2017 Q1 Form 10-Q Financial Statement

#000114420417010136 Filed on February 21, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q2
Revenue $37.00K $75.00K $280.0K
YoY Change -90.24% -44.03% -12.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.840M $2.350M $2.180M
YoY Change 18.33% 39.88% 50.34%
% of Gross Profit
Research & Development $1.136M $1.049M $850.0K
YoY Change 8.4% 49.01% 11.84%
% of Gross Profit
Depreciation & Amortization $337.0K $326.0K $410.0K
YoY Change 29.12% 32500.0% 310.0%
% of Gross Profit
Operating Expenses $3.973M $3.400M $3.030M
YoY Change 15.13% 42.38% 37.1%
Operating Profit -$3.936M -$3.325M
YoY Change 28.13% 47.52%
Interest Expense $481.0K $483.0K -$470.0K
YoY Change 48.92%
% of Operating Profit
Other Income/Expense, Net -$469.0K -$467.0K $0.00
YoY Change 49.84% -5937.5% -100.0%
Pretax Income -$4.410M -$3.790M -$3.220M
YoY Change 30.09% 68.44% 70.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.913M -$3.229M -$2.680M
YoY Change 28.89% 43.77% 41.8%
Net Earnings / Revenue -10575.68% -4305.33% -957.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$438.8K -$362.5K -$304.2K
COMMON SHARES
Basic Shares Outstanding 89.11M shares 89.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.42M $16.33M $23.01M
YoY Change -43.26% 142.64% 142.47%
Cash & Equivalents $12.42M $16.33M $23.01M
Short-Term Investments
Other Short-Term Assets $370.0K $290.0K $260.0K
YoY Change 15.63% 16.0% 1429.41%
Inventory $60.00K $30.00K $20.00K
Prepaid Expenses
Receivables $130.0K $25.00K $484.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.98M $16.75M $23.91M
YoY Change -42.87% 132.58% 136.2%
LONG-TERM ASSETS
Property, Plant & Equipment $25.79M $25.45M $25.57M
YoY Change 0.07% 181707.14% 196623.08%
Goodwill
YoY Change
Intangibles $1.895M $1.960M $2.092M
YoY Change -11.41% -10.95% -11.36%
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K $30.00K
YoY Change 0.0%
Total Long-Term Assets $27.72M $27.44M $27.69M
YoY Change -0.81% 1138.83% 1067.05%
TOTAL ASSETS
Total Short-Term Assets $12.98M $16.75M $23.91M
Total Long-Term Assets $27.72M $27.44M $27.69M
Total Assets $40.70M $44.19M $51.60M
YoY Change -19.67% 369.29% 313.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.390M $731.0K $1.177M
YoY Change -10.38% -45.2% 6.61%
Accrued Expenses $960.0K $905.0K $920.0K
YoY Change 47.69% 381.38% 478.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $180.0K $180.0K $170.0K
YoY Change 5.88%
Total Short-Term Liabilities $2.621M $1.867M $2.291M
YoY Change 7.37% 21.23% 81.39%
LONG-TERM LIABILITIES
Long-Term Debt $25.13M $25.18M $25.27M
YoY Change -0.71%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $25.13M $25.18M $25.27M
YoY Change -0.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.621M $1.867M $2.291M
Total Long-Term Liabilities $25.13M $25.18M $25.27M
Total Liabilities $27.75M $27.04M $27.56M
YoY Change 0.0% 1658.26% 2081.79%
SHAREHOLDERS EQUITY
Retained Earnings -$67.79M -$63.88M -$57.59M
YoY Change 23.14% 20.42%
Common Stock $80.77M $68.06M $67.56M
YoY Change 27.78% 13.84% 14.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.95M $4.153M $9.937M
YoY Change
Total Liabilities & Shareholders Equity $40.70M $44.19M $51.60M
YoY Change -19.68% 369.29% 313.0%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$3.913M -$3.229M -$2.680M
YoY Change 28.89% 43.77% 41.8%
Depreciation, Depletion And Amortization $337.0K $326.0K $410.0K
YoY Change 29.12% 32500.0% 310.0%
Cash From Operating Activities -$3.560M -$3.570M -$2.820M
YoY Change 45.9% 115.06% 133.06%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$170.0K -$60.00K
YoY Change -1800.0% -14.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$300.0K -$170.0K -$60.00K
YoY Change -1800.0% -14.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -40.00K 4.000M
YoY Change -100.28% 48.15%
NET CHANGE
Cash From Operating Activities -3.560M -3.570M -2.820M
Cash From Investing Activities -300.0K -170.0K -60.00K
Cash From Financing Activities -50.00K -40.00K 4.000M
Net Change In Cash -3.910M -3.780M 1.120M
YoY Change -125.79% 129.09% -21.13%
FREE CASH FLOW
Cash From Operating Activities -$3.560M -$3.570M -$2.820M
Capital Expenditures -$300.0K -$170.0K -$60.00K
Free Cash Flow -$3.260M -$3.400M -$2.760M
YoY Change 33.61% 103.59% 142.11%

