iBio, Inc 10-Q for FY2026 Q3

iBio, Inc. (IBIO)

10-Q 2026-05-12 For: 2026-03-31

Added on May 12, 2026

About this 10-Q

iBio, Inc filed this 10-Q on May 12, 2026, covering the quarter ended March 31, 2026 (FY2026 Q3).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $7.73M; compared with a net loss of $4.86M a year earlier
Diluted EPS: -$0.06; compared with -$0.49 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 March 31, 2026 (unaudited) and June 30, 2025	3
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended March 31, 2026 and 2025	4
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended March 31, 2026 and 2025	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2026 and 2025	7
	Notes to the Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48

PART II. OTHER INFORMATION		49

Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54

SIGNATURES		55


	March 31,		June 30,
	2026		2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	47,631	$	8,582
Accounts receivable - trade, net of allowance for credit losses of $65 and $0 as of March 31, 2026 and June 30, 2025, respectively		—		—
Investments in debt securities (adjusted cost $27,187 and $0, respectively - see Note 6)		27,166		—
Subscription receivable		—		105
Prepaid expenses and other current assets		2,454		1,034
Total Current Assets		77,251		9,721

Restricted cash		228		210
Promissory note receivable		1,157		1,098
Finance lease right-of-use assets, net of accumulated amortization		—		68
Operating lease right-of-use asset		1,766		2,051
Fixed assets, net of accumulated depreciation		3,310		3,163
Intangible assets, net of accumulated amortization		1,830		6,848
Prepaid expenses - noncurrent		282		—
Security deposits		10		26
Total Assets	$	85,834	$	23,185

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	3,035	$	2,188
Accrued expenses		1,787		1,345
Finance lease obligations		—		53
Operating lease obligation - current portion		532		490
Equipment financing payable - current portion		—		64
Term promissory note		—		766
Contract liabilities		1,150		1,200
Total Current Liabilities		6,504		6,106

Operating lease obligation - net of current portion		1,793		2,199
Total Liabilities		8,297		8,305

Stockholders' Equity
Preferred Stock - $0.001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding (see Note 15 - Stockholders' Equity)		—		—
Common Stock - $0.001 par value; 275,000,000 shares authorized; 34,543,561 and 19,349,201 shares issued and outstanding as of March 31, 2026 and June 30, 2025, respectively		35		19
Additional paid-in capital		432,190		347,085
Accumulated other comprehensive loss		(21)		—
Accumulated deficit		(354,667)		(332,224)
Total Stockholders’ Equity		77,537		14,880
Total Liabilities and Stockholders' Equity	$	85,834	$	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					Nine Months Ended
		March 31,					March 31,
		2026			2025		2026			2025

Revenue		$	—		$	—	$	100		$	200

Operating expenses:
Research and development			3,254			1,906		11,084			5,088
General and administrative			5,111			2,973		12,777			8,516
Total operating expenses			8,365			4,879		23,861			13,604

Operating loss			(8,365)			(4,879)		(23,761)			(13,404)

Other income (expense):
Interest income			657			72		1,417			358
Interest expense			(22)			(54)		(99)			(168)
Total other income (expense)			635			18		1,318			190

Net loss		$	(7,730)		$	(4,861)	$	(22,443)		$	(13,214)

Comprehensive loss:
Net loss		$	(7,730)		$	(4,861)	$	(22,443)		$	(13,214)
Other comprehensive loss - unrealized loss on debt securities			(31)			—		(21)			—

Comprehensive loss		$	(7,761)		$	(4,861)	$	(22,464)		$	(13,214)

Loss per common share - basic and diluted		$	(0.06)		$	(0.49)	$	(0.25)		$	(1.44)

Weighted-average common shares outstanding - basic and diluted - see Note 16			119,600			9,862		90,295			9,202


							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

Common stock issued		4,491		5		4,813		—		—		4,818
Share-based compensation		—		—		377		—		—		377
Issuance of pre-funded warrants		—		—		23,543		—		—		23,543
Unrealized loss on available-for-sale debt securities		—		—		—		(31)		—		(31)
Net loss		—		—		—		—		(7,730)		(7,730)

Balance as of March 31, 2026		34,543	$	35	$	432,190	$	(21)	$	(354,667)	$	77,537

* Represents amount less than 0.5 thousand.


	March 31,		June 30,
	2026		2025
Cash and cash equivalents	$	47,631	$	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	$	47,859	$	8,792


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


	Three Months Ended		Three Months Ended
	March 31, 2026		March 31, 2025
Finance lease cost:
Amortization of ROU assets	$	—	$	68
Interest on lease liabilities		—		4
Total lease cost	$	—	$	72

Other information:
Cash paid for amounts included in the measurement lease liabilities:
Financing cash flows from finance lease obligations	$	—	$	76


Fiscal period ending on March 31:		Principal			Imputed Interest			Total
2027		$	532		$	151		$	683
2028			593			111			704
2029			659			66			725
2030			541			17			558
Total minimum lease payments			2,325		$	345		$	2,670
Less: current portion			(532)
Long-term portion of minimum lease obligation		$	1,793


Grantee	Plan	# of Options	Exercise Price	Vesting	Term
Employee	2023 Plan	423,000	$1.83 - $2.15	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
Executive Officers	2023 Plan	804,000	$2.23	25% 1st year and quarterly thereafter	10 years
Total		1,618,000


Weighted-average risk-free interest rate	3.64% - 3.94	%
Dividend yield	0	%
Volatility	229.25% - 233.93	%
Expected term (in years)	5.7 - 6.3


		March 31,			June 30,
		2026			2025

Building and improvements		$	695		$	695
Machinery and equipment			3,958			3,545
Office equipment and software			551			418
Construction in progress			13			—
			5,217			4,658
Accumulated depreciation			(1,907)			(1,495)
Net fixed assets		$	3,310		$	3,163


		June 30,												March 31,
		2025			Amortization			Additions			Impairments			2026
Intellectual property – gross carrying value		$	400		$	—		$	—		$	—		$	400
Intellectual property – accumulated amortization			(55)			(15)			—			—			(70)
Total definite lived intangible assets			345			(15)			—			—			330

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

Total net intangibles		$	6,848		$	(15)		$	—		$	(5,003)		$	1,830


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)
10.3		Open Market Sale Agreement, dated February 27, 2026, by and between the Company and Jefferies LLC (Incorporated herein by reference to Exhibit Number 1.1 to the Company’s registration statement on Form S-3 (File No. 333-293864, as filed with the Securities and Exchange Commission on February 27, 2026)
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: May 12, 2026	/s/ Martin Brenner
	Martin Brenner
	Chief Executive Officer and Chief Scientific Officer Principal Executive Officer

Date: May 12, 2026	/s/ Felipe Duran
	Felipe Duran
	Chief Financial Officer
	Principal Financial Officer and Principal Accounting Officer

Date: May 12, 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 March 31, 2026 (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: May 12, 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:	May 12, 2026	/s/ Martin Brenner
		Martin Brenner
		Chief Executive Officer and Chief Scientific Officer
		(Principal Executive Officer)