2023 Q3 Form 10-K Financial Statement

#000142072023000045 Filed on September 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $50.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin -$2.750M $2.610M $18.45M
YoY Change -154.05% -70.5% -43.0%
% of Gross Profit
Research & Development $1.606M $2.360M $10.33M
YoY Change -36.97% -62.75% -41.75%
% of Gross Profit
Depreciation & Amortization $165.0K $250.0K $674.0K
YoY Change -39.11% -69.62% -70.37%
% of Gross Profit
Operating Expenses $5.153M $4.970M $29.34M
YoY Change -32.52% -67.26% -43.42%
Operating Profit -$5.103M -$29.34M
YoY Change -33.17% -40.95%
Interest Expense $26.00K $30.00K $83.00K
YoY Change -73.74% -118.99% -94.12%
% of Operating Profit
Other Income/Expense, Net $29.00K $0.00 $32.00K
YoY Change -70.71% -105.21%
Pretax Income -$5.070M -$4.930M -$29.31M
YoY Change -32.73% -71.09% -41.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.746M -$6.030M -$65.01M
YoY Change -68.31% -64.64% 29.24%
Net Earnings / Revenue -11492.0%
Basic Earnings Per Share -$0.24 -$5.31
Diluted Earnings Per Share -$0.24 -$7.01 -$5.31
COMMON SHARES
Basic Shares Outstanding 27.59M 16.80M 12.25M
Diluted Shares Outstanding 23.97M 12.25M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $4.300M $4.300M
YoY Change -91.42% -87.17% -87.17%
Cash & Equivalents $1.461M $4.301M $4.300M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $21.60M $21.80M $21.80M
YoY Change -45.9% 1307.36% 1307.36%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $0.00 $0.00 $0.00
Other Receivables $200.0K $200.0K
Total Short-Term Assets $23.02M $26.26M $26.30M
YoY Change -63.78% -41.74% -41.65%
LONG-TERM ASSETS
Property, Plant & Equipment $4.054M $4.219M $7.600M
YoY Change 17.03% -88.49% -81.8%
Goodwill
YoY Change
Intangibles $5.383M $5.388M
YoY Change -10.48% 11.07%
Long-Term Investments
YoY Change
Other Assets $300.0K $300.0K $300.0K
YoY Change -95.06% -95.08% -95.08%
Total Long-Term Assets $14.66M $14.95M $14.90M
YoY Change -30.21% -72.49% -72.58%
TOTAL ASSETS
Total Short-Term Assets $23.02M $26.26M $26.30M
Total Long-Term Assets $14.66M $14.95M $14.90M
Total Assets $37.68M $41.21M $41.20M
YoY Change -55.44% -58.55% -58.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.911M $1.849M $1.800M
YoY Change -60.25% -56.64% -57.79%
Accrued Expenses $3.391M $4.034M $4.400M
YoY Change 30.67% 7.17% 13.84%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $12.60M $12.90M $12.90M
YoY Change
Long-Term Debt Due $400.0K $400.0K $400.0K
YoY Change -98.22% -98.2% -98.2%
Total Short-Term Liabilities $20.71M $21.58M $21.60M
YoY Change -35.69% -29.09% -29.03%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $600.0K $600.0K
YoY Change -13.19% 1900.0% 1900.0%
Other Long-Term Liabilities $3.300M $3.700M $3.700M
YoY Change -3.54% -32.17% -32.17%
Total Long-Term Liabilities $3.800M $4.300M $4.300M
YoY Change -4.93% -21.6% -21.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.71M $21.58M $21.60M
Total Long-Term Liabilities $3.800M $4.300M $4.300M
Total Liabilities $24.47M $25.83M $25.80M
YoY Change -32.4% -28.1% -28.18%
SHAREHOLDERS EQUITY
Retained Earnings -$294.7M -$288.9M
YoY Change 21.74% 29.03%
Common Stock $307.9M $304.3M
YoY Change 5.93% 5.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.21M $15.38M $15.40M
YoY Change
Total Liabilities & Shareholders Equity $37.68M $41.21M $41.20M
YoY Change -55.44% -58.55% -58.55%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$5.746M -$6.030M -$65.01M
YoY Change -68.31% -64.64% 29.24%
Depreciation, Depletion And Amortization $165.0K $250.0K $674.0K
YoY Change -39.11% -69.62% -70.37%
Cash From Operating Activities -$5.340M -$4.970M -$30.44M
YoY Change -61.75% -56.79% -18.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $510.0K $5.738M
YoY Change -100.0% -114.87% -21.72%
Acquisitions $692.0K
YoY Change
Other Investing Activities $50.00K $500.0K $13.44M
YoY Change -98.44% -87.2% 106.67%
Cash From Investing Activities $50.00K -$10.00K $7.009M
YoY Change 72.41% -102.1% -236.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.472M 2.740M 2.301M
YoY Change 116.65% -27500.0% -137.57%
NET CHANGE
Cash From Operating Activities -5.340M -4.970M -30.44M
Cash From Investing Activities 50.00K -10.00K 7.009M
Cash From Financing Activities 2.472M 2.740M 2.301M
Net Change In Cash -2.818M -2.240M -21.09M
YoY Change -77.97% -79.7% -56.72%
FREE CASH FLOW
Cash From Operating Activities -$5.340M -$4.970M -$30.44M
Capital Expenditures $0.00 $510.0K $5.738M
Free Cash Flow -$5.340M -$5.480M -$36.17M
YoY Change -67.51% -32.12% -19.27%

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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><b style="font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">iBio, Inc. (also referred to as "we", "us", "our", "iBio", or the "Company") is a preclinical stage biotechnology company that leverages the power of Artificial Intelligence (AI) for the development of precision antibodies. Our proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (mAb) optimization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In September 2022, iBio made a strategic pivot by acquiring substantially all of the assets of RubrYc Therapeutics, Inc. ("RubrYc"). This acquisition commenced our transition to an AI-enabled biotech company and led to the divestiture of our Contract Development and Manufacturing Organization (CDMO) business. This strategic decision allowed us focus resources on the development of AI-powered precision antibodies, positioning iBio at the forefront of this exciting field.