Announcement • Apr 08
iBio, Inc. Receives Regulatory Clearance to Initiate Its Phase 1 Clinical Trial of Ibio-600 in Australia iBio, Inc. announced IBIO-600 has received Clinical Trial Notification (CTN) acknowledgement from Australia’s Therapeutic Goods Administration (TGA) and ethics approval from a Human Research Ethics Committee (HREC), enabling the initiation of a first-in-human clinical trial of IBIO-600 in Australia. The Phase 1 study is a randomized, double-blind, placebo-controlled, single ascending dose trial designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of IBIO-600 in overweight and obese adult participants. iBio expects to dose the first participant in the second quarter of 2026. IBIO-600 is a long-acting monoclonal antibody targeting myostatin and GDF11, negative regulators of skeletal muscle growth, and is designed to preserve lean mass and improve body composition in obesity. The therapy has the potential to be used alongside GLP-1 therapies to address muscle loss associated with weight reduction. IBIO-600 has been engineered for infrequent dosing, with the potential for administration two to four times per
year. Recent Insider Transactions • Mar 24
Chief Financial Officer recently bought US$50k worth of stock On the 19th of March, Felipe Duran bought around 25k shares on-market at roughly US$2.02 per share. This transaction increased Felipe's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Felipe's only on-market trade for the last 12 months. Announcement • Mar 23
INB.bio Launches Rebuilt Ai-Powered Affiliate Crm Platform INB.bio has launched its 2026 growth strategy. Plans include a market entry into Tanzania, expansion into three to five new countries across Africa and Southeast Asia, and the rollout of a rebuilt AI-powered affiliate CRM platform designed to support rapid multi-market operations. The company, which manufactures and distributes an exclusive portfolio of wellness products covering men's health, joint support, weight management, immunity, and cardiovascular health, enters 2026 having built one of the most operationally complete direct advertiser models in its category. Its infrastructure in each active market includes native call centers, owned logistics networks, and a proprietary technology platform built for cash-on-delivery economies where digital payment access is limited. The company is simultaneously launching a turnkey partner program through which high-performing affiliate partners can co-develop new country operations alongside INB.bio. Participants receive exclusive geographic access, native call center resources, owned logistics support, and live performance data through an upgraded affiliate dashboard. Payouts are processed twice weekly, on Tuesdays and Fridays, with a minimum threshold of fifty dollars in USDT TRC-20, and additional payment options, including wire transfer and PayPal, are in development. Announcement • Mar 18
iBioInc Provides Update on Cardiopulmonary Program Targeting Pulmonary Hypertension Associated with Heart Failure with Preserved Ejection Fraction iBio, Inc. announced the Company will host a conference call on Tuesday, March 17, at 4 p.m. ET. The conference call will address iBio’s strategic pipeline expansion into pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF) and will include a presentation from Martin Brenner, DVM, Ph.D., iBio’s Chief Executive Officer and Chief Scientific Officer, and Cory Schwartz, Ph.D., the Company’s Director of Research and Early Development. iBio is engineering a selective bispecific antibody designed to block Activin A, GDF8 (myostatin), and GDF11 to reduce cardiac fibrosis, reverse pulmonary vascular remodeling, and improve whole-body functional capacity, while avoiding safety issues linked to broader TGF-ß ligand blockade. iBio’s bispecific approach is intentionally designed to target multiple core drivers of PH-HFpEF biology simultaneously, a gap among currently approved PH-HFpEF therapies. iBio expects to declare the optimized bispecific antibody development candidate for PH-HFpEF (validated for potency, selectivity, manufacturability, and in vivo efficacy) in the third quarter of calendar 2026 before entering IND-enabling activities. The webcast of the call may be accessed on the Investors section of the iBio website. A replay of the webcast will be available on the iBio website following the presentation. To join the live call, participants need to access this link for dial-in numbers and a unique participation code. Heart failure with preserved ejection fraction (HFpEF) is a heterogeneous syndrome in which the heart continues to pump with a preserved ejection fraction but becomes impaired in its ability to relax and fill properly. HFpEF accounts for approximately half of all heart failure cases and is closely associated with obesity, diabetes, hypertension, and aging. Pulmonary hypertension associated with HFpEF (PH-HFpEF) is a clinically severe subtype linked to pulmonary vascular remodeling, reduced functional capacity, and poor prognosis. While current therapies have benefited many patients, there remains a significant unmet need for treatments that more directly modify the underlying drivers of disease. iBio’s bispecific antibody program targets three closely related ligands—myostatin (GDF8), GDF11, and Activin A, that sit at the intersection of skeletal muscle health, metabolic function, cardiac fibrosis, and vascular remodeling. Because these pathways can drive disease in both obesity/weight-loss–related dysfunction and PH-HFpEF, iBio believes that the same selective mechanism of action may address both areas. Announcement • Mar 10
