Full Press Release Details
Fiscal Second Quarter 2021 Financial Results and Provides Corporate Update
/ February 16, 2021 / (GLOBE NEWSWIRE) / iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"), a biotech
innovator and biologics contract manufacturing organization, today announced its financial results for the fiscal quarter ended
successfully executed against our strategic priorities during the quarter as we continued to transform the Company by advancing
our pipeline, diversifying our customer base, and growing our revenues," said Tom Isett, Chairman & CEO of iBio.
Second Quarter and Recent Business Developments:
& Bioprocess ("RBP") Products
Development and Manufacturing ("CDMO") Services
are encouraged by the progress we continue to make in all major segments of our business," commented Mr. Isett. "In
addition to advancing our vaccine programs and securing additional IP protection for our antifibrotic therapies, we expanded our
client base for CDMO Services and rapidly advanced our work on new RBP products."
Second Quarter and Recent Corporate Developments:
just a few short months, we have made eight new key appointments, who - by virtue of their deep industry subject
matter expertise and track records of success - demonstrate our commitment to building a world-class organization,"
said Mr. Isett. "Combined with our increased financial strength and the power of our platform technologies,
we believe that we are now well positioned to accelerate the development of our biotherapeutic and vaccine candidates, in-license promising biopharmaceutical
assets, and leverage the FastPharming System to its full potential."
fiscal quarter ended December 31, 2020, iBio reported revenues of approximately $0.7 million, an increase of $0.4 million from
approximately $0.3 million in the fiscal quarter ended December 31, 2019.
expenses, consisting primarily of research and development ("R&D") and general and administrative ("G&A")
expenses, for the fiscal quarter ended December 31, 2020 were approximately $8.3 million, compared with approximately $3.5 million
in the same period of 2019.
expenses for the for the fiscal quarter ended December 31, 2020 were approximately $2.4 million, compared with approximately $0.9
million in the same period of 2019. The increase in R&D expense of approximately $1.6 million was primarily related to an
increase in laboratory consumables, supplies and other costs of approximately $1.4 million, and an increase in R&D personnel
costs of approximately $0.2 million at iBio CDMO, partially offset by an approximately $0.1 million reduction of other R&D
expenses for the fiscal quarter ended December 31, 2020 were approximately $5.8 million, compared with approximately $2.6 million
in the same period of 2019. The increase resulted primarily from higher professional and consulting fees of approximately $1.4
million, facility repairs and maintenance of approximately $0.6 million, personnel costs of approximately $0.4 million, public
company costs of $0.3 million, insurance of approximately $0.3 million and board of director fees of approximately $0.1 million.
for the fiscal quarter ended December 31, 2020 was approximately $0.6 million, consistent with the same period of 2019.
attributable to iBio stockholders for the fiscal quarter ended December 31, 2020 was approximately $8.2 million, or $0.04 per
share. This compared with a net loss of approximately $25.4 million, or $0.69 per share, in the same period of 2019, which included
deemed dividends due to the down round feature of Series A Preferred Stock and Series B Preferred Stock of approximately $21.6
31, 2020, iBio had cash and cash equivalents plus investments in debt securities of approximately $107.6 million.
will host a webcast and conference call at 4:30 p.m. Eastern Time today, February 16, 2021, to discuss these results and provide
and archived webcast may be accessed on the Company's website at www.ibioinc.com under "News and
Events" in the Investors section. The live call can be accessed by dialing (833) 672-0651 (domestic) or (929) 517-0227 (international)
and referencing conference code: 7891625.
a global leader in plant-based biologics manufacturing. Its FastPharming System combines vertical
farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines,
bioinks and other proteins. iBio is developing proprietary products on the FastPharming Platform, which include
biopharmaceuticals for the treatment of fibrotic and infectious diseases, amongst others. The Company's subsidiary, iBio
CDMO LLC, provides FastPharming Contract Development and Manufacturing Services, including Glycaneering
Development Services for advanced recombinant protein design. For more information, visit www.ibioinc.com.
