Quarterly report pursuant to Section 13 or 15(d)

Employee 401(K) Plan

v3.23.1
Employee 401(K) Plan
 6 Months Ended
Dec. 31, 2022
Employee 401(K) Plan [Abstract]  
Employee 401(K) Plan

22.   Employee 401(K) Plan

Commencing January 1, 2018, the Company established the iBio, Inc. 401(K) Plan (the “Plan”). Eligible employees of the Company may participate in the Plan, whereby they may elect to make elective deferral contributions pursuant to a salary deduction agreement and receive matching contributions upon meeting age and length-of-service requirements. The Company will make a 100% matching contribution that is not in excess of 5% of an eligible employee’s compensation. In addition, the Company may make qualified non-elective contributions at its discretion. For the three months ended December 31, 2022 and 2021, employer contributions made to the Plan totaled approximately $86,000 and $29,000, respectively. For the six months ended December 31, 2022 and 2021, employer contributions made to the Plan totaled approximately $190,000 and $62,000, respectively. In addition, employer contributions included in loss from discontinued operations totaled approximately $90,000 and $36,000 for the three months ended December 31, 2022 and 2021, respectively, and approximately $161,000 and $69,000 for the six months ended December 31, 2022 and 2021, respectively.