2022 Q4 Form 10-K Financial Statement

#000142072022000064 Filed on October 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q2 2022
Revenue $0.00 $61.00K $2.383M
YoY Change -100.0% -87.58% 0.51%
Cost Of Revenue $15.00K $216.0K
YoY Change -91.98% -85.23%
Gross Profit $46.00K $2.167M
YoY Change -84.87% 138.39%
Gross Profit Margin 75.41% 90.94%
Selling, General & Admin $7.229M $8.846M $32.37M
YoY Change -13.55% 33.1% 48.89%
% of Gross Profit 19230.43% 1493.68%
Research & Development $2.779M $6.336M $17.73M
YoY Change -16.57% 104.59% 77.49%
% of Gross Profit 13773.91% 818.14%
Depreciation & Amortization $241.0K $823.0K $2.275M
YoY Change -53.38% 30.63% -5.76%
% of Gross Profit 1789.13% 104.98%
Operating Expenses $10.57M $15.18M $51.86M
YoY Change -9.58% 55.82% 61.95%
Operating Profit -$10.57M -$15.14M -$49.69M
YoY Change -9.15% 60.36% 59.72%
Interest Expense $31.00K -$158.0K $1.412M
YoY Change -90.55% -75.91% -161.02%
% of Operating Profit
Other Income/Expense, Net $10.00K $0.00 -$614.0K
YoY Change -103.55% -100.0% -106.01%
Pretax Income -$10.56M -$17.05M -$50.30M
YoY Change -11.38% -15059.65% 116.71%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$33.55M -$17.05M -$50.30M
YoY Change 181.48% -14801.72% 116.76%
Net Earnings / Revenue -27957.38% -2110.91%
Basic Earnings Per Share -$3.42 -$5.78
Diluted Earnings Per Share -$3.42 -$1.954M -$5.78
COMMON SHARES
Basic Shares Outstanding 9.007M 218.2M 8.721M
Diluted Shares Outstanding 9.807M 8.721M

Balance Sheet

Concept 2022 Q4 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.625M $33.52M $33.52M
YoY Change -83.22% -65.43% -65.43%
Cash & Equivalents $3.696M $22.68M $22.68M
Short-Term Investments $5.929M $10.85M $10.85M
Other Short-Term Assets $20.87M $1.549M $1.549M
YoY Change 614.27% -25.17% -25.17%
Inventory $3.900M $3.900M
Prepaid Expenses
Receivables $970.0K $1.000M $1.000M
Other Receivables $6.769M $5.100M $5.100M
Total Short-Term Assets $38.24M $45.07M $45.07M
YoY Change -43.35% -56.91% -56.91%
LONG-TERM ASSETS
Property, Plant & Equipment $4.245M $36.66M $41.76M
YoY Change -87.09% 324.91% 20.2%
Goodwill
YoY Change
Intangibles $5.398M $4.851M
YoY Change 7.08% 409.56%
Long-Term Investments
YoY Change
Other Assets $303.0K $6.099M $6.099M
YoY Change -95.78% 25312.5% 25312.5%
Total Long-Term Assets $13.57M $54.34M $54.34M
YoY Change -76.99% 28.24% 28.24%
TOTAL ASSETS
Total Short-Term Assets $38.24M $45.07M $45.07M
Total Long-Term Assets $13.57M $54.34M $54.34M
Total Assets $51.80M $99.41M $99.41M
YoY Change -59.03% -32.36% -32.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.002M $4.264M $4.264M
YoY Change 46.11% 89.17% 89.17%
Accrued Expenses $5.001M $3.764M $3.865M
YoY Change 75.97% 25.42% 28.79%
Deferred Revenue $100.0K
YoY Change
Short-Term Debt $16.01M $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $411.0K $22.21M $22.21M
YoY Change 813.33% 5950.95% 5950.95%
Total Short-Term Liabilities $27.78M $30.44M $30.44M
YoY Change 232.79% 358.03% 358.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.878M $30.00K $30.00K
YoY Change -91.5% -99.91% -99.91%
Other Long-Term Liabilities $3.324M $5.455M $5.455M
YoY Change -38.44%
Total Long-Term Liabilities $5.202M $5.485M $5.485M
YoY Change -81.09% -82.73% -82.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.78M $30.44M $30.44M
Total Long-Term Liabilities $5.202M $5.485M $5.485M
Total Liabilities $32.98M $35.92M $35.92M
YoY Change -8.01% -6.46% -6.41%
SHAREHOLDERS EQUITY
Retained Earnings -$275.6M -$223.9M
YoY Change 41.71% 28.97%
Common Stock $294.6M $287.6M
YoY Change 3.31% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.82M $63.49M $63.49M
YoY Change
Total Liabilities & Shareholders Equity $51.80M $99.41M $99.41M
YoY Change -59.03% -32.36% -32.36%