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">One of the key features of iBio’s technology stack is the patented epitope-steering AI-engine. This advanced technology allows us to target specific regions of proteins with unprecedented precision enabling the creation of antibodies highly specific to therapeutically relevant regions within large target proteins, potentially improving their efficacy and safety profile.  Another integral part of iBio’s technology stack is the machine learning (ML) based antibody-optimizing StableHu™ technology. When coupled with our mammalian display technology, StableHu has been shown to accelerate the Lead Optimization process and potentially reduces downstream risks, making the overall development process faster, more efficient and cost-effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">iBio also developed the EngageTx™ platform, which provides an optimized next-generation CD3 T-cell engager antibody panel. This panel is characterized by a wide spectrum of potencies, Non-Human Primate (NHP) cross-reactivity, enhanced humanness of the antibodies, and a maintained tumor cell killing capacity, all while reducing cytokine release. These attributes are meticulously designed to fine-tune the efficacy, safety, and tolerability of our antibody products. By incorporating EngageTx into iBio’s own development initiatives, the Company’s internal pre-clinical pipeline reaps the benefits of the same cutting-edge technology extended to our potential partners.</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’s scientific team, composed of experienced AI/ML scientists and drug hunters located side-by-side in our San Diego laboratory, possess the skills and capabilities to rapidly advance antibodies in house from concept to in vivo proof-of-concept (POC). This multidisciplinary expertise allows us to quickly translate scientific discoveries into potential therapeutic applications.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.26;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Artificial Intelligence in Antibody Discovery and Development</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The potential of AI in antibody discovery is immense and is being increasingly recognized in the biopharmaceutical industry. The mAbs market has seen impressive growth in recent years, with mAbs increasingly the top-selling drugs in the United States. This success has driven the industry to seek innovative methods for refining and improving their antibody pipelines. AI and deep learning, which have already revolutionized small molecule drug design, are now making significant strides in the development and optimization of antibodies. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">iBio is leveraging its AI-powered technology stack to enhance the success rate of identifying antibodies for challenging target proteins, expedite the process of antibody optimization, improve developability, and engineer finely calibrated bi-specifics. By continually refining the Company’s AI algorithms, incorporating new data sources, and developing robust experimental validation processes, iBio is paving the way for groundbreaking advancements in antibody design and drug discovery.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Pre-Clinical Pipeline</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">iBio is currently in the process of building and advancing its preclinical pipeline. The focus of this pipeline is primarily on immuno-oncology, with one program also dedicated to the immunology space. By leveraging iBio’s technology stack, the pipeline is geared towards hard-to-drug targets and molecules offering differentiation. To mitigate target risk and capitalize </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">on the learnings of competitors, iBio's programs are primarily adopting a fast follower strategy. This approach allows iBio to focus on targets that have to some extent been validated and learn from the advancements of those ahead in the field.</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-20230630x10k030.jpg" style="display:inline-block;height:171.6pt;width:468pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Digital Infrastructure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">iBio is a firm believer in the transformative power of digital technologies, including robotics, automation, artificial intelligence (AI), machine learning (ML), and cloud computing. These technologies are integral to operationalizing our strategy, accelerating our learning curve, and executing at scale. As such, the Company has made substantial investments in these areas.  iBio’s aspiration is to digitize our operations to the greatest extent possible, harnessing the potential of digital technology to maximize our impact on human health. As the Company continues to grow, we remain committed to further investing in our digital infrastructure to support our ambitious goals.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 72pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Strategic Alliances, Collaborations, and Joint Ventures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">iBio has formed collaborations and strategic alliances to gain access to funding, capabilities, technical resources and intellectual property to further its development efforts, commercialize its technology and to generate revenues, including through the use of our patented epitope-steering AI-engine and our EngageTX platform.</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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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNoncurrent
35289000
CY2022Q2 ibio Disposal Group Non Current Assets Finance Lease Right Of Use Assets
DisposalGroupNonCurrentAssetsFinanceLeaseRightOfUseAssets
74000
CY2022Q2 ibio Disposal Group Operating Lease Right Of Use Assets Noncurrent
DisposalGroupOperatingLeaseRightOfUseAssetsNoncurrent
1951000
CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
37314000
CY2022Q2 ibio Disposal Group Current Liabilities Finance Lease Obligations
DisposalGroupCurrentLiabilitiesFinanceLeaseObligations
46000
CY2023Q2 ibio Disposal Group Current Liabilities Operating Lease Obligations
DisposalGroupCurrentLiabilitiesOperatingLeaseObligations
1941000
CY2022Q2 ibio Disposal Group Current Liabilities Operating Lease Obligations
DisposalGroupCurrentLiabilitiesOperatingLeaseObligations
10000
CY2023Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
1941000
CY2022Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
56000
CY2022Q2 ibio Disposal Group Noncurrent Liabilities Finance Lease Obligations
DisposalGroupNoncurrentLiabilitiesFinanceLeaseObligations
30000
CY2022Q2 ibio Disposal Group Noncurrent Operating Lease Obligations
DisposalGroupNoncurrentOperatingLeaseObligations
1941000
CY2022Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
1971000
CY2023 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
273000
CY2022 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
2275000
CY2023 ibio Disposal Group Amortization Of Finance Lease Right Of Use Assets
DisposalGroupAmortizationOfFinanceLeaseRightOfUseAssets
20000
CY2022 ibio Disposal Group Amortization Of Finance Lease Right Of Use Assets
DisposalGroupAmortizationOfFinanceLeaseRightOfUseAssets
599000
CY2023 us-gaap Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
1542000
CY2022 us-gaap Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
5809000
CY2023 ibio Tangible Asset Impairment Charges Discontinued Operations
TangibleAssetImpairmentChargesDiscontinuedOperations
17900000
CY2023 ibio Disposal Group Including Discontinued Operation Inventory Write Down
DisposalGroupIncludingDiscontinuedOperationInventoryWriteDown
4915000
CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2600000
CY2022 ibio Increase In Rou Operating Assets And Liabilities For New Leases
IncreaseInRouOperatingAssetsAndLiabilitiesForNewLeases
1952000
CY2023 ibio Disposal Group Fixed Assets Incurred But Not Yet Paid In Current Period
DisposalGroupFixedAssetsIncurredButNotYetPaidInCurrentPeriod
1542000
CY2022 ibio Disposal Group Fixed Assets Incurred But Not Yet Paid In Current Period
DisposalGroupFixedAssetsIncurredButNotYetPaidInCurrentPeriod
791000
CY2022 ibio Unpaid Fixed Assets Attributable To Discontinued Operations
UnpaidFixedAssetsAttributableToDiscontinuedOperations
1542000
CY2022 ibio Termination Of Finance Rou Assets Including Issuance Of Warrant
TerminationOfFinanceRouAssetsIncludingIssuanceOfWarrant
25386000
CY2022 ibio Proceeds From Notes Payable From Discontinued Operations
ProceedsFromNotesPayableFromDiscontinuedOperations
22375000
CY2022 ibio Issuance Of Warrant For Final Lease Obligation Payment
IssuanceOfWarrantForFinalLeaseObligationPayment
217000
CY2023 us-gaap Interest Paid Discontinued Operations
InterestPaidDiscontinuedOperations
603000
CY2022 us-gaap Interest Paid Discontinued Operations
InterestPaidDiscontinuedOperations
1045000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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 consolidated 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include liquidity assertions, the valuation of intellectual property and fixed assets held for sale, the incremental borrowing rate utilized in the finance and operating lease calculations, 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 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2023 us-gaap Revenues
Revenues
0
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2023Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0
CY2022Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
100000
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
100
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
178000
CY2023Q2 ibio Percentage Of Collateral Required
PercentageOfCollateralRequired
0.05
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
3278000
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
5996000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4301000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22676000
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
7579000
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
28672000
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
3896000
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
4000
CY2022Q2 us-gaap Inventory Net
InventoryNet
3900000
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
5003000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
