iBio, Inc 10-Q for FY2020 Q3

iBio, Inc. (IBIO)

10-Q 2020-05-15 For: 2020-03-31

Added on April 07, 2026

About this 10-Q

iBio, Inc filed this 10-Q on May 15, 2020, covering the quarter ended March 31, 2020 (FY2020 Q3).

Headline figures

Quarter ended March 31, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $96K; down 81.8% from $527K a year earlier
Net loss: $4.68M; compared with a net loss of $4.22M a year earlier

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

600 Madison Avenue, Suite 1601, New York, NY		10022
(Address of principal executive offices)		(Zip Code)

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

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer x	Smaller reporting company x
			Emerging growth company ¨

PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 4.	Controls and Procedures	47

PART II. OTHER INFORMATION		48

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 6.	Exhibits	49

SIGNATURES		52

	March 31, 2020			June 30, 2019
	(Unaudited)			(See Note 2)
Assets
Current assets:
Cash	$	10,040		$	4,421
Accounts receivable – trade		75			97
Prepaid expenses and other current assets		189			290
Total Current Assets		10,304			4,808

Finance lease right-of-use assets, net of accumulated amortization		28,031			-
Fixed assets, net of accumulated depreciation		2,657			24,380
Intangible assets, net of accumulated amortization		1,204			1,374
Security deposits		24			24
Total Assets	$	42,220		$	30,586

Liabilities and Equity
Current liabilities:
Accounts payable (related parties of $19 and $125 as of March 31, 2020 and June 30, 2019, respectively)	$	547		$	1,001
Accrued expenses (related party of $840 and $699 as of March 31, 2020 and June 30, 2019, respectively)		1,135			965
Notes payable – warrant exchange		1,196			-
Finance lease obligation – current portion		295			-
Capital lease obligation – current portion		-			213
Contract liabilities		3,006			1,279
Total Current Liabilities		6,179			3,458

Finance lease obligation – net of current portion		32,084			-
Capital lease obligation – net of current portion		-			24,671

Total Liabilities		38,263			28,129

Commitments and Contingencies

Equity:
iBio, Inc. Stockholders’ Equity:
Preferred stock – no par value; 1,000,000 shares authorized; iBio CMO Preferred Tracking Stock; 1 share authorized, issued and outstanding as of both March 31, 2020 and June 30, 2019		-			-
Series A Convertible Preferred Stock – $1,000 stated value; 6,300 shares authorized; 0 and 3,987 shares issued and outstanding as of March 31, 2020 and June 30, 2019, respectively		-			-
Series B Convertible Preferred Stock – $1,000 stated value; 5,785 shares authorized; 5,785 shares issued and outstanding as of both March 31, 2020 and June 30, 2019		-			-
Series C Convertible Preferred Stock – $1,000 stated value; 4,510 shares authorized; 0 shares issued and outstanding as of both March 31, 2020 and June 30, 2019, respectively		-			-
Common stock – $0.001 par value; 275,000,000 shares authorized; 107,360,032 and 20,152,458 shares issued and outstanding as of March 31, 2020 and June 30, 2019, respectively		107			20
Additional paid-in capital		150,774			108,295
Accumulated other comprehensive loss		(33	)		(31	)
Accumulated deficit		(146,882	)		(105,821	)
Total iBio, Inc. Stockholders’ Equity		3,966			2,463
Noncontrolling interest		(9	)		(6	)
Total Equity		3,957			2,457
Total Liabilities and Equity	$	42,220		$	30,586

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Revenues	$	96		$	527		$	518		$	1,223

Operating expenses:
Research and development (related party of $0, $217, $97 and $761), net of grant income of $0, $0, $0 and $37, respectively		999			1,453			2,864			3,850
General and administrative (related party of $316, $288, $941 and $860)		3,161			2,844			8,728			9,108
Total operating expenses		4,160			4,297			11,592			12,958

Operating loss		(4,064	)		(3,770	)		(11,074	)		(11,735	)

Other income (expense):
Interest expense – related party		(616	)		(474	)		(1,851	)		(1,426	)
Interest income		4			20			12			64
Royalty income		-			-			9			4