Cashflow Statement

Concept 2022 Q4 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$33.55M -$17.05M -$50.30M
YoY Change 181.48% -14801.72% 116.76%
Depreciation, Depletion And Amortization $241.0K $823.0K $2.275M
YoY Change -53.38% 30.63% -5.76%
Cash From Operating Activities -$7.635M -$11.50M -$37.48M
YoY Change -28.55% 59.19% 24.67%
INVESTING ACTIVITIES
Capital Expenditures $2.954M -$3.430M $7.330M
YoY Change -238.49% 34.25% -242.0%
Acquisitions
YoY Change
Other Investing Activities $1.699M $3.907M $6.503M
YoY Change 46.34% -1206.8% -130.51%
Cash From Investing Activities -$1.255M $477.0K -$5.127M
YoY Change 29.12% -116.4% -80.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.044M -10.00K -6.125M
YoY Change -49.41% -100.34% -107.77%
NET CHANGE
Cash From Operating Activities -7.635M -11.50M -37.48M
Cash From Investing Activities -1.255M 477.0K -5.127M
Cash From Financing Activities -3.044M -10.00K -6.125M
Net Change In Cash -11.93M -11.04M -48.73M
YoY Change -32.48% 52.81% -318.6%
FREE CASH FLOW
Cash From Operating Activities -$7.635M -$11.50M -$37.48M
Capital Expenditures $2.954M -$3.430M $7.330M
Free Cash Flow -$10.59M -$8.073M -$44.81M
YoY Change 23.8% 72.83% 79.95%

