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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 001-35023

iBio, Inc.

(Exact name of registrant as specified in its charter)

Delaware

 

26-2797813

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

8800 HSC Parkway, Bryan, TX

 

77807-1107

(Address of principal executive offices)

 

(Zip Code)

(979) 446-0027

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Ticker symbol(s)

 

Name of each exchange on which registered

Common Stock

 

IBIO

 

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes    No

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated Filer 

 

 

 

Accelerated Filer 

Non-accelerated Filer  

Smaller reporting company  

 

 

 

 

 

 

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes    No 

Shares of Common Stock outstanding as of May 9, 2022: 218,165,624

Table of Contents

iBio, Inc.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

3

 

 

Item 1.

Financial Statements (Unaudited)

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

44

 

 

 

PART II. OTHER INFORMATION

45

 

 

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 5.

Other Information

50

Item 6.

Exhibits

51

 

 

SIGNATURES

53

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements (Unaudited).

iBio, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, except share and per share amounts)

March 31, 

June 30, 

2022

2021

(Unaudited)

(See Note 2)

Assets

Current assets:

Cash and cash equivalents

$

33,767

$

77,404

Accounts receivable - trade

 

1,004

 

426

Settlement receivable - current portion

5,100

5,100

Investments in debt securities

 

14,813

 

19,570

Inventory

3,283

27

Prepaid expenses and other current assets

 

2,349

 

2,070

Total Current Assets

 

60,316

 

104,597

 

 

Restricted cash

5,941

Convertible promissory note receivable and accrued interest

1,612

1,556

Settlement receivable - noncurrent portion

5,100

Finance lease right-of-use assets, net of accumulated amortization

 

86

 

26,111

Operating lease right-of-use asset

5,151

Fixed assets, net of accumulated depreciation

 

34,581

 

8,628

Intangible assets, net of accumulated amortization

4,919

952

Investment in equity security - at cost

1,760

Prepaid expenses - noncurrent

975

Security deposits

29

24

Total Assets

$

115,370

$

146,968

 

 

Liabilities and Equity

 

 

Current liabilities:

 

 

Accounts payable

$

5,279

$

2,254

Accrued expenses (related party of $0 and $701 as of March 31, 2022 and June 30, 2021, respectively)

 

2,939

 

3,001

Finance lease obligations - current portion

45

367

Operating lease obligation - current portion

10

Note payable - PPP loan - current portion

600

Contract liabilities

 

8

 

423

Total Current Liabilities

 

8,281

 

6,645

 

 

Finance lease obligations - net of current portion

41

31,755

Operating lease obligation - net of current portion

5,548

Term note payable - net of deferred financing costs

22,120

 

 

Total Liabilities

 

35,990

 

38,400

 

 

Equity

 

 

iBio, Inc. Stockholders’ Equity:

 

 

Common stock - $0.001 par value; 275,000,000 shares authorized at March 31, 2022 and June 30, 2021; 218,165,624 and 217,873,094 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively

 

218

 

217

Additional paid-in capital

 

286,232

 

282,058

Accumulated other comprehensive loss

 

(194)

 

(63)

Accumulated deficit

(206,876)

(173,627)

Total iBio, Inc. Stockholders’ Equity

 

79,380

 

108,585

Noncontrolling interest

 

 

(17)

Total Equity

 

79,380

 

108,568

Total Liabilities and Equity

$

115,370

$

146,968

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

Table of Contents

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited; in Thousands, except per share amounts)

    

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

2022

    

2021

Revenues

$

1,943

$

765

$

2,322

$

1,880

 

 

 

 

Cost of goods sold

48

493

201

1,275

Gross profit

1,895

272

2,121

605

Operating expenses:

 

 

 

 

Research and development

 

5,551

 

2,162

 

11,393

 

6,892

General and administrative (related party of $0, $491, $250 and $1,394)

 

8,526

 

5,313

 

23,522

 

15,385

Total operating expenses

 

14,077

 

7,475

 

34,915

 

22,277

 

 

 

 

Operating loss

 

(12,182)

 

(7,203)

 

(32,794)

 

(21,672)

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense (related party of $0, $610, $810 and $1,836)

(250)

(612)

(1,187)

(1,841)

Interest income

 

40

152

 

111

 

183

Royalty income

 

2

 

1

 

7

 

3

Forgiveness of note payable and accrued interest - SBA loan

607

Other

6

Total other (expense)

 

(208)

 

(459)

 

(456)

 

(1,655)

 

 

 

 

Consolidated net loss

 

(12,390)

 

(7,662)

 

(33,250)

 

(23,327)

Net loss attributable to noncontrolling interest

 

 

1

 

1

 

4

Net loss attributable to iBio, Inc.

