iBio Inc, a biotechnology company based in Bryan, Texas, has announced a significant change in its financial oversight structure. On February 15, 2024, the company's Audit Committee initiated a competitive process to select a new independent registered public accounting firm for the fiscal year ending June 30, 2024. This process led to the engagement of Grassi & Co., CPAs, P.C. as the new auditor, with the formal engagement beginning on February 20, 2024. The change comes after the resignation of the previous auditor, CohnReznick LLP, which occurred on the same day as the initiation of the search for their replacement. CohnReznick's resignation was not due to any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure. However, it is...Show More

iBio Inc, a biotechnology company based in Bryan, Texas, has announced a significant change in its financial oversight structure. On February 15, 2024, the company's Audit Committee initiated a competitive process to select a new independent registered public accounting firm for the fiscal year ending June 30, 2024. This process led to the engagement of Grassi & Co., CPAs, P.C. as the new auditor, with the formal engagement beginning on February 20, 2024. The change comes after the resignation of the previous auditor, CohnReznick LLP, which occurred on the same day as the initiation of the search for their replacement. CohnReznick's resignation was not due to any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure. However, it is noted that the company's financial statements for the fiscal year ended June 30, 2023, included an explanatory paragraph regarding the company's ability to continue as a going concern. Additionally, a material weakness in controls related to accounting for stock-based compensation expense was identified and subsequently remediated in the same fiscal year. iBio Inc has filed the required letter from CohnReznick with the SEC, confirming their agreement with the statements made by the company regarding their resignation.