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iBio, Inc.
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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: 0in 0in 0pt" align="center"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0.8pt; 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: 0.8pt; 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;&#160;&#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 for vaccines and therapeutic proteins and on developing and commercializing select biopharmaceutical product candidates. The advantages of iBio&#8217;s technology include reduced production time, capital and operating costs for biopharmaceuticals and the ability to manufacture therapeutic proteins that are difficult or commercially infeasible to produce with conventional methods.</font></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">&#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 was established as a public company in August 2008 as the result of a spin-off 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:</font></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">&#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">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 did not commence any business activities and was dissolved on June 10, 2016.</font></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">&#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 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 did not commence any business activities and was dissolved on June 9, 2016.</font></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">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 99</font>% 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 7) and development of additional 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 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 Manufacturing LLC (&#8220;iBio Manufacturing&#8221;) &#150; iBio Manufacturing, a wholly-owned subsidiary, is a Delaware limited liability company formed in November 2015. iBio Manufacturing has not commenced any activities to date.</font></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">&#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 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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% 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 $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15</font> million in cash for a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30</font>% interest in iBio CMO. The Company retained a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 70</font>% 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 technologies 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 technologies.</font></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">&#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 CMO&#8217;s operations take place in Bryan, Texas in a facility controlled by another affiliate of Eastern (the &#8220;Second Eastern Affiliate&#8221;) as sublandlord. The facility is a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 139,000</font> 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 Eastern Affiliate granted iBio CMO a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34</font>-year sublease for the facility as well as certain equipment (see Note 8). 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.&#160;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
us-gaap Capital Leases Income Statement Interest Expense
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CY2015Q4 us-gaap Assets
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CY2016Q4 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
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CY2015Q2 ibio Registration Common Stock
RegistrationCommonStock
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ibio Capital Lease Obligation Description
CapitalLeaseObligationDescription
The base rent under the sublease will be increased by any increase in the base rent under the ground lease as a result of such adjustments. In addition to the base rent, iBio CMO is required to pay, for each calendar year during the term, a portion of the total gross sales for products manufactured or processed at the facility, equal to 7% of the first $5,000,000 of gross sales, 6% of gross sales between $5,000,001 and $25,000,000, 5% of gross sales between $25,000,001 and $50,000,000, 4% of gross sales between $50,000,001 and $100,000,000, and 3% of gross sales between $100,000,001 and $500,000,000. However, if for any calendar year period from January 1, 2018 through December 31, 2019, iBio CMO&#8217;s applicable gross sales are less than $5,000,000, or for any calendar year period from and after January 1, 2020, its applicable gross sales are less than $10,000,000, then iBio CMO is required to pay the amount that would have been payable if it had achieved such minimum gross sales and shall pay no less than the applicable percentage for the minimum gross sales for each subsequent calendar year. Percentage rent amounted to approximately $29,000 and $45,000 for the three and six months ended December 31, 2016, respectively. There was no percentage rent for 2015.
ibio Unpaid Intangible Assets Included In Accounts Payable
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197000 USD
ibio Unpaid Intangible Assets Included In Accounts Payable
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40000 USD
ibio Capital Expenditures Incurred Payments Made
CapitalExpendituresIncurredPaymentsMade
71000 USD
ibio Capital Expenditures Incurred Payments Made
CapitalExpendituresIncurredPaymentsMade
0 USD
ibio Unpaid Fixed Assets Included In Accounts Payable
UnpaidFixedAssetsIncludedInAccountsPayable
61000 USD
ibio Unpaid Fixed Assets Included In Accounts Payable
UnpaidFixedAssetsIncludedInAccountsPayable
0 USD

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