4851000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 two financial institutions 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, 2023 and 2022, amounts in excess of insured limits were approximately $6,900,000 and $18,200,000, 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 Fiscal year ended June 30, 2023, the Company reported no revenue from continuing operations and generated $391,000 of its revenue reported in discontinued operations from four customers. During the Fiscal year ended June 30, 2022, the Company reported revenue from continuing operations related to a license agreement and a settlement of a revenue contract and generated $499,000 of revenue reported in discontinued operations from eight customers.</p>
CY2023Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
6900000
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
18200000
CY2023 us-gaap Revenues
Revenues
0
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5388000
CY2021Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
7500000
CY2021Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
7500000
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilitiesCurrent
1100000
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
11029000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
184000
CY2022Q2 us-gaap Debt Securities Current
DebtSecuritiesCurrent
10845000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
401000
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
8054000
CY2022Q2 ibio Available For Sale Securities Debt Maturities With In Two Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithInTwoYearAmortizedCost
2791000
CY2022Q2 us-gaap Debt Securities Current
DebtSecuritiesCurrent
10845000
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
67000
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
312000
CY2023 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
6739000
CY2023 ibio Cost Of Debt Securities
CostOfDebtSecurities
6837000
CY2023 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
-98000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
204000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
610000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
204000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
0
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
563000
CY2023 ibio Operating Cash Flows From Operating Lease Obligation
OperatingCashFlowsFromOperatingLeaseObligation
307000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2722000
CY2021Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
11383
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3603000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2722000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3068000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1967000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4619000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1373000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
400000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
0
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4219000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1373000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
400000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
0
CY2023Q2 ibio Fixed Assets Held For Sale
FixedAssetsHeldForSale
16124000
CY2022Q2 ibio Fixed Assets Held For Sale
FixedAssetsHeldForSale
35289000
CY2023 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
17900000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5946000
CY2023 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
400000
CY2023 ibio Impairment Of Intangible Assets Gross Of Reversals
ImpairmentOfIntangibleAssetsGrossOfReversals
5946000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
400000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5270000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126000
CY2023 ibio Reversal Of Intangible Asset Impairment
ReversalOfIntangibleAssetImpairment
5381000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
676000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126000
CY2023 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
400000
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
565000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
385000
CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
4175000
CY2023 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
828000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
20000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
20000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
285000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
385000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3352000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3066000
CY2023Q2 ibio Accrued Real Estate Taxes
AccruedRealEstateTaxes
268000
CY2022Q2 ibio Accrued Real Estate Taxes
AccruedRealEstateTaxes
284000
CY2023Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
183000
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
59000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
31000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
126000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
200000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
229000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4034000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3764000
CY2023Q1 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
