| Schedule of Reclassifications and Error Corrections |
The reclassifications did not have any impact to consolidated operating income (loss), net income (loss), cash flows or earnings per share. The following tables illustrate the reclassifications and financial impact on the various line items impacted on the Condensed Consolidated Statement of Operations and Segment Reporting, as follows:
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Statement of Operations Reclassifications
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Year Ended
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(In thousands)
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June 30, 2020
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Operating expense:
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As Reported
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Adjustment
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As Revised
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% Change
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Cost of goods sold
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$
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—
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$
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703
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$
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703
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100
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%
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Research and development
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3,213
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360
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3,573
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11
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%
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General and administrative
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12,428
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(1,063)
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11,365
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(9)
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%
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Total operating expenses
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$
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15,641
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$
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15,641
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Segment Reporting Reclassifications
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As Reported:
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For the Year Ended June 30, 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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Cost of goods sold
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$
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—
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$
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—
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$
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—
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$
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—
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Research and development
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1,106
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3,805
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(1,698)
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3,213
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General and administrative
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5,381
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7,807
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(760)
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12,428
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As Revised:
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For the Year Ended June 30, 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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Cost of goods sold
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$
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640
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$
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63
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$
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—
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$
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703
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Research and development
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491
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4,780
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(1,698)
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3,573
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General and administrative
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5,356
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6,769
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(760)
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11,365
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The Company revised previously issued condensed consolidated financial statements as of March 31, 2020 and for the three- and nine-month periods ended March 31, 2021 for an error related to the omission of a share issuance completed during the period. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below:
Revised Consolidated Balance Sheets
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June 30, 2020
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(In thousands)
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As Reported
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Adjustment
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As Revised
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Subscription receivable
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$
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—
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$
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2,190
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$
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2,190
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Total current assets
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61,748
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2,190
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63,938
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Total Assets
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94,189
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2,190
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96,379
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APIC
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206,931
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2,190
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209,121
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Total equity
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56,607
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2,190
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58,797
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Total liabilities and equity
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94,189
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2,190
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96,379
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Revised Consolidated Statement of Operations
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Year Ended
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June 30, 2020
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Loss per common share attributable to iBio, Inc. stockholders – basic and diluted
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$
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(0.61)
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0.00
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(0.61)
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Weighted-average common shares outstanding – basic and diluted (000’s)
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62,795
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96
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62,891
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