iBio(IBIO) - 2024 Q4 - Annual Results

Financial Performance - Revenues for the fiscal year ended June 30, 2024, were approximately $0.225 million, a 100% increase compared to fiscal 2023[7] - iBio's consolidated net loss for the fiscal year ended June 30, 2024, was $24.9 million, a decrease of $40.1 million compared to 2023, primarily due to reduced expenses from discontinued operations and cost-saving initiatives[8] Expenses and Cost Management - Research and development expenses decreased by $5.1 million to $5.185 million, while general and administrative expenses decreased by $7.3 million to $11.674 million compared to fiscal 2023[8] - The company eliminated approximately $13.2 million in secured debt from its balance sheet by selling its manufacturing facility for $8.5 million and satisfying all obligations related to the debt[6] Financing Activities - iBio closed a public offering in the fiscal second quarter for gross proceeds of approximately $4.5 million and a private investment in public equity financing in the fiscal fourth quarter for gross proceeds of approximately $15.0 million[5] - The company strengthened its cash position by approximately $4.5 million from previously issued warrants during the third and fourth quarters[6] Cash and Assets - iBio's cash, cash equivalents, and restricted cash totaled $14.4 million as of June 30, 2024[8] - Cash and cash equivalents increased significantly from $4,301,000 in June 30, 2023 to $14,210,000 in June 30, 2024, marking an increase of over 230%[13] - Total current assets decreased from $26,259,000 in June 30, 2023 to $15,672,000 in June 30, 2024, representing a decline of approximately 40%[13] - The total assets decreased from $41,207,000 in June 30, 2023 to $28,734,000 in June 30, 2024, a decline of approximately 30%[13] Liabilities and Equity - Total liabilities decreased from $25,826,000 in June 30, 2023 to $7,410,000 in June 30, 2024, a reduction of approximately 71%[13] - Stockholders' equity increased from $15,381,000 in June 30, 2023 to $21,324,000 in June 30, 2024, reflecting an increase of about 38%[14] - The accumulated deficit widened from $(288,940,000) in June 30, 2023 to $(313,847,000) in June 30, 2024, indicating a decrease in retained earnings[14] - Additional paid-in capital rose from $304,320,000 in June 30, 2023 to $335,162,000 in June 30, 2024, an increase of approximately 10%[14] Shareholder Information - The number of common shares issued and outstanding increased from 1,015,505 to 8,623,676 between June 30, 2023 and June 30, 2024[14] Current Liabilities - Current liabilities related to assets held for sale decreased from $1,941,000 in June 30, 2023 to $0 in June 30, 2024[13] - The finance lease obligations - net of current portion decreased from $351,000 in June 30, 2023 to $53,000 in June 30, 2024, a reduction of about 85%[13] Clinical and Collaborative Developments - The company advanced a Trop2 x CD3 molecule to clinical candidate selection stage, demonstrating a significant 36% reduction in tumor size in a humanized mouse model[4] - iBio entered into a collaboration with AstralBio, Inc. to develop four targets in the cardiometabolic and obesity space, with rights to license up to three targets prior to clinical entry[4] Audit and Going Concern - The company received an audit opinion with a going concern paragraph, indicating substantial doubt about its ability to continue as a going concern[9]