Total other income (expense)		(612	)		(454	)		(1,830	)		(1,358	)

Consolidated net loss		(4,676	)		(4,224	)		(12,904	)		(13,093	)
Net loss attributable to noncontrolling interest		-			1			3			3
Net loss attributable to iBio, Inc.		(4,676	)		(4,223	)		(12,901	)		(13,090	)
Deemed dividends – down round of Series A Preferred and Series B Preferred		-			-			(21,560	)		-
Preferred stock dividends – iBio CMO Preferred Tracking Stock		(65	)		(64	)		(196	)		(195	)
Net loss available to iBio, Inc.	$	(4,741	)	$	(4,287	)	$	(34,657	)	$	(13,285	)

Comprehensive loss:
Consolidated net loss	$	(4,676	)	$	(4,224	)	$	(12,904	)	$	(13,093	)
Other comprehensive loss – foreign currency translation adjustments		(1	)		-			(2	)		-

Comprehensive loss	$	(4,677	)	$	(4,224	)	$	(12,906	)	$	(13,093	)

Loss per common share attributable to iBio, Inc. stockholders – basic and diluted	$	(0.06	)	$	(0.22	)	$	(0.74	)	$	(0.71	)

Weighted-average common shares outstanding – basic and diluted		79,917			19,224			47,018			18,597

													Accumulated
										Additional			Other
	Preferred Stock					Common Stock				Paid-In			Comprehensive			Accumulated			Noncontrolling
	Shares			Amount		Shares		Amount		Capital			Loss			Deficit			Interest			Total
Balance as of July 1, 2019		10		$	-		20,152	$	20	$	108,295		$	(31	)	$	(105,821	)	$	(6	)	$	2,457

Conversion of preferred stock to common stock		(4	)		-		4,000		4		(4	)		-			-			-			-

Share-based compensation		-			-		-		-		68			-			-			-			68

Foreign currency translation adjustment		-			-		-		-		-			(1	)		-			-			(1	)

Net loss		-			-		-		-		-			-			(4,463	)		(1	)		(4,464	)

Balance as of September 30, 2019		6			-		24,152		24		108,359			(32	)		(110,284	)		(7	)		(1,940	)

Capital raise		5			-		2,450		2		4,513			-			-			-			4,515

Costs to raise capital		-			-		-		-		(60	)		-			-			-			(60	)

Compensation shares		-			-		500		1		(1	)		-			-			-			-

Exercise of warrants		-			-		3,140		3		688			-			-			-			691

Deemed dividends – down round of Series A and Series B Preferred		-			-		-		-		21,560			-			(21,560	)		-			-

Conversion of preferred stock to common stock		(5	)		-		24,325		25		(25	)		-			-			-			-

Share-based compensation		-			-		-		-		37			-			-			-			37

Foreign currency translation adjustment		-			-		-		-		-			1			-			-			1

Net loss		-			-		-		-		-			-			(3,762	)		(2	)		(3,764	)

Balance as of December 31, 2019		6			-		54,567		55		135,071			(31	)		(135,606	)		(9	)		(520	)

Warrant exchange		-			-		15,000		15		3,285			-			(3,300	)		-			-

Issuance of notes under warrant exchange		-			-		-		-		-			-			(3,300	)		-			(3,300	)

Capital raise		-			-		5,000		5		5,761			-			-			-			5,766

Costs to raise capital		-			-		-		-		(321	)		-			-			-			(321	)

Compensation shares		-			-		816		-		-			-			-			-			-

Exercise of warrants		-			-		31,860		32		6,912			-			-			-			6,944

Exercise of stock options		-			-		4		-		3			-			-			-			3

Conversion of preferred stock to common stock		-			-		113		-		-			-			-			-			-

Share-based compensation		-			-		-		-		63			-			-			-			63

Foreign currency translation adjustment		-			-		-		-		-			(2	)		-			-			(2	)

Net loss		-			-		-		-		-			-			(4,676	)		-			(4,676	)

