$IBIO
iBio, Inc.

2024 Q3 Form 10-K Financial Statement

#000142072024000038 Filed on September 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $0.00 $175.0K $225.0K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.444M $11.67M
YoY Change -6.36% -36.73%
% of Gross Profit
Research & Development $1.305M $1.140M $5.185M
YoY Change -18.74% -51.69% -49.79%
% of Gross Profit
Depreciation & Amortization $120.0K $219.0K $638.0K
YoY Change -27.27% -12.4% -5.34%
% of Gross Profit
Operating Expenses $4.106M $3.584M $16.86M
YoY Change -20.32% -27.89% -42.55%
Operating Profit -$4.106M -$16.63M
YoY Change -19.54% -43.31%
Interest Expense $163.0K $191.0K
YoY Change 443.33% 130.12%
% of Operating Profit
Other Income/Expense, Net $117.0K $1.191M
YoY Change 303.45% 3621.88%
Pretax Income -$3.246M -$15.44M
YoY Change -34.16% -47.31%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.989M -$7.778M -$24.91M
YoY Change -30.58% 28.99% -61.69%
Net Earnings / Revenue -4444.57% -11069.78%
Basic Earnings Per Share -$0.46 -$6.50
Diluted Earnings Per Share -$0.46 -$0.90 -$6.50
COMMON SHARES
Basic Shares Outstanding 8.638M 8.624M 3.831M
Diluted Shares Outstanding 8.633M 3.831M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.21M
YoY Change 230.47%
Cash & Equivalents $11.04M $14.21M
Short-Term Investments
Other Short-Term Assets $749.0K
YoY Change -96.56%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.70M $15.70M
YoY Change -49.18% -40.21%
LONG-TERM ASSETS
Property, Plant & Equipment $3.511M $3.632M
YoY Change -13.39% -13.91%
Goodwill
YoY Change
Intangibles $5.363M $5.368M
YoY Change -0.37% -0.37%
Long-Term Investments
YoY Change
Other Assets $241.0K
YoY Change -19.67%
Total Long-Term Assets $12.82M $13.03M
YoY Change -12.55% -12.8%
TOTAL ASSETS
Total Short-Term Assets $11.70M $15.70M
Total Long-Term Assets $12.82M $13.03M
Total Assets $24.52M $28.73M
YoY Change -34.93% -30.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $855.0K $358.0K
YoY Change -55.26% -80.64%
Accrued Expenses $1.077M $2.028M
YoY Change -68.24% -49.73%
Deferred Revenue $400.0K $200.0K
YoY Change
Short-Term Debt $218.0K
YoY Change -98.31%
Long-Term Debt Due $477.0K
YoY Change 19.25%
Total Short-Term Liabilities $3.469M $3.840M
YoY Change -83.25% -82.21%
LONG-TERM LIABILITIES
Long-Term Debt $882.0K
YoY Change 47.0%
Other Long-Term Liabilities $2.688M
YoY Change -27.35%
Total Long-Term Liabilities $3.570M
YoY Change -16.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.469M $3.840M
Total Long-Term Liabilities $3.570M
Total Liabilities $6.763M $7.410M
YoY Change -72.36% -71.31%
SHAREHOLDERS EQUITY
Retained Earnings -$317.8M -$313.8M
YoY Change 7.86% 8.62%
Common Stock $335.6M $335.2M
YoY Change 8.99% 10.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.75M $21.32M
YoY Change
Total Liabilities & Shareholders Equity $24.52M $28.73M
YoY Change -34.93% -30.27%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$3.989M -$7.778M -$24.91M
YoY Change -30.58% 28.99% -61.69%
Depreciation, Depletion And Amortization $120.0K $219.0K $638.0K
YoY Change -27.27% -12.4% -5.34%
Cash From Operating Activities -$3.700M -$4.854M -$18.60M
YoY Change -30.71% -2.33% -38.89%
INVESTING ACTIVITIES
Capital Expenditures $210.0K $210.0K
YoY Change -58.82% -96.34%
Acquisitions
YoY Change
Other Investing Activities $66.00K $1.116M
YoY Change -86.8% -91.7%
Cash From Investing Activities $713.0K -$144.0K $906.0K
YoY Change 1326.0% 1340.0% -87.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.52M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.0K 12.99M 24.49M
YoY Change -106.55% 374.16% 964.49%
NET CHANGE
Cash From Operating Activities -3.700M -4.854M -18.60M
Cash From Investing Activities 713.0K -144.0K 906.0K
Cash From Financing Activities -162.0K 12.99M 24.49M
Net Change In Cash -3.164M 7.994M 6.846M
YoY Change 12.28% -456.87% -132.46%
FREE CASH FLOW
Cash From Operating Activities -$3.700M -$4.854M -$18.60M
Capital Expenditures $210.0K $210.0K
Free Cash Flow -$5.064M -$18.81M
YoY Change -7.59% -48.0%

Facts In Submission

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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. (the “Company” of “iBio”) 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 has focused on utilizing AI and machine learning (ML) to discover and design antibodies against hard-to-drug targets upon the acquisition of substantially all of the assets of RubrYc Therapeutics, Inc. ("RubrYc") was consummated. This acquisition commenced the Company’s transition to an AI-enabled biotech company and the closing of the sale of the Contract Development and Manufacturing Organization (CDMO) facility in Texas concluded its transition. These strategic decisions enable the Company to solely focus resources on the development of AI-powered precision antibodies. The Company’s current therapeutics being developed are all in preclinical development and it has not completed any clinical trials for any vaccine or therapeutic protein product candidate produced using iBio technology and there is a risk that it will be unsuccessful in developing or commercializing any product candidates.</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;margin:0pt 0pt 12pt 0pt;">iBio’s technology stack also includes ShieldTx™, an antibody masking technology enabling the creation of conditionally activated antibodies. These masks keep antibodies inactive until they reach diseased tissue, where the masks are removed, and the antibodies are activated. This mechanism is thought to broaden the therapeutic window, potentially making improving efficacy and safety of treatments more effective and safer. Conditionally activated antibodies are also believed to enable the use of drug combinations that are otherwise considered too toxic, and they open the door to pursuing targets which, due to their expression in multiple tissues, would otherwise raise safety concerns.</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, comprised of experienced AI/ML scientists and biopharmaceutical scientists, 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 the Company 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;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 by leveraging its technology stack focused on hard-to-drug targets and molecules offering differentiation in both obesity and cardiometabolic disease space, as well </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">as immune-oncology. As the Company continues to leverage its technology stack and develop its existing immune-oncology pre-clinical pipeline, the Company also is seeking strategic partners with the capabilities to more rapidly advance these programs towards the clinic. iBio also continues to assess its options rights to license three of the four assets under the AstralBio collaboration to add obesity and cardiometabolic programs into its pre-clinical pipeline.  Under this strategic collaboration with AstraBio, it affords iBio the opportunity to expand the Company’s pipeline and build a presence in the cardiometabolic disease space.</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-20240630x10k006.jpg" style="display:inline-block;height:190.35pt;left:0%;padding-bottom:0.15pt;position:relative;top:0pt;width:485.3pt;"/></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, AI, 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 its 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, it remains committed to further investing in our digital infrastructure to support its 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>
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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 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, the valuation of the pre-funded warrants issued to related to the extinguishment of the Term Loan, 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>
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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-color:#000000;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, 2024 and 2023, amounts in excess of insured limits were approximately $664,000 and $6,900,000, 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, 2024, the Company reported revenue of $225,000 in continuing operations from two research collaborators and $0 of its revenue from discontinued operations. 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.</p>
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