Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
3 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting

23.   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.

    

Biopharmaceuticals

    

Bioprocessing

    

    

Three Months Ended September 30, 2021 (in thousands)

    

(iBio, Inc.)

    

(iBio CDMO)

    

Eliminations

    

Total

Revenues - external customers

$

84

127

$

$

211

Revenues - intersegment

82

455

(537)

Cost of goods sold

40

40

Gross profit

166

542

(537)

171

Research and development

 

1,521

1,467

(477)

 

2,511

General and administrative

 

3,484

3,210

(60)

 

6,634

Operating loss

 

(4,839)

(4,135)

 

(8,974)

Interest expense

 

(609)

 

(609)

Forgiveness of note payable and accrued interest

607

607

Interest and other income

 

36

 

36

Consolidated net loss

 

(4,802)

(4,138)

 

(8,940)

Total assets

 

176,682

37,335

(70,278)

 

143,739

Finance lease ROU assets

 

25,695

 

25,695

Operating lease ROU assets

3,487

3,487

Fixed assets, net

9,821

9,821

Intangible assets, net

 

5,164

 

 

 

5,164

Amortization of ROU assets

 

 

416

 

 

416

Depreciation expense

 

 

306

 

 

306

Amortization of intangible assets

88

88

    

Biopharmaceuticals

Bioprocessing

Three Months Ended September 30, 2020 (in thousands)

    

(iBio, Inc.)

(iBio CDMO)

Eliminations

Total

Revenues - external customers

$

207

$

203

$

$

410

Revenues - intersegment

238

210

(448)

Cost of goods sold

54

53

107

Gross profit

338

413

(448)

303

Research and development

 

235

 

1,845

 

(218)

 

1,862

General and administrative

 

2,672

 

2,923

 

(230)

 

5,365

Operating loss

 

(2,569)

 

(4,355)

 

 

(6,924)

Interest expense

 

 

(614)

 

 

(614)

Interest and other income

 

3

 

1

 

 

4

Consolidated net loss

 

(2,566)

 

(4,968)

 

 

(7,534)

Total assets

 

132,207

 

33,320

 

(48,272)

 

117,255

Finance lease ROU assets

 

 

27,201

 

 

27,201

Fixed assets, net

3,834

3,834

Intangible assets, net

1,236

1,236

Amortization of ROU assets

 

 

415

 

 

415

Depreciation expense

 

 

97

 

 

97

Amortization of intangible assets

 

72

 

 

 

72