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Mar 31, 2024
iBio Q3 2024 Earnings Report
iBio's financial performance for Q3 2024 reflected a focus on strategic partnerships and cash preservation.
Key Takeaways
iBio reported no revenue for Q3 2024. The company's net loss from continuing operations was $2.6 million, or $0.71 per share. iBio focused on strategic partnerships, including a collaboration with AstralBio, and cash preservation, which led to a decrease in R&D and G&A expenses.
iBio entered into a collaboration with AstralBio to develop novel antibodies for cardiometabolic diseases.
The company sold its early-stage PD-1 asset to Otsuka Pharmaceutical for $1M upfront with potential downstream payments of up to $52.5M.
iBio strengthened its cash position through warrant exercises, generating approximately $4.3M in proceeds.
R&D and G&A expenses decreased by approximately 66% and 23%, respectively, reflecting a cash preservation strategy.