IBio Inc Reports Preclinical Body Composition Data From Obese Non-Human Primates Treated With IBIO-610 IBio, Inc. announced new preclinical data from its obese non-human primate (NHP) study evaluating IBIO-610, potentially a first-in-class Activin E antibody candidate. The preclinical body composition data demonstrates IBIO-610 reduced fat mass in obese NHPs compared to vehicle-treated obese NHPs, in a small, not statistically powered study. Following two once-every-eight-week dosing, IBIO-610 reduced visceral fat by 6.7% and total fat mass by 5.2%, with only a slight up-tick in lean mass following treatment. This fat-selective profile in NHP study is consistent with the effects The company previously observed in rodents and with body composition outcomes reported by other companies in human clinical trials targeting the Activin E pathway. These data support continued evaluation of IBIO-610’s potential as a differentiated therapy in obesity, cardiometabolic and cardiopulmonary diseases. Previously reported data from the study demonstrated IBIO-610’s extended 33.2-day half-life in obese NHPs and a projected human half-life of up to 100 days, supporting the potential for convenient, twice-yearly dosing. The complete dataset, which will include analysis of additional biomarkers, will be presented by iBio at scientific conferences throughout 2026. These findings are consistent with body composition effects reported for therapies targeting the Activin E pathway, including human siRNA approaches. The company believe IBIO-610’s fat-selective biology supports its potential to drive targeted fat loss while maintaining lean mass. Team is continuing its thorough analyses of the dataset spanning metabolic, biomarker, and mechanistic endpoints, and the company look forward to presenting additional insights. New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (250% increase in shares outstanding). Revenue is less than US$1m (US$300k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$49m net loss in 3 years). Market cap is less than US$100m (US$92.9m market cap). Announcement • Feb 28
iBio, Inc. has filed a Follow-on Equity Offering in the amount of $100 million. iBio, Inc. has filed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Feb 11
iBio, Inc. announced that it has received $26 million in funding from Frazier Life Sciences Management, LP On February 10, 2026, iBio, Inc. closed the transaction. Price Target Changed • Feb 09
Price target decreased by 9.6% to US$4.40 Down from US$4.87, the current price target is an average from 4 analysts. New target price is 82% above last closing price of US$2.42. Stock is down 29% over the past year. The company posted a net loss per share of US$1.75 last year. Announcement • Jan 09
iBio, Inc. announced that it expects to receive $26 million in funding from Frazier Life Sciences Management, LP and other investors iBio, Inc. announced that it has entered into a securities purchase agreement with existing healthcare-focused, high-quality institutional investors to issue 11,061,738 shares of common stock or pre-funded warrant at an issue price of $2.35 per share or $2.349 per pre-funded warrant for gross proceeds of $26,000,000 before placement agent fees and offering expenses on January 9, 2026. The transaction is led by Frazier Life Sciences Management, LP and includes participation from other existing investors. The offering is expected to close on or about January 13, 2026, subject to customary closing conditions. The unregistered shares of common stock and pre-funded warrants sold in the PIPE financing were offered under section 4(a)(2) of the securities Act of 1933, as amended and Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants, have not been registered under the act or applicable state securities laws. New Risk • Dec 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (146% increase in shares outstanding). Revenue is less than US$1m (US$500k revenue). Minor Risk Market cap is less than US$100m (US$27.0m market cap). Announcement • Oct 30
