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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, 2023

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 February 8, 2024:  3,484,266

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

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4.

Controls and Procedures

57

 

 

 

PART II. OTHER INFORMATION

57

 

 

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 5.

Other Information

61

Item 6.

Exhibits

62

 

 

SIGNATURES

63

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.   Consolidated Financial Statements (Unaudited).

iBio, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

December 31, 

June 30, 

2023

2023

(Unaudited)

(See Note 2)

Assets

Current assets:

Cash and cash equivalents

$

2,788

$

4,301

Restricted cash

1,057

3,025

Subscription receivable

204

Prepaid expenses and other current assets

 

894

 

664

Current assets held for sale

14,960

18,065

Total Current Assets

 

19,699

 

26,259

 

 

Restricted cash

215

253

Promissory note receivable and accrued interest

1,750

1,706

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

 

475

 

610

Operating lease right-of-use asset

2,565

2,722

Fixed assets, net of accumulated depreciation

 

3,890

 

4,219

Intangible assets, net of accumulated amortization

5,378

5,388

Security deposits

50

50

Total Assets

$

34,022

$

41,207

 

 

Liabilities and Stockholders' Equity

 

 

Current liabilities:

 

 

Accounts payable

$

1,859

$

1,849

Accrued expenses

 

3,757

 

4,034

Finance lease obligations - current portion

285

272

Operating lease obligation - current portion

412

389

Equipment financing payable - current portion

168

160

Insurance premium financing payable

481

Term note payable - net of deferred financing costs

12,655

12,937

Current liabilities related to assets held for sale

 

1,936

 

1,941

Total Current Liabilities

 

21,553

 

21,582

 

 

Finance lease obligations - net of current portion

205

351

Operating lease obligation - net of current portion

2,912

3,125

Equipment financing payable - net of current portion

155

241

Accrued expenses - noncurrent

527

 

 

Total Liabilities

 

24,825

 

25,826

 

 

Stockholders' Equity

 

 

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

 

 

Common stock - $0.001 par value; 275,000,000 shares authorized at December 31, 2023 and June 30, 2023; 3,243,725 and 1,015,505 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively

 

30

 

20

Additional paid-in capital

 

312,064

 

304,301

Accumulated deficit

(302,897)

(288,940)

Total Stockholders’ Equity

 

9,197

 

15,381

Total Liabilities and Stockholders' Equity

$

34,022

$

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

Six Months Ended

December 31, 

December 31, 

    

2023

    

2022

2023

    

2022

Revenues

$

$

$

50

$

 

 

 

 

Operating expenses:

 

 

 

 

Research and development

 

1,535

 

2,779

 

3,141

 

5,327

General and administrative

 

2,961

 

7,794

 

6,508

 

12,882

Total operating expenses

 

4,496

 

10,573

 

9,649

 

18,209

 

 

 

 

Operating loss

 

(4,496)

 

(10,573)

 

(9,599)

 

(18,209)

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

(34)

(31)

(60)

(31)

Interest income

 

42

41

97

140

Total other income

 

8

 

10

 

37

 

109

 

 

 

 

Net loss from continuing operations

(4,488)

(10,563)

(9,562)

(18,100)

Loss from discontinued operations

(3,723)

(22,990)

(4,395)

(33,583)

 

 

 

 

Net loss

$

(8,211)

$

(33,553)

$

(13,957)

$

(51,683)

Comprehensive loss:

 

 

 

 

Consolidated net loss

$

(8,211)

$

(33,553)

$

(13,957)

$

(51,683)

Other comprehensive loss - unrealized gain on debt securities

56

46

 

 

 

 

Comprehensive loss

$

(8,211)

$

(33,497)

$

(13,957)

$

(51,637)

 

 

 

 

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

$

(2.42)

$

(21.54)

$

(6.27)

$

(38.82)

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

$

(2.00)

$

(46.89)

$

(2.88)

