2018 Q4 Form 10-Q Financial Statement

#000114420418059349 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $651.0K $45.00K $122.0K
YoY Change 325.49% -63.11% 238.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.393M $2.871M $2.500M
YoY Change 31.0% 14.84% 1.21%
% of Gross Profit
Research & Development $1.273M $1.124M $985.0K
YoY Change 28.2% 14.11% 20.12%
% of Gross Profit
Depreciation & Amortization $364.0K $360.0K $338.0K
YoY Change 6.74% 6.51% 4.32%
% of Gross Profit
Operating Expenses $4.666M $3.995M $3.483M
YoY Change 30.34% 14.7% 5.87%
Operating Profit -$4.015M -$3.950M -$3.361M
YoY Change 17.16% 17.52%
Interest Expense $476.0K $476.0K $480.0K
YoY Change -0.63% -0.83% -202.13%
% of Operating Profit
Other Income/Expense, Net -$455.0K -$449.0K -$466.0K
YoY Change -3.81% -3.65% -4760.0%
Pretax Income -$4.470M -$4.399M -$3.830M
YoY Change 14.62% 14.86% 6.09%
Income Tax
% Of Pretax Income
Net Earnings -$4.469M -$4.398M -$3.826M
YoY Change 14.62% 14.95% 25.03%
Net Earnings / Revenue -686.48% -9773.33% -3136.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$239.1K -$245.8K -$416.8K
COMMON SHARES
Basic Shares Outstanding 18.64M shares 18.34M shares 92.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.36M $16.01M $5.920M
YoY Change 82.78% 170.44% -70.55%
Cash & Equivalents $13.36M $16.01M $5.916M
Short-Term Investments
Other Short-Term Assets $396.0K $206.0K $210.0K
YoY Change 4.21% -1.9% 61.54%
Inventory $0.00
Prepaid Expenses
Receivables $155.0K $119.0K $260.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.97M $16.34M $6.380M
YoY Change 78.63% 156.03% -68.82%
LONG-TERM ASSETS
Property, Plant & Equipment $24.81M $24.98M $25.27M
YoY Change -1.89% -1.14% -1.22%
Goodwill
YoY Change
Intangibles $1.498M $1.554M $1.757M
YoY Change -11.99% -11.55% -13.15%
Long-Term Investments
YoY Change
Other Assets $24.00K $26.00K $30.00K
YoY Change -20.0% -13.33% 0.0%
Total Long-Term Assets $26.33M $26.56M $27.05M
YoY Change -2.54% -1.82% -2.09%
TOTAL ASSETS
Total Short-Term Assets $13.97M $16.34M $6.380M
Total Long-Term Assets $26.33M $26.56M $27.05M
Total Assets $40.30M $42.90M $33.43M
YoY Change 15.68% 28.3% -30.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $662.0K $692.0K $600.0K
YoY Change -5.43% 15.33% -38.78%
Accrued Expenses $1.052M $1.125M $1.050M
YoY Change -6.9% 7.14% 2.94%
Deferred Revenue $2.526M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $205.0K $201.0K $190.0K
YoY Change 7.89% 5.79% 11.76%
Total Short-Term Liabilities $4.445M $5.036M $2.110M
YoY Change 117.47% 138.67% -2.94%
LONG-TERM LIABILITIES
Long-Term Debt $24.78M $24.83M $25.03M
YoY Change -0.84% -0.79% -0.75%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $24.78M $24.83M $25.03M
YoY Change -0.84% -0.79% -0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.445M $5.036M $2.110M
Total Long-Term Liabilities $24.78M $24.83M $25.03M
Total Liabilities $29.23M $29.87M $27.14M
YoY Change 8.12% 10.05% -0.93%
SHAREHOLDERS EQUITY
Retained Earnings -$97.10M -$92.63M
YoY Change
Common Stock $108.2M $105.7M
YoY Change 93993.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.08M $13.03M $6.290M
YoY Change
Total Liabilities & Shareholders Equity $40.30M $42.90M $33.43M
YoY Change 15.68% 28.32% -30.48%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$4.469M -$4.398M -$3.826M
YoY Change 14.62% 14.95% 25.03%
Depreciation, Depletion And Amortization $364.0K $360.0K $338.0K
YoY Change 6.74% 6.51% 4.32%
Cash From Operating Activities -$4.670M -$778.0K -$3.017M
YoY Change 30.08% -74.21% 32.73%
INVESTING ACTIVITIES
Capital Expenditures -$389.0K $274.0K $96.00K
YoY Change 94.5% 185.42% -76.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$389.0K -$289.0K -$111.0K
YoY Change 94.5% 160.36% -81.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.350M $1.000M
YoY Change 35.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.410M $1.143M $956.0K
YoY Change -53.47% 19.56% -2431.71%
NET CHANGE
Cash From Operating Activities -4.670M -$778.0K -$3.017M
Cash From Investing Activities -389.0K -$289.0K -$111.0K
Cash From Financing Activities 2.410M $1.143M $956.0K
Net Change In Cash -2.649M $76.00K -$2.172M
YoY Change -290.58% -103.5% -25.51%
FREE CASH FLOW
Cash From Operating Activities -$4.670M -$778.0K -$3.017M
Capital Expenditures -$389.0K $274.0K $96.00K
Free Cash Flow -$4.281M -$1.052M -$3.113M
YoY Change 26.28% -66.21% 16.46%

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CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13895000 shares
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1360000 shares
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
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73000 USD
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
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205000 USD
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1364583 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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12.01
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P4Y10M24D
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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833 shares
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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4.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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1363750 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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12.02
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P4Y7M6D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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1242572 shares
CY2018Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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1363750 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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12.76
