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iBio Inc | 8-K: iBio Reports Fiscal Third Quarter 2024 Financial Results and Provides Corporate Update

SEC announcement ·  May 13 16:13
Summary by Moomoo AI
On May 13, 2024, iBio Inc, a Delaware-based AI-driven biopharmaceutical company, announced its financial results for the fiscal third quarter ending March 31, 2024. The company, which specializes in precision antibody immunotherapies, reported no revenue for the quarter but noted a significant decrease in R&D and G&A expenses by approximately 66% and 23% respectively, compared to the previous year. The net loss for the quarter was approximately $2.6 million, or $0.71 per share, an improvement from the $6.3 million, or $9.53 per share, net loss in the same period of 2023. iBio's cash position was strengthened through a private investment in public equity (PIPE) financing, which concluded in April with gross proceeds of about $15.0 million before fees and expenses. The company's cash, cash equivalents, and...Show More
On May 13, 2024, iBio Inc, a Delaware-based AI-driven biopharmaceutical company, announced its financial results for the fiscal third quarter ending March 31, 2024. The company, which specializes in precision antibody immunotherapies, reported no revenue for the quarter but noted a significant decrease in R&D and G&A expenses by approximately 66% and 23% respectively, compared to the previous year. The net loss for the quarter was approximately $2.6 million, or $0.71 per share, an improvement from the $6.3 million, or $9.53 per share, net loss in the same period of 2023. iBio's cash position was strengthened through a private investment in public equity (PIPE) financing, which concluded in April with gross proceeds of about $15.0 million before fees and expenses. The company's cash, cash equivalents, and restricted cash totaled approximately $6.4 million as of March 31, 2024, which increased to about $17.9 million following the PIPE financing. Additionally, iBio entered into a collaboration with AstralBio to develop novel antibodies for treating obesity and other cardiometabolic diseases, and sold its early-stage PD-1 asset to Otsuka Pharmaceutical for $1 million upfront with potential additional payments of up to $52.5 million. The company's CEO, Dr. Martin Brenner, was appointed to the Board of Directors, effective June 1, 2024. iBio also presented data at the 24th annual PepTalk conference, showcasing its machine learning-driven antibody discovery platform.

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