2016 Q1 Form 10-Q Financial Statement

#000114420416083497 Filed on February 22, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2014 Q4
Revenue $379.0K $134.0K $367.0K
YoY Change 8.6% -63.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.400M $1.680M $1.300M
YoY Change 96.72% 29.23% 23.81%
% of Gross Profit
Research & Development $1.048M $704.0K $731.0K
YoY Change 28.59% -3.69% 24.96%
% of Gross Profit
Depreciation & Amortization $261.0K $1.000K $90.00K
YoY Change 2272.73% -98.89% 0.0%
% of Gross Profit
Operating Expenses $3.451M $2.388M $2.033M
YoY Change 69.42% 17.46% 24.27%
Operating Profit -$3.072M -$2.254M -$1.666M
YoY Change 81.99% 35.29% 1.83%
Interest Expense $323.0K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$313.0K $8.000K $13.00K
YoY Change -2945.45% -38.46% 18.18%
Pretax Income -$3.390M -$2.250M -$1.650M
YoY Change 101.79% 36.36% 1.23%
Income Tax
% Of Pretax Income
Net Earnings -$3.036M -$2.246M -$1.653M
YoY Change 81.04% 35.87% 1.41%
Net Earnings / Revenue -801.06% -1676.12% -450.41%
Basic Earnings Per Share
Diluted Earnings Per Share -$374.4K -$291.1K -$232.4K
COMMON SHARES
Basic Shares Outstanding 82.61M shares 77.33M shares 71.90M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.89M $6.730M $7.360M
YoY Change 170.92% -8.56% 29.58%
Cash & Equivalents $21.89M $6.732M $7.363M
Short-Term Investments
Other Short-Term Assets $320.0K $250.0K $280.0K
YoY Change 6.67% -10.71% 7.69%
Inventory $60.00K
Prepaid Expenses
Receivables $450.0K $202.0K $920.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.72M $7.201M $8.560M
YoY Change 151.22% -15.88% 23.34%
LONG-TERM ASSETS
Property, Plant & Equipment $25.78M $14.00K $20.00K
YoY Change 184007.14% -30.0% 300.0%
Goodwill
YoY Change
Intangibles $2.139M $2.201M
YoY Change -10.43%
Long-Term Investments
YoY Change
Other Assets $30.00K
YoY Change
Total Long-Term Assets $27.95M $2.215M $2.480M
YoY Change 1063.41% -10.69% -7.39%
TOTAL ASSETS
Total Short-Term Assets $22.72M $7.201M $8.560M
Total Long-Term Assets $27.95M $2.215M $2.480M
Total Assets $50.67M $9.416M $11.04M
YoY Change 342.64% -14.71% 14.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.551M $1.334M $980.0K
YoY Change 90.31% 36.12% -21.6%
Accrued Expenses $650.0K $188.0K $490.0K
YoY Change 60.49% -61.63% 16.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $170.0K
YoY Change
Total Short-Term Liabilities $2.441M $1.540M $1.480M
YoY Change 95.28% 4.05% -11.06%
LONG-TERM LIABILITIES
Long-Term Debt $25.31M $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $25.31M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.441M $1.540M $1.480M
Total Long-Term Liabilities $25.31M $0.00 $0.00
Total Liabilities $27.75M $1.538M $1.480M
YoY Change 2112.84% 3.92% -10.84%
SHAREHOLDERS EQUITY
Retained Earnings -$51.88M
YoY Change
Common Stock $63.21M $59.79M
YoY Change 12.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.270M $7.878M $9.570M
YoY Change
Total Liabilities & Shareholders Equity $50.67M $9.416M $11.04M
YoY Change 342.69% -14.71% 14.76%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$3.036M -$2.246M -$1.653M
YoY Change 81.04% 35.87% 1.41%
Depreciation, Depletion And Amortization $261.0K $1.000K $90.00K
YoY Change 2272.73% -98.89% 0.0%
Cash From Operating Activities -$2.440M -$1.660M -$1.620M
YoY Change 83.46% 2.47% 24.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K -$70.00K
YoY Change -100.0% -114.29% 250.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $10.00K -$70.00K
YoY Change -100.0% -114.29% 250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.60M 0.000 5.580M
YoY Change 742.11% -100.0% 57.18%
NET CHANGE
Cash From Operating Activities -2.440M -1.660M -1.620M
Cash From Investing Activities 0.000 10.00K -70.00K
Cash From Financing Activities 17.60M 0.000 5.580M
Net Change In Cash 15.16M -1.650M 3.890M
YoY Change 2035.21% -142.42% 74.44%
FREE CASH FLOW
Cash From Operating Activities -$2.440M -$1.660M -$1.620M
Capital Expenditures $0.00 $10.00K -$70.00K
Free Cash Flow -$2.440M -$1.670M -$1.550M
YoY Change 90.63% 7.74% 21.09%

