On September 20, 2024, iBio Inc, a Delaware-based AI-driven biopharmaceutical company, announced its financial results for the fiscal year ended June 30, 2024. The company reported a 100% increase in revenues to approximately $0.2 million compared to the previous fiscal year. Research and Development (R&D) and General & Administrative (G&A) expenses saw a significant decrease, contributing to a reduced net loss of $24.9 million, a $40.1 million improvement from fiscal 2023. The company highlighted its transformational year, with advancements in its AI-powered technology stack, including the launch of ShieldTx™, a patent-pending antibody masking technology. iBio also reported the sale of an early-stage asset to Otsuka Pharmaceutical and the addition of bispecific capabilities with its EngageTx™ technology. A collaboration with AstralBio in the cardiometabolic...Show More

On September 20, 2024, iBio Inc, a Delaware-based AI-driven biopharmaceutical company, announced its financial results for the fiscal year ended June 30, 2024. The company reported a 100% increase in revenues to approximately $0.2 million compared to the previous fiscal year. Research and Development (R&D) and General & Administrative (G&A) expenses saw a significant decrease, contributing to a reduced net loss of $24.9 million, a $40.1 million improvement from fiscal 2023. The company highlighted its transformational year, with advancements in its AI-powered technology stack, including the launch of ShieldTx™, a patent-pending antibody masking technology. iBio also reported the sale of an early-stage asset to Otsuka Pharmaceutical and the addition of bispecific capabilities with its EngageTx™ technology. A collaboration with AstralBio in the cardiometabolic and obesity space was initiated, and the company successfully completed a reverse stock split and strengthened its financial position through capital raises and debt extinguishment. Despite these positive developments, the audited financial statements included an explanatory paragraph related to the company's ability to continue as a going concern. iBio's stockholders authorized a reverse stock split, and the company closed the sale of its manufacturing facility, eliminating approximately $13.2 million in secured debt. The company's leadership team was also strengthened with key appointments.