iBio Inc. (NYSE: IBIO) has announced its Q4 and full-year 2021 financial results and provided a business update.
iBio reported full-year revenue of $2.4 million
The company reported revenue of $2.4 million for the fiscal year ending June 30, 2021, representing a 50% YoY increase. In Q4, revenue was $0.5 million, dropping from $0.6 Million a year ago and dropping $0.3 sequentially. iBio predicts a sequential reduction in revenue in the 1H 2022 compared to 2H 2021, followed by stronger growth in 2H 2022, based on the current outlook. However, regardless of quarterly volatility, the Bioprocess businesses are expected to see continuous YoY revenue growth as firms seek to create biologics quickly using sustainable production methods.
CEO Tom Isett said, “Fiscal 2021 was a transformative period for iBio, highlighted by our entry into oncology and continued progress as a next-gen COVID-19 vaccine developer. In the fiscal fourth quarter, we established our new oncology drug discovery team in San Diego. Subsequently, we entered into a partnership with FairJourney Biologics that provides us access to proprietary antibodies and announced the addition of three new anti-cancer targets to our pipeline.”
iBio entered an agreement to license anti-CD25
Isett continued, “In August, we announced an exclusive license agreement with RubrYc Therapeutics for a second generation anti-CD25 antibody for the treatment of solid tumors. This collaboration also provides us access to RubrYc’s AI-driven antibody discovery platform, which should enable iBio to develop multiple novel immuno-oncology targets. Coupled with our FastPharming and Glycaneering Technologies, we believe iBio is now well positioned to capture discovery and development synergies across these proprietary platforms, enabling us to further build our pipeline of differentiated, next-gen oncology therapeutic.”
The company announced progress in the Biopharmaceutical segment for its next-gen COVID-19 vaccine IBIO-202. IBIO-202 has the potential of targeting other sides of the virus besides the spike protein that is rapidly mutating to address the growing concerns of an escape strain.