Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 12, 2024

iBio, Inc.

(Exact name of registrant as specified in charter)

Delaware

(State or other jurisdiction of incorporation)


001-35023	26-2797813
(Commission File Number)	(IRS Employer Identification No.)

11750 Sorrento Valley Road, Suite 200

San Diego, California 92121

(Address of principal executive offices and zip code)

(979) 446-0027

(Registrant’s telephone number including area code)

N/A

(Former Name and Former Address)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	IBIO	NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 12, 2024, iBio, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished with this Current Report on Form 8-K.


Exhibit Number		Exhibit Description
99.1		Press Release, issued by iBio, Inc. dated November 12, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: November 12, 2024	IBIO, INC.

	By:	/s/ Marc A. Banjak
		Name: Marc A. Banjak
		Title: Chief Legal Officer

Exhibit 99.1

iBio Reports Fiscal First Quarter 2025 Financial Results

· Advanced myostatin program with dosing underway in non-human primate study

SAN DIEGO, November 12, 2024 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) today reported financial results for the fiscal first quarter ended September 30, 2024 and provided a corporate update on its progress.

“In our fiscal first quarter we advanced our collaboration with AstralBio, manufacturing and dosing a lead molecule with therapeutic potential for muscle wasting and obesity in non-human primate in vivo studies and progressing early work on additional targets. We strengthened our leadership team by hiring a seasoned business development executive, Kristi Sarno—a move essential to our efforts to critically enable new partners in antibody development for challenging targets,” said CEO and Chief Scientific Officer Dr. Martin Brenner, Ph.D. “We are pleased with our rapid progress and look forward to sharing data and further developments in the coming months as we work to advance our pipeline to the clinic in cardiometabolic diseases and obesity.”

Fiscal First Quarter 2025 & Recent Corporate Updates:

In collaboration with AstralBio, rapidly advanced the joint myostatin program for cardiometabolic disease and obesity utilizing iBio’s technology stack and have manufactured and dosed the lead molecule with therapeutic potential for treatment muscle wasting and obesity in a non-cGMP in vivo non-human primates (NHP) study with potential early readouts of the NHP in early 2025.

Expanded the executive leadership team with the appointment of Kristi Sarno, Senior Vice President of Business Development, effective August 1, 2024.

Fiscal First Quarter 2025 Financial Results:

No revenue was reported for the first quarter ended September 30, 2024.

R&D and G&A expenses for the first quarter of fiscal 2025 totaled approximately $4.1 million as compared to $5.2 million in the same period of fiscal year 2024, a decrease of approximately 20%. This decrease reflects the Company’s cash preservation strategy and focus on collaboration partnerships. Net loss from continuing operations for the first quarter ended September 30, 2024, was approximately $4.0 million, or $0.46 per share, compared to a net loss of approximately $5.1 million, or $4.24 per share, in the same period of 2024.

Cash, cash equivalents and restricted cash as of September 30, 2024 was approximately $11.3 million, inclusive of $0.2 million of restricted cash.

About iBio, Inc.

iBio is an AI-driven innovator that develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard to target cancers, and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. For more information, visit www.ibioinc.com.

Safe Harbor Statement

Any statements contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include statements regarding the Company’s ability to build its pipeline in cardiometabolic diseases and obesity; the hiring of a business development executive by the Company resulting in critically enabling new partners in antibody development for challenging targets; the success of the Company’s development of next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes in prospectively enabling the discovery of new antibody treatments for hard to target cancers and other diseases; having initial data in early 2025 from non-the cGMP in vivo non-human primates (NHP) study; continuing to advance toward iBio’s goal of decreasing drug failures, shortening drug development timelines and opening up new frontiers against the most promising targets, and iBio’s ability to build a pipeline in obesity and other cardiometabolic diseases. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to build its pipeline in cardiometabolic diseases and obesity; the ability to complete the non-cGMP in vivo non-human primates (NHP) study, the success of the Company’s development of next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes in prospectively enabling the discovery of new antibody treatments for hard to target cancers and other diseases; iBio’s ability to advance its goal of decreasing drug failures, shortening drug development timelines and opening up new frontiers against the most promising targets, and the ability to build a pipeline in obesity and other cardiometabolic diseases, the ability to finance when needed and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, iBio, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contacts:

iBio, Inc.
Investor Relations
ir@ibioinc.com

Susan Thomas
iBio, Inc.
Media Relations
susan.thomas@ibioinc.com

Document And Entity Information	Nov. 12, 2024
Document And Entity Information
Document Type	8-K
Written Communications	false
Document Period End Date	Nov. 12, 2024
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Registrant Name	iBio, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35023
Entity Tax Identification Number	26-2797813
Entity Address, Address Line One	11750 Sorrento Valley Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	979
Local Phone Number	446-0027
Title of 12(b) Security	Common Stock
Trading Symbol	IBIO
Security Exchange Name	NYSEAMER
Entity Emerging Growth Company	false
Entity Central Index Key	0001420720
Amendment Flag	false