Ibio, Inc. Unveils New Non-Human Primate Data on Ibio-610, an Activin E Antibody with Strong Therapeutic Potential for Fat-Selective Weight-Loss and Weight Maintenance iBio, Inc. announced new preclinical data from its obese non-human primate (NHP) study evaluating IBIO-610, potentially a first-in-class Activin E antibody candidate supported by preclinical data. The new data demonstrates an extended half-life of 33.2 days in NHPs and a predicted human half-life of up to 100 days, suggesting the potential for dosing as infrequently as twice per year. The findings will be presented by Cory Schwartz, Ph.D., Director of Research and Early Development of iBio, during an oral session at ObesityWeek®? 2025, taking place November 4-7 in Atlanta. The pharmacokinetic data, to be presented at ObesityWeek, demonstrates IBIO-610 has an extended half-life inese non-human primates of 33.2 days. Based on an allomeric scaling model of half-life extended antibodies1,2, it is predicted IBIO-610 will have a half-life in humans of up to 100 days, reducing the dosing frequency to once every six months, which has the potential to significantly improve patient experience. Announcement • Oct 07
iBio, Inc., Annual General Meeting, Nov 20, 2025 iBio, Inc., Annual General Meeting, Nov 20, 2025. Location: 11750 sorrento valley road, suite 200, california 92121, san diego United States Price Target Changed • Aug 28
Price target decreased by 14% to US$4.20 Down from US$4.87, the current price target is an average from 3 analysts. New target price is 409% above last closing price of US$0.83. Stock is down 56% over the past year. The company posted a net loss per share of US$4.03 last year. Announcement • Aug 19
iBio, Inc. has completed a Follow-on Equity Offering in the amount of $50.00646 million. iBio, Inc. has completed a Follow-on Equity Offering in the amount of $50.00646 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 71,540,000
Price\Range: $0.699
Security Name: Prefunded Warrants
Security Type: Equity Warrant
Securities Offered: 71,540,000
Security Name: Series G Warrants
Security Type: Equity Warrant
Securities Offered: 35,770,000
Security Name: Series H Warrants
Security Type: Equity Warrant
Securities Offered: 35,770,000 New Risk • Aug 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.65m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m (US$375k revenue). Market cap is less than US$10m (US$9.65m market cap). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$26m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Aug 02
iBio Receives Written Notice from the Listing Qualifications Department of the Nasdaq Stock Market On July 29, 2025, iBio, Inc. received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the preceding 30 consecutive business days (June 13, 2025 to July 28, 2025), the Company’s common stock did not maintain a minimum closing bid price of $1.00 per share (the “Minimum Bid Price Requirement”), as required by Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing or trading of the Company’s common stock and the common stock will continue to trade on The Nasdaq Capital Market under the symbol “IBIO.” In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until January 26, 2026 (the “Compliance Period”), to regain compliance with Nasdaq Listing Rule 5550(a)(2). Compliance may be achieved without further action if the closing bid price of the Company’s common stock is at or above $1.00 for a minimum of 10 consecutive business days at any time during the 180-day Compliance Period, in which case Nasdaq will notify the Company if it determines it is in compliance and the matter will be closed; however Nasdaq may, in its discretion, require the closing bid price to equal or to exceed the $1.00 Minimum Bid Price Requirement for more than 10 consecutive business days, but generally no more than 20 consecutive business days, before determining that a company has demonstrated an ability to maintain long-term compliance. If, however, the Company does not achieve compliance with the Minimum Bid Price Requirement by January 26, 2026, the Company may be eligible for additional time to comply. In order to be eligible for such additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and must notify Nasdaq in writing of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. The Company intends to actively monitor the bid price of its common stock and will consider available options to regain compliance with the Nasdaq listing requirements, including such actions as effecting a reverse stock split, if necessary, to maintain its Nasdaq listing. Announcement • Jun 24
iBio and AstralBio Unveil Obesity Program with Novel Amylin Agonist Antibody Demonstrating Promising in Vivo Results iBio, Inc. announced preclinical data in which an engineered amylin receptor agonist antibody reduced acute food intake in a mouse model of obesity by 60% (p1 when used in combination with semaglutide and 11.8% as monotherapy. By targeting a different set of signaling pathways, this novel approach holds promise not only for enhancing the weight-loss efficacy seen with GLP-1 receptor agonists but also as a monotherapy option for patients who are intolerant or insufficiently responsive to GLP-1-based interventions. Announcement • Jun 18