$

(72.03)

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

$

(4.42)

$

(68.43)

$

(9.15)

$

(110.85)

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

1,856

 

490

 

1,525

 

466

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

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iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited; in thousands)

Three and Six Months Ended December 31, 2023

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Total

Balance as of July 1, 2023

$

1,015

$

20

$

304,301

$

(288,940)

$

15,381

Capital raise

352

7

2,889

2,896

Costs to raise capital

11

1

(88)

(87)

Vesting of RSUs

4

Share-based compensation

765

765

Net loss

 

 

 

(5,746)

 

(5,746)

Balance as of September 30, 2023

$

1,382

$

28

$

307,867

$

(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

$

30

$

312,064

$

(302,897)

$

9,197

Three and 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

$

437

$

9

$

287,619

$

(213)

$

(223,930)

$

63,485

Capital raise

8

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

  

  

$

450

  

$

9

  

$

290,642

  

$

(223)

  

$

(242,060)

  

$

48,368

Capital raise

168

 

3

 

3,497

 

 

 

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

$

618

$

12

$

294,591

$

(167)

$

(275,613)

$

18,823

* Represents amount less than 0.5 thousand.

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

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Table of Contents

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

    

Six Months Ended

December 31, 

    

2023

    

2022

Cash flows from operating activities:

Consolidated net loss

$

(13,957)

$

(51,683)

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

 

 

Share-based compensation

 

1,221

 

2,349

Amortization of intangible assets

 

10

 

116

Amortization of finance lease right-of-use assets

136

88

Amortization of operating lease right-of-use assets

162

201

Depreciation of fixed assets

 

329

 

388

Gain on sale of fixed assets

(50)

Accrued interest receivable on promissory note receivable

(44)

(38)

Amortization of premiums on debt securities

62

Amortization of deferred financing costs

120

123

Inventory reserve

4,933

Impairment of fixed assets

3,100

17,649

Accrued payment in kind on Term Loan

(258)

Impairment of intangible assets

565

Gain on disposition of finance lease ROU assets

(5)

Changes in operating assets and liabilities:

 

 

Accounts receivable - trade

 

 

31

Inventory

 

 

(1,058)

Prepaid expenses and other current assets

 

250

 

1,134

Prepaid expenses - noncurrent

74

Security deposit

 

 

(21)

Accounts payable

 

11

 

1,178

Accrued expenses

 

(354)

 

1,237

Accrued expenses - noncurrent

(527)

1,065

Operating lease obligations

 

(195)

 

30

Contract liabilities

 

 

(12)

Net cash used in operating activities

 

(10,046)

 

(21,594)

 

 

Cash flows from investing activities:

 

 

Redemption of debt securities

4,899

Purchases of fixed assets

 

(5,433)

Sales proceeds for fixed assets

50

Payment for RubrYc asset acquisition

(692)

 

 

Net cash provided by (used in) investing activities

 

50

 

(1,226)

 

 

Cash flows from financing activities:

 

 

Proceeds from sales of common stock

7,015

4,015

Cost to acquire capital

 

(88)

Payments for fractional shares after reverse stock split

(7)

(39)

Subscription receivable

204

Proceeds from equipment financing loan

500

Payment of equipment financing loan

(78)

(25)

Payment of term note payable

(436)

(6,250)

Costs to attain term note

(22)

Payment of finance lease obligation

 

(133)

(82)

Net cash provided by (used in) financing activities

 

6,477

 

(1,903)

 

 

Net decrease in cash, cash equivalents and restricted cash

 

(3,519)

 

(24,723)

Cash, cash equivalents and restricted cash - beginning

 

7,579

 

28,672

Cash, cash equivalents and restricted cash - end

$

4,060

$

3,949

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

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iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

    

Six Months Ended

December 31, 

    

2023

    

2022

Schedule of non-cash activities:

 

 