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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">1.    </b><b style="font-weight:bold;">Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">iBio, Inc. (“we”, “us”, “our”, “iBio”, “iBio, Inc” or the “Company”) is a developer of next-generation biopharmaceuticals using our proprietary Artificial Intelligence (“AI”)-Driven Discovery Platform and FastPharming<sup style="font-size:7.5pt;font-style:italic;line-height:100%;top:0pt;vertical-align:top;">®</sup><i style="font-style:italic;"> </i>Manufacturing System. We are focusing our technologies on the research and development of novel products at its Drug Discovery Center in California. We are currently using our <i style="font-style:italic;">FastPharming</i> Manufacturing System (“<i style="font-style:italic;">FastPharming</i>” or the “<i style="font-style:italic;">FastPharming</i> System”) and <i style="font-style:italic;">Glycaneering</i><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> Technologies to develop our portfolio of proprietary biologic drug candidates.  We also offer contract development and manufacturing services from its 130,000 square foot cGMP facility in Texas.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">We operate in two segments: (i) <b style="font-weight:bold;">Biopharmaceuticals;</b> its large molecule discovery, development, and licensing activities, and (ii) <b style="font-weight:bold;">Bioprocessing</b>; its contract development and manufacturing services for recombinant proteins. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On September 19, 2022<span style="font-size:11pt;">, </span>we acquired substantially all of the assets of RubrYc Therapeutics, Inc. (“RubrYc”) which included<b style="font-weight:bold;">:</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;"> </b></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">●</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">AI Drug Discovery Platform</b><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: A patented system that uses artificial intelligence (“AI”) to design 3D models of subdominant and conformational epitopes to facilitate the creation of antibody drug candidates against previously hard-to-target tumors. </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">●</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Previously Licensed Candidates</b><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: All rights, with no future milestone payments or royalty obligations, to IBIO-101, an IL-2 sparing anti-CD25 antibody for depletion of regulatory T cells, along with the jointly discovered monoclonal antibody (“Target 6”) that was identified in Q2 FY2022 using the Discovery Engine.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">New Therapeutic Candidates</b><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Three immuno-oncology candidates, plus a partnership-ready PD-1 agonist for serious autoimmune diseases such as systemic lupus erythematosus and multiple sclerosis.</span></td></tr></table><div style="margin-top:12pt;"/><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">We expect the addition of new therapeutic candidates and an AI-driven drug discovery platform for difficult to treat tumors to strengthen its Biopharmaceutical discovery and development capabilities. Meanwhile, IBIO-101 remains our lead immuno-oncology asset.   </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><img alt="Graphic" src="ibio-20220630x10k001.jpg" style="display:inline-block;height:220.55pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">For our Bioprocessing area, the <i style="font-style:italic;">FastPharming</i> System is our proprietary approach to recombinant protein production using plants. It uses hydroponically grown <i style="font-style:italic;">Nicotiana benthamiana (</i>a relative of the tobacco plant), novel expression vectors, and transient transfection at scale to produce complex proteins emerging from our own development pipeline or for our clients. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">In an effort to focus our resources on the promising new AI discovery platform and entering the clinic with our lead compounds, we have initiated a review of potential options to accelerate our transformation into a platform drug discovery </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">and development company while extending our cash runway. These include a review of the pipeline, asset sales or licenses, partnerships, portfolio decisions, cost reductions, and efforts to raise additional capital, including non-dilutive additions of capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 0pt 36pt;"><span style="font-size:1pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p>
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CY2021Q2 us-gaap Inventory Work In Process
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 liquidity assertions, the valuation of intellectual property including impairment considerations, 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.</p>
CY2022 ibio Number Of Lines Of Business
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021Q2 us-gaap Inventory Net
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CY2021 us-gaap Depreciation
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Cash</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the strength of the financial institution. The Company has not incurred any losses on these accounts. At June 30, 2022 and 2021, amounts in excess of insured limits were approximately $18,200,000 and $27,013,000, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Revenue</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">During the year ended June 30, 2022, the Company generated 100% of its revenue from 10 customers with one customer accounting for 76% of revenue related to a licensing agreement (see Note 20 – Fraunhofer Settlement). During the year ended June 30, 2021, the Company generated 99% of its revenue from four customers, each of whom individually accounted for more than 10% of revenue.</p>
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CY2021Q2 ibio Available For Sale Securities Debt Maturities With In Two Year Amortized Cost
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">14.   Notes Payable – PPP Loan</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;padding-bottom:12pt;text-align:justify;margin:0pt;"><span style="font-weight:normal;">On April 16, 2020, the Company received </span><span style="font-weight:normal;">$600,000</span><span style="font-weight:normal;"> related to its filing under the Paycheck Protection Program and Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  </span><span style="font-weight:normal;">The Company elected to treat the Small Business Administration (“SBA”) Loan as debt under ASC 470, </span><i style="font-style:italic;font-weight:normal;">Debt</i><span style="font-weight:normal;">.  At June 30, 2021, the Company owned </span><span style="font-weight:normal;">$600,000</span><span style="font-weight:normal;">.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 10pt 0pt;">On July 21, 2021, iBio was granted forgiveness in repaying the loan.  In accordance with ASC 405-20-40, <i style="font-style:italic;">Liabilities - Extinguishments of Liabilities – Derecognition</i>, the Company derecognized the liability and accrued interest in the first quarter of Fiscal 2022.  </p>
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