2015 Q4 Form 10-Q Financial Statement
#000114420415065421 Filed on November 13, 2015
Income Statement
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
|---|---|---|---|
| Revenue | $134.0K | $160.0K | $819.0K |
| YoY Change | -63.49% | -80.46% | |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $1.680M | $1.420M | $1.050M |
| YoY Change | 29.23% | 35.24% | 320.0% |
| % of Gross Profit | |||
| Research & Development | $704.0K | $551.0K | $1.185M |
| YoY Change | -3.69% | -53.5% | 114.67% |
| % of Gross Profit | |||
| Depreciation & Amortization | $1.000K | $1.000K | $1.000K |
| YoY Change | -98.89% | 0.0% | 0.0% |
| % of Gross Profit | |||
| Operating Expenses | $2.388M | $1.973M | $2.235M |
| YoY Change | 17.46% | -11.72% | -1031.25% |
| Operating Profit | -$2.254M | -$1.813M | -$1.416M |
| YoY Change | 35.29% | 28.04% | -690.0% |
| Interest Expense | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | $8.000K | $8.000K | $6.000K |
| YoY Change | -38.46% | 33.33% | -95.68% |
| Pretax Income | -$2.250M | -$1.810M | -$1.410M |
| YoY Change | 36.36% | 28.37% | -471.05% |
| Income Tax | $0.00 | ||
| % Of Pretax Income | |||
| Net Earnings | -$2.246M | -$1.805M | -$1.410M |
| YoY Change | 35.87% | 28.01% | -472.03% |
| Net Earnings / Revenue | -1676.12% | -1128.13% | -172.16% |
| Basic Earnings Per Share | -$0.02 | ||
| Diluted Earnings Per Share | -$291.1K | -$234.2K | -$0.02 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 77.33M shares | 65.86M shares | |
| Diluted Shares Outstanding | 65.86M shares |
Balance Sheet
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $6.730M | $8.380M | $3.490M |
| YoY Change | -8.56% | 140.11% | 1.45% |
| Cash & Equivalents | $6.732M | $8.384M | $3.486M |
| Short-Term Investments | |||
| Other Short-Term Assets | $250.0K | $90.00K | $80.00K |
| YoY Change | -10.71% | 12.5% | -57.89% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $202.0K | $610.0K | $0.00 |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $7.201M | $9.080M | $4.121M |
| YoY Change | -15.88% | 120.33% | -11.28% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $14.00K | $10.00K | $20.00K |
| YoY Change | -30.0% | -50.0% | 300.0% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $2.201M | $2.284M | $2.516M |
| YoY Change | -9.22% | -6.29% | |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $2.215M | $2.294M | $2.539M |
| YoY Change | -10.69% | -9.65% | -5.61% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $7.201M | $9.080M | $4.121M |
| Total Long-Term Assets | $2.215M | $2.294M | $2.539M |
| Total Assets | $9.416M | $11.37M | $6.660M |
| YoY Change | -14.71% | 70.78% | -9.2% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.334M | $1.270M | $516.0K |
| YoY Change | 36.12% | 146.12% | -60.7% |
| Accrued Expenses | $188.0K | $290.0K | $702.0K |
| YoY Change | -61.63% | -58.69% | 106.47% |
| 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 | $1.540M | $1.570M | $1.218M |
| YoY Change | 4.05% | 28.9% | -26.32% |
| 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 | $1.540M | $1.570M | $1.218M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $1.538M | $1.565M | $1.218M |
| YoY Change | 3.92% | 28.49% | -26.18% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$51.88M | -$42.61M | |
| YoY Change | 14.68% | ||
| Common Stock | $59.79M | $48.05M | |
| YoY Change | 12.17% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $7.878M | $9.810M | $5.439M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $9.416M | $11.37M | $6.657M |
| YoY Change | -14.71% | 70.8% | -9.24% |
Cashflow Statement
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.246M | -$1.805M | -$1.410M |
| YoY Change | 35.87% | 28.01% | -472.03% |
| Depreciation, Depletion And Amortization | $1.000K | $1.000K | $1.000K |
| YoY Change | -98.89% | 0.0% | 0.0% |
| Cash From Operating Activities | -$1.660M | -$1.150M | -$570.0K |
| YoY Change | 2.47% | 101.75% | -37.43% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $10.00K | $0.00 | $14.00K |
| YoY Change | -114.29% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | $10.00K | -$20.00K | -$30.00K |
| YoY Change | -114.29% | -33.33% | -49.15% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | $500.0K | |
| YoY Change | -100.0% | ||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 0.000 | 60.00K | 500.0K |
| YoY Change | -100.0% | -88.0% | |
| NET CHANGE | |||
| Cash From Operating Activities | -1.660M | -1.150M | -570.0K |
| Cash From Investing Activities | 10.00K | -20.00K | -30.00K |
| Cash From Financing Activities | 0.000 | 60.00K | 500.0K |
| Net Change In Cash | -1.650M | -1.110M | -100.0K |
| YoY Change | -142.42% | 1010.0% | -89.69% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.660M | -$1.150M | -$570.0K |
| Capital Expenditures | $10.00K | $0.00 | $14.00K |
| Free Cash Flow | -$1.670M | -$1.150M | -$584.0K |
| YoY Change | 7.74% | 96.92% | -35.89% |
Facts In Submission
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Earnings Per Share Basic And Diluted
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Share Based Compensation
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329000 | USD |
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Share Based Compensation
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Amortization Of Intangible Assets
