2017 Q4 Form 10-Q Financial Statement
#000114420417057708 Filed on November 09, 2017
Income Statement
| Concept | 2017 Q4 | 2016 Q3 |
|---|---|---|
| Revenue | $153.0K | $36.00K |
| YoY Change | 104.0% | -77.5% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.590M | $2.470M |
| YoY Change | 10.21% | 73.94% |
| % of Gross Profit | ||
| Research & Development | $993.0K | $820.0K |
| YoY Change | -5.34% | 48.82% |
| % of Gross Profit | ||
| Depreciation & Amortization | $341.0K | $324.0K |
| YoY Change | 4.6% | 32300.0% |
| % of Gross Profit | ||
| Operating Expenses | $3.580M | $3.290M |
| YoY Change | 5.29% | 66.75% |
| Operating Profit | -$3.427M | |
| YoY Change | 3.07% | |
| Interest Expense | $479.0K | -$470.0K |
| YoY Change | -0.83% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$473.0K | $10.00K |
| YoY Change | 1.28% | 25.0% |
| Pretax Income | -$3.900M | -$3.610M |
| YoY Change | 2.9% | 99.45% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$3.899M | -$3.060M |
| YoY Change | 20.75% | 69.53% |
| Net Earnings / Revenue | -2548.37% | -8500.0% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$403.7K | -$343.4K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 92.82M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q4 | 2016 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $7.310M | $20.10M |
| YoY Change | -55.24% | 139.86% |
| Cash & Equivalents | $7.310M | $20.10M |
| Short-Term Investments | ||
| Other Short-Term Assets | $380.0K | $130.0K |
| YoY Change | 31.03% | 44.44% |
| Inventory | $0.00 | $0.00 |
| Prepaid Expenses | ||
| Receivables | $140.0K | $230.0K |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $7.820M | $20.46M |
| YoY Change | -53.31% | 125.33% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $25.29M | $25.58M |
| YoY Change | -0.64% | 255700.0% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | $1.702M | $2.023M |
| YoY Change | -13.16% | -11.43% |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $30.00K | $30.00K |
| YoY Change | 0.0% | |
| Total Long-Term Assets | $27.02M | $27.63M |
| YoY Change | -1.53% | 1104.49% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $7.820M | $20.46M |
| Total Long-Term Assets | $27.02M | $27.63M |
| Total Assets | $34.84M | $48.09M |
| YoY Change | -21.16% | 322.82% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $700.0K | $980.0K |
| YoY Change | -4.24% | -22.83% |
| Accrued Expenses | $1.130M | $1.020M |
| YoY Change | 24.86% | 251.72% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $190.0K | $170.0K |
| YoY Change | 5.56% | |
| Total Short-Term Liabilities | $2.044M | $2.174M |
| YoY Change | 9.48% | 38.47% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $24.99M | $25.22M |
| YoY Change | -0.75% | |
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $24.99M | $25.22M |
| YoY Change | -0.75% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $2.044M | $2.174M |
| Total Long-Term Liabilities | $24.99M | $25.22M |
| Total Liabilities | $27.03M | $27.39M |
| YoY Change | -0.04% | 1650.42% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $115.0K | $89.00K |
| YoY Change | -99.83% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $7.810M | $7.140M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $34.84M | $48.09M |
| YoY Change | -21.16% | 322.96% |
Cashflow Statement
| Concept | 2017 Q4 | 2016 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$3.899M | -$3.060M |
| YoY Change | 20.75% | 69.53% |
| Depreciation, Depletion And Amortization | $341.0K | $324.0K |
| YoY Change | 4.6% | 32300.0% |
| Cash From Operating Activities | -$3.590M | -$2.273M |
| YoY Change | 0.56% | 97.65% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$200.0K | $400.0K |
| YoY Change | 17.65% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$200.0K | -$602.0K |
| YoY Change | 17.65% | 2910.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $0.00 | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 5.180M | -$41.00K |
| YoY Change | -13050.0% | -168.33% |
| NET CHANGE | ||
| Cash From Operating Activities | -3.590M | -$2.273M |
| Cash From Investing Activities | -200.0K | -$602.0K |
| Cash From Financing Activities | 5.180M | -$41.00K |
| Net Change In Cash | 1.390M | -$2.916M |
| YoY Change | -136.77% | 162.7% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$3.590M | -$2.273M |
| Capital Expenditures | -$200.0K | $400.0K |
| Free Cash Flow | -$3.390M | -$2.673M |
| YoY Change | -0.29% | 132.43% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
265000 | USD |
| CY2016Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2273000 | USD |
| CY2017Q3 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
15000 | USD |
| CY2016Q3 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
202000 | USD |
| CY2017Q3 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
96000 | USD |
| CY2016Q3 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
400000 | USD |
| CY2017Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
85000 | USD |
| CY2016Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
88000 | USD |
| CY2017Q3 | us-gaap |
Depreciation
Depreciation
|
338000 | USD |
| CY2016Q3 | us-gaap |
Depreciation
Depreciation
|
324000 | USD |
| CY2017Q3 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
85000 | USD |
| CY2016Q3 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-315000 | USD |
| CY2017Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3017000 | USD |
| CY2017Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-111000 | USD |
| CY2016Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
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|
-602000 | USD |
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Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
956000 | USD |
| CY2016Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
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| CY2017Q3 | us-gaap |
Dividends Preferred Stock Stock
DividendsPreferredStockStock
|
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Dividends Preferred Stock Stock
DividendsPreferredStockStock
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Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
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Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-3061000 | USD |
| CY2017Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
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| CY2017Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
205000 | USD |
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Share Based Compensation
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|
205000 | USD |
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Cash And Cash Equivalents Period Increase Decrease
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|
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| CY2016Q3 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
102000 | USD |
| CY2017Q3 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
119000 | USD |
| CY2016Q3 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-24000 | USD |
| CY2017Q3 | ibio |
Capital Expenditures Incurred Payments Made
CapitalExpendituresIncurredPaymentsMade
|
87000 | USD |
| CY2016Q3 | ibio |
Capital Expenditures Incurred Payments Made
CapitalExpendituresIncurredPaymentsMade
|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
20098000 | USD |
| CY2016Q3 | ibio |
Unpaid Intangible Assets Included In Accounts Payable
UnpaidIntangibleAssetsIncludedInAccountsPayable
|
184000 | USD |
| CY2016Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
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|
