Fri, Sep 20, 8:16 PM (176 days ago)
iBio, Inc. reported a significant financial transformation in its 10-K for the fiscal year ending June 30, 2024. The company, now focused on AI-driven precision antibody development, generated $0.2 million in revenue, a notable increase from previous years. Operating expenses dropped to $16.9 million, down from $29.3 million, primarily due to reduced R&D and G&A spending, reflecting strategic restructuring efforts. The net loss from continuing operations improved to $15.4 million, or $4.03 per share, compared to $29.3 million the prior year. iBio's cash and equivalents stood at $14.4 million, raising concerns about its ability to sustain operations beyond early 2026 without additional capital. The company plans to pursue various funding avenues, including collaborations and potential asset sales. Recent strategic moves included divesting its CDMO operations and entering into a $15 million PIPE financing agreement. However, substantial risks remain, including reliance on third-party collaborations and the inherent challenges of developing new therapies. The outlook remains cautious as the firm navigates its transition while managing liquidity and operational efficiency.