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

Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

Fixed Assets

3 Months Ended

Sep. 30, 2023

11. Fixed Assets

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


	September 30,		June 30,
	2023		2023

Building and improvements	$	695	$	695
Machinery and equipment		3,521		3,521
Office equipment and software		403		403
		4,619		4,619
Accumulated depreciation		(565)		(400)
Net fixed assets	$	4,054	$	4,219

Depreciation expense reported in continuing operations was approximately $165,000 and $0 for the three months ended September 30, 2023 and 2022.

At September 30, 2023 and June 30, 2023 fixed assets held for sale in the amount of $16,124,000 are included in assets held for sale. The depreciation expense for the three months ended September 30, 2023 and 2022 was $0 and $271,000, respectively, and is reported as part of loss from discontinued operations.

The Company re-evaluated its business strategy and reviewed its product portfolio during Fiscal 2023 which resulted in an impairment charge of approximately $17.9 million to the assets held for sale. See Note 5 - Financial Instruments and Fair Value Measurement for more information.