iBio(IBIO) - 2021 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Revenues for the first fiscal quarter of 2022 ended September 30th were $210,000, a decrease of 49% compared to the first quarter of fiscal 2021 [22] - iBio expects a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022 [22] - iBio had $82.3 million in cash and marketable securities as of September 30th, 2021, after spending on operations and investing in the RubrYc Therapeutics transactions [23] Business Line Data and Key Metrics Changes - iBio added 6 new assets to its pipeline in the last 6 months, including 3 immuno-oncology programs and a research services agreement with FairJourney Biologics [5][6] - The company is developing IBIO-202, a COVID-19 vaccine, with a focus on a nucleocapsid antigen-based approach [9][10] - iBio's FastPharming manufacturing capabilities have been strengthened by acquiring full control of its CDMO subsidiary [11][12] Market Data and Key Metrics Changes - iBio is engaging with U.S. government leadership to secure funding for sustainable, domestic plant-made biologics [13] - The company is exploring opportunities for public partnerships in the U.S. and non-dilutive funding sources outside the United States [13] Company Strategy and Development Direction - iBio is focused on oncology and has initiated collaborations with various institutions to explore new treatment avenues [8][14] - The company aims to leverage cutting-edge technologies like machine learning to enhance drug discovery and development [7] - iBio is committed to scaling growth with additional new candidates and partnership opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of bioprocess products and services, emphasizing the importance of their strategic plan [25] - The company is confident in its ability to navigate supply chain disruptions due to its plant-based production model, which reduces reliance on single-use plastics [46][48] - Management highlighted the potential for their nucleocapsid-based vaccine to address unmet medical needs in the context of COVID-19 [57] Other Important Information - iBio is exploring the use of microarray patch delivery systems for vaccine administration, which may enhance accessibility and immune response [18][19] - The company is advancing its classical swine fever vaccine candidate IBIO-400 through regulatory processes [20] Q&A Session Summary Question: Can you explain the speed of the partnership with RubrYc and what factors influenced it? - Management indicated that they assessed the target space and identified synergies between RubrYc's technology and iBio's platforms, leading to rapid progress [36][38] Question: What is the status of the COVID-19 vaccine development and the potential for lower doses? - Management clarified that the current submission to the FDA is for intramuscular delivery, and they are exploring microarray patches for future vaccine delivery [42][43] Question: What is the timeline for the COVID-19 vaccine development program? - Management stated that they are committed to advancing IBIO-202 and are optimistic about its regulatory path [57] Question: What progress has been made in the fibrosis scleroderma space? - Management confirmed that the program is alive and well, with plans to move into the clinic in FY2023 [64][65] Question: Are there any domestic efforts to commercialize rituximab? - Management indicated that they are not currently pursuing rituximab as a domestic program but remain open to future opportunities [70]