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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 December 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 February 7, 2023: 12,369,154.

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

34

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

 

 

 

PART II. OTHER INFORMATION

43

 

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 5.

Other Information

46

Item 6.

Exhibits

47

 

 

SIGNATURES

48

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)

December 31, 

June 30, 

2022

2022

(Unaudited)

(See Note 2)

Assets

Current assets:

Cash and cash equivalents

$

3,696

$

22,676

Investments in debt securities

 

5,929

 

10,845

Accounts receivable - trade

 

970

 

1,000

Settlement receivable - current portion

5,100

5,100

Convertible promissory note receivable and accrued interest

1,669

Prepaid expenses and other current assets

 

414

 

1,549

Current assets held for sale

20,457

3,900

Total Current Assets

 

38,235

 

45,070

 

 

Restricted cash

253

5,996

Convertible promissory note receivable and accrued interest

1,631

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

 

746

 

Operating lease right-of-use asset

2,873

3,068

Fixed assets, net of accumulated depreciation

 

4,245

 

1,373

Intangible assets, net of accumulated amortization

5,398

4,851

Security deposits

50

29

Prepaid expenses - noncurrent

74

Noncurrent assets held for sale

37,314

Total Assets

$

51,800

$

99,406

 

 

Liabilities and Equity

 

 

Current liabilities:

 

 

Accounts payable

$

4,002

$

4,264

Accrued expenses

 

5,001

 

3,764

Finance lease obligations - current portion

259

Operating lease obligation - current portion

315

91

Equipment financing payable - current portion

152

Term note payable - net of deferred financing costs

16,011

22,161

Contract liabilities

88

100

Current liabilities related to assets held for sale

 

1,947

 

56

Total Current Liabilities

 

27,775

 

30,436

 

 

Finance lease obligations - net of current portion

490

Operating lease obligation - net of current portion

3,324

3,514

Equipment financing payable - net of current portion

323

Accrued expenses - noncurrent

1,065

Noncurrent liabilities related to assets held for sale

1,971

 

 

Total Liabilities

 

32,977

 

35,921

 

 

Equity

 

 

iBio, Inc. Stockholders’ Equity:

 

 

Series 2022 Convertible Preferred Stock – $0.001 par value; 1,000,000 shares authorized; 0 and 1,000 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively

 

 

Common stock - $0.001 par value; 275,000,000 shares authorized at December 31, 2022 and June 30, 2022; 12,368,287 and 8,727,158 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively

 

12

 

9

Additional paid-in capital

 

294,591

 

287,619

Accumulated other comprehensive loss

 

(167)

 

(213)

Accumulated deficit

(275,613)

(223,930)

Total iBio, Inc. Stockholders’ Equity

 

18,823

 

63,485

Total Liabilities and Equity

$

51,800

$

99,406

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

Six Months Ended

December 31, 

December 31, 

    

2022

    

2021

2022

    

2021

Revenues

$

$

$

$

84

 

 

 

 

Operating expenses:

 

 

 

 

Research and development

 

2,779

1,859

 

5,327

 

2,993

General and administrative

 

7,794

5,372

 

12,882

 

9,547

Total operating expenses

 

10,573

 

7,231

 

18,209

 

12,540

 

 

 

 

Operating loss

 

(10,573)

 

(7,231)

 

(18,209)

 

(12,456)

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

(31)

(31)

Interest income

 

41

35

140

71

Royalty income

 

5

5

Total other income (expense)

 

10

 

40

 

109

 

76

 

 

 

 

Consolidated net loss from continuing operations

 

(10,563)

 

(7,191)

 

(18,100)

 

(12,380)

Net loss attributable to noncontrolling interest

 

 

 

 

1

Net loss attributable to iBio, Inc. from continuing operations

 

(10,563)

 

(7,191)

 

(18,100)

 

(12,379)

Preferred stock dividends - iBio CDMO Tracking Stock

 

 

(22)

 

 

(88)

Net loss available to iBio, Inc. stockholders from continuing operations

(10,563)

(7,213)

(18,100)

(12,467)

Loss from discontinued operations

(22,990)

(4,729)

(33,583)

(8,480)

 

 

 

 

Net loss available to iBio, Inc. stockholders

$

(33,553)

$

(11,942)

$

(51,683)

$

(20,947)

Comprehensive loss:

 

 

 

 

Consolidated net loss

$

(33,553)

$

(11,920)

$

(51,683)

$

(20,860)

Other comprehensive loss - unrealized gain (loss) on debt securities

 

56

 

(27)

 

46

 

(28)

 

 

 

 

Comprehensive loss

$

(33,497)

$

(11,947)

$

(51,637)

$

(20,888)

 

 

 

 

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

$

(1.08)

$

(0.83)

$

(1.94)

$

(1.43)

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

$

(2.34)

$

(0.54)

$

(3.60)

$

(0.97)

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

$

(3.42)

$

(1.37)

$

(5.54)

$

(2.40)

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

9,807

 

8,715

 

9,324

 

8,715

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)

Six Months Ended December 31, 2022

Accumulated

Additional

Other

Preferred Stock

Common Stock

Paid-In

Comprehensive

Accumulated

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Loss

 

Deficit

 

