Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.0.1
Segment Reporting
6 Months Ended
Dec. 31, 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 December 31, 2021 (in thousands)

    

iBio, Inc.

    

iBio CDMO

    

Eliminations

    

Total

Revenues - external customers

$

$

168

$

$

168

Revenues - intersegment

94

430

(524)

Cost of goods sold

113

113

Gross profit

94

485

(524)

55

Research and development

 

2,213

 

1,549

 

(431)

 

3,331

General and administrative

 

4,832

 

3,623

 

(93)

 

8,362

Operating loss

 

(6,950)

 

(4,688)

 

 

(11,638)

Interest expense

 

(328)

 

 

(328)

Interest and other income

 

41

 

5

 

 

46

Consolidated net loss

 

(6,909)

 

(5,011)

 

 

(11,920)

Total assets

 

172,004

 

37,633

 

(83,189)

 

126,448

Finance lease ROU assets

 

 

109

 

 

109

Operating lease ROU assets

3,334

1,957

5,291

Fixed assets, net

600

32,281

32,881

Intangible assets, net

5,041

5,041

Amortization of ROU assets

 

 

147

 

 

147

Depreciation expense

 

 

517

 

 

517

Amortization of intangible assets

 

123

 

 

 

123

Biopharmaceuticals

    

Bioprocessing

    

    

Three Months Ended December 31, 2020 (in thousands)

    

iBio, Inc.

    

iBio CDMO

    

Eliminations

    

Total

Revenues - external customers

$

190

$

515

$

$

705

Revenues - intersegment

238

288

(526)

Cost of goods sold

215

(4)

211

Gross profit

213

807

(526)

494

Research and development

 

373

 

2,302

 

(301)

 

2,374

General and administrative

 

2,971

 

2,919

 

(225)

 

5,665

Operating loss

 

(3,131)

 

(4,414)

 

 

(7,545)

Interest expense

 

 

(615)

 

 

(615)

Interest and other income

 

29

 

 

 

29

Consolidated net loss

 

(3,102)

 

(5,029)

 

 

(8,131)

Total assets

 

163,991

 

33,789

 

(52,374)

 

145,406

Finance lease ROU assets

 

 

26,786

 

 

26,786

Fixed assets, net

5,010

5,010

Intangible assets, net

1,185

1,185

Amortization of ROU assets

 

 

415

 

 

415

Depreciation expense

 

 

114

 

 

114

Amortization of intangible assets

 

73

 

 

 

73

    

Biopharmaceuticals

    

Bioprocessing

    

    

Six Months Ended December 31, 2021 (in thousands)

    

(iBio, Inc.)

    

(iBio CDMO)

    

Eliminations

    

Total

Revenues - external customers

$

84

$

295

$

$

379

Revenues - intersegment

176

885

(1,061)

Cost of goods sold

153

153

Gross profit

260

1,027

(1,061)

226

Research and development

 

3,734

3,016

(908)

 

5,842

General and administrative

 

8,316

6,833

(153)

 

14,996

Operating loss

 

(11,789)

(8,823)

 

(20,612)

Interest expense

 

(937)

 

(937)

Forgiveness of note payable and accrued interest

607

607

Interest and other income

 

77

5

 

82

Consolidated net loss

 

(11,712)

(9,148)

 

(20,860)

Total assets

 

172,004

37,633

(83,189)

 

126,448

Finance lease ROU assets

 

109

 

109

Operating lease ROU assets

3,334

1,957

5,291

Fixed assets, net

600

32,281

32,881

Intangible assets, net

 

5,041

 

 

 

5,041

Amortization of ROU assets

 

 

563

 

 

563

Depreciation expense

 

 

823

 

 

823

Amortization of intangible assets

211

211

    

Biopharmaceuticals

Bioprocessing

Six Months Ended December 31, 2020 (in thousands)

    

(iBio, Inc.)

(iBio CDMO)

Eliminations

Total

Revenues - external customers

$

397

$

718

$

$

1,115

Revenues - intersegment

476

498

(974)

Cost of goods sold

269

49

318

Gross profit

604

1,167

(974)

797

Research and development

 

608

 

4,147

 

(519)

 

4,236

General and administrative

 

5,643

 

5,842

 

(455)

 

11,030

Operating loss

 

(5,647)

 

(8,822)

 

 

(14,469)

Interest expense

 

 

(1,229)

 

 

(1,229)

Interest and other income

 

32

 

1

 

 

33

Consolidated net loss

 

(5,615)

 

(10,050)

 

 

(15,665)

Total assets

 

163,991

 

33,789

 

(52,374)

 

145,406

Finance lease ROU assets

 

 

26,786

 

 

26,786

Fixed assets, net

5,010

5,010

Intangible assets, net

1,185

1,185

Amortization of ROU assets

 

 

830

 

 

830

Depreciation expense

 

 

211

 

 

211

Amortization of intangible assets

 

145

 

 

 

145