Annual report pursuant to Section 13 and 15(d)

Employee 401(K) Plan

v3.23.3
Employee 401(K) Plan
 12 Months Ended
Jun. 30, 2023
Employee 401(K) Plan [Abstract]  
Employee 401(K) Plan

23.    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. Employer contributions made to the Plan totaled approximately $263,000 and $169,000 for the years ended June 30, 2023 and 2022, respectively. In addition, employer contributions included in loss from discontinued operations totaled approximately $135,000 and $150,000 for the years ended June 30, 2023 and 2022, respectively,

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