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Unpaid Fixed Assets Included In Accounts Payable
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|
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Unpaid Fixed Assets Included In Accounts Payable
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Interest Paid Net
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Interest Paid Net
InterestPaidNet
|
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| CY2017Q3 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
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| CY2016Q3 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
41000 | USD |
| CY2016Q3 | us-gaap |
Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
|
-22000 | USD |
| CY2017Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
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| CY2016Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
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| CY2017Q3 | us-gaap |
Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
|
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| CY2016Q3 | us-gaap |
Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
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| CY2017Q3 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
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| CY2016Q3 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
53000 | USD |
| CY2017Q3 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
123000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
|
2111000 | USD |
| CY2017Q2 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
|
131000 | USD |
| CY2017Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
|
99000 | USD |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
1757000 | USD |
| CY2017Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
1823000 | USD |
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Sub Lease Expiration Period
SubLeaseExpirationPeriod
|
P34Y | |
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Lease And Rental Expense
LeaseAndRentalExpense
|
2100000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
|
480000 | USD |
| CY2016Q3 | us-gaap |
Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
|
484000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
|
2100000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
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2100000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
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2100000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
|
2100000 | USD |
| CY2017Q3 | us-gaap |
Capital Leases Future Minimum Payments Due In Five Years
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|
2100000 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
| CY2016Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
4043000 | USD |
| CY2016Q2 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
6500000 | shares |
| CY2016Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
265000 | USD |
| CY2017Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
205000 | USD |
| CY2017Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
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Preferred Stock Shares Issued
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|
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Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
1 | shares |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
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Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
|
200000 | USD |
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Long Term Purchase Commitment Expire Date
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|
2015-12-31 | |
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Revenue From Intersegment
RevenueFromIntersegment
|
0 | USD |
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Interest And Other Income
InterestAndOtherIncome
|
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Revenue From Intersegment
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0 | USD |
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Interest And Other Income
InterestAndOtherIncome
|
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Document Type
DocumentType
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10-Q | |
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Amendment Flag
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|
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Document Period End Date
DocumentPeriodEndDate
|
2017-09-30 | |
| CY2017Q3 | dei |
Document Fiscal Year Focus
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|
2018 | |
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Document Fiscal Period Focus
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Q1 | |
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Entity Registrant Name
EntityRegistrantName
|
iBio, Inc. | |
| CY2017Q3 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001420720 | |
| CY2017Q3 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--06-30 | |
| CY2017Q3 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2017Q3 | dei |
Trading Symbol
TradingSymbol
|
IBIO | |
| CY2017Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
92818510 | shares |
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Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
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Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
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Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
56000 | USD |
| CY2017Q2 | us-gaap |
Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
87000 | USD |
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Due To Related Parties Current
DueToRelatedPartiesCurrent
|
778000 | USD |
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Due To Related Parties Current
DueToRelatedPartiesCurrent
|
650000 | USD |
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Preferred Stock No Par Value
PreferredStockNoParValue
|
0.001 | |
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Preferred Stock No Par Value
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0.001 | |
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
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Preferred Stock Shares Issued
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|
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
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Common Stock Shares Authorized
CommonStockSharesAuthorized
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Common Stock Shares Authorized
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175000000 | shares |
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Common Stock Shares Issued
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Common Stock Shares Outstanding
CommonStockSharesOutstanding
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89118510 | shares |
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Assets
Assets
|
48091000 | USD |
| CY2016Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
25580000 | USD |
| CY2016Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
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|
2023000 | USD |
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Related Party Transaction Expenses From Transactions With Related Party
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|
176000 | USD |
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Related Party Transaction Expenses From Transactions With Related Party
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|
