iBio, Inc 10-Q for FY2026 Q2

iBio, Inc. (IBIO)

10-Q 2026-02-10 For: 2025-12-31

Added on April 07, 2026

About this 10-Q

iBio, Inc filed this 10-Q on February 10, 2026, covering the quarter ended December 31, 2025 (FY2026 Q2).

Headline figures

Quarter ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $200K a year earlier
Net loss: $8.99M; compared with a net loss of $4.36M a year earlier
Diluted EPS: -$0.09; compared with -$0.48 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	The Nasdaq Stock Market LLC

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, 2025 (unaudited) and June 30, 2025	3
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended December 31, 2025 and 2024	4
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended December 31, 2025 and 2024	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2025 and 2024	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47

PART II. OTHER INFORMATION		48

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53

SIGNATURES		54


	December 31,		June 30,
	2025		2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	28,672	$	8,582
Accounts receivable - trade, net of allowance for credit losses of $65 and $0 as of December 31, 2025 and June 30, 2025, respectively		—		—
Investments in debt securities (adjusted cost $24,016 and $0, respectively - see Note 6)		24,026		—
Subscription receivable		—		105
Prepaid expenses and other current assets		670		1,034
Total Current Assets		53,368		9,721

Restricted cash		228		210
Promissory note receivable		1,138		1,098
Finance lease right-of-use assets, net of accumulated amortization		—		68
Operating lease right-of-use asset		1,864		2,051
Fixed assets, net of accumulated depreciation		3,447		3,163
Intangible assets, net of accumulated amortization		4,338		6,848
Security deposits		10		26
Total Assets	$	64,393	$	23,185

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	2,654	$	2,188
Accrued expenses		1,579		1,345
Finance lease obligations		—		53
Operating lease obligation - current portion		518		490
Equipment financing payable - current portion		—		64
Term promissory note		—		766
Contract liabilities		1,150		1,200
Total Current Liabilities		5,901		6,106

Operating lease obligation - net of current portion		1,932		2,199
Total Liabilities		7,833		8,305

Stockholders' Equity
Series 2022 Convertible Preferred Stock - $0.001 par value; 1,000,000 shares authorized at December 31, 2025 and June 30, 2025; 0 shares issued and outstanding as of December 31, 2025 and June 30, 2025		—		—
Common Stock - $0.001 par value; 275,000,000 shares authorized at December 31, 2025 and June 30, 2025; 30,053,070 and 19,349,201 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively		30		19
Additional paid-in capital		403,457		347,085
Accumulated other comprehensive loss		10		—
Accumulated deficit		(346,937)		(332,224)
Total Stockholders’ Equity		56,560		14,880
Total Liabilities and Stockholders' Equity	$	64,393	$	23,185


☒	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,
		2025			2024		2025			2024

Revenue		$	—		$	200	$	100		$	200

Operating expenses:
Research and development			4,280			1,877		7,830			3,182
General and administrative			5,165			2,742		7,666			5,543
Total operating expenses			9,445			4,619		15,496			8,725

Operating loss			(9,445)			(4,419)		(15,396)			(8,525)

Other income (expense):
Interest income			493			112		760			286
Interest expense			(41)			(57)		(77)			(114)
Total other income			452			55		683			172

Net loss		$	(8,993)		$	(4,364)	$	(14,713)		$	(8,353)

Comprehensive loss:
Net loss		$	(8,993)		$	(4,364)	$	(14,713)		$	(8,353)
Other comprehensive gain - unrealized gain on debt securities			25			—		10			—

Comprehensive loss		$	(8,968)		$	(4,364)	$	(14,703)		$	(8,353)

Loss per common share - basic and diluted		$	(0.09)		$	(0.48)	$	(0.19)		$	(0.94)

Weighted-average common shares outstanding - basic and diluted - see Note 16			99,133			9,132		76,030			8,880


							Accumulated
					Additional		Other
	Common Stock				Paid-In		Comprehensive		Accumulated
	Shares		Amount		Capital		Gain/(Loss)		Deficit		Total
Balance as of July 1, 2025		19,349	$	19	$	347,085	$	—	$	(332,224)	$	14,880