Balance as of March 31, 2020		6		$	-		107,360	$	107	$	150,774		$	(33	)	$	(146,882	)	$	(9	)	$	3,957

													Accumulated
										Additional			Other
	Preferred Stock					Common Stock				Paid-In			Comprehensive			Accumulated			Noncontrolling
	Shares			Amount		Shares		Amount		Capital			Loss			Deficit			Interest			Total
Balance as of July 1, 2018		12		$	-		16,040	$	16	$	104,408		$	(30	)	$	(88,228	)	$	(2	)	$	16,164

Sale of common stock		-			-		1,500		1		1,349			-			-			-			1,350

Costs to raise capital		-			-		-		-		(159	)		-			-			-			(159	)

Conversion of preferred stock to common stock		(1	)		-		797		1		(1	)		-			-			-			-

Share-based compensation		-			-		-		-		73			-			-			-			73

Foreign currency translation adjustment		-			-		-		-		-			(1	)		-			-			(1	)

Net loss		-			-		-		-		-			-			(4,398	)		(1	)		(4,399	)

Balance as of September 30, 2018		11			-		18,337		18		105,670			(31	)		(92,626	)		(3	)		13,028

Additional paid-in capital – capital contribution		-			-		-		-		2,459			-			-			-			2,459

Conversion of preferred stock to common stock		-			-		500		1		(1	)		-			-			-			-

Share-based compensation		-			-		-		-		60			-			-			-			60

Foreign currency translation adjustment		-			-		-		-		-			1			-			-			1

Net loss		-			-		-		-		-			-			(4,469	)		(1	)		(4,470	)

Balance as of December 31, 2018		11			-		18,837		19		108,188			(30	)		(97,095	)		(4	)		11,078

Conversion of preferred stock to common stock		(1	)		-		623		1		(1	)		-			-			-			-

Issuance of common stock to underwriters		-			-		142		-		-			-			-			-			-

Share-based compensation		-			-		-		-		49			-			-			-			49

Foreign currency translation adjustment		-			-		-		-		-			(1	)		-			-			(1	)

Net loss		-			-		-		-		-			-			(4,223	)		(1	)		(4,224	)

Balance as of March 31, 2019		10		$	-		19,602	$	20	$	108,236		$	(31	)	$	(101,318	)	$	(5	)	$	6,902

	Process Development	Feasibility assessment and development of manufacturing processes using FastPharming Technology for optimized gene-expression, glycosylation, and purification parameters to meet client specifications for their active pharmaceutical ingredients (“APIs”).

	Manufacturing	Biologics production using the FastPharming System to deliver custom biologics for clinical trials.

	Fill / Finish	Aseptic vial and bottle filling and finishing services with in-line labelling that provides serialization capability for greater quality assurance.

	Bio-Analytics	Method development and validation with expertise in protein characterization using mass spectrometry.

	Factory Solutions	Design and consulting services for the establishment of a client’s own environmentally-friendly FastPharming^TM facility, complete with technology transfer and licenses.

	As reported June 30, 2019		Adoption of ASC 842			Balance July 1, 2019
Finance lease right-of-use assets	$	-	$	7,489		$	7,489
Total assets	$	30,586	$	7,489		$	38,075
Finance lease obligation - current portion	$	213	$	(141	)	$	72
Finance lease obligation - net of current portion	$	24,671	$	7,630		$	32,301
Total liabilities	$	28,129	$	7,489		$	35,618
Total liabilities and stockholders’ equity	$	30,586	$	7,489		$	38,075

	Prior to Adoption			Adoption of ASC 842			Balance
Total revenues	$	96		$	-		$	96
Operating expenses	$	4,043		$	117	(1)	$	4,160
Operating loss	$	(3,947	)	$	(117	)	$	(4,064	)
Other income (expense)	$	(467	)	$	(145	)(2)	$	(612	)
Consolidated net loss	$	(4,414	)	$	(262	)	$	(4,676	)

	March 31, 2020			June 30, 2019
ROU - Facility	$	25,761		$	-
ROU - Equipment		7,728			-
		33,489			-
Accumulated amortization		(5,458	)		-
Net finance lease ROU	$	28,031		$	-

