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Jun 30, 2021
iBio Q4 2021 Earnings Report
iBio's Q4 2021 financial results and corporate update were announced, highlighting the expansion of the immuno-oncology pipeline, advancements in the COVID-19 vaccine candidate, and growth in the bioprocess segment.
Key Takeaways
iBio reported a revenue of $0.5 million for the fourth quarter ended June 30, 2021, a decrease of $0.6 million from Q4 FY2020, and a consolidated net gain of $0.1 million due to Settlement Income.
iBio established a new oncology drug discovery team in San Diego.
The company signed a definitive worldwide exclusive license agreement with RubrYc Therapeutics, Inc.
iBio submitted a pre-IND package for IBIO-202.
Revenues in the services business were up 50% over prior year.
iBio
iBio
Forward Guidance
iBio anticipates a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022.
Positive Outlook
- Continued year-on-year revenue growth is anticipated as the Bioprocess businesses continue to attract interest.
- iBio expects higher growth in the second half of fiscal 2022.
- The company invested in additional staff and made external investments to implement its strategy.
- The current cash position is sufficient to fund operations through the first calendar quarter of 2023.
- iBio expects R&D and G&A will continue to grow in fiscal 2022.
Challenges Ahead
- iBio expects a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021.
- Significant quarter-to-quarter revenue variability is commonplace for early-stage pharma services companies.
- R&D and G&A expenses for the fourth quarter and full fiscal year 2021 increased significantly over the comparable periods in fiscal year 2020.
- iBio used $30.1 million in net cash for operating activities in fiscal 2021 versus net cash used in operating activities of $13.3 million in 2020.
- iBio anticipates a slower growth rate of R&D and G&A in fiscal 2022 compared to fiscal 2021.