iBio, Inc. Initiates Non-Human Primate Study of First-In-Class Activin E Antibody Following Positive Preclinical Data Demonstrating Prevention in Weight Regain After Glp-1 Treatment iBio, Inc. announced the initiation of a NHP study for its Activin E engineered antibody candidate, now named IBIO-610. This preclinical study will evaluate the pharmacokinetics and early signs of efficacy of IBIO-610 in obese and elderly NHPs, including its impact on fat and body composition. The study initiation follows a successful scale-up in production and encouraging preclinical results demonstrating a 26% reduction in fat, and synergistic effects with GLP-1 therapy in diet-induced obese (DIO) mice, where the fat-selective weight loss increased to 77%. Initial data from the NHP study are expected by early fourth quarter. The NHP study launch follows additional positive preclinical data to be presented at the American Diabetes Association's (ADA) 85th Scientific Sessions, taking place June 20-23 in Chicago. This poster presentation expands on recent in vivo findings, which also demonstrated a significant 31% reduction in subcutaneous fat and increased to 74% reduction in subcutaneous Fat when IBIO-610 was combined with a GLP-1 receptor agonist. The new data show IBIO-610 can not only enhance GLP-1-driven overall weight loss but also prevent weight-regain in DIO mice after GLP-1 therapy discontinuation. New Risk • May 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 92% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m (US$375k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$26m net loss in 3 years). Market cap is less than US$100m (US$12.8m market cap). Announcement • May 06
iBio, Inc. Announces New Preclinical Data for its First-In-Class Activin E Antibody iBio, Inc. announced new promising preclinical data for its first-in-class Activin E antibody unveiled in January. Data from the recently completed 4-week study in diet-induced obese mice show a 26% reduction in fat mass following treatment with the Activin E antibody, with muscle mass fully preserved. These findings highlight a significant fat loss can be achieved without the double-digit weight reductions typically required by other obesity drugs. GLP-1 receptor agonists are effective at promoting weight loss. However, they can also reduce lean body mass, including muscle, which may limit some of the intended health benefits. In contrast, fat-specific weight loss is considered a higher-quality form of weight loss. It reduces fat--linked to lower risk of heart and metabolic diseases-- while preserving muscle, which helps maintain strength, supports a healthy metabolism, and may prevent or reduce weight regain over time. The study also analyzed specific fat depots in obese mice and found a significant 31% reduction in subcutaneous fat. More notably, reductions of 34% and 37% were observed in the epididymal and retroperitoneal fat depots, respectively--both of which are forms of visceral fat closely linked to increased risk of cardiometabolic disease. When combined with a GLP-1 receptor agonist, the Activin E antibody produced additive effects, reducing total fat mass by 77%. Subcutaneous fat loss increased to 74%, while visceral fat depots--epididymal and retroperranoal- were reduced by 69% and 81%, respectively. The data was presented at the 14th International BMP Conference that occurred May 2-6 in Philadelphia, Pennsylvania. New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Revenue is less than US$1m (US$375k revenue). Market cap is less than US$10m (US$9.97m market cap). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$26m net loss in 3 years). New Risk • Apr 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.68m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Revenue is less than US$1m (US$375k revenue). Market cap is less than US$10m (US$9.68m market cap). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$25m net loss in 3 years). Announcement • Apr 08
Ibio, Inc. Announces Ibio-600 Non-Human Primate Data Showing Extended Half-Life and Muscle Growth, and Interim in Vivo iBio, Inc. announced data from a non-GLP non-human primate (NHP) pharmacokinetics (PK) study suggesting IBIO-600, the company's novel lead asset and a potentially best-in-class long-acting anti-myostatin antibody designed for subcutaneous administration, could provide a significantly extended half-life in humans and a weight loss treatment option while preserving and promoting muscle growth. The results were observed in a recently completed exploratory study in obese and elderly NHPs designed to analyze the potential of IBIO-600 in NHPs in order to closely mimic the human obese patient population by determining the antibody's half-life in serum and evaluating changes in lean and fat mass. The study consisted of two dose levels, a low dose of 5 mg/kg and a high dose of 50 mg/kg, with a single administration in each case. In addition to monitoring PK in serum, the study analyzed body composition changes over time by employing DEXA scans, measuring lean and fat mass. Despite the study not being powered to demonstrate statistical significance, and only having a single administration of the antibody, the