239000 | USD |
| CY2017Q3 | us-gaap |
Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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| CY2016Q3 | us-gaap |
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175000 | USD |
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Interest Expense Related Party
InterestExpenseRelatedParty
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Interest Expense Related Party
InterestExpenseRelatedParty
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Revenue From Grants
RevenueFromGrants
|
44000 | USD |
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Revenue From Grants
RevenueFromGrants
|
36000 | USD |
| CY2017Q3 | 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;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><b> 1.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;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: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBio, Inc. and Subsidiaries (“iBio” or the “Company”) is a biotechnology company focused on using our proprietary technologies and production facilities to provide product development and manufacturing services to clients, collaborators and third-party customers as well as developing and commercializing our own product candidates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 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’s wholly-owned and majority-owned subsidiaries are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>iBIO DO BRASIL BIOFARMACÊUTICA LTDA</b> (“iBio Brazil”) – 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’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 8) 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>iBio Manufacturing LLC</b> (“iBio Manufacturing”) – 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><strong>iBio CDMO LLC</strong> (“iBio CDMO”) – iBio CDMO is a Delaware limited liability company formed on December 16, 2015 as iBio CMO, LLC to develop and manufacture plant-made pharmaceuticals. Effective July 1, 2017, iBio CMO changed its name to iBio CDMO. As of December 31, 2015, the Company owned <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% of iBio CDMO. On January 13, 2016, the Company entered into a contract manufacturing joint venture with an affiliate of Eastern Capital Limited (“Eastern”), a stockholder of the Company (the “Eastern Affiliate”). 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 CDMO. The Company retained a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 70</font>% interest in iBio CDMO and contributed a royalty-bearing license which grants iBio CDMO a non-exclusive license to use the Company’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’s technologies.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">On February 23, 2017, the Company entered into an exchange agreement with the Eastern Affiliate, pursuant to which the Company acquired substantially all of the interest in iBio CDMO held by the Eastern Affiliate in exchange for one share of the Company’s iBio CMO Preferred Tracking Stock, par value $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> per share. After giving effect to the transaction, the Company owns <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 99.99</font>% of iBio CDMO. See Note 9 for a further discussion.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">iBio CDMO’s operations take place in Bryan, Texas in a facility controlled by another affiliate of Eastern (the “Second Eastern Affiliate”) 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&M University, designed and equipped for plant-made manufacture of biopharmaceuticals. The Second Eastern Affiliate granted iBio CDMO a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34</font>-year capital lease for the facility as well as certain equipment (see Note 8). Commercial operations commenced in January 2016. iBio CDMO 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’s proprietary product(s) for treatment of fibrotic diseases and/or other proprietary iBio products; and (3) Commercial technology transfer services including facility design, as needed.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q3 | 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;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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, 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13548334 | shares |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
50000 | shares |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13598334 | shares |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
13543932 | shares |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
10911679 | shares |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.21 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.40 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.21 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
1.21 | |
| CY2017Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
27510000 | USD |
| CY2017Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
27493000 | USD |
| CY2017Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2242000 | USD |
| CY2017Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1904000 | USD |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
5464000 | USD |
| CY2017Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
5446000 | USD |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
3707000 | USD |
| CY2017Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
3623000 | USD |
| CY2017Q3 | us-gaap |
Share Price
SharePrice
|
0.40 | |
| CY2017Q3 | 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 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
83000 | USD |
| CY2017Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
922000 | USD |
| CY2017Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y7M6D | |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
138000 | USD |
| CY2017Q3 | ibio |
Capital Lease Obligation Description
CapitalLeaseObligationDescription
|
the base rent, iBio CDMO 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 CDMOs 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 CDMO 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 $17,000 and $16,000 for the three months ended September 30, 2017 and 2016, respectively. | |
| CY2017Q3 | ibio |
Capital Expenditure Incurred For Intangible Assets Paid
CapitalExpenditureIncurredForIntangibleAssetsPaid
|
11000 | USD |
| CY2016Q3 | ibio |
Capital Expenditure Incurred For Intangible Assets Paid
CapitalExpenditureIncurredForIntangibleAssetsPaid
|
0 | USD |
| CY2017Q3 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
0 | USD |
| CY2017Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1200000 | shares |
| CY2017Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
83000 | USD |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
83000 | USD |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.30 | |
| CY2017Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P5Y7M6D | |
| CY2017Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P5Y7M6D | |
| CY2017Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P4Y9M18D | |
| CY2017 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P5Y9M18D | |
| CY2016Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
175000000 | shares |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0223 | pure |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2017Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P9Y | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.0310 | pure |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0.34 |
