2024 Q4 Form 10-Q Financial Statement
#000142072024000054 Filed on November 12, 2024
Income Statement
Concept | 2024 Q4 | 2024 Q3 | 2023 Q3 |
---|---|---|---|
Revenue | $0.00 | $50.00K | |
YoY Change | -100.0% | ||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | -$2.750M | ||
YoY Change | -154.05% | ||
% of Gross Profit | |||
Research & Development | $1.305M | $1.606M | |
YoY Change | -18.74% | -36.97% | |
% of Gross Profit | |||
Depreciation & Amortization | $120.0K | $165.0K | |
YoY Change | -27.27% | -39.11% | |
% of Gross Profit | |||
Operating Expenses | $4.106M | $5.153M | |
YoY Change | -20.32% | -32.52% | |
Operating Profit | -$4.106M | -$5.103M | |
YoY Change | -19.54% | -33.17% | |
Interest Expense | $26.00K | ||
YoY Change | -73.74% | ||
% of Operating Profit | |||
Other Income/Expense, Net | $117.0K | $29.00K | |
YoY Change | 303.45% | -70.71% | |
Pretax Income | -$5.070M | ||
YoY Change | -32.73% | ||
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$3.989M | -$5.746M | |
YoY Change | -30.58% | -68.31% | |
Net Earnings / Revenue | -11492.0% | ||
Basic Earnings Per Share | -$0.46 | -$0.24 | |
Diluted Earnings Per Share | -$0.46 | -$0.24 | |
COMMON SHARES | |||
Basic Shares Outstanding | 9.149M | 8.638M | 27.59M |
Diluted Shares Outstanding | 8.633M | 23.97M |
Balance Sheet
Concept | 2024 Q4 | 2024 Q3 | 2023 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.500M | ||
YoY Change | -91.42% | ||
Cash & Equivalents | $11.04M | $1.461M | |
Short-Term Investments | |||
Other Short-Term Assets | $21.60M | ||
YoY Change | -45.9% | ||
Inventory | $0.00 | ||
Prepaid Expenses | |||
Receivables | $0.00 | ||
Other Receivables | |||
Total Short-Term Assets | $11.70M | $23.02M | |
YoY Change | -49.18% | -63.78% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $3.511M | $4.054M | |
YoY Change | -13.39% | 17.03% | |
Goodwill | |||
YoY Change | |||
Intangibles | $5.363M | $5.383M | |
YoY Change | -0.37% | -10.48% | |
Long-Term Investments | |||
YoY Change | |||
Other Assets | $300.0K | ||
YoY Change | -95.06% | ||
Total Long-Term Assets | $12.82M | $14.66M | |
YoY Change | -12.55% | -30.21% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $11.70M | $23.02M | |
Total Long-Term Assets | $12.82M | $14.66M | |
Total Assets | $24.52M | $37.68M | |
YoY Change | -34.93% | -55.44% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $855.0K | $1.911M | |
YoY Change | -55.26% | -60.25% | |
Accrued Expenses | $1.077M | $3.391M | |
YoY Change | -68.24% | 30.67% | |
Deferred Revenue | $400.0K | ||
YoY Change | |||
Short-Term Debt | $12.60M | ||
YoY Change | |||
Long-Term Debt Due | $400.0K | ||
YoY Change | -98.22% | ||
Total Short-Term Liabilities | $3.469M | $20.71M | |
YoY Change | -83.25% | -35.69% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $500.0K | ||
YoY Change | -13.19% | ||
Other Long-Term Liabilities | $3.300M | ||
YoY Change | -3.54% | ||
Total Long-Term Liabilities | $3.800M | ||
YoY Change | -4.93% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.469M | $20.71M | |
Total Long-Term Liabilities | $3.800M | ||
Total Liabilities | $6.763M | $24.47M | |
YoY Change | -72.36% | -32.4% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$317.8M | -$294.7M | |
YoY Change | 7.86% | 21.74% | |
Common Stock | $335.6M | $307.9M | |
YoY Change | 8.99% | 5.93% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $17.75M | $13.21M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $24.52M | $37.68M | |
YoY Change | -34.93% | -55.44% |
Cashflow Statement
Concept | 2024 Q4 | 2024 Q3 | 2023 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$3.989M | -$5.746M | |
YoY Change | -30.58% | -68.31% | |
Depreciation, Depletion And Amortization | $120.0K | $165.0K | |
YoY Change | -27.27% | -39.11% | |
Cash From Operating Activities | -$3.700M | -$5.340M | |
YoY Change | -30.71% | -61.75% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | ||
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $50.00K | ||
YoY Change | -98.44% | ||
Cash From Investing Activities | $713.0K | $50.00K | |
YoY Change | 1326.0% | 72.41% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -162.0K | 2.472M | |
YoY Change | -106.55% | 116.65% | |
NET CHANGE | |||
Cash From Operating Activities | -3.700M | -5.340M | |
Cash From Investing Activities | 713.0K | 50.00K | |
Cash From Financing Activities | -162.0K | 2.472M | |
Net Change In Cash | -3.164M | -2.818M | |
YoY Change | 12.28% | -77.97% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$3.700M | -$5.340M | |
Capital Expenditures | $0.00 | ||
Free Cash Flow | -$5.340M | ||
YoY Change | -67.51% |
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IncomeLossFromContinuingOperationsPerBasicShare
|
-4.24 | |
CY2023Q3 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.56 | |
CY2024Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.46 | |
CY2023Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-4.80 | |
CY2024Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8633000 | |
CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
1198000 | |
CY2024Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
21324000 | |
CY2024Q3 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
4000 | |
CY2024Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
415000 | |
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3989000 | |
CY2024Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
17754000 | |
CY2023Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
15381000 | |
CY2023Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
2809000 | |
CY2023Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
765000 | |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5746000 | |
CY2023Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
13209000 | |
CY2024Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-3989000 | |
CY2023Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-5746000 | |
CY2024Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
415000 | |
CY2023Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
765000 | |
CY2024Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
5000 | |
CY2023Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
5000 | |
CY2024Q3 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
68000 | |
CY2023Q3 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
68000 | |
CY2024Q3 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
85000 | |
CY2023Q3 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
80000 | |
CY2024Q3 | us-gaap |
Depreciation
Depreciation
|
120000 | |
CY2023Q3 | us-gaap |
Depreciation
Depreciation
|
165000 | |
CY2023Q3 | us-gaap |
Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
|
50000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
19000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
22000 | |
CY2023Q3 | us-gaap |
Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
|
90000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
41000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-212000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
497000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
62000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-952000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-874000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-104000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-95000 | |
CY2024Q3 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
200000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
0 | |
CY2024Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3715000 | |
CY2023Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5340000 | |
CY2024Q3 | us-gaap |
Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
|
713000 | |
CY2023Q3 | us-gaap |
Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
|
0 | |
CY2023Q3 | us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
50000 | |
CY2024Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
713000 | |
CY2023Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
50000 | |
CY2024Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
4000 | |
CY2023Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2808000 | |
CY2023Q3 | us-gaap |
Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
204000 | |
CY2024Q3 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
43000 | |
CY2023Q3 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
38000 | |
CY2024Q3 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
51000 | |
CY2023Q3 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | |
CY2023Q3 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
436000 | |
CY2024Q3 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
72000 | |
CY2023Q3 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
66000 | |
CY2024Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-162000 | |
CY2023Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
2472000 | |
CY2024Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-3164000 | |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-2818000 | |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
14425000 | |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7579000 | |
CY2024Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
11261000 | |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4761000 | |
CY2024Q3 | us-gaap |
Interest Paid Net
InterestPaidNet
|
57000 | |
CY2023Q3 | us-gaap |
Interest Paid Net
InterestPaidNet
|
200000 | |
CY2024Q3 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">iBio, Inc. and Subsidiaries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Notes to Condensed Consolidated Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;">(Unaudited)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">1. Nature of Business </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 "iBio", or the "Company") is a preclinical stage biotechnology company leveraging the power of Artificial Intelligence (AI) and Machine Learning (ML) for the development of hard-to-drug precision antibodies. The Company’s 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;">Since September 2022, iBio has focused on utilizing AI and 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 from a Contract Development and Manufacturing Organization (CDMO) to an AI-enabled biotech company. iBio’s transition concluded in May 2024 upon the closing of the sale of the CDMO facility in Texas. These strategic decisions the Company executed enable it to solely 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 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 ML based antibody-optimizing StableHu™ technology. When coupled with the Company’s 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 the Company’s 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 its 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 improving efficacy and safety of treatments. 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;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;">iBio’s scientific team, comprised of experienced AI/ML scientists and biopharmaceutical scientists, located side-by-side in its 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 efficiently create a preclinical portfolio and rapidly advance preclinical pipeline programs towards clinical development.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">Artificial Intelligence in Antibody Discovery and Development</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 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;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;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 as immune-oncology. The Company’s current therapeutics being developed are all in preclinical development and it has not completed any clinical trials in humans for any therapeutic protein product candidate produced using iBio technology and there is a risk that the Company will be unsuccessful in developing or commercializing any product candidates. 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.<img alt="Graphic" src="ibio-20240930x10q001.jpg" style="display:inline-block;height:232.3pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:533.25pt;"/></p> | |
CY2024Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3700000 | |
CY2024Q3 | us-gaap |
Assets Current
AssetsCurrent
|
11700000 | |
CY2024Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11000000.0 | |
CY2024Q3 | ibio |
Net Loss From Continuing Operations
NetLossFromContinuingOperations
|
-3900000 | |
CY2024Q3 | ibio |
Net Loss From Operations
NetLossFromOperations
|
-3700000 | |
CY2023Q3 | ibio |
Net Loss From Operations
NetLossFromOperations
|
-5300000 | |
CY2023Q4 | ibio |
Number Of Shares Tendered In Reverse Stock Split
NumberOfSharesTenderedInReverseStockSplit
|
20 | |
CY2024Q3 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 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 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> | |
CY2024Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
0 | |
CY2024Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
0 | |
CY2023Q2 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
0 | |
CY2024Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
0 | |
CY2023Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
50000 | |
CY2024Q2 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
0 | |
CY2024Q3 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
0 | |
CY2024Q3 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
400000 | |
CY2024Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
200000 | |
CY2023Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
0 | |
CY2024Q3 | ibio |