results indicate IBIO-600 promoted a dose-dependent increase in lean mass and a reduction in fat mass from baseline values. The effect peaked after 8 weeks, when the NHPs receiving the low-dose had a 3.1% (163g) increase in lean mass and a 5.1% (270g) increase in the NHPs receiving the high-dose. Standard PK calculations indicated the half-life of IBIO-600 In NHPs was 40 to 52 days. By using multiple allometric scaling approaches, the half-life in humans of IBIO-600 has an estimated range of 57-130 days. This extended half-life could potentially enable a once every 3 to 6-month dosing schedule and positions IBIO-600 as a best-in-class therapeutic for muscle preservation and high-quality weight loss. New Risk • Apr 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (183% increase in shares outstanding). Revenue is less than US$1m (US$375k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$25m net loss in 3 years). Market cap is less than US$100m (US$31.8m market cap). New Risk • Feb 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m (US$375k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$25m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$31.3m market cap). New Risk • Feb 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m (US$175k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$23m net loss in 3 years). Market cap is less than US$100m (US$34.0m market cap). Recent Insider Transactions • Jan 14
Independent Director recently bought US$500k worth of stock On the 10th of January, Antonio Parada bought around 184k shares on-market at roughly US$2.72 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$630k more in shares than they have sold in the last 12 months. Announcement • Nov 26
iBio, Inc. Announces Directorate Appointments iBio, Inc. announced the appointment of biotech industry veterans David Arkowitzand António Paradato its Board of Directors adding key experience in finance, leadership and antibody discovery. David Arkowitz brings extensive financial and operational experience to the Board. He is currently Chief Financial Officer at Alkeus Pharmaceuticals, a private company developing therapies for serious diseases of the eye with high unmet need. Previously, he served as CFO and head of business development of Seres Therapeutics, Inc., CFO of Flexion Therapeutics, Inc., which was acquired by Pacira Biosciences, and Chief Operating Officer and CFO of Visterra, Inc., which was acquired by Otsuka Pharmaceutical Co., where he led finance, business development, corporate planning, and other functions. Mr. Arkowitz currently serves on the board of directors of Kineta, in addition to holding past board member and audit committee chair roles at a number of biotech and life sciences companies. Antonio Parada is an accomplished leader in antibody drug discovery with a successful track record in fundraising and management. He is the Founder and CEO of FairJourney Biologics, a privately held and leading antibody discovery contract research organization. Prior to FairJourney, Mr. Parada was the general manager of Instituto de Biologia Molecular e Celular (IBMC) in Portugal, manager of the Clinical Trial Unit of IPO Porto – Cancer Hospital in Portugal, and site manager of Ablynx’s “Centre of Excellence in Phage Display,” a subsidiary of Sanofi S.A. (Portugal). New Risk • Nov 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Revenue is less than US$1m (US$175k revenue). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$21.2m market cap). Announcement • Oct 11
iBio, Inc., Annual General Meeting, Nov 21, 2024 iBio, Inc., Annual General Meeting, Nov 21, 2024. Location: 11750 sorrento valley road, suite 200, california 92121, san diego United States Announcement • Aug 13
iBio, Inc. Announces the Appointment of Kristi Sarno as Senior Vice President of Business Development iBio, Inc. announced the appointment of Kristi Sarno as senior vice president, business development. Ms. Sarno brings more than 25 years of business development and strategic experience in the life sciences industry to the company and will play a key role on the leadership team in establishing the company’s corporate strategy and leading business development activities, including overseeing search and evaluation and transaction execution. Before joining the company, Ms. Sarno held key positions in business development, strategic alliance, program management and research at leading biotech companies including Pfenex Inc. (acquired by Ligand Pharmaceuticals), Latham Biopharm Group (acquired by Sia Partners), and Crucell (acquired by Johnson & Johnson). Most recently she served as the vice president of business development and corporate strategy at Homology Medicines, where she led partnering discussions, played an instrumental role in complex deal-making processes bringing over $130 million to the company, and provided strategic input for decisions that supported its mission to cure rare diseases. Announcement • Jun 05
