Tue, Sep 24, 8:13 PM (170 days ago)
iBio, Inc. reported a net loss of approximately $24.9 million for the fiscal year ended June 30, 2024, down from a loss of $65 million in 2023. Revenue for the year was minimal at $225,000, primarily from research activities. The company has shifted focus to developing AI-driven precision antibodies, leveraging technologies like ShieldTx and EngageTx, while incurring operating expenses of $16.9 million, significantly lower than the previous year's $29.3 million, due to reduced R&D and G&A costs. iBio's cash position at year-end was $14.4 million, insufficient for operations beyond early 2026 without additional funding. The company aims to enhance liquidity through collaborations and capital raises, including a recent $15 million PIPE financing. The strategic divestiture of its CDMO operations has been completed to streamline focus on drug discovery. Risks include reliance on third-party manufacturers, potential regulatory hurdles, and the need for further capital to sustain operations and development efforts. The company also faces intense competition in the biotech sector and must navigate complex intellectual property landscapes.