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P4Y2M12D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0 USD
CY2018Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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12.02
CY2018Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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1242572 shares
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571000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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0.85
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CY2018Q3 ibio Long Term Purchase Commitment Expire Date
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2015-12-31
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1 pure
CY2017Q3 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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CY2017Q3 us-gaap Defined Benefit Plan Contributions By Employer
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CY2018Q3 ibio Revenue From Intersegment
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CY2018Q3 us-gaap Interest And Other Income
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27000 USD
CY2017Q3 ibio Revenue From Intersegment
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CY2017Q3 us-gaap Interest And Other Income
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176000 USD
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261000 USD
CY2017Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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1000 USD
CY2017Q3 us-gaap Conversion Of Stock Amount Converted1
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CY2018Q3 us-gaap Nature Of Operations
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<div style="text-align:left;"><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top; width: 3%;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top; width: 97%;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Nature of Business</div></div></div></td></tr></table><div style="clear:both;"></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">iBio, Inc. and Subsidiaries (&#8220;iBio&#8221; or the &#8220;Company&#8221;) 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><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 1in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">iBio CDMO LLC</div></div><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> (&#8220;iBio CDMO&#8221;) (originally named iBio CMO LLC) &#8211; iBio CDMO is a Delaware limited liability company formed on December 16, 2015 as iBio CMO, LLC to develop and manufacture plant-made pharmaceuticals and provide related services to clients. Effective July 1, 2017, iBio CMO changed its name to iBio CDMO. As of December 31, 2015, the Company owned 100% of iBio CDMO. 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 CDMO. The Company retained a 70% interest in iBio CDMO and contributed a royalty-bearing license which grants iBio CDMO 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.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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&#8217;s iBio CMO Preferred Tracking Stock, par value $0.001 per share. After giving effect to the transaction, the Company owns 99.99% of iBio CDMO. See Note 9 for a further discussion.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">iBio CDMO&#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 139,000-square foot Class A life sciences building located on land owned by the Texas A&amp;M system, designed and equipped for plant-made manufacture of biopharmaceuticals. The Second Eastern Affiliate granted iBio CDMO a 34-year capital lease for the facility as well as certain equipment (see Note 8). iBio CDMO commenced commercial operations 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&#8217;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><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">iBIO DO BRASIL BIOFARMAC&#202;UTICA LTDA</div></div><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> (&#8220;iBio Brazil&#8221;) &#8211; 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 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.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">iBio Manufacturing LLC</div></div><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> (&#8220;iBio Manufacturing&#8221;) &#8211; 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.&#160;</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.90
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2900000 USD
CY2018Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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>
CY2018Q3 ibio Revenues From Grants
RevenuesFromGrants
0 USD
CY2017Q3 ibio Revenues From Grants
RevenuesFromGrants
44000000 USD
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 USD
CY2018Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5601000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5584000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4047000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3964000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1554000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1620000 USD
CY2018Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2018Q3 dei Entity Listing Description
EntityListingDescription
On June 6, 2018, the Company received notification from the NYSE American that it is not in compliance with the continued listing standards as set forth in Section 1003(a)(iii) of the NYSE American&#8217;s Company Guide that, which applies if a listed company has stockholders&#8217; equity of less than $6,000,000 and has sustained losses from continuing losses and/or net losses in its five most recent fiscal years.