Texas A&M University System Board of Regents acquired Manufacturing facility located in Bryan, Texas of iBio, Inc. (NYSEAM:IBIO) for $8.5 million. Texas A&M University System Board of Regents acquired Manufacturing facility located in Bryan, Texas of iBio, Inc. (NYSEAM:IBIO) for $8.5 million on June 3, 2024. Following the issuance of pre-funded warrants having a value of $4.5 million to the lender, Woodforest National Bank, iBio and its wholly owned subsidiary, iBio CDMO LLC, has met all of the conditions of the settlement agreement releasing the Company and its subsidiary of all obligations with respect to the debt secured by the Property. The transaction, coupled with the use of approximately $915K in restricted cash previously held by Woodforest, eliminates approximately $13.2 million in secured debt from iBio’s balance sheet. The sale of the manufacturing facility moves the iBio, Inc.’s official headquarters to San Diego, where research and development operate, and comes on the heels of several important transactions for the iBio, Inc.Texas A&M University System Board of Regents completed the acquisition of Manufacturing facility located in Bryan, Texas of iBio, Inc. (NYSEAM:IBIO) on June 3, 2024. New Risk • May 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$18m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Share price has been highly volatile over the past 3 months (57% average weekly change). Earnings have declined by 1.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Revenue is less than US$1m (US$50k revenue). Minor Risk Market cap is less than US$100m (US$16.2m market cap). Announcement • Mar 27
iBio, Inc. announced that it expects to receive $15.068742 million in funding from ADAR1 Capital Management, LLC, Lynx1 Capital Management LP, Ikarian Capital, LLC and other investors iBio, Inc. announced that it has entered into a securities purchase agreement for a private investment in public equity to issue 5,287,278 shares of common stock at an issue price of $2.85 per share for the gross proceeds of $15,068,742.3 and common warrants to purchase up to 5,287,278 shares of common stock warrants on March 26, 2024. The transaction included participation from ADAR1 Capital Management, Lynx1 Capital Management, Ikarian Capital and other institutional and accredited investors. The warrants issued in the offering are exercisable six (6) months upon issuance at an exercise price of $2.64 per share and will expire five years from the date of issuance. The unregistered shares of common stock, pre-funded warrants and warrants sold in the PIPE financing described above were offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants and warrants, have not been registered under the Act or applicable state securities laws. New Risk • Feb 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$20m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$20m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 7.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (281% increase in shares outstanding). Revenue is less than US$1m (US$50k revenue). Market cap is less than US$10m (US$2.37m market cap). Announcement • Dec 09
iBio, Inc. has completed a Follow-on Equity Offering in the amount of $4.780385 million. iBio, Inc. has completed a Follow-on Equity Offering in the amount of $4.780385 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 600,000
Price\Range: $2
Discount Per Security: $0.11
Security Name: Series C Common Warrants
Security Type: Equity Warrant
Securities Offered: 2,250,000
Security Name: Series D Common Warrants
Security Type: Equity Warrant
Securities Offered: 2,250,000
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 1,650,000
Price\Range: $1.9999
Discount Per Security: $0.109995 New Risk • Nov 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$26m free cash flow). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (213% increase in shares outstanding). Revenue is less than US$1m (US$50k revenue). Market cap is less than US$10m (US$7.52m market cap). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Nov 02
iBio, Inc. Announces Expansion of its AI-Powered Technology Stack with Launch of ShieldTx iBio, Inc. announced the expansion of its AI-powered technology stack with the launch of ShieldTx, a patent-pending antibody masking technology designed to enable specific, highly targeted antibody delivery to diseased tissue without harming healthy tissue. By adding ShieldTx to its Drug Discovery Platform, iBio uniquely integrates antibody engineering and masking in one accelerated process to potentially overcome the challenges of complex targets, safety, and developability in next-generation antibody discovery and development. The Company used ShieldTx to develop masks for its MUC16-targeted bispecific antibody (Ab) candidates, which were previously developed using iBio’s patented Epitope Steering and EngageTx™ AI Platforms. MUC16 is a well-known cancer target often overexpressed in several types of solid tumors, including ovarian, lung, and pancreatic cancers. In an in vitro laboratory setting, iBio’s specially designed MUC16 bispecific Abs were deactivated and then reactivated, demonstrating successful application of the ShieldTx technology. Announcement • Oct 27