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Depreciation
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Increase Decrease In Accounts Receivable
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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Payments To Acquire Intangible Assets
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|
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|
253000 | USD |
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63000 | USD |
| CY2015Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
329000 | USD |
| CY2015Q3 | us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
227000 | USD |
| CY2014Q3 | us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
222000 | USD |
| CY2015Q3 | us-gaap |
Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
|
126000 | USD |
| CY2014Q3 | us-gaap |
Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
|
555000 | USD |
| CY2015Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD |
| CY2014Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
500000 | USD |
| CY2015Q3 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<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"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">1.    Nature of Business</font></b></div> <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"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <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 (“iBio” or the “Company”) is a biotechnology company focused on the commercialization of its proprietary plant-based protein expression technologies - the iBioLaunch™ platform for vaccines and therapeutic proteins and the iBioModulator™ platform for vaccine enhancement – and on developing and commercializing select biopharmaceutical product candidates. The advantages of iBio’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 one business segment under the direction of its Executive Chairman. The Company has two wholly-owned subsidiaries, iBioDefense Biologics LLC (“iBioDefense”), a Delaware limited liability company formed in July 2013 to explore development and commercialization of defense-specific applications of the Company’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 BIOFARMACÊUTICA LTDA. (“iBio Brazil”), to manage and expand the Company’s business activities in Brazil. The activities of iBio Brazil are intended to include coordination and expansion of the Company’s existing relationship with Fundacao Oswaldo Cruz/FioCruz (“FioCruz”) beyond the current Yellow Fever Vaccine program (see Note 6) 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> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2015Q3 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | pure |
| CY2015Q3 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include the valuation of intellectual property, research and development expenses, legal and contractual contingencies and share-based compensation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2015Q3 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
5296000 | USD |
| CY2015Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
5281000 | USD |
| CY2015Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
3012000 | USD |
| CY2015Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
2921000 | USD |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
9523334 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
2550000 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
12073334 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
11998520 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
7101692 | shares |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.22 | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
1.72 | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.32 | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
1.32 | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.36 | |
| CY2015 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y7M6D | |
| CY2015Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y1M6D | |
| CY2015Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P7Y1M6D | |
| CY2015Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P5Y8M12D | |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
1848000 | USD |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
822000 | USD |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
818000 | USD |
| CY2015Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
579000 | USD |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0213 | pure |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.1217 | pure |
| CY2015Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P9Y | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriodDescription
|
Plan was amended to increase the number of shares reserved for awards under the Plan from 10 million to 15 million | |
| CY2015Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
2400000 | USD |
| CY2015Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y4M24D | |
| CY2015Q3 | ibio |
Registration Common Stock
RegistrationCommonStock
|
15000000 | USD |
| CY2015Q3 | us-gaap |
Liabilities
Liabilities
|
1565000 | USD |
| CY2015Q2 | us-gaap |
Liabilities
Liabilities
|
1263000 | USD |
