$IBIO
iBio, Inc.

2019 Q1 Form 10-Q Financial Statement

#000114420419007128 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 Q4
Revenue $527.0K $651.0K $153.0K
YoY Change 575.64% 325.49% 104.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.844M $3.393M $2.590M
YoY Change 8.97% 31.0% 10.21%
% of Gross Profit
Research & Development $1.453M $1.273M $993.0K
YoY Change 50.41% 28.2% -5.34%
% of Gross Profit
Depreciation & Amortization $341.0M $364.0K $341.0K
YoY Change 0.0% 6.74% 4.6%
% of Gross Profit
Operating Expenses $4.297M $4.666M $3.580M
YoY Change 20.33% 30.34% 5.29%
Operating Profit -$3.770M -$4.015M -$3.427M
YoY Change 7.93% 17.16% 3.07%
Interest Expense $474.0K $476.0K $479.0K
YoY Change -0.84% -0.63% -0.83%
% of Operating Profit
Other Income/Expense, Net -$454.0K -$455.0K -$473.0K
YoY Change -3.4% -3.81% 1.28%
Pretax Income -$4.224M -$4.470M -$3.900M
YoY Change 6.67% 14.62% 2.9%
Income Tax
% Of Pretax Income
Net Earnings -$4.223M -$4.469M -$3.899M
YoY Change 6.59% 14.62% 20.75%
Net Earnings / Revenue -801.33% -686.48% -2548.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$219.7K -$239.1K -$403.7K
COMMON SHARES
Basic Shares Outstanding 19.04M 18.64M shares 92.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.037M $13.36M $7.310M
YoY Change 165.79% 82.78% -55.24%
Cash & Equivalents $9.037M $13.36M $7.310M
Short-Term Investments
Other Short-Term Assets $432.0K $396.0K $380.0K
YoY Change 5.37% 4.21% 31.03%
Inventory $0.00
Prepaid Expenses
Receivables $117.0K $155.0K $140.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.586M $13.97M $7.820M
YoY Change 140.25% 78.63% -53.31%
LONG-TERM ASSETS
Property, Plant & Equipment $24.64M $24.81M $25.29M
YoY Change -2.74% -1.89% -0.64%
Goodwill
YoY Change
Intangibles $1.423M $1.498M $1.702M
YoY Change -15.65% -11.99% -13.16%
Long-Term Investments
YoY Change
Other Assets $24.00K $24.00K $30.00K
YoY Change -20.0% -20.0% 0.0%
Total Long-Term Assets $26.09M $26.33M $27.02M
YoY Change -3.53% -2.54% -1.53%
TOTAL ASSETS
Total Short-Term Assets $9.586M $13.97M $7.820M
Total Long-Term Assets $26.09M $26.33M $27.02M
Total Assets $35.67M $40.30M $34.84M
YoY Change 14.95% 15.68% -21.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $722.0K $662.0K $700.0K
YoY Change -23.19% -5.43% -4.24%
Accrued Expenses $1.074M $1.052M $1.130M
YoY Change 43.2% -6.9% 24.86%
Deferred Revenue $2.041M $2.526M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $209.0K $205.0K $190.0K
YoY Change 10.0% 7.89% 5.56%
Total Short-Term Liabilities $4.046M $4.445M $2.044M
YoY Change 107.49% 117.47% 9.48%
LONG-TERM LIABILITIES
Long-Term Debt $24.73M $24.78M $24.99M
YoY Change -0.86% -0.84% -0.75%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $24.73M $24.78M $24.99M
YoY Change -0.86% -0.84% -0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.046M $4.445M $2.044M
Total Long-Term Liabilities $24.73M $24.78M $24.99M
Total Liabilities $28.77M $29.23M $27.03M
YoY Change 7.04% 8.12% -0.04%
SHAREHOLDERS EQUITY
Retained Earnings -$101.3M -$97.10M
YoY Change
Common Stock $108.3M $108.2M $115.0K
YoY Change 93224.14% 93993.04% -99.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.907M $11.08M $7.810M
YoY Change
Total Liabilities & Shareholders Equity $35.67M $40.30M $34.84M
YoY Change 14.97% 15.68% -21.16%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$4.223M -$4.469M -$3.899M
YoY Change 6.59% 14.62% 20.75%
Depreciation, Depletion And Amortization $341.0M $364.0K $341.0K
YoY Change 0.0% 6.74% 4.6%
Cash From Operating Activities -$4.135M -$4.670M -$3.590M
YoY Change 18.14% 30.08% 0.56%
INVESTING ACTIVITIES
Capital Expenditures -$139.0K -$389.0K -$200.0K
YoY Change -71.63% 94.5% 17.65%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$139.0K -$389.0K -$200.0K
YoY Change -71.63% 94.5% 17.65%
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 2.410M 5.180M
YoY Change -171.43% -53.47% -13050.0%
NET CHANGE
Cash From Operating Activities -4.135M -4.670M -3.590M
Cash From Investing Activities -139.0K -389.0K -200.0K
Cash From Financing Activities -50.00K 2.410M 5.180M
Net Change In Cash -4.324M -2.649M 1.390M
YoY Change 10.31% -290.58% -136.77%
FREE CASH FLOW
Cash From Operating Activities -$4.135M -$4.670M -$3.590M
Capital Expenditures -$139.0K -$389.0K -$200.0K
Free Cash Flow -$3.996M -$4.281M -$3.390M
YoY Change 32.76% 26.28% -0.29%

Facts In Submission

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<div><table style="border: none;border-collapse: collapse;margin-bottom: .001pt;width: 100%;"><tr><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 3.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 97.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 1in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.50in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0.5in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.50in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0.5in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.50in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0.5in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.50in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0.5in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.50in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;, serif; font-size: 10pt; 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>
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.
CY2018Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
0
CY2018Q4 ibio Revenues From Grants
RevenuesFromGrants
37000000
CY2017Q4 ibio Revenues From Grants
RevenuesFromGrants
0
ibio Revenues From Grants
RevenuesFromGrants
37000000
ibio Revenues From Grants
RevenuesFromGrants
44000000
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
179000
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
2459000
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
179000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates</div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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>
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'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 $88,000 and $7,000 for the three months ended December 31, 2018 and 2017, respectively, and $175,000 and $24,000 for the six months ended December 31, 2018 and 2017, respectively.
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.04
CY2017Q4 us-gaap Assets
Assets
34840000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25289000
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1702000
CY2018Q4 us-gaap Profit Loss
ProfitLoss
-4470000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
-3900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13342000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1360000
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13342000
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1360000
CY2018Q4 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2459000
CY2018Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000
dei Entity Listing Description
EntityListingDescription
On June 6, 2018, the Company received notification from the NYSE American that it was 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.
CY2018Q3 us-gaap Share Price
SharePrice
0.87
CY2018Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
57000
CY2018Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2526000
CY2018Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
57000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
0
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2526000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-134000
CY2017Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
626000

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