iBio, Inc., Annual General Meeting, Nov 27, 2023 iBio, Inc., Annual General Meeting, Nov 27, 2023, at 13:00 Pacific Standard Time. Location: 11750 Sorrento Valley Road, Suite 200 San Diego California United States Agenda: To elect the two (2) nominees for class iii director named in the accompanying proxy statement to board of directors, each to serve a three-year term expiring at the 2026 annual meeting of stockholders and until such director’s successor is duly elected and qualified; to ratify the appointment of cohnreznick llp as independent registered public accounting firm for fiscal year ending on June 30, 2024; to approve, on an advisory, non-binding basis, the compensation of named executive officers (say-on-pay); and to consider any other matter thereof. New Risk • Jul 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$40k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$46m free cash flow). Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m (US$499k revenue). Market cap is less than US$10m (US$9.42m market cap). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Significant insider selling over the past 3 months (US$40k sold). New Risk • Jun 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.91m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$46m free cash flow). Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m (US$499k revenue). Market cap is less than US$10m (US$9.91m market cap). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Jun 07
iBio, Inc. Announces the Expansion of Its AI-Powered Technology Stack with the Launch of EngageTx iBio, Inc. announced the expansion of its AI-powered technology stack with the launch of EngageTx, a proprietary T-cell engager antibody panel designed for developing bispecific antibodies for immuno-oncology applications. Through comprehensive screening and optimization techniques, iBio has identified highly potent, fully human TROP-2 (Trophoblast Cell Surface Antigen 2) monoclonal antibodies, which have been formatted into bispecific TROP-2 x CD3 molecules using EngageTx. EngageTx comprises a robust array of CD3-binding antibodies, designed to be paired with tumor-targeting antibodies, such as TROP-2. This combination yielded a potent bispecific molecule that effectively mobilizes T-cells to unleash their anti-cancer capabilities against malignant cells. While iBio discovered the panel earlier this year, the Company is now deploying it internally, as well as offering it for use in potential future commercial partnerships. TROP-2 is highly expressed in multiple solid tumors, including breast, lung, colorectal, and pancreatic cancers and is closely linked to metastasis and tumor growth. TROP-2 antibody drug conjugates have been developed to deliver toxic payloads to these cancer cells but could risk harming healthy cells and cause adverse effects. The Company's bispecific approach has the potential to increase the therapeutic window, while promoting a robust and long-lasting anti-tumor response. Combining the bispecific TROP- 2 approach with immunotherapies like checkpoint inhibitors can potentially lead to improved clinical outcomes. Features of the EngageTx panel include: Broad range of T-cell activity for optimized pairing with diverse tumor antigen arms; Reduced cytokine release for potentially expanded therapeutic window; and Human-primate cross reactivity to facilitate molecule de-risking in safety studies. Reported Earnings • May 16
Third quarter 2023 earnings released: US$0.48 loss per share (vs US$1.42 loss in 3Q 2022) Third quarter 2023 results: US$0.48 loss per share (improved from US$1.42 loss in 3Q 2022). Net loss: US$6.28m (loss narrowed 49% from 3Q 2022). Revenue is forecast to grow 61% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Biotechs industry in the US. Announcement • Feb 17
iBio Announces MUC16 as its Latest Immune-Oncology Target Program iBio, Inc. announced the disclosure of MUC16 as the target of it's latest immune-oncology program. MUC16 is a well-known cancer target often overexpressed in several types of solid tumors, including ovarian, lung, andpancreas cancers. Specifically, MUC16 is a large extracellular protein expressed on more than 80% of ovarian tumors. Tumor cells can evade immune attack by shedding or glycosylating MUC16, making it difficult for traditional antibody therapies to effectively target and destroy the cancer cells. Using its patented epitope steering AI platform, iBio's innovative approach to this challenge allows its new monoclonal antibodies (mAbs) to bind to a specific region of MUC16 that is not shed or glycosylated, circumventing both tumor evasion mechanisms and potentially providing a powerful tool in the fight against cancer. Reported Earnings • Feb 16