	March 31, 2020			June 30, 2019
Facility improvements	$	1,465		$	1,449
Medical equipment		1,419			1,260
Office equipment and software		383			231
Construction in progress		67			138
Facility under capital lease		-			20,000
Equipment under capital lease		-			6,000
		3,334			29,078
Accumulated depreciation – assets under capital lease		-			(4,212	)
Accumulated depreciation		(677	)		(486	)
Net fixed assets	$	2,657		$	24,380

	March 31, 2020			June 30, 2019
Intellectual property – gross carrying value	$	3,100		$	3,100
Patents – gross carrying value		2,616			2,560
		5,716			5,660
Intellectual property – accumulated amortization		(2,516	)		(2,399	)
Patents – accumulated amortization		(1,996	)		(1,887	)
		(4,512	)		(4,286	)
Net intangible assets	$	1,204		$	1,374

	Nine Months Ended March 31, 2020
Finance Lease Cost:
Amortization of right-of-use assets	$	1,246
Interest on lease liabilities		1,851
Operating Lease Cost		109
Total Lease Cost	$	3,206

Other Information
Cash paid for amounts included in the measurement lease liabilities:
Operating cash flows from operating lease	$	109
Financing cash flows from finance lease obligation	$	-

Fiscal period ending on March 31:	Principal			Interest		Total
2021	$	295		$	2,455	$	2,750
2022		318			2,432		2,750
2023		343			2,407		2,750
2024		370			2,380		2,750
2025		399			2,351		2,750
Thereafter		30,654			38,096		68,750

Total minimum lease payments		32,379		$	50,121	$	82,500
Less: current portion		(295	)
Long-term portion of minimum lease obligations	$	32,084

	Three Months ended March 31,						Nine Months ended March 31,
	2020			2019			2020			2019
Basic and diluted numerator:

Net loss attributable to iBio, Inc.	$	(4,676	)	$	(4,223	)	$	(12,901	)	$	(13,090	)
Deemed dividends – down round of Series A Preferred and Series B Preferred		-			-			(21,560	)		-
Preferred stock dividends – iBio CMO Preferred Tracking Stock		(65	)		(64	)		(196	)		(195	)
Net loss available to iBio, Inc. stockholders	$	(4,741	)	$	(4,287	)	$	(34,657	)	$	(13,285	)

Basic and diluted denominator:

Weighted-average common shares outstanding		79,917			19,224			47,018			18,597

Per share amount	$	(0.06	)	$	(0.22	)	$	(0.74	)	$	(0.71	)

	Stock Options			Weighted- average Exercise Price		Weighted- average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of July 1, 2019		1,346,519		$	1.45		6.1	$	-
Issued		908,300			1.15
Exercised		(3,750	)		0.93
Forfeited/expired		(93,146	)		3.80
Outstanding as of March 31, 2020		2,157,923		$	1.22		7.2	$	171
Vested and, as of March 31, 2020, expected to vest		2,111,539		$	1.23		7.1	$	170

Exercisable as of March 31, 2020		899,289		$	1.42		3.5	$	115

	Options Outstanding and Exercisable
	Number Outstanding		Weighted- Average Remaining Life In Years		Weighted- Average Exercise Price		Number Exercisable
Exercise prices:
$0.90 - $2.03		2,133,423		7.2	$	1.02		874,956
$2.53 - $4.00		1,166		3.5		3.37		999
$7.30 - $26.90		19,334		1.6		18.06		19,334
$28.90		4,000		1.2		28.90		4,000
		2,157,923		7.2	$	1.22		899,289

Risk-free interest rate	0.66	%
Dividend yield	0	%
Volatility	97.5	%
Expected term (in years)	9