statements in this press release constitute "forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should," "believe,"
"expect," "anticipate," "estimate," "continue," "predict,"
"forecast," "project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based
upon current estimates and assumptions and include statements regarding progress towards generating cytokines and growth
factors for cell therapy manufacturing using iBio's FastPharming System, plans to
commercialize certain cytokines and growth factors as part of a new catalog of products for research and further
manufacturing uses, the receipt of a report on the IBIO-201 pathology results in early Q4 2021, seeking approval for
production of the Company's lead animal health product candidate, IBIO-400, and prospectively, other biopharmaceuticals
for the animal health markets. the contributions to be made by the newly appointed Chief Operating Officer, Chief Scientific
Officer, Chief Financial & Business Officer and directors and being well positioned to accelerate development of the
Company's biotherapeutic and vaccine candidates, in-license promising biopharmaceutical assets and leverage the FastPharming System
to its full potential. While the Company believes these forward-looking statements are reasonable, undue reliance should not
be placed on any such forward-looking statements, which are based on information available to us on the date of this release.
These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that
could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by
any forward-looking statements. Important factors that could cause actual results to differ materially from current
expectations include, among others, the Company's ability to progress generating cytokines and growth factors for cell
therapy manufacturing using iBio's FastPharming System and commercialize cytokines and growth factors,
the ability to generate the IBIO-201 pathology results as planned, the Company's ability to leverage the experience and
expertise of the newly appointed Chief Operating Officer, Chief Scientific Officer, Chief Financial & Business Officer
and directors, the Company's ability to accelerate development of its biotherapeutic and vaccine candidates, in-license
promising biopharmaceutical assets and leverage the FastPharming System to its full potential, the
Company's ability to obtain regulatory approvals for commercialization of its product candidates, including its
COVID-19 vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to
promote or commercialize the Company's product candidates for specific indications, acceptance of the Company's
product candidates in the marketplace and the successful development, marketing or sale of the Company's products, the
Company's ability to maintain its license agreements, the continued maintenance and growth of its intellectual property
portfolio, the Company's ability to establish and maintain collaborations, the Company's ability to obtain or
maintain the capital or grants necessary to fund its research and development activities, competition, the Company's
ability to retain its key employees or maintain its NYSE American listing, and the other risk factors discussed in the
Company's most recent Annual Report on Form 10-K and the Company's subsequent filings with the SEC, including
subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this
release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new
information, future events, or otherwise, except as required by law.
Inc. and Subsidiaries
Consolidated Balance Sheets
except share and per share amounts)
| December 31, 2020 | June 30, 2020 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 91,252 | $ | 55,112 | ||||
| Accounts receivable - trade | 180 | 75 | ||||||
| Accounts receivable - other | 52 | - | ||||||
| Subscription receivable | - | 5,549 | ||||||
| Investments in debt securities | 16,395 | - | ||||||
| Work in process | 1,071 | 798 | ||||||
| Prepaid expenses and other current assets | 1,932 | 214 | ||||||
| Total Current Assets | 110,882 | 61,748 | ||||||
| Convertible promissory note receivable and accrued interest | 1,519 | - | ||||||
| Finance lease right-of-use assets, net of accumulated amortization | 26,786 | 27,616 | ||||||
| Fixed assets, net of accumulated depreciation | 5,010 | 3,657 | ||||||
