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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, 2024

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

 

Trading 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, 2024:  8,623,676

Table of Contents

iBio, Inc.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

3

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Item 2.

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

48

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

61

 

 

 

PART II. OTHER INFORMATION

61

 

 

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

62

Item 5.

Other Information

66

Item 6.

Exhibits

68

 

 

SIGNATURES

69

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.   Condensed Consolidated Financial Statements (Unaudited).

iBio, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

March 31, 

June 30, 

2024

2023

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

5,302

$

4,301

Restricted cash

914

3,025

Subscription receivable

14,104

204

Prepaid expenses and other current assets

 

862

 

664

Current assets held for sale

14,957

18,065

Total Current Assets

 

36,139

 

26,259

 

 

Restricted cash

215

253

Promissory note receivable and accrued interest

1,772

1,706

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

 

407

 

610

Operating lease right-of-use asset

2,472

2,722

Fixed assets, net of accumulated depreciation

 

3,726

 

4,219

Intangible assets, net of accumulated amortization

5,373

5,388

Security deposits

50

50

Total Assets

$

50,154

$

41,207

 

 

Liabilities and Stockholders' Equity

 

 

Current liabilities:

 

 

Accounts payable

$

1,228

$

1,849

Accrued expenses

 

3,998

 

4,034

Finance lease obligations - current portion

292

272

Operating lease obligation - current portion

424

389

Equipment financing payable - current portion

173

160

Term promissory note - current portion

208

Insurance premium financing payable

340

Term note payable - net of deferred financing costs

12,655

12,937

Contract liabilities

175

Current liabilities related to assets held for sale

 

1,933

 

1,941

Total Current Liabilities

 

21,426

 

21,582

 

 

Finance lease obligations - net of current portion

130

351

Operating lease obligation - net of current portion

2,801

3,125

Equipment financing payable - net of current portion

110

241

Term promissory note - net of current portion

824

Accrued expenses - noncurrent

527

 

 

Total Liabilities

 

25,291

 

25,826

 

 

Stockholders' Equity

 

 

Series 2022 Convertible Preferred Stock - $0.001 par value; 1,000,000 shares authorized at March 31, 2024 and June 30, 2023; 0 and 0 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively

 

 

Common stock - $0.001 par value; 275,000,000 shares authorized at March 31, 2024 and June 30, 2023; 8,517,449 and 1,015,505 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively

 

9

 

1

Additional paid-in capital

 

330,923

 

304,320

Accumulated deficit

(306,069)

(288,940)

Total Stockholders’ Equity

 

24,863

 

15,381

Total Liabilities and Stockholders' Equity

$

50,154

$

41,207

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, 

    

2024

    

2023

2024

    

2023

Revenues

$

$

$

50

$

 

 

 

 

Operating expenses:

 

 

 

 

Research and development

 

904

 

2,644

 

4,045

 

7,971

General and administrative

 

2,722

 

3,525

 

9,230

 

16,407

Total operating expenses

 

3,626

 

6,169

 

13,275

 

24,378

 

 

 

 

Operating loss

 

(3,626)

 

(6,169)

 

(13,225)

 

(24,378)

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

(52)

(35)

(112)

(66)

Interest income

 

43

23

140

163

Loss on sales of debt securities

(98)

(98)

Gain on sale of intellectual property

1,000

1,000

Total other income

 

991

 

(110)

 

1,028

 

(1)

 

 

 

 

Net loss from continuing operations

(2,635)

(6,279)

(12,197)

(24,379)

Loss from discontinued operations

(537)

(1,015)

(4,932)

(34,598)

 

 

 

 

Net loss

$

(3,172)

$

(7,294)

$

(17,129)

$

(58,977)

Comprehensive loss:

 

 

 

 

Consolidated net loss

$

(3,172)

$

(7,294)

$

(17,129)

$

(58,977)

Other comprehensive loss - unrealized gain on debt securities

134

180

Other comprehensive income - foreign currency adjustment

 

 

33

 

 

33

 

 

 

 

Comprehensive loss

$

(3,172)

$

(7,127)

$

(17,129)

$

(58,764)

 

 

 

 

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

$

(0.71)

$

(9.53)

$

(5.43)

$

(46.00)

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

$

(0.14)

$

(1.54)

$

(2.19)

$

(65.28)

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

$

(0.85)

$

(11.07)

$

(7.62)

$

(111.28)

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

3,713

 

659

 

2,247

 

530

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 Stockholders’ Equity

(Unaudited; in thousands)

Three and Nine Months Ended March 31, 2024

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Total

Balance as of July 1, 2023

$

1,015

$

1

$

304,320

$

(288,940)

$

15,381

Capital raise

352

*

2,896

2,896

Costs to raise capital

11

*

(87)

(87)

Vesting of RSUs

4

*

Share-based compensation

765

765

Net loss

 

 

 

(5,746)

 

(5,746)

Balance as of September 30, 2023

$

1,382

$

1

$

307,894

$

(294,686)

$

13,209

Capital raise

1,858

2

4,620

 

4,622

Cost to raise capital

(872)

(872)

Payment for fractional shares after reverse stock split

(1)

*

(7)

(7)

Vesting of RSUs

5

*

Share-based compensation

456

 

456

Net loss

(8,211)

(8,211)

Balance as of December 31, 2023

$

3,244

$

3

$

312,091

$

(302,897)

$

9,197

Capital raise

5,253

6

19,339

19,345

Cost to raise capital

(964)

(964)

Vesting of RSUs

20

*

Share-based compensation

457

 

457

Net loss

(3,172)

 

(3,172)

Balance as of March 31, 2024

$

8,517

$

9

$

330,923

$

(306,069)

$

24,863

* Represents amount less than 0.5 thousand.

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 Stockholders’ Equity

(Unaudited; in thousands)

Three and Nine Months Ended March 31, 2023

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

$

*

437

$

1

$

287,627

$

(213)

$

(223,930)

$

63,485

Capital raise

9

*

1,151

1,151

Conversion of preferred stock to common stock

(1)

*

Common stock issued - RubrYc transaction

5

*

650

650

Vesting of RSUs

*

Share-based compensation

  

  

  

  

  

  

1,222

  

  

  

  

  

  

1,222

Unrealized gain on available-for-sale debt securities

(10)

(10)

Net loss

 

 

 

 

(18,130)

 

(18,130)

Balance as of September 30, 2022

  

  

$

451

  

$

1

  

$

290,650

  

$

(223)

  

$

(242,060)

  

$

48,368

Capital raise

168

 

*

 

3,500

 

 

 

3,500

Cost to raise capital

(636)

(636)

Payment for fractional shares after reverse stock split

*

 

 

(39)

 

 

 

(39)

Vesting of RSUs

*

 

 

 

 

 

Share-based compensation

1,127

1,127

Unrealized loss on debt securities

56

56

Net loss

 

 

 

 

(33,553)

 

(33,553)

Balance as of December 31, 2022

$

619

$

1

$

294,602

$

(167)

$

(275,613)

$

18,823

Capital raise

171

*

Vesting of RSUs

1

 

*

 

4,097

 

 

 

4,097

Share-based compensation

1,596

1,596

Unrealized loss on debt securities

113

113

Reclassification adjustment for loss on available-for-sale debt securitiesrealized in net income

21

21

Foreign currency translation adjustment

33

33

Net loss

(7,294)

(7,294)

Balance as of March 31, 2023

$

791

$

1

$

300,295

$

$

(282,907)

$

17,389

* Represents amount less than 0.5 thousand.