Three Months Ended March 31, 2020 (in thousands)	iBio, Inc.			iBio CDMO			Eliminations			Total
Revenues – external customers	$	75		$	21		$	-		$	96
Revenues – intersegment		211			787			(998	)		-
Research and development		78			1,722			(801	)		999
General and administrative		1,584			1,774			(197	)		3,161
Operating loss		(1,376	)		(2,688	)		-			(4,064	)
Interest expense		-			(616	)		-			(616	)
Interest and other income		4			-			-			4
Consolidated net loss		(1,372	)		(3,304	)		-			(4,676	)
Total assets		51,113			32,024			(40,917	)		42,220
Finance lease ROU assets		-			28,031			-			28,031
Fixed assets, net		-			2,657			-			2,657
Intangible assets, net		1,204			-			-			1,204
Amortization of ROU assets		-			416			-			416
Depreciation expense		-			70			-			70
Amortization of intangible assets		72			-			-			72

Three Months Ended March 31, 2019 (in thousands)	iBio, Inc.			iBio CDMO			Eliminations			Total
Revenues – external customers	$	527		$	-		$	-		$	527
Revenues – intersegment		389			463			(852	)		-
Research and development		1,053			883			(483	)		1,453
General and administrative		873			2,340			(369	)		2,844
Operating loss		(1,010	)		(2,760	)		-			(3,770	)
Interest expense		-			(474	)		-			(474	)
Interest and other income		17			3			-			20
Consolidated net loss		(993	)		(3,231	)		-			(4,224	)
Total assets		39,713			9,572			(13,611	)		35,674
Fixed assets, net		3			24,638			-			24,641
Intangible assets, net		1,423			-			-			1,423
Depreciation expense		1			340			-			341
Amortization of intangible assets		92			-			-			92

Nine Months Ended March 31, 2020 (in thousands)	iBio, Inc.			iBio CDMO			Eliminations			Total
Revenues – external customers	$	425		$	93		$	-		$	518
Revenues – intersegment		637			1,279			(1,916	)		-
Research and development		736			3,431			(1,303	)		2,864
General and administrative		3,814			5,527			(613	)		8,728
Operating loss		(3,488	)		(7,586	)		-			(11,074	)
Interest expense		-			(1,851	)		-			(1,851	)
Interest and other income		20			1			-			21
Consolidated net loss		(3,468	)		(9,436	)		-			(12,904	)
Total assets		51,113			32,024			(40,917	)		42,220
Finance lease ROU assets		-			28,031						28,031
Fixed assets, net		-			2,657			-			2,657
Intangible assets, net		1,204			-			-			1,204
Amortization of ROU assets		-			1,246						1,246
Depreciation expense		2			205			-			207
Amortization of intangible assets		225			-			-			225

Nine Months Ended March 31, 2019 (in thousands)	iBio, Inc.			iBio CDMO			Eliminations			Total
Revenues – external customers	$	1,223		$	-		$	-		$	1,223
Revenues – intersegment		1,153			1,216			(2,369	)		-
Research and development		3,152			2,005			(1,307	)		3,850
General and administrative		3,090			7,091			(1,073	)		9,108
Operating loss		(3,866	)		(7,880	)		-			(11,735	)
Interest expense		-			(1,426	)		-			(1,426	)
Interest and other income		57			11			-			68
Consolidated net loss		(3,809	)		(9,296	)		-			(13,093	)
Total assets		39,713			9,572			(13,611	)		35,674
Fixed assets, net		3			24,638			-			24,641
Intangible assets, net		1,423			-			-			1,423
Depreciation expense		2			1,063			-			1,065
Amortization of intangible assets		243			-			-			243

	1.	No payments during the deferral period, which is defined as the six-month period beginning on the date of the note, or April 9, 2020.

	2.	Commencing one month after the expiration of the deferral period, and continuing on the same day of each month thereafter until the maturity date, the Company shall pay to JPMorgan Chase Bank, N.A. (the “Lender”), monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the note on the last day of the deferral period by the maturity date (twenty-four months from the date of the note, or April 9, 2022).

	3.	On the maturity date, the Company shall pay the Lender any and all unpaid principal plus accrued and unpaid interest plus interest accrued during the deferral period.

	4.	If any payment is due on a date for which there is no numerical equivalent in a particular calendar month then it shall be due on the last day of such month. If any payment is due on a day that is not a business day, the payment will be made on the next business day. The term “business day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.