First half 2023 earnings released: US$1.93 loss per share (vs US$1.97 loss in 1H 2022) First half 2023 results: US$1.93 loss per share. Net loss: US$18.1m (loss widened 5.3% from 1H 2022). Revenue is expected to decline by 7.2% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 15%. Announcement • Jan 19
iBio, Inc. Announces Resignation of Robert Lutz, the Chief Financial and Business Officer as an Executive Officer, Effective February 10, 2023 iBio, Inc. announced that on January 11, 2023, Mr. Robert Lutz, the Chief Financial and Business Officer of the company provided the Company notice of his resignation as an executive officer of the Company, effective February 10, 2023. Mr. Lutz informed the Company that he was resigning from the Company as an executive officer to pursue another opportunity and that his resignation from the Company was not the result of any disagreement relating to the Company’s strategy, operations, policies or practices or any issues regarding the Company’s accounting policies, procedures, estimates or judgements. Board Change • Dec 29
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 6 highly experienced directors. Member of Scientific Advisory Board Vidadi Yusibov is the most experienced director on the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$850.0k to US$2.55m. EPS estimate fell from -US$0.21 to -US$0.22 per share. Biotechs industry in the US expected to see average net income decline 52% next year. Consensus price target of US$1.75 unchanged from last update. Share price fell 14% to US$0.23 over the past week. Reported Earnings • May 13
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: US$0.057 loss per share (down from US$0.036 loss in 3Q 2021). Net loss: US$12.4m (loss widened 60% from 3Q 2021). Revenue exceeded analyst estimates by 872%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 29% compared to a 25% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to US$1.75 Down from US$2.00, the current price target is an average from 2 analysts. New target price is 486% above last closing price of US$0.30. Stock is down 79% over the past year. The company is forecast to post a net loss per share of US$0.21 next year compared to a net loss per share of US$0.12 last year. Major Estimate Revision • Feb 21
Consensus revenue estimates fall by 52% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$1.65m to US$800.0k. Forecast losses increased from -US$0.18 to -US$0.21 per share. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target down from US$2.25 to US$2.00. Share price fell 8.6% to US$0.34 over the past week. Reported Earnings • Feb 15
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: US$0.055 loss per share (down from US$0.044 loss in 2Q 2021). Net loss: US$11.9m (loss widened 46% from 2Q 2021). Revenue missed analyst estimates by 33%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 117%, compared to a 188% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 30
Price target decreased to US$2.25 Down from US$3.10, the current price target is provided by 1 analyst. New target price is 164% above last closing price of US$0.85. Stock is down 43% over the past year. The company posted a net loss per share of US$0.12 last year. Reported Earnings • Nov 17
First quarter 2022 earnings released: US$0.041 loss per share (vs US$0.047 loss in 1Q 2021) First quarter 2022 results: Net loss: US$9.01m (loss widened 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 28
Full year 2021 earnings released: US$0.12 loss per share (vs US$0.61 loss in FY 2020) Full year 2021 results: Net loss: US$23.5m (loss narrowed 39% from FY 2020). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 01
Independent Director Seymour Flug has left the company On the 26th of August, Seymour Flug's tenure as Independent Director ended after 8.7 years in the role. We don't have any record of a personal shareholding under Seymour's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Eef Schimmelpennink was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
Third quarter 2021 earnings released: US$0.036 loss per share (vs US$0.059 loss in 3Q 2020) Third quarter 2021 results: Net loss: US$7.73m (loss widened 63% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 8.5%. Over the next year, revenue is forecast to grow 74%, compared to a 981% growth forecast for the Biotechs industry in the US. Reported Earnings • Feb 18
Second quarter 2021 earnings released: US$0.043 loss per share (vs US$0.69 loss in 2Q 2020) Second quarter 2021 results: Net loss: US$8.13m (loss narrowed 68% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: US$2.17 The company is up 26% from its price of US$1.72 on 05 November 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: US$1.08 The company is down 47% from its price of US$2.03 on 30 September 2020. The American market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 16% over the same period. Price Target Changed • Dec 28
Price target lowered to US$2.00 Down from US$3.10, the current price target is provided by 1 analyst. The new target price is 72% above the current share price of US$1.16. As of last close, the stock is up 399% over the past year.