5100000
CY2022Q4 ibio Equipment Financing Amount Borrowed
EquipmentFinancingAmountBorrowed
500000
CY2022Q4 ibio Lessee Equipment Lease Term Of Contract
LesseeEquipmentLeaseTermOfContract
P36M
CY2022Q4 ibio Equipment Financing Lease Imputed Interest Rate
EquipmentFinancingLeaseImputedInterestRate
0.1062
CY2022Q4 ibio Equipment Leasing Monthly Installment Payable
EquipmentLeasingMonthlyInstallmentPayable
16230
CY2023Q2 ibio Equipment Financing Balance
EquipmentFinancingBalance
401000
CY2023 ibio Equipment Financing Interest Incurred
EquipmentFinancingInterestIncurred
31000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
389000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3125000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725
CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-29311000
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-29512000
CY2023Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
195000
CY2023Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
194000
CY2023Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
65000
CY2023Q2 us-gaap Contractual Obligation
ContractualObligation
454000
CY2021Q2 ibio Lessor Finance Lease Monthly Rent
LessorFinanceLeaseMonthlyRent
3819
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
224000
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
49000
CY2023 us-gaap Lease Cost
LeaseCost
273000
CY2023 ibio Financing Cash Flows From Finance Lease Obligation
FinancingCashFlowsFromFinanceLeaseObligation
208000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
610000
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
272000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
351000
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M1D
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0950
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
319000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
319000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
53000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
691000
CY2021Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
11383
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P88M
CY2021Q3 ibio Lessee Operating Lease Monthly Rent
LesseeOperatingLeaseMonthlyRent
51223
CY2021Q3 ibio Lessee Operating Lease Annual Percentage Increase In Base Rent
LesseeOperatingLeaseAnnualPercentageIncreaseInBaseRent
0.03
CY2021Q3 us-gaap Tenant Improvements
TenantImprovements
81860
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
563000
CY2023 ibio Total Operating Lease Costs
TotalOperatingLeaseCosts
563000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
389000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Year One
LesseeOperatingLeaseImputedInterestToBePaidYearOne
242000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid Year One
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidYearOne
631000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
436000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Year Two
LesseeOperatingLeaseImputedInterestToBePaidYearTwo
212000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid Year Two
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidYearTwo
648000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
490000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Year Three
LesseeOperatingLeaseImputedInterestToBePaidYearThree
179000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid Year Three
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidYearThree
669000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
546000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Year Four
LesseeOperatingLeaseImputedInterestToBePaidYearFour
142000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid Year Four
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidYearFour
688000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
610000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Year Five
LesseeOperatingLeaseImputedInterestToBePaidYearFive
100000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid Year Five
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidYearFive
710000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1043000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid After Year Five
LesseeOperatingLeaseImputedInterestToBePaidAfterYearFive
61000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest To Be Paid After Year Five
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterestToBePaidAfterYearFive
1104000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3514000
CY2023Q2 ibio Lessee Operating Lease Imputed Interest To Be Paid Total
LesseeOperatingLeaseImputedInterestToBePaidTotal
936000
CY2023Q2 ibio Lessee Operating Lease Liability Principal And Imputed Interest
LesseeOperatingLeaseLiabilityPrincipalAndImputedInterest
4450000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
389000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3125000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
275000000
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3380
CY2022 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
88000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29311000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29600000
CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax
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