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

$

$

1,769

Increase in finance lease right-of-use assets for new leases

$

$

814

Increase in finance lease obligation for new leases

$

$

814

RubrYc asset acquisition by issuance of common stock

$

$

650

Insurance premium financing

$

597

$

Costs to raise capital paid directly from gross proceeds

$

503

$

636

Costs to raise capital included in accrued expenses

$

369

$

Unpaid fixed assets included in accounts payable

$

$

329

Unrealized (gain) loss on available-for-sale debt securities

$

$

(46)

Supplemental cash flow information:

 

 

Cash paid during the period for interest

$

401

$

363

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

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iBio, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1.   Nature of Business

iBio, Inc. (the "Company" or “iBio”) is a preclinical stage biotechnology company that leverages the power of Artificial Intelligence (“AI”) for the development of precision antibodies. The Company’s proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (“mAb’) optimization.

In September 2022, the Company made a strategic pivot by acquiring substantially all of the assets of RubrYc Therapeutics, Inc. ("RubrYc"). This acquisition commenced the Company’s transition to an AI-enabled biotech company and led to the divestiture of its Contract Development and Manufacturing Organization (“CDMO”) business. This strategic decision allowed the Company to focus resources on the development of AI-powered precision antibodies, positioning iBio at the forefront of this exciting field.

One of the key features of the Company’s technology stack is the patented epitope-steering AI-engine. This advanced technology allows the Company to target specific regions of proteins with precision enabling the creation of antibodies highly specific to therapeutically relevant regions within large target proteins, potentially improving their efficacy and safety profile.  Another integral part of the Company’s technology stack is the machine learning (“ML”) based antibody-optimizing StableHu™ technology. When integrated with the Company's mammalian display technology, StableHu has demonstrated its ability to expedite the Lead Optimization process. This integration not only potentially reduces downstream risks but also streamlines the overall development process, making it faster, more efficient, and cost-effective. As a result, optimization can be achieved in less than four weeks.

The Company also developed the EngageTx™ platform, which provides an optimized next-generation CD3 T-cell engager antibody panel. This panel is characterized by a wide spectrum of potencies, Non-Human Primate (“NHP”) cross-reactivity, enhanced humanness of the antibodies, and a maintained tumor cell killing capacity, all while reducing cytokine release. These attributes are meticulously designed to fine-tune the efficacy, safety, and tolerability of the Company’s antibody products. By incorporating EngageTx into the Company’s own development initiatives, the Company’s internal pre-clinical pipeline reaps the benefits of the same cutting-edge technology extended to its potential partners.

The Company recently announced the expansion of its AI-powered technology stack with the launch of ShieldTx™, a patent-pending antibody masking technology designed to enable specific, highly targeted antibody delivery to diseased tissue without harming healthy tissue. By adding ShieldTx to the Company’s technology stack, iBio uniquely integrates antibody engineering and masking in one accelerated process to potentially overcome the challenges of complex targets, safety, and developability in next-generation antibody discovery and development.

iBio’s scientific team, composed of experienced AI/ML scientists and biopharmaceutical scientists, located side-by-side in its San Diego laboratory, possess the skills and capabilities to rapidly advance antibodies in-house from concept to in vivo proof-of-concept (“POC’). This multidisciplinary expertise allows the Company to quickly translate scientific discoveries into potential therapeutic applications.

Artificial Intelligence in Antibody Discovery and Development

The potential of AI in antibody discovery is immense and is being increasingly recognized in the biopharmaceutical industry. The mAbs market has seen impressive growth in recent years, with mAbs increasingly the top-selling drugs in the United States. This success has driven the industry to seek innovative methods for refining and improving their antibody pipelines. AI and deep learning, which have already revolutionized small molecule drug design, are now making significant strides in the development and optimization of antibodies.

