iBio Inc. reported financial results for fiscal year 2024, with revenue of $0.2 million compared to no revenue in FY2023. Net loss narrowed to $24.9 million ($6.50 per share) from $65.0 million ($106.19 per share) in the prior year. Operating expenses decreased significantly to $16.9 million from $29.3 million, driven by reduced R&D and G&A costs following the company's transformation into an AI-driven antibody discovery firm.The company strengthened its financial position through multiple strategic initiatives, including completing a $15.1 million private placement, selling its CDMO facility for $8.5 million, and entering into a collaboration agreement with AstralBio for obesity and cardiometabolic programs. The company held cash and equivalents of $14.4 million as of June 30, 2024, expected to fund operations into Q1 FY2026.iBio continues to advance its AI-powered technology...Show More

iBio Inc. reported financial results for fiscal year 2024, with revenue of $0.2 million compared to no revenue in FY2023. Net loss narrowed to $24.9 million ($6.50 per share) from $65.0 million ($106.19 per share) in the prior year. Operating expenses decreased significantly to $16.9 million from $29.3 million, driven by reduced R&D and G&A costs following the company's transformation into an AI-driven antibody discovery firm.The company strengthened its financial position through multiple strategic initiatives, including completing a $15.1 million private placement, selling its CDMO facility for $8.5 million, and entering into a collaboration agreement with AstralBio for obesity and cardiometabolic programs. The company held cash and equivalents of $14.4 million as of June 30, 2024, expected to fund operations into Q1 FY2026.iBio continues to advance its AI-powered technology platform and preclinical pipeline focused on immuno-oncology and metabolic diseases. Key developments include positive preclinical data for three immuno-oncology candidates and initiation of an anti-myostatin program. The company is actively seeking strategic partnerships to accelerate development while evaluating options to extend its cash runway through potential asset sales or licensing deals.