Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.1
Segment Reporting
9 Months Ended
Mar. 31, 2022
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 March 31, 2022 (in thousands)

    

iBio, Inc.

    

iBio CDMO

    

Eliminations

    

Total

Revenues - external customers

$

1,800

$

143

$

$

1,943

Revenues - intersegment

817

604

(1,421)

Cost of goods sold

48

48

Gross profit

2,617

699

(1,421)

1,895

Research and development

 

3,764

 

2,416

 

(629)

 

5,551

General and administrative

 

5,430

 

3,888

 

(792)

 

8,526

Operating loss

 

(6,577)

 

(5,605)

 

 

(12,182)

Interest expense

 

(250)

 

 

(250)

Interest and other income

 

40

 

2

 

 

42

Consolidated net loss

 

(6,538)

 

(5,852)

 

 

(12,390)

Total assets

 

165,896

 

40,429

 

(90,955)

 

115,370

Finance lease ROU assets

 

 

86

 

 

86

Operating lease ROU assets

3,209

1,942

5,151

Fixed assets, net

1,068

33,513

34,581

Intangible assets, net

4,919

4,919

Amortization of ROU assets

 

 

24

 

 

24

Depreciation expense

 

 

709

 

 

709

Amortization of intangible assets

 

122

 

 

 

122

Biopharmaceuticals

    

Bioprocessing

    

    

Three Months Ended March 31, 2021 (in thousands)

    

iBio, Inc.

    

iBio CDMO

    

Eliminations

    

Total

Revenues - external customers

$

700

$

65

$

$

765

Revenues - intersegment

191

688

(879)

Cost of goods sold

229

264

493

Gross profit

662

489

(879)

272

Research and development

 

1,500

 

1,353

 

(691)

 

2,162

General and administrative

 

3,438

 

2,062

 

(187)

 

5,313

Operating loss

 

(4,276)

 

(2,927)

 

 

(7,203)

Interest expense

 

 

(612)

 

 

(612)

Interest and other income

 

153

 

 

 

153

Consolidated net loss

 

(4,123)

 

(3,539)

 

 

(7,662)

Total assets

 

165,096

 

35,123

 

(57,522)

 

142,697

Finance lease ROU assets

 

 

26,380

 

 

26,380

Fixed assets, net

6,407

6,407

Intangible assets, net

1,146

1,146

Amortization of ROU assets

 

 

406

 

 

406

Depreciation expense

 

 

119

 

 

119

Amortization of intangible assets

 

73

 

 

 

73

    

Biopharmaceuticals

    

Bioprocessing

    

    

Nine Months Ended March 31, 2022 (in thousands)

    

iBio, Inc.

    

iBio CDMO

    

Eliminations

    

Total

Revenues - external customers

$

1,884

$

438

$

$

2,322

Revenues - intersegment

993

1,489

(2,482)

Cost of goods sold

201

201

Gross profit

2,877

1,726

(2,482)

2,121

Research and development

 

7,498

5,432

(1,537)

 

11,393

General and administrative

 

13,746

10,721

(945)

 

23,522

Operating loss

 

(18,367)

(14,427)

 

(32,794)

Interest expense

 

(1,187)

 

(1,187)

Forgiveness of note payable and accrued interest

607

607

Interest and other income

 

117

7

 

124

Consolidated net loss

 

(18,251)

(14,999)

 

(33,250)

Total assets

 

165,896

40,429

(90,955)

 

115,370

Finance lease ROU assets

 

86

 

86

Operating lease ROU assets

3,209

1,942

5,151

Fixed assets, net

1,068

33,513

34,581

Intangible assets, net

 

4,919

 

 

 

4,919

Amortization of ROU assets

 

 

587

 

 

587

Depreciation expense

 

 

1,532

 

 

1,532

Amortization of intangible assets

333

333

    

Biopharmaceuticals

Bioprocessing

Nine Months Ended March 31, 2021 (in thousands)

    

iBio, Inc.

iBio CDMO

Eliminations

Total

Revenues - external customers

$

1,097

$

783

$

$

1,880

Revenues - intersegment

667

1,186

(1,853)

Cost of goods sold

425

850

1,275

Gross profit

1,339

1,119

(1,853)

605

Research and development

 

2,341

 

5,761

 

(1,210)

 

6,892

General and administrative

 

8,921

 

7,106

 

(642)

 

15,385

Operating loss

 

(9,923)

 

(11,749)

 

 

(21,672)

Interest expense

 

 

(1,841)

 

 

(1,841)

Interest and other income

 

185

 

1

 

 

186

Consolidated net loss

 

(9,738)

 

(13,589)

 

 

(23,327)

Total assets

 

165,096

 

35,123

 

(57,522)

 

142,697

Finance lease ROU assets

 

 

26,380

 

 

26,380

Fixed assets, net

6,407

6,407

Intangible assets, net

1,146

1,146

Amortization of ROU assets

 

 

1,236

 

 

1,236

Depreciation expense

 

 

330

 

 

330

Amortization of intangible assets

 

218

 

 

 

218