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us-gaap Gain Loss On Disposition Of Intangible Assets
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us-gaap Nature Of Operations
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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;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" align="center"></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> <div><font style="FONT-FAMILY:Times New Roman, Times, Serif"><b> 1.</b></font></div> </td> <td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> <div><font style="FONT-FAMILY:Times New Roman, Times, Serif"><b> Nature of Business</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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&#8217;s wholly-owned and majority-owned subsidiaries are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBioDefense Biologics LLC (&#8220;iBioDefense&#8221;) &#150; iBioDefense, a wholly-owned subsidiary, is 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. iBioDefense has not commenced any activities to date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBio Peptide Therapeutics LLC (&#8220;iBio Peptide&#8221;) &#150; iBio Peptide, a wholly-owned subsidiary, is a Delaware limited liability company formed in November 2013. iBio Peptide has not commenced any activities to date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBIO DO BRASIL BIOFARMAC&#202;UTICA LTDA. (&#8220;iBio Brazil&#8221;) &#150; iBio Brazil is a subsidiary organized in Brazil in which the Company has a 99% interest. iBio Brazil was formed 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 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBio CMO LLC (&#8220;iBio CMO&#8221;) &#150; iBio CMO is a Delaware limited liability company formed on December 16, 2015 to develop and manufacture plant-made pharmaceuticals. As of December 31, 2015, the Company owned 100% of iBio CMO. On January 13, 2016, the Company entered into a contract manufacturing joint venture with an affiliate of Eastern Capital Limited (&#8220;Eastern&#8221;), a stockholder of the Company (the &#8220;Eastern Affiliate&#8221;). The Eastern Affiliate contributed $15 million in cash for a 30% interest in iBio CMO. The Company retained a 70% interest in iBio CMO and contributed a royalty bearing license which grants iBio CMO a non-exclusive license to use the Company&#8217;s proprietary technology for research purposes and an exclusive U.S. license for manufacturing purposes. The Company retained the exclusive right to grant product licenses to those who wish to sell or distribute products made using the Company&#8217;s technology.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBio CMO&#8217;s operations will take place in Bryant, Texas in a facility controlled by another affiliate of Eastern (the &#8220;Second Eastern Affiliate&#8221;) as sublandlord. The facility is a 139,000 square foot Class A life sciences building on the campus of Texas A&amp;M University, designed and equipped for plant-made manufacture of biopharmaceuticals. The Second Affiliate granted iBio CMO a 35-year sublease for the facility (see Note 12). Commercial operations commenced in January 2016. iBio CMO expects to operate on the basis of three parallel lines of business: (1) Development and manufacturing of third party products; (2) Development and production of iBio&#8217;s proprietary product(s) for treatment of fibrotic diseases; and (3) Commercial technology transfer services.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q4 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-17000 USD
CY2014Q4 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-30000 USD
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1800000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
6600000 shares
CY2015Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
91000 USD
CY2014Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
90000 USD
dei Entity Central Index Key
EntityCentralIndexKey
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CY2015Q4 us-gaap Deferred Revenue
DeferredRevenue
16000 USD
CY2015Q2 us-gaap Deferred Revenue
DeferredRevenue
0 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
16000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0 USD
ibio Earnings From Reversal Of Expenses
EarningsFromReversalOfExpenses
1900000 USD
CY2015Q4 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
78000 USD
CY2014Q4 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
78000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
iBio, Inc.
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
IBIO
CY2016Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
82609410 shares

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