Percentage Of Collateral Required
PercentageOfCollateralRequired
|
0.05 | |
CY2024Q3 | us-gaap |
Restricted Cash
RestrictedCash
|
200000 | |
CY2024Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
200000 | |
CY2024Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11038000 | |
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
14210000 | |
CY2024Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
11261000 | |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
14425000 | |
CY2024Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
CY2024Q3 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Concentrations of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 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;margin:0pt 0pt 10pt 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 September 30, 2024 and June 30, 2024, amounts in excess of insured limits were approximately $496,000 and $664,000, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 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;margin:0pt;">During the three months ended September 30, 2024, the Company reported no <span style="-sec-ix-hidden:Hidden_uL7RTlY9I0KsEjEybP4jXg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">revenue</span></span> from continuing operations and discontinued operations. During the three months ended September 30, 2023, the Company reported license revenue from one research collaborator in continuing operations and no revenue in discontinued operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Segment Reporting</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company operates as one reportable segment, which is that of a preclinical stage biotechnology company leveraging AI and ML for the development of hard-to-drug precision antibodies. In accordance with Accounting Standards Codification (“ASC”) 280, <i style="font-style:italic;">Segment Reporting</i> (“Segment Reporting”), the Company’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under Segment Reporting due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by Segment Reporting can be found in the accompanying consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p> | |
CY2024Q3 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
496000 | |
CY2024Q2 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
664000 | |
CY2024Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4643000 | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4643000 | |
CY2024Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1132000 | |
CY2024Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1011000 | |
CY2024Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3511000 | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3632000 | |
CY2024Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
360000 | |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
365000 | |
CY2024Q3 | us-gaap |
Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
|
5003000 | |
CY2024Q2 | us-gaap |
Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
|
5003000 | |
CY2024Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
5363000 | |
CY2024Q2 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
5368000 | |
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
5000 | ||
CY2024Q3 | us-gaap |
Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
|
271000 | |
CY2023Q3 | us-gaap |
Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
|
339000 | |
CY2024Q3 | us-gaap |
Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
|
279000 | |
CY2023Q3 | us-gaap |
Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
|
299000 | |
CY2023Q3 | us-gaap |
Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
|
53000 | |
CY2024Q3 | us-gaap |
Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
|
P0Y11M1D | |
CY2023Q3 | us-gaap |
Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y2M1D | |
CY2024Q3 | us-gaap |
Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
|
0.0950 | |
CY2023Q3 | us-gaap |
Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
|
0.0950 | |
CY2024Q3 | ibio |
Finance Lease Payments Principal
FinanceLeasePaymentsPrincipal
|
279000 | |
CY2024Q3 | ibio |
Finance Lease Payments Interest
FinanceLeasePaymentsInterest
|
14000 | |
CY2024Q3 | us-gaap |
Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
|
293000 | |
CY2024Q3 | us-gaap |
Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
|
279000 | |
CY2024Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
141000 | |
CY2023Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
141000 | |
CY2024Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
141000 | |
CY2023Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
141000 | |
CY2024Q3 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
141000 | |
CY2023Q3 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
141000 | |
CY2024Q3 | us-gaap |
Operating Lease Payments Use
OperatingLeasePaymentsUse
|
160000 | |
CY2023Q3 | us-gaap |
Operating Lease Payments Use
OperatingLeasePaymentsUse
|
155000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
653000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
674000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
693000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
715000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
736000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
189000 | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
3660000 | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2024Q3 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
-3989000 | |
CY2023Q3 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
-5074000 | |
CY2023Q3 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
|
-672000 | |
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3989000 | |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5746000 | |
CY2024Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8633000 | |
CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
1198000 | |
CY2024Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.46 | |
CY2023Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-4.24 | |
CY2023Q3 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.56 | |
CY2024Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.46 | |
CY2023Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-4.80 | |
CY2024Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
13102000 | |
CY2023Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
338000 | |
CY2024Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
415000 | |
CY2023Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
762000 | |
CY2024Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2023Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2024Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | |
CY2024Q3 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |