iBio, Inc 10-Q for FY2025 Q2

iBio, Inc. (IBIO)

10-Q 2025-02-10 For: 2024-12-31

Added on April 07, 2026

About this 10-Q

iBio, Inc filed this 10-Q on February 10, 2025, covering the quarter ended December 31, 2024 (FY2025 Q2).

Headline figures

Quarter ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $200K
Net loss: $4.36M; compared with a net loss of $8.21M a year earlier
Diluted EPS: -$0.48; compared with -$4.42 a year earlier

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Delaware		26-2797813
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

11750 Sorrento Valley Road, Suite 200, San Diego, CA		92121
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	IBIO	NYSE American

Large accelerated Filer ☐						Accelerated Filer ☐
Non-accelerated Filer ☒						Smaller reporting company ☒
						Emerging growth company ☐

PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements:
	Condensed Consolidated Balance Sheets as of December 31, 2024 (unaudited) and June 30, 2024	3
	Unaudited Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2024 and 2023	4
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended December 31, 2024 and 2023	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2024 and 2023	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4.	Controls and Procedures	51

PART II. OTHER INFORMATION		52

Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 5.	Other Information	54
Item 6.	Exhibits	55

SIGNATURES		56


	December 31,		June 30,
	2024		2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,015	$	14,210
Subscription receivable		13		—
Promissory note receivable and accrued interest		—		713
Prepaid expenses and other current assets		1,257		749
Total Current Assets		8,285		15,672

Restricted cash		223		215
Promissory note receivable		1,115		1,081
Finance lease right-of-use assets, net of accumulated amortization		203		339
Operating lease right-of-use asset		2,230		2,401
Fixed assets, net of accumulated depreciation		3,391		3,632
Intangible assets, net of accumulated amortization		6,108		5,368
Prepaid expenses - noncurrent		116		—
Security deposits		26		26
Total Assets	$	21,697	$	28,734

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	614	$	358
Accrued expenses		1,835		2,028
Finance lease obligations - current portion		205		299
Operating lease obligation - current portion		462		436
Equipment financing payable - current portion		155		178
Term promissory note - current portion		237		218
Insurance premium financing payable		601		123
Contract liabilities		600		200
Total Current Liabilities		4,709		3,840

Finance lease obligations - net of current portion		—		53
Operating lease obligation - net of current portion		2,450		2,688
Equipment financing payable - net of current portion		—		63
Term promissory note - net of current portion		643		766
Total Liabilities		7,802		7,410

Stockholders' Equity
Series 2022 Convertible Preferred Stock - $0.001 par value; 1,000,000 shares authorized at December 31, 2024 and June 30, 2024; 0 shares issued and outstanding as of December 31, 2024 and June 30, 2024		—		—
Common stock - $0.001 par value; 275,000,000 shares authorized at December 31, 2024 and June 30, 2024; 9,167,670 and 8,623,676 shares issued and outstanding as of December 31, 2024 and June 30, 2024, respectively		9		9
Additional paid-in capital		336,086		335,162
Accumulated deficit		(322,200)		(313,847)
Total Stockholders’ Equity		13,895		21,324
Total Liabilities and Stockholders' Equity	$	21,697	$	28,734


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023

Revenue	$	200	$	—	$	200	$	50

Operating expenses:
Research and development		1,877		1,535		3,182		3,141
General and administrative		2,742		2,961		5,543		6,508
Total operating expenses		4,619		4,496		8,725		9,649

Operating loss		(4,419)		(4,496)		(8,525)		(9,599)

Other income (expense):
Interest expense		(57)		(34)		(114)		(60)
Interest income		112		42		286		97
Total other income		55		8		172		37

Net loss from continuing operations		(4,364)		(4,488)		(8,353)		(9,562)

Loss from discontinued operations		—		(3,723)		—		(4,395)

Net loss	$	(4,364)	$	(8,211)	$	(8,353)	$	(13,957)

Loss per common share attributable to iBio, Inc. stockholders - basic and diluted - continuing operations	$	(0.48)	$	(2.42)	$	(0.94)	$	(6.27)
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted - discontinued operations	$	—	$	(2.00)	$	—	$	(2.88)
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted - total	$	(0.48)	$	(4.42)	$	(0.94)	$	(9.15)

Weighted-average common shares outstanding - basic and diluted		9,132		1,856		8,880		1,525



				Additional
	Common Stock			Paid-In		Accumulated
	Shares	Amount		Capital		Deficit		Total
Balance as of July 1, 2024	8,624	$	9	$	335,162	$	(313,847)	$	21,324

Common stock issued	2		*		4		—		4
Vesting of RSUs	12		*		—		—		—
Share-based compensation	—		—		415		—		415
Net loss	—		—		—		(3,989)		(3,989)

Balance as of September 30, 2024	8,638	$	9	$	335,581	$	(317,836)	$	17,754

Common stock issued	500		*		(1)		—		(1)
Exercise of stock options	18		*		31		—		31
Vesting of RSUs	12		*		—		—		—
Share-based compensation	—		—		475		—		475
Net loss	—		—		—		(4,364)		(4,364)

Balance as of December 31, 2024	9,168	$	9	$	336,086	$	(322,200)	$	13,895


* Represents amount less than 0.5 thousand.