| Intangible assets, net of accumulated amortization | 1,185 | 1,144 | ||||||
| Security deposit | 24 | 24 | ||||||
| Total Assets | $ | 145,406 | $ | 94,189 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable (related parties of $94 and $6 as of December 31, 2020 and June 30, 2020, respectively) | $ | 2,409 | $ | 1,759 | ||||
| Accrued expenses (related party of $703 and $705 as of December 31, 2020 and June 30, 2020, respectively) | 1,683 | 1,105 | ||||||
| Finance lease obligation - current portion | 312 | 301 | ||||||
| Note payable - PPP loan- current portion | 465 | 261 | ||||||
| Contract liabilities | 1,233 | 1,810 | ||||||
| Total Current Liabilities | 6,102 | 5,236 | ||||||
| Note payable - PPP Loan - net of current portion | 135 | 339 | ||||||
| Finance lease obligation - net of current portion | 31,848 | 32,007 | ||||||
| Total Liabilities | 38,085 | 37,582 | ||||||
| Commitments and Contingencies | ||||||||
| Equity | ||||||||
| iBio, Inc. Stockholders' Equity: | ||||||||
| Preferred stock - no par value; 1,000,000 shares authorized; iBio CMO Preferred Tracking Stock; 1 share authorized, issued and outstanding as of both December 31, 2020 and June 30, 2020 | - | - | ||||||
| Series B Convertible Preferred Stock - $1,000 stated value; 5,785 shares authorized; 0 and 5,785 shares issued and outstanding as of December 31, 2020 and June 30, 2020 | - | - | ||||||
| Common stock - $0.001 par value; 275,000,000 and 275,000,000 shares authorized at December 31, 2020 and June 30, 2020, respectively; 211,769,103 and 140,071,110 shares issued and outstanding as of December 31, 2020 and June 30, 2020, respectively | 212 | 140 | ||||||
| Additional paid-in capital | 273,258 | 206,931 | ||||||
| Accumulated other comprehensive loss | (53 | ) | (33 | ) | ||||
| Accumulated deficit | (166,082 | ) | (150,420 | ) | ||||
| Total iBio, Inc. Stockholders' Equity | 107,335 | 56,618 | ||||||
| Noncontrolling interest | (14 | ) | (11 | ) | ||||
| Total Equity | 107,321 | 56,607 | ||||||
| Total Liabilities and Equity | $ | 145,406 | $ | 94,189 |
Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss
in Thousands, except per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenues | $ | 705 | $ | 314 | $ | 1,115 | $ | 422 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development (related party of $0, $0, $0 and $97) | 2,444 | 888 | 4,206 | 1,865 | ||||||||||||
| General and administrative (related party of $510, $304, $903 and $572) | 5,806 | 2,581 | 11,378 | 5,567 | ||||||||||||
| Total operating expenses | 8,250 | 3,469 | 15,584 | 7,432 | ||||||||||||
| Operating loss | (7,545 | ) | (3,155 | ) | (14,469 | ) | (7,010 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense (related party of $612, $615, $1,226 and $1,235) | (615 | ) | (615 | ) | (1,229 | ) | (1,235 | ) | ||||||||
| Interest income | 27 | 4 | 31 | 8 | ||||||||||||
| Royalty income | 2 | 2 | 2 | 9 | ||||||||||||
| Total other income (expense) | (586 | ) | (609 | ) | (1,196 | ) | (1,218 | ) | ||||||||
| Consolidated net loss | (8,131 | ) | (3,764 | ) | (15,665 | ) | (8,228 | ) | ||||||||
| Net loss attributable to noncontrolling interest | 2 | 2 | 3 | 3 | ||||||||||||
| Net loss attributable to iBio, Inc. | (8,129 | ) | (3,762 | ) | (15,662 | ) | (8,225 | ) | ||||||||
| Preferred stock dividends - iBio CMO Tracking Stock | (65 | ) | (65 | ) | (131 | ) | (131 | ) | ||||||||
| Deemed dividends - down round of Series A Preferred and Series B Preferred | - | (21,560 | ) | - | (21,560 | ) | ||||||||||
| Net loss available to iBio, Inc. stockholders | $ | (8,194 | ) | $ | (25,387 | ) | $ | (15,793 | ) | $ | (29,916 | ) | ||||
| Comprehensive loss: | ||||||||||||||||
| Consolidated net loss | $ | (8,131 | ) | $ | (3,764 | ) | $ | (15,665 | ) | $ | (8,228 | ) | ||||
| Other comprehensive loss - unrealized loss on debt securities | (13 | ) | - | (20 | ) | - | ||||||||||
| Other comprehensive loss - foreign currency translation adjustments | - | - | - | (1 | ) | |||||||||||
| Comprehensive loss | $ | (8,144 | ) | $ | (3,764 | ) | $ | (15,685 | ) | $ | (8,229 | ) | ||||
| Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ | (0.04 | ) | $ | (0.69 | ) | $ | (0.09 | ) | $ | (1.02 | ) | ||||
| Weighted-average common shares outstanding - basic and diluted | 188,087 | 36,917 | 175,264 | 29,420 |