	5.	Payments shall be allocated among principal and interest at the discretion of Lender unless otherwise agreed or required by applicable law. Notwithstanding, in the event the Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection Program under the federal CARES Act, the amount so forgiven shall be applied to principal.

	6.	The Company may prepay this note at any time without payment of any premium.

	•	Valuation of intellectual property;

	•	Revenue recognition;

	•	Lease accounting;

	•	Legal and contractual contingencies;

	•	Research and development expenses; and

	•	Share-based compensation expenses.

Exhibit No.		Description
1.1		Underwriting Agreement, dated November 29, 2017, by and between iBio, Inc. and Aegis Capital Corp.(1)
1.2		Amended and Restated Underwriting Agreement, dated November 30, 2017, between iBio, Inc. and Aegis Capital Corp. (2)
1.3		Underwriting Agreement, dated June 21, 2018, by and between iBio, Inc. and A.G.P./Alliance Global Partners (3)
1.4		Underwriting Agreement, dated October 25, 2019, by and between iBio, Inc. and A.G.P./Alliance Global Partners (19)
3.1		Certificate of Incorporation of the Company (16)
3.2		Certificate of Amendment of the Certificate of Incorporation of the Company (4)
3.3		First Amended and Restated Bylaws of the Company (5)
3.4		Certificate of Designation, Preferences and Rights of the iBio CMO Preferred Tracking Stock of iBio, Inc. (6)
3.5		Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock of iBio, Inc.(7)
3.6		Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock of iBio, Inc.(7)
3.7		Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock of iBio, Inc.(19)
4.1		Form of Common Stock Certificate (8)
4.2		Registration Rights Agreement, dated July 24, 2017, between iBio, Inc. and Lincoln Park Capital Fund, LLC (9)
4.3		Form of Series A Warrant to Purchase Common Stock (20)
4.4		Form of Amended and Restated Series A Warrant to Purchase Common Stock (21)
4.5		Form of Series B Warrant to Purchase Common Stock (20)
4.6		Form of Amended and Restated Series B Warrant to Purchase Common Stock (21)
4.7		Form of Promissory Note related to Warrant Exchange and Amendment Agreement (21)
4.8		Registration Rights Agreement, dated March 19, 2020, between iBio, Inc. and Lincoln Park Capital Fund, LLC (24)
10.1		Technology Transfer Agreement, dated as of January 1, 2004, between the Company and Fraunhofer USA Center for Molecular Biotechnology, Inc. as amended (10)
10.2		Ratification dated September 6, 2013 of Terms of Settlement by and between the Company and Fraunhofer USA Center for Molecular Biotechnology, Inc. (11)+
10.3		Share Purchase Agreement, dated January 13, 2016, between iBio, Inc. and Eastern Capital Limited, for the purchase of 3,500,000 (pre-split) shares of common stock (12)
10.4		Share Purchase Agreement, dated January 13, 2016, between iBio, Inc. and Eastern Capital Limited, for the purchase of 6,500,000 (pre-split) shares of common stock (12)
10.5		Amendment, dated June 26, 2018, to Share Purchase Agreement, dated January 13, 2016, between iBio, Inc. and Eastern Capital Limited, for the purchase of 6,500,000 (pre-split) shares of common stock (7)