	Three Months Ended		Six Months Ended
	December 31, 2023		December 31, 2023
Operating expenses:
General and administrative		307		671
Fixed asset impairments		3,100		3,100
Gain on sale of fixed assets		—		(50)
Total operating expenses		3,407		3,721

Other expenses:
Interest expense - term note payable		(316)		(674)
Total other expenses		(316)		(674)

Loss from discontinued operations	$	(3,723)	$	(4,395)


	Six Months Ended
	December 31, 2023
Amortization of finance lease right-of-use assets	$	5
Fixed asset impairments		3,100

Supplemental cash flow information:
Cash paid during the period for interest		343


	December 31,		June 30,
	2024		2024
Cash and equivalents	$	7,015	$	14,210
Collateral held for letter of credit - San Diego lease		198		198
Collateral held for Company purchasing card		25		17
Total cash, cash equivalents and restricted cash	$	7,238	$	14,425


Preferred stock	$	1,760,000
Intangible assets		4,300,000
Prepaid expenses		1,440,000
	$	7,500,000


Fiscal period ending on December 31:	Principal		Interest		Total
2025	$	155	$	8	$	163


Fiscal year ending on December 31:	Principal		Interest		Total
2025	$	205	$	7	$	212


	December 31,		June 30,
	2024		2024

Building and improvements	$	695	$	695
Machinery and equipment		3,545		3,545
Office equipment and software		403		403
Construction in progress		1		—
		4,644		4,643
Accumulated depreciation		(1,253)		(1,011)
Net fixed assets	$	3,391	$	3,632


	June 30,								December 31,
	2024		Amortization		Additions		Impairments		2024
Intellectual property – gross carrying value	$	400	$	—	$	—	$	—	$	400
Intellectual property – accumulated amortization		(35)		(10)		—		—		(45)
Total definite lived intangible assets		365	$	(10)		—	$	—		355

Intellectual property – indefinite lived		5,003				—		—		5,003
License – indefinite lived		—				750		—		750

Total net intangibles	$	5,368			$	750			$	6,108


Fiscal year ending on December 31:	Principal		Imputed Interest		Total
2025	$	462	$	196	$	658
2026		518		161		679
2027		577		121		698
2028		643		77		720
2029		712		29		741

Total minimum lease payments		2,912	$	584	$	3,496
Less: current portion		(462)
Long-term portion of minimum lease obligation	$	2,450



Weighted-average risk-free interest rate	3.41% - 4.33	%
Dividend yield	0	%
Volatility	245.35% - 248.81	%
Expected term (in years)	5.6


Exhibit No.		Description
3.1		Certificate of Incorporation of iBio, Inc., Certificate of Merger, Certificate of Ownership and Merger, Certificate of Amendment of the Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 11, 2018 – File No. 001-35023)
3.2		Certificate of Amendment of the Certificate of Incorporation of iBio, Inc. (incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 8, 2018 – File No. 001-35023)
3.3		Certificate of Designation, Preferences and Rights of the iBio CMO Preferred Tracking Stock of iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on February 24, 2017 – Commission File No. 001-35023)
3.4		Certificate of Designation, Preferences and Rights of the Series A Convertible Preferred Stock of iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 27, 2018 – Commission File No. 001-35023)
3.5		Certificate of Designation, Preferences and Rights of the Series B Convertible Preferred Stock of iBio, Inc. (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 27, 2018 – Commission File No. 001-35023)
3.6		Certificate of Designation, Preferences and Rights of the Series C Convertible Preferred Stock of iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 29, 2019 – Commission File No. 001-35023)
3.7		Second Amended and Restated Bylaws of iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 1, 2022 – File No. 000-53125)
3.8		Certificate of Designation of Preferences, Rights and Limitations of Series 2022 Convertible Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2022 – Commission File No. 001-35023)
3.9		Certificate of Amendment of the Certificate of Incorporation if iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 7, 2022 – File No. 001-35023)
3.10		Certificate of Amendment of the Certificate of Incorporation if iBio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 28, 2023 – File No. 001-35023)
10.1†		Exclusive License Agreement, dated December 31, 2024, by and between iBio, Inc. and AstralBio, Inc. (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 2, 2025 – File No. 001-35023)
10.2		Form of Securities Purchase Agreement, dated January 10, 2025, by and between the Company and the purchasers listed on the signature page thereto (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13, 2025 – File No. 001-35023)
31.1*		Certification of Periodic Report by Principal Executive Officer Pursuant to Rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Periodic Report by Principal Financial Officer Pursuant to Rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Periodic Report by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Periodic Report by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance*
101.SCH		Inline XBRL Taxonomy Extension Schema*
101.CAL		Inline XBRL Taxonomy Extension Calculation*
101.DEF		Inline XBRL Taxonomy Extension Definition*
101.LAB		Inline XBRL Taxonomy Extension Labeled*
101.PRE		Inline XBRL Taxonomy Extension Presentation*
104		Cover page Interactive Data File (embedded within the Inline XBRL document)


	iBio, Inc.
	(Registrant)

Date: February 10, 2025	/s/ Martin Brenner
	Martin Brenner
	Chief Executive Officer and Chief Scientific Officer Principal Executive Officer

Date: February 10, 2025	/s/ Felipe Duran
	Felipe Duran
	Chief Financial Officer
	Principal Financial Officer and Principal Accounting Officer

Date: February 10, 2025
	By:	/s/ Martin Brenner
		Name: Martin Brenner
		Title: Chief Executive Officer and Chief Scientific Officer (Principal Executive Officer)


1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 (the “report”) of iBio, Inc. (the “registrant”);


4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


Date: February 10, 2025
	By:	/s/ Felipe Duran
		Name: Felipe Duran
		Title: Chief Financial Officer (Principal Financial Officer)

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	February 10, 2025	/s/ Martin Brenner
		Martin Brenner
		Chief Executive Officer and Chief Scientific Officer
		(Principal Executive Officer)