma, Inc. The Company operates in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> one</font> business segment under the direction of its Executive Chairman. The Company has two wholly-owned subsidiaries, iBioDefense Biologics LLC (&#8220;iBioDefense&#8221;), a Delaware limited liability company formed in July 2013 to explore development and commercialization of defense-specific applications of the Company&#8217;s proprietary technology, and iBio Peptide Therapeutics LLC, a Delaware limited liability company formed in November 2013. Both of these subsidiaries are dormant. Additionally the Company has a 99% interest in a subsidiary organized in Brazil, iBIO DO BRASIL BIOFARMAC&#202;UTICA LTDA. (&#8220;iBio Brazil&#8221;), to manage and expand the Company&#8217;s business activities in Brazil. The activities of iBio Brazil are intended to include coordination and expansion of the Company&#8217;s existing relationship with Fundacao Oswaldo Cruz/FioCruz (&#8220;FioCruz&#8221;) beyond the current Yellow Fever Vaccine program (see Note 8) and development of biosimilar products with private sector participants for the Brazilian market. iBio Brazil commenced operations during the first quarter of the fiscal year ended June 30, 2015.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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2015-12-31
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P9Y
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1100000 USD
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1200000 shares
CY2015 us-gaap Current Income Tax Expense Benefit
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CY2015 ibio Current And Deferred Federal And State Taxes
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CY2015 ibio Income Tax Expense Benefit Valuation Allowance
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2688000 USD
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11954000 USD
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3626000 USD
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764000 USD
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188000 USD
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122000 USD
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16000 USD
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13000 USD
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18923000 USD
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16235000 USD
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0.01 pure
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0.01 pure
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0 pure
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EffectiveIncomeTaxRateContinuingOperations
0 pure
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5500000 USD
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37200000 USD
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
21600000 USD
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70000 USD
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
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26691 shares
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1848000 USD
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179000 USD
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161000 USD
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5068000 USD
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3100000 USD
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480000 USD
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29000 USD
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71000 USD
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900000 USD
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1075000 USD
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914000 USD

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