The Company is leveraging its AI-powered technology stack to enhance the success rate of identifying antibodies for challenging target proteins, expedite the process of antibody optimization, improve developability, and engineer finely calibrated bi-specifics. By continually refining the Company’s AI algorithms, incorporating new data sources, and developing robust experimental validation processes, iBio is paving the way for groundbreaking advancements in antibody design and drug discovery.

Strategy

The Company is a pioneering biotechnology company at the intersection of AI and biologics, committed to reshaping the landscape of discovery. The Company’s core mission is to harness the potential of AI and machine learning to unveil elusive biologics that stand out and have evaded other scientists. Through the Company’s innovative platform, it champions a culture of innovation by identifying novel targets, forging strategic collaborations to enhance efficiency, diversify pipelines, with the goal of accelerating preclinical processes.

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Additionally, the Company’s groundbreaking EngageTx™ technology enables the Company to target bi-specific molecules. With the ability to navigate sequence diversity and promote Human-Cyno cross reactivity while mitigating cytokine release, the Company’s goal is to enhance agility and bolster preclinical safety assessments.

The Company’s strategic approach to fulfilling its mission is outlined as follows:

Elevate Epitope Discovery: The Company believes it leads the field with its patented AI-engine uncovering "hard to develop" molecules. The Company’s unparalleled epitope engine stands out by allowing the ability to target select regions of a protein, potentially removing the lengthy trial and error out of mAb discovery.  This capability is expected to improve probability of success while at the same time, reduces costs commonly caused by having an iterative process. The Company’s epitope engine is engineered to match its target, refined for stability and optimized for water solubility, allowing the Company to identify new drug candidates that have failed or have been abandoned due to their complexity.
Capital Efficient Business Approach: The Company’s strategic business approach is structured around the following pillars of value creation:
oStrategic Partnerships: The Company is leveraging its platform and pipeline by forming strategic partnerships. The Company’s aim is to become the preferred partner for major pharmaceutical and biotechnology companies seeking rapid and cost-effective integration of complex molecules into their portfolios, de-risking their early-stage pre-clinical work. Additionally, a rich array of fast follower molecules within the Company’s pre-clinical pipeline holds the potential to drive substantial partnerships, opening doors to innovative projects. By tapping into the Company’s platform, infrastructure, and expertise, partners have the potential to streamline timelines, reduce costs tied to biologic drug discovery applications and cell line process development, and expedite preclinical programs with efficiency.
oTech Licensing in Diverse Therapeutic Areas: In pursuit of adding value, the Company is exploring partnerships in diverse therapeutic domains such as CNS or vaccines. The Company’s intention is to license the AI tech stack, extending its benefits to the Company’s partners and amplifying its biological impact and insights. This strategic approach enables the Company to capitalize on the value of its meticulously curated data while empowering collaborations and innovations, while at the same time allowing the Company to focus on both the platform and its core therapeutic area, oncology.
oDeveloping and Advancing the Company’s In-house Programs Cost Effectively: Clinical advancement is crucial for drug discovery. The Company is actively looking for opportunities to progress its internal pre-clinical programs, with a focal point on oncology, steadily reinforcing its pre-clinical pipeline.  
Unwavering Investment in Advancing the Platform: The Company maintains an unwavering commitment to invest in its platform, continually unlocking the potential of biology through AI and machine learning the pinnacle of being on the forefront of machine learning advancing algorithms and models in order to improve its predictive power and reduce the time it takes to find a viable molecule.

In essence, the Company is sculpting a future where cutting-edge AI-driven biotechnology propels the discovery of intricate biologics, fostering partnerships, accelerating innovation, and propelling the advancement of science.

AI Drug Discovery Platform

Overview

The Company’s platform comprises five key components, each playing a crucial role in the discovery and optimization of precision antibodies.