Common stock issued		905		1		218		—		—		219
Vesting of RSUs		*		*		*		—		—		—
Share-based compensation		—		—		323		—		—		323
Issuance of pre-funded warrants		—		—		46,352		—		—		46,352
Unrealized loss on available-for-sale debt securities		—		—		—		(15)		—		(15)
Net loss		—		—		—		—		(5,720)		(5,720)

Balance as of September 30, 2025		20,254	$	20	$	393,978	$	(15)	$	(337,944)	$	56,039

Common stock issued		9,798		10		3,641		—		—		3,651
Share-based compensation		—		—		253		—		—		253
Issuance of pre-funded warrants		—		—		5,585		—		—		5,585
Unrealized gain on available-for-sale debt securities		—		—		—		25		—		25
Net loss		—		—		—		—		(8,993)		(8,993)

Balance as of December 31, 2025		30,052	$	30	$	403,457	$	10	$	(346,937)	$	56,560


* Represents amount less than 0.5 thousand.


	December 31,		June 30,
	2025		2025
Cash and cash equivalents	$	28,672	$	8,582
Collateral held for letter of credit - San Diego lease		203		203
Collateral held for Company purchasing card		25		7
Total cash, cash equivalents and restricted cash	$	28,900	$	8,792


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


	December 31,		June 30,
Fiscal period ending:	2025		2025
2026	$	21,557	$	—
2027		2,469		—
	$	24,026	$	—


Fiscal year ending on December 31:		Principal			Imputed Interest			Total
2026		$	518		$	161		$	679
2027			577			121			698
2028			643			77			720
2029			712			28			740
2030									—

Total minimum lease payments			2,450		$	387		$	2,837
Less: current portion			(518)
Long-term portion of minimum lease obligation		$	1,932


Grantee	Plan	# of Options	Exercise Price	Vesting	Term
Employee	2023 Plan	1,000	$1.83	25% 1st year and quarterly thereafter	10 years
Directors	2023 Plan	81,000	$1.00	Monthly over one year	10 years
Executive Officers	2023 Plan	310,000	$0.893	25% 1st year and quarterly thereafter	10 years
Total		392,000



Weighted-average risk-free interest rate		3.64% - 3.8	%
Dividend yield		0	%
Volatility		232.88% - 233.93	%
Expected term (in years)		5.7 - 6


		December 31,			June 30,
		2025			2025

Building and improvements		$	695		$	695
Machinery and equipment			3,930			3,545
Office equipment and software			551			418
Construction in progress			30			—
			5,206			4,658
Accumulated depreciation			(1,759)			(1,495)
Net fixed assets		$	3,447		$	3,163


		June 30,												December 31,
		2025			Amortization			Additions			Impairments			2025
Intellectual property – gross carrying value		$	400		$	—		$	—		$	—		$	400
Intellectual property – accumulated amortization			(55)			(10)			—			—			(65)
Total definite lived intangible assets			345		$	(10)			—		$	—			335

Intellectual property – indefinite lived			5,003						—			(2,500)			2,503
Licenses – indefinite lived			1,500						—			—			1,500

Total net intangibles		$	6,848					$	—					$	4,338


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)
4.1		Form of Pre-Funded Warrant (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 12, 2026 – File No. 001-35023)
10.1		Form of Securities Purchase Agreement (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 12, 2026 – File No. 001-35023)
10.2		Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 12, 2026 – 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, 2026	/s/ Martin Brenner
	Martin Brenner
	Chief Executive Officer and Chief Scientific Officer Principal Executive Officer

Date: February 10, 2026	/s/ Felipe Duran
	Felipe Duran
	Chief Financial Officer
	Principal Financial Officer and Principal Accounting Officer

Date: February 10, 2026
	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, 2025 (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, 2026
	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, 2026	/s/ Martin Brenner
		Martin Brenner
		Chief Executive Officer and Chief Scientific Officer
		(Principal Executive Officer)