10.6		Amended and Restated Limited Liability Company Operating Agreement of iBio CDMO LLC, dated January 13, 2016, between the Company, Bryan Capital Investors LLC and iBio CDMO LLC (13)
10.7		License Agreement, dated January 13, 2016, between the Company and iBio CDMO LLC (13)
10.8		Sublease Agreement, dated January 13, 2016, between College Station Investors LLC and iBio CDMO LLC (13)
10.9		Exchange Agreement, dated February 23, 2017, between iBio, Inc. and Bryan Capital Investors LLC (14)
10.10		Amendment No. 1, dated February 23, 2017, to the Amended and Restated Limited Liability Company Agreement of iBio CDMO LLC, dated January 13, 2016, between iBio, Inc. and Bryan Capital Investors LLC (14)
10.11		Offer Letter, dated December 30, 2016, between iBio, Inc. and James P. Mullaney(15)
10.12		Purchase Agreement, dated July 24, 2017, between iBio, Inc. and Lincoln Park Capital Fund, LLC (9)
10.13		2018 Omnibus Equity Incentive Plan, effective December 18, 2018 (17)
10.14		Form of Directors and Officer Indemnification Agreement (18)
10.15		Warrant Exchange and Amendment Agreement between the Company and certain Holders, dated February 20, 2020 (21)
10.16		Employment Agreement between the Company and Thomas F. Isett, dated March 10, 2020 (22)
10.17		Amended and Restated Executive Employment Agreement, dated as of April 21, 2020, between iBio, Inc. and Thomas F. Isett (23)
10.18		Purchase Agreement, dated March 19, 2020, between iBio, Inc. and Lincoln Park Capital Fund, LLC (23)
31.1		Certification of Periodic Report by Chief 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 Chief 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 Chief 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 Chief 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		XBRL Instance*
101.SCH		XBRL Taxonomy Extension Schema*
101.CAL		XBRL Taxonomy Extension Calculation*
101.DEF		XBRL Taxonomy Extension Definition*
101.LAB		XBRL Taxonomy Extension Labeled*
101.PRE		XBRL Taxonomy Extension Presentation*

(1)	Incorporated herein by reference to the Company’s Quarterly Report on Form 8-K filed with the SEC on November 29, 2017 (Commission File No. 001-35023).
(2)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on December 1, 2017 (Commission File No. 001-35023).
(3)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 22, 2018 (Commission File No. 001-35023).
(4)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 8, 2018 (Commission File No. 001-35023).
(5)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on August 14, 2009 (Commission File No. 000-53125).
(6)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on February 24, 2017 (Commission File No. 001-35023).
(7)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 27, 2018 (Commission File No. 001-35023).

(8)	Incorporated herein by reference to the Company’s Form 10-12G filed with the SEC on July 11, 2008 (Commission File No. 000-53125).
(9)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on July 24, 2017 (Commission File No. 001-35023).
(10)	Incorporated herein by reference to the Company’s Form 10-12G filed with the SEC on June 18, 2008 Commission File No. 000-53125).
(11)	Incorporated herein by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, filed with the SEC on September 30, 2013 (Commission File No. 001-35023).
(12)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2016 (Commission File No. 000-35023).
(13)	Incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q filed with the SEC on February 22, 2016 (Commission File No. 001-35023).
(14)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on February 24, 2017 (Commission File No. 001-35023).
(15)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on March 6, 2017 (Commission File No. 001-35023).
(16)	Incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 11, 2018 (Commission File No. 001-35023).
(17)	Incorporated herein by reference to the Company’s Annual Report on Form 10-K filed with the SEC on August 26, 2019 (Commission File No. 001-35023).
(18)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 1, 2019 (Commission File No. 001-35023).
(19)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on October 29, 2019 (Commission File No. 001-35023).
(20)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on October 28, 2019 (Commission File No. 001-35023).
(21)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on February 21, 2020 (Commission File No. 001-35023).
(22)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on March 13, 2020 (Commission File No. 001-35023).
(23)	Incorporate herein by reference to the Company’s Current Report on Form 8-K filed with teh SEC on April 21, 2020 (Commission File No. 001-35023).
(24)	Incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on March 20, 2020 (Commission File No. 001-35023).
*	Filed herewith.
+	Confidential treatment requested as to certain portions, which portions have been separately filed with the Securities and Exchange Commission.

	iBio, Inc.
	(Registrant)

Date: May 15, 2020	/s/ Thomas F. Isett
	Thomas F. Isett
	Chief Executive Officer
	(Principal Executive Officer)

Date: May 15, 2020	/s/ James P. Mullaney
	James P. Mullaney
	Chief Financial Officer
	(Principal Financial Officer and
	Principal Accounting Officer)

	1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 of iBio, Inc. (the registrant);

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	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:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within these entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.