Summary of iBio (NYSEAM:IBIO) FY Conference Call - November 10, 2025 Company Overview - iBio was founded in 2008-2009 as a consortium aimed at developing plant-based vaccines for the U.S. Army [2][2] - The company pivoted to a Contract Development and Manufacturing Organization (CDMO) in 2015 and raised capital to develop a COVID vaccine [2][2] - In 2022, iBio acquired Rubrik Therapeutics, enhancing its platform for discovering hard-to-drug antibodies [2][2] Key Developments and Collaborations - iBio established a research agreement with Eli Lilly, achieving significant progress on a hard-to-drug molecule in eight months [3][3] - The company sold a PD-1 agonist to Otsuka for $1 million upfront and potential commercial milestones of $52.5 million [3][3] - A collaboration with AstroBio focused on four obesity targets, leading to the in-licensing of three targets: myostatin, Activin E, and Amlin [4][4] Obesity Treatment Strategy - iBio is targeting unmet medical needs in obesity treatment, recognizing the competitive landscape dominated by GLP-1 receptor agonists [5][5] - The company is developing a portfolio of programs to address obesity from multiple angles, including food intake reduction and muscle-sparing agents [6][6] - The strategy includes developing drugs that can be used in combination with GLP-1 treatments to enhance efficacy and reduce dropout rates [6][6] Pipeline and Development Stages - The highest priority molecule is an Activin E antibody, currently in IND enabling stages, with promising pharmacokinetic data suggesting a twice-a-year dosing regimen [8][9] - iBio's myostatin program is progressing through toxicology studies, with plans to file in Australia in the second quarter of next year [19][19] - The Amlin program is in rodent studies, with plans for non-human primate studies to follow [26][26] Market Position and Future Outlook - iBio aims to differentiate itself in the obesity market by addressing the complexity of the disease and the need for combination therapies [27][27] - The company anticipates a shift in the market towards maintenance therapies that can be dosed infrequently, targeting a twice-a-year regimen [28][28] Financial Position and Funding - iBio raised $50 million in August, with potential for an additional $50 million through a unique financing structure tied to IND acceptance [31][31] - The current cash position is expected to sustain operations through the first quarter of 2027 [31][31] Upcoming Catalysts - Non-human primate data for Activin E is expected in the first half of next year, with IND filing planned for the end of 2026 [33][33] - The myostatin program is on track for IND filing in the first half of next year, with first patient dosing anticipated shortly thereafter [33][33] - The Amlin program is also progressing towards non-human primate studies, with timelines aligned for future development [33][33]