iBio Inc. (NYSEAMERICAN: IBIO) has announced its Q1 2022 financial result and offered a corporate update. Revenues during the quarter dropped 49% YoY to $211,000 from $410,000 a year ago.
iBio expects revenue to decline sequentially
In line with business dynamics, the company anticipates sequential revenue decline in 1H 2022 relative to 2H 0f 2021, followed by high growth in 2H 2022. Net loss for Q1 2022 was $8.9 million or $0.04 per share relative to a net loss of $7.5 million or $0.05 per share a year ago. At the end of the quarter, the company has cash, cash equivalents, and investment in debt securities of $82.3 million.
During the quarter, iBio used $9.3 million in operating activities and $5.1 million in investments that included the RubrYc transaction. In addition, before the end of the quarter, the company used around $6 million to fund the acquisition of the Bryan Texas manufacturing facility and secure full control of iBio CDMO LLC.
CEO Tom Isett said, “We are continuing to accelerate the execution of our growth strategy as we start our fiscal year 2022. Having only just launched our oncology initiative six months ago, we have already created six active programs, including the two new ones announced today. In addition, we have advanced our novel COVID-19 vaccine candidate to pre-IND, while concurrently building out our vaccine platform with new drug delivery technology partnerships. We have also acquired our cGMP manufacturing facility and taken sole ownership of our CDMO subsidiary, along with the attendant rights to manufacture biologics using our FastPharming System in the United States.”
iBio enters partnership to evaluate endostatin E4
The company has announced a research partnership with the University of Texas Southwestern Medical Centre to study the anticancer potential of a molecule in the IBIO-100 program in solid tumors. In addition, the partnership will evaluate the possible anti0fibrotic effects of endostatin E4 molecule to enhance the efficacy of concomitant treatments like immunotherapy and chemotherapy. iBio is currently developing endostatin E for fibrotic diseases.