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

Quarterly report pursuant to Section 13 or 15(d)

Disclosure of Correction of Immaterial Error

Disclosure of Correction of Immaterial Error

6 Months Ended

Dec. 31, 2021

Disclosure of Correction of Immaterial Error [Abstract]

Disclosure of Correction of Immaterial Error

24. Disclosure of Correction of Immaterial Error

The Company reclassified certain expenses on its Condensed Consolidated Statement of Operations effective for the first quarter of Fiscal 2021. These changes in classification align the Company’s external presentation of operating-related expenses with the way that the Company's chief operating decision maker (CODM) expects to assess spend and resource allocation decisions around the Company’s operations as well as provide users of the financial statements with more information including separately stating cost of goods sold and classifying costs on the Statement of Operations according to their primary function (e.g. Research and development). The Company has reclassified these expenses for the prior period presented to provide comparable historical financial information. The Company intends to use this new presentation of operating-related expenses going forward.

The Company assessed the materiality of this error in accordance with SAB No. 99 Materiality and Accounting Standards Codification 250, Accounting Changes and Error Corrections and determined that this was an immaterial error.

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:

Statement of Operations Reclassifications


	Three Months Ended
(In thousands)	December 31, 2020
Operating expense:	As Reported		Adjustment	As Revised		% Change
Cost of goods sold	$	—	211	$	211	100	%
Research and Development		2,444	(70)		2,374	(3)	%
General and administrative		5,806	(141)		5,665	(2)	%
Total operating expenses	$	8,250		$	8,250

	Six Months Ended
(In thousands)	December 31, 2020
Operating expense:	As Reported		Adjustment	As Revised		% Change
Cost of goods sold	$	—	318	$	318	100	%
Research and Development		4,206	30		4,236	1	%
General and administrative		11,378	(348)		11,030	(3)	%
	$	15,584		$	15,584

Segment Reporting Reclassification


As Reported:
Three Months Ended December 31, 2020 (in thousands)	iBio, Inc.		iBio CDMO		Eliminations		Total
Cost of goods sold	$	—	$	—	$	—	$	—
Research and Development		525		2,220		(301)		2,444
General and administrative		2,981		3,050		(225)		5,806

As Revised:
Three Months Ended December 31, 2020 (in thousands)	iBio, Inc.		iBio CDMO		Eliminations		Total
Cost of goods sold	$	215	$	(4)	$	—	$	211
Research and Development		373		2,302		(301)		2,374
General and administrative		2,971		2,919		(225)		5,665

As Reported:
Six Months Ended December 31, 2020 (in thousands)	iBio, Inc.		iBio CDMO		Eliminations		Total
Cost of goods sold	$	—	$	—	$	—	$	—
Research and Development		867		3,858		(519)		4,206
General and administrative		5,653		6,180		(455)		11,378

As Revised:
Six Months Ended December 31, 2020 (in thousands)	iBio, Inc.		iBio CDMO		Eliminations		Total
Cost of goods sold	$	269	$	49	$	—	$	318
Research and Development		608		4,147		(519)		4,236
General and administrative		5,643		5,842		(455)		11,030