| Segment Reporting |
19. Segment Reporting
In accordance with FASB ASC 280, Segment Reporting, the Company discloses financial and descriptive information about its reportable segments. The Company operates in two segments, (i) its biologics development and licensing activities, conducted within iBio, Inc. and (ii) our CDMO segment, conducted within iBio CDMO. These segments are components of the Company about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Please note that certain totals may not sum due to rounding.
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Three Months Ended March 31, 2021 (in thousands)
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iBio, Inc.
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iBio CDMO
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Eliminations
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Total
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Revenues - external customers
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$
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700
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$
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65
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$
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—
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$
|
765
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Revenues - intersegment
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191
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688
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(879)
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—
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Cost of goods sold
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229
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264
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—
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|
493
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Gross profit
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|
662
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|
489
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(879)
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|
272
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Research and development
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1,500
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1,353
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(691)
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2,162
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General and administrative
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3,438
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2,062
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(187)
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5,313
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Operating loss
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(4,276)
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(2,927)
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—
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(7,203)
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Interest expense
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—
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(612)
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—
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(612)
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Interest and other income
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153
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—
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—
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153
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Consolidated net loss
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(4,123)
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(3,539)
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—
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(7,662)
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Total assets
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165,096
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35,123
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(57,522)
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142,697
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Finance lease ROU assets
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—
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26,380
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—
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26,380
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Fixed assets, net
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—
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6,407
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—
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6,407
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Intangible assets, net
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1,146
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—
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—
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1,146
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Amortization of ROU assets
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—
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|
406
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—
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406
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Depreciation expense
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—
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119
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—
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119
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Amortization of intangible assets
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73
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—
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—
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73
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Three Months Ended March 31, 2020 (in thousands)
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iBio, Inc.
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iBio CDMO
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Eliminations
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Total
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Revenues - external customers
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$
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75
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$
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21
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$
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—
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$
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96
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Revenues - intersegment
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211
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787
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(998)
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—
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Cost of goods sold
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72
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14
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—
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|
86
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Gross profit
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214
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|
794
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(998)
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10
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Research and development
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14
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1,882
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(801)
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1,095
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General and administrative
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1,576
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1,600
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(197)
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2,979
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Operating loss
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(1,376)
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(2,688)
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—
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(4,064)
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Interest expense
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—
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(616)
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—
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(616)
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Interest and other income
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4
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—
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—
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4
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Consolidated net loss
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(1,372)
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(3,304)
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—
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(4,676)
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Total assets
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51,113
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32,024
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(40,917)
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42,220
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Finance lease ROU assets
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—
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28,031
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—
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28,031
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Fixed assets, net
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—
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2,657
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—
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2,657
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Intangible assets, net
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1,204
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—
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—
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1,204
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Amortization of ROU assets
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—
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|
416
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—
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416
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Depreciation expense
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—
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70
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—
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|
70
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Amortization of intangible assets
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72
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—
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—
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72
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Nine Months Ended March 31, 2021 (in thousands)
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iBio, Inc.
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iBio CDMO
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Eliminations
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Total
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Revenues - external customers
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$
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1,097
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$
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783
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$
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—
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$
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1,880
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Revenues - intersegment
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667
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1,186
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(1,853)
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0
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Cost of goods sold
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425
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|
850
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—
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1,275
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Gross profit
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1,339
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1,119
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(1,853)
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605
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Research and development
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2,341
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5,761
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(1,210)
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6,892
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General and administrative
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8,921
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7,106
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(642)
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15,385
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Operating loss
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(9,923)
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(11,749)
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—
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(21,672)
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Interest expense
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—
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(1,841)
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—
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(1,841)
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Interest and other income
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185
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1
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—
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186
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Consolidated net loss
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(9,738)
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(13,589)
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—
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(23,327)
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Total assets
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165,096
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35,123
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(57,522)
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142,697
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Finance lease ROU assets
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—
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26,380
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—
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26,380
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Fixed assets, net
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—
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6,407
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—
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6,407
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Intangible assets, net
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1,146
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—
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—
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1,146
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Amortization of ROU assets
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—
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1,236
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—
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1,236
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Depreciation expense
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—
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|
330
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—
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|
330
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Amortization of intangible assets
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218
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—
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—
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218
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Nine Months Ended March 31, 2020 (in thousands)
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iBio, Inc.
|
|
iBio CDMO
|
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Eliminations
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Total
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|
|
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|
|
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|
|
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Revenues - external customers
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$
|
425
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$
|
93
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$
|
—
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$
|
518
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Revenues - intersegment
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|
637
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1,279
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(1,916)
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—
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Cost of goods sold
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|
341
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63
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—
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|
|
404
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Gross profit
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|
721
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1,309
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(1,916)
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|
114
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Research and development
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|
413
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3,880
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(1,303)
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2,990
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General and administrative
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3,796
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5,015
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(613)
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8,198
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Operating loss
|
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(3,488)
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(7,586)
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—
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|
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(11,074)
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Interest expense
|
|
|
—
|
|
|
(1,851)
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|
|
—
|
|
|
(1,851)
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Interest and other income
|
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|
20
|
|
|
1
|
|
|
—
|
|
|
21
|
|
Consolidated net loss
|
|
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(3,468)
|
|
|
(9,436)
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|
—
|
|
|
(12,904)
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Total assets
|
|
|
51,113
|
|
|
32,024
|
|
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(40,917)
|
|
|
42,220
|
|
Finance lease ROU assets
|
|
|
—
|
|
|
28,031
|
|
|
|
|
|
28,031
|
|
Fixed assets, net
|
|
|
—
|
|
|
2,657
|
|
|
—
|
|
|
2,657
|
|
Intangible assets, net
|
|
|
1,204
|
|
|
—
|
|
|
—
|
|
|
1,204
|
|
Amortization of ROU assets
|
|
|
—
|
|
|
1,246
|
|
|
—
|
|
|
1,246
|
|
Depreciation expense
|
|
|
2
|
|
|
205
|
|
|
—
|
|
|
207
|
|
Amortization of intangible assets
|
|
|
225
|
|
|
—
|
|
|
—
|
|
|
225
|
|