CY2018Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On April 23, 2018, the Company held a special meeting of its stockholders at which the stockholders approved a proposal to effect an amendment to the Company's certificate of incorporation, as amended, to implement a reverse stock split at a ratio to be determined by the Company's Board of Directors in a range not less than one-for-two (1:2) and not greater than one-for-ten (1:10).
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1361939 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.03
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y7M6D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2018Q3 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 1 million to 1.5 million.
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.90
CY2018Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On June 8, 2018, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-ten (1:10) reverse stock split of the shares of the Company&#8217;s common stock, either issued and outstanding or held by the Company as treasury stock, effective as of 4:10 p.m. (Eastern Time), June 8, 2018. The Company&#8217;s common stock began trading on a reverse split adjusted basis on the Exchange when the market opened Monday, June 11, 2018.
CY2018Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On May 23, 2018, the Company's board of directors approved the implementation of a reverse stock split at a ratio of one-for-ten (1:10) shares of the Company's Common Stock. As a result of the reverse stock split, every ten (10) shares of the Company's Common Stock either issued and outstanding or held by the Company in its treasury immediately prior to the effective time was, automatically and without any action on the part of the respective holders thereof, combined and converted into one (1) share of the Company's common stock. No fractional shares were issued in connection with the reverse stock split. Stockholders who otherwise were entitled to receive a fractional share in connection with the reverse stock split instead were eligible to receive a cash payment, which was not material in the aggregate, instead of shares.
CY2018Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12500000 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
120000 shares
CY2017Q4 ibio Underwriting Discounts Commissions And Other Offering Expenses
UnderwritingDiscountsCommissionsAndOtherOfferingExpenses
311000 USD
CY2018Q3 ibio Underwriting Discounts Commissions And Other Offering Expenses
UnderwritingDiscountsCommissionsAndOtherOfferingExpenses
854000 USD
CY2018Q3 ibio Underwriting Discounts Commissions And Other Offering Expenses
UnderwritingDiscountsCommissionsAndOtherOfferingExpenses
159000 USD
CY2018Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
796666 shares
CY2017Q4 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1.05 USD
CY2017Q4 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
3500000 USD
CY2018Q2 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1.093 USD
CY2018Q3 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 CDMO&#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 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 approximately $87,000 and $17,000 for the three months ended September 30, 2018 and 2017, respectively
CY2018Q3 dei Document Type
DocumentType
10-Q
CY2018Q3 dei Amendment Flag
AmendmentFlag
false
CY2018Q3 dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
CY2018Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2018Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q3 dei Entity Registrant Name
EntityRegistrantName
iBio, Inc.
CY2018Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001420720
CY2018Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2018Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18636792 shares
CY2018Q3 dei Trading Symbol
TradingSymbol
IBIO
CY2018Q3 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018Q3 dei Entity Small Business
EntitySmallBusiness
true
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28612000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28424000 USD
CY2018Q3 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
3333000 USD
CY2018Q2 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
3027000 USD
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
298000 USD
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
245000 USD
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3631000 USD
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3272000 USD

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