iBio Inc, a biotechnology company specializing in AI-driven antibody drug discovery, reported a net loss from continuing operations of $15.4 million, or $4.03 per share, for the fiscal year ended June 30, 2024, compared to a net loss of $29.3 million, or $47.88 per share, in the previous year. The company's total operating expenses decreased to $16.9 million from $29.3 million year-on-year, primarily due to reduced research and development (R&D) and general and administrative (G&A) expenses. Revenue for the year was reported at $0.2 million, related to research activities and license fees. iBio highlighted its strategic focus on AI and machine learning to advance its preclinical pipeline, with a particular emphasis on immune-oncology and cardiometabolic diseases. The company also completed the sale...Show More

iBio Inc, a biotechnology company specializing in AI-driven antibody drug discovery, reported a net loss from continuing operations of $15.4 million, or $4.03 per share, for the fiscal year ended June 30, 2024, compared to a net loss of $29.3 million, or $47.88 per share, in the previous year. The company's total operating expenses decreased to $16.9 million from $29.3 million year-on-year, primarily due to reduced research and development (R&D) and general and administrative (G&A) expenses. Revenue for the year was reported at $0.2 million, related to research activities and license fees. iBio highlighted its strategic focus on AI and machine learning to advance its preclinical pipeline, with a particular emphasis on immune-oncology and cardiometabolic diseases. The company also completed the sale of its CDMO facility for $8.5 million and settled its obligations with Woodforest, issuing a Pre-Funded Warrant for 1,560,570 shares of common stock. Despite these developments, iBio's auditors have raised substantial doubt about the company's ability to continue as a going concern due to its history of losses and limited cash resources. The company is exploring various options to increase liquidity, including product development focus, asset sales, capital market financing, and collaborations.