 

(12,390)

 

(7,661)

 

(33,249)

 

(23,323)

Preferred stock dividends

 

 

(64)

 

(88)

 

(195)

Net loss attributable to iBio, Inc. stockholders

$

(12,390)

$

(7,725)

$

(33,337)

$

(23,518)

 

 

 

 

Comprehensive loss:

 

 

 

 

Consolidated net loss

$

(12,390)

$

(7,662)

$

(33,250)

$

(23,327)

Other comprehensive loss - unrealized loss on debt securities

(103)

(16)

(131)

(36)

 

 

 

 

Comprehensive loss

$

(12,493)

$

(7,678)

$

(33,381)

$

(23,363)

 

 

 

 

Loss per common share attributable to iBio, Inc. stockholders - basic and diluted

$

(0.06)

$

(0.04)

$

(0.15)

$

(0.12)

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

218,096

 

215,539

 

217,986

 

188,493

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

Table of Contents

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited; in thousands)

Nine Months Ended March 31, 2022

Accumulated

Additional

Other

Preferred Stock

Common Stock

Paid-In

Comprehensive

Accumulated

Noncontrolling 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Loss

 

Deficit

 

Interest

 

Total

Balance as of July 1, 2021

$

217,873

$

217

$

282,058

$

(63)

$

(173,627)

$

(17)

$

108,568

Exercise of stock options

85

77

77

Share-based compensation

  

  

  

  

  

821

  

  

  

  

821

Unrealized loss on debt securities

 

 

 

(1)

 

 

 

(1)

Net loss

 

 

 

 

(8,939)

 

(1)

 

(8,940)

Balance as of September 30, 2021

$

217,958

$

217

$

282,956

$

(64)

$

(182,566)

$

(18)

$

100,525

Vesting of RSUs

103

 

1

 

(1)

 

 

 

 

Warrant issued for Transaction

 

 

967

 

 

 

 

967

Acquisition of remaining portion of iBio CDMO

 

 

(68)

 

 

 

18

 

(50)

Share-based compensation

 

 

1,103

 

 

 

 

1,103

Unrealized loss on debt securities

(27)

(27)

Net loss

 

 

 

 

(11,920)

 

 

(11,920)

Balance as of December 31, 2021

$

218,061

$

218

$

284,957

$

(91)

$

(194,486)

$

$

90,598

Vesting of RSUs

105

1

1

Share-based compensation

 

 

1,274

 

 

 

 

1,274

Unrealized loss on debt securities

(103)

(103)

Net loss

 

 

 

 

(12,390)

 

 

(12,390)

Balance as of March 31, 2022

$

218,166

$

218

$

286,232

$

(194)

$

(206,876)

$

$

79,380

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Table of Contents

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited; in thousands)

Nine Months Ended March 31, 2021

Accumulated

Additional

Other

Preferred Stock

Common Stock

Paid-In

Comprehensive

Accumulated

Noncontrolling 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Loss

 

Deficit

 

Interest

 

Total

Balance as of July 1, 2020

6

$

140,071

$

140

$

206,931

$

(33)

$

(150,420)

$

(11)

$

56,607

Capital raises

11,292

11

32,111

32,122

Costs to raise capital

(1,525)

(1,525)

Exercise of stock options

30

28

28

Conversion of preferred stock to common stock

(6)

28,925

29

(29)

Share-based compensation

  

  

  

  

  

  

  

  

351

  

  

  

  

  

  

  

  

351

Unrealized loss on debt securities

(7)

(7)

Net loss

 

 

 

 

(7,533)

 

(1)

 

(7,534)

Balance as of September 30, 2020

  

  

$

  

180,318

  

$

180

  

$

237,867

  

$

(40)

  

$

(157,953)

  

$

(12)

  

$

80,042

Capital raise

31,451

 

32

 

38,243

 

 

 

 

38,275