iBio Reports $200,000 Revenue in Q2 FY2025, Continues to Face Net Losses

iBio, Inc. reported its financial results for the second quarter of fiscal year 2025, revealing a revenue of $200,000, a significant increase from no revenue in the same quarter of the previous year. For the six months ended December 31, 2024, the company generated $200,000 in revenue compared to $50,000 in the prior year. Despite this revenue growth, iBio continued to experience substantial net losses, reporting a net loss of approximately $4.4 million for the quarter, or $0.48 per share, slightly improved from a net loss of $4.5 million, or $2.42 per share, in the same quarter of the previous year. For the six-month period, the net loss was approximately $8.4 million, or $0.94 per share, compared to $9.6 million, or $6.27 per share, in the prior year.

The company’s total operating expenses for the quarter were approximately $4.6 million, a marginal increase from $4.5 million in the same period last year. Research and development expenses rose to $1.9 million from $1.5 million, attributed to increased spending on consumables and outside services. General and administrative expenses decreased to $2.7 million from $3.0 million, primarily due to reduced consulting fees. iBio's accumulated deficit as of December 31, 2024, stood at approximately $322.2 million, reflecting the ongoing financial challenges faced by the company.

Strategically, iBio has been transitioning from a Contract Development and Manufacturing Organization (CDMO) to a biotechnology firm focused on AI-driven antibody discovery. This shift was marked by the divestment of its CDMO operations, which were classified as discontinued operations. The company has also entered into a significant collaboration with AstralBio, resulting in the exclusive licensing of an antibody targeting myostatin, named IBIO-600, aimed at treating obesity and cardiometabolic disorders. This collaboration is expected to enhance iBio's preclinical pipeline and leverage its proprietary technology stack.

Operationally, iBio's cash and cash equivalents decreased to approximately $7.0 million as of December 31, 2024, down from $14.2 million at the end of the previous fiscal year. The company reported negative cash flows from operations of approximately $7.6 million for the six months ended December 31, 2024, an improvement from $10.0 million in the same period last year. iBio continues to explore various financing options to bolster its liquidity, including potential equity offerings and collaborations, as it anticipates increased expenses related to ongoing research and development activities.

Looking ahead, iBio's management expressed concerns regarding its ability to continue as a going concern, given its history of losses and reliance on external financing. The company is actively seeking to mitigate these concerns through strategic partnerships and potential asset sales. iBio's focus remains on advancing its AI-driven drug discovery platform and expanding its preclinical pipeline, with the aim of achieving significant milestones in the coming fiscal periods.