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

Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

Fixed Assets

6 Months Ended

Dec. 31, 2022

11. Fixed Assets

The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands):


	December 31,		June 30,
	2022		2022

Building and improvements	$	695	$	—
Machinery and equipment		3,450		—
Office equipment and software		199		—
Construction in progress		16		1,373
	$	4,360	$	1,373
Accumulated depreciation		(115)		—
Net fixed assets	$	4,245	$	1,373

Depreciation expense reported in continuing operations was approximately $115,000 for the three and six months ended December 31, 2022 and $0 for both the three and six months ended December 31, 2021.

Fixed assets held for sale at December 31, 2022 and June 30, 2022 in the amount of $18,485,000 and $35,289,000, respectively, are included in assets held for sale. The depreciation expense for the three months ended December 31, 2021 and the six months ended December 31, 2022 and 2021 is classified as part of loss from discontinued operations.

During the second quarter of Fiscal 2023, the Company re-evaluated its business strategy and reviewed its product portfolio. After such review, the Company recorded an impairment charge of approximately $17.6 million for the three and six months ended December 31, 2022, respectively. See Note 5 - Financial Instruments and Fair Value Measurement for more information.