iBio Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

6 Months Ended

Dec. 31, 2020

13. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income (loss) allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted earnings (loss) per common share, the denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method. The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts):


	Three Months ended				Six Months ended
	December 31,				December 31,
	2020		2019		2020		2019
Basic and diluted numerator:

Net loss attributable to iBio, Inc.	$	(8,129)	$	(3,762)	$	(15,662)	$	(8,225)
Preferred stock dividends – iBio CMO Preferred Tracking Stock		(65)		(65)		(131)		(131)
Deemed dividends – down round of Series A Preferred and Series B Preferred		—		(21,560)		—		(21,560)
Net loss available to iBio, Inc. stockholders	$	(8,194)	$	(25,387)	$	(15,793)	$	(29,916)

Basic and diluted denominator:

Weighted-average common shares outstanding		188,087		36,917		175,264		29,420

Per share amount	$	(0.04)	$	(0.69)	$	(0.09)	$	(1.02)

In Fiscal 2021 and Fiscal 2020, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of December 31, 2020 and 2019, shares issuable which could potentially dilute future earnings were as follows:


	December 31,
	2020	2019
	(in thousands)
Stock options	4,251	1,259
Restricted stock units	349	—
Series A Warrants	—	21,930
Series B Warrants	—	24,930
Series A Preferred	—	60
Series B Preferred	—	28,925
Series C Preferred	—	100
Shares excluded from the calculation of diluted loss per share	4,600	77,204