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Mar 31, 2022
iBio Q3 2022 Earnings Report
iBio's financial results for Q3 2022 were announced, with revenue increasing due to plant-based drug manufacturing IP licensing and progress made in clinical-stage development.
Key Takeaways
iBio reported a revenue increase of 154% compared to the previous year, driven by royalty revenue from licensing its plant-based drug manufacturing IP. The company's net loss increased due to growing investments in its pipeline and platform technologies. iBio is advancing its COVID-19 vaccine candidate and immuno-oncology asset, with plans to enter clinical trials in 2023.
iBio's revenue increased by 154% compared to the same quarter last year.
The company is advancing its COVID-19 vaccine candidate, IBIO-202, with IND-enabling studies underway.
iBio is progressing its immuno-oncology asset, IBIO-101, with plans to be in the clinic in calendar 2023.
The company acquired additional shares of RubrYc Therapeutics for $2.5 million after a technology validation milestone.
Forward Guidance
iBio anticipates continued investment in its pipeline and platform technologies, with the rate of growth expected to moderate over time. The company believes it has adequate cash to support its activities through September 30, 2023.
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