Total

Balance as of July 1, 2022

1

$

8,727

$

9

$

287,619

$

(213)

$

(223,930)

$

63,485

Capital raise

176

1,151

1,151

Conversion of preferred stock to common stock

(1)

  

  

  

  

  

  

  

  

  

  

  

  

Common stock issued - RubrYc transaction

102

650

650

Vesting of RSUs

1

Share-based compensation

1,222

1,222

Unrealized loss on available-for-sale debt securities

 

 

 

(10)

 

 

(10)

Net loss

 

 

 

 

(18,130)

 

(18,130)

Balance as of September 30, 2022

$

9,006

$

9

$

290,642

$

(223)

$

(242,060)

$

48,368

Capital raise

3,366

 

3

 

3,497

 

 

 

3,500

Cost to raise capital

(636)

(636)

Payment for fractional shares after reverse stock split

(8)

(39)

(39)

Vesting of RSUs

4

Share-based compensation

 

 

1,127

 

 

 

1,127

Unrealized gain on available-for-sale debt securities

56

56

Net loss

(33,553)

(33,553)

Balance as of December 31, 2022

$

12,368

$

12

$

294,591

$

(167)

$

(275,613)

$

18,823

Six Months Ended December 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, 2021

$

8,715

$

9

$

282,266

$

(63)

$

(173,627)

$

(17)

$

108,568

Exercise of stock options

3

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

  

  

$

8,718

  

$

9

  

$

283,164

  

$

(64)

  

$

(182,566)

  

$

(18)

  

$

100,525

Vesting of RSUs

4

 

 

 

 

 

 

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

$

8,722

$

9

$

285,166

$

(91)

$

(194,486)

$

$

90,598

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 Cash Flows

(Unaudited; in Thousands)

    

Six Months Ended

December 31, 

    

2022

    

2021

Cash flows from operating activities:

Consolidated net loss

$

(51,683)

$

(20,860)

Adjustments to reconcile consolidated net loss to net cash used in operating activities:

 

 

Share-based compensation

 

2,349

 

1,924

Amortization of intangible assets

 

116

 

211

Amortization of finance lease right-of-use assets

88

563

Amortization of operating lease right-of-use assets

201

246

Depreciation of fixed assets

 

388

 

823

Accrued interest receivable on convertible promissory note receivable

(38)

(38)

Amortization of premiums on debt securities

62

195

Amortization of deferred financing costs

123

Inventory reserve

4,933

Impairment of fixed assets

17,649

Impairment of intangible assets

565

Gain on disposition of finance lease ROU assets

(5)

Forgiveness of note payable and accrued interest - SBA loan

(607)

Settlement of revenue contract

(84)

Changes in operating assets and liabilities:

 

 

Accounts receivable – trade

 

31

 

3

Inventory

 

(1,058)

 

(1,959)

Prepaid expenses and other current assets

 

1,134

 

(971)

Prepaid expenses - noncurrent

74

(811)

Security deposit

 

(21)

 

(17)

Accounts payable

 

1,178

 

872

Accrued expenses

 

1,237

 

522

Accrued expenses - noncurrent

1,065

Operating lease obligations

 

30

 

(11)

Contract liabilities

 

(12)

 

(34)

Net cash used in operating activities

 

(21,594)

 

(20,033)

 

 

Cash flows from investing activities:

 

 

Purchases of debt securities

(4,336)

Redemption of debt securities

4,899

5,511

Purchase of equity security

(1,173)

Additions to intangible assets

 

(2,867)

Purchases of fixed assets

 

(5,433)

(3,256)

Payment for RubrYc asset acquisition

(692)

 

 

Net cash used in investing activities

 

(1,226)

 

(6,121)

 

 

Cash flows from financing activities:

 

 

Proceeds from sales of common stock

4,015

Payments for fractional shares after reverse stock split

(39)

Acquisition of noncontrolling interest

(50)

Proceeds from equipment financing loan

500

Payment of equipment financing loan

(25)

Payment of term note payable

(6,250)

Proceeds from exercise of stock options

77

Costs to attain term note

(22)

(322)

Payment of finance lease obligation

 

(82)

(5,810)

Net cash used in financing activities

 

(1,903)

 

(6,105)

 

 

Net decrease in cash, cash equivalents and restricted cash

 

(24,723)

 

(32,259)

Cash, cash equivalents and restricted cash - beginning

 

28,672

 

77,404

Cash, cash equivalents and restricted cash - end

$

3,949

$

45,145

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

6

Table of Contents

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited; in Thousands)

    

Six Months Ended

December 31, 

    

2022

    

2021

Schedule of non-cash activities:

 

 

Unpaid fixed assets included in accounts payable

$

329

$

404

Fixed assets included in accounts payable in prior period, paid in current period

$

1,769

$

791

Increase in finance lease ROU assets for new leases

$

814

$

Increase in finance lease obligation for new leases

$

814

$

RubrYc asset acquisition by issuance of common stock

$

650

$

Costs to raise capital paid directly from gross proceeds

$

636

$

Termination of finance ROU assets including issuance of warrant

$

$

25,386

Note payable to acquire Facility

$

$

22,375

Increase in operating lease ROU assets for new leas