The first layer, epitope engineering, leverages the patented AI-engine to target specific regions of proteins, allowing the Company to engineer antibodies with high specificity and efficacy. The second layer involves the proprietary antibody library, which is built on clinically validated frameworks and offers a rich diversity of human antibodies. The third layer of the technology stack is the antibody optimizing StableHu AI technology, coupled with mammalian display technology. Next, the Company uses its EngageTx T-cell engager platform to create bispecific antibodies. Finally, antibodies are transformed into conditionally activated antibodies by ShieldTx, the Company’s antibody masking technology.  Each layer of the tech stack is designed to work synergistically, enabling the Company to rapidly advance antibodies from concept to in vivo proof-of-concept (POC).

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Graphic

AI Epitope Steering Technology

The Company’s epitope steering technology is designed to address these issues by guiding antibodies exclusively against the desired regions of the target protein. By focusing on these specific regions, the Company can overcome the limitations of traditional methods and significantly improve the efficiency and effectiveness of its antibody discovery process.  The Company’s AI engine creates engineered epitopes, which are small embodiments of epitopes on the target protein. The engine is trained to match the epitope structure as closely as possible and refine the designs for greater stability and water solubility, which are critically important factors. The optimized engineered epitope is then used to identify antibodies from naïve or immunized libraries.

Naïve Human Antibody Library

The fully human antibody library is built upon clinically validated, entirely human antibody frameworks. By leveraging public databases, the Company has extracted a diverse array of Complementarity-Determining Region (“CDR”) sequences. Subsequently, it has meticulously eliminated a range of sequence liabilities. Such careful curation process could potentially significantly reduce the development risk for antibodies identified from the Company’s library.

StableHuTM AI Antibody-Optimizing Technology

The Company’s proprietary StableHu technology is instrumental in the optimization process. StableHu is an AI-powered tool designed to predict a library of antibodies with fully human CDR variants based on an input antibody. This input can range from an early, unoptimized molecule to an approved drug. The model has been trained utilizing a set of over 1 billion human antibodies, progressively masking known amino acids within CDRs until the algorithm could predict the correct human sequence.

While phage display libraries are often used in antibody optimization due to their vast diversity, they can increase developability risks such as low expression, instability, or aggregation of antibodies. Mammalian display libraries, on the other hand, offer significantly improved developability but reduced diversity due to the smaller library size they can handle. StableHu overcomes this limitation by utilizing a machine learning algorithm generating focused library diversity within the capacity of mammalian display.

Mammalian display is a technology that presents antibodies on the surface of mammalian cells, allowing for the direct screening and selection of antibodies in a mammalian cell environment. This approach is advantageous as antibodies that express well on the mammalian cells used in the display are more likely to express well in the production cell line. Moreover, single-cell sorting of antibody-displaying cells allows rapid selection of desired antibodies based on multiple dimensions, such as potency, selectivity, and cross-species selectivity.

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When paired with mammalian display technology, StableHu enables antibody optimization with fewer iterative optimization steps, lower immunogenicity risk, and improved developability.

EngageTx CD3-Based T-Cell Engager Panel

The Company has used antibodies from an epitope steering campaign as well as a first-generation T-cell engager as input and utilized its StableHu technology to identify a next-generation CD3 antibody panel. The sequence diversity generated by StableHu led to an antibody panel with a wide range of potencies, which allows the Company to pair the panel with a wide variety of tumor-targeting antibodies.  Importantly, the Company was able to retain T-cell activation and tumor cell killing capacity with significantly reduced cytokine release. This reduction is believed to lower the risk of cytokine release syndrome. Additionally, the increased humanness of the predicted antibodies, thanks to the Company’s StableHu technology, has the ability to reduce the risk of immunogenicity.

Furthermore, the Company’s StableHu technology enabled it to engineer NHP cross-reactivity into EngageTx. This allows for advanced safety assessment in NHP ahead of clinical trials, providing another layer of safety assurance.

ShieldTx

The Company has enhanced its proprietary technology with the introduction of ShieldTx, a patent-pending innovative antibody masking technique. ShieldTx leverage