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Jun 30, 2022
iBio Q4 2022 Earnings Report
iBio reported preliminary unaudited financial results for fiscal year 2022 and provided a corporate update.
Key Takeaways
iBio reported FY 2022 revenues of $2.4 million, a 1% increase over fiscal 2021. The company's net loss for the year was $50.3 million. iBio held $39.5 million in cash, cash equivalents, and investments as of June 30, 2022.
iBio acquired RubrYc Therapeutics' assets, including an AI-powered drug discovery platform and four new immunotherapy candidates.
The company now wholly-owns its lead immune-oncology asset, IBIO-101, with no further financial commitments and expects to file an IND application in the first half of calendar 2024.
iBio decided not to proceed with an IND submission for IBIO-202, its multi-variant COVID-19 vaccine candidate, due to challenge study data.
iBio's stockholders approved a proposal giving the Board the option to effect a one for twenty-five (1-for-25) reverse stock split.
iBio
iBio
Forward Guidance
iBio is evaluating options to expand its cash runway, including lowering expenses, focusing product development, selling or out-licensing assets, raising capital, and seeking grant revenue or collaborations.
Positive Outlook
- Lowering expenses through decreasing spending
- Focusing product development on a select number of product candidates
- Sale or out-licensing of certain product candidates or parts of the business
- Raising money from capital markets
- Grant revenue or collaborations, or a combination thereof