iBio Inc, a biotechnology company specializing in AI-driven antibody drug discovery, has reported a net loss from continuing operations of approximately $15.4 million, or $4.03 per share, for the fiscal year ended June 30, 2024. This represents a significant reduction from the previous year's net loss of approximately $29.3 million, or $47.88 per share. The company's total operating expenses also decreased to approximately $16.9 million from $29.3 million in the previous year, primarily due to reduced research and development (R&D) and general and administrative (G&A) expenses. iBio's R&D expenses decreased by about 50% to $5.2 million, while G&A expenses fell by 39% to $11.7 million. The company's revenue for the year was reported at $0.2 million, related to research activities and license fees. iBio...Show More

iBio Inc, a biotechnology company specializing in AI-driven antibody drug discovery, has reported a net loss from continuing operations of approximately $15.4 million, or $4.03 per share, for the fiscal year ended June 30, 2024. This represents a significant reduction from the previous year's net loss of approximately $29.3 million, or $47.88 per share. The company's total operating expenses also decreased to approximately $16.9 million from $29.3 million in the previous year, primarily due to reduced research and development (R&D) and general and administrative (G&A) expenses. iBio's R&D expenses decreased by about 50% to $5.2 million, while G&A expenses fell by 39% to $11.7 million. The company's revenue for the year was reported at $0.2 million, related to research activities and license fees. iBio also highlighted its strategic focus on AI and machine learning to advance its preclinical pipeline in immune-oncology and cardiometabolic diseases. The company has not declared any cash dividends on its common stock and has undergone a reverse stock split to improve its stock price. iBio's future plans include leveraging strategic collaborations, advancing in-house programs, and investing in its AI-technology platform to enhance drug discovery and development. The company also completed the sale of its CDMO facility for $8.5 million and settled its obligations with Woodforest, resulting in a more streamlined operation focused on its core mission.