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iBio Inc. (IBIO-5.26%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $200,000 recognized for services provided to a collaborative partner. This compares to no revenue in the same quarter the previous year.
Research and development expenses for the quarter were $1.9 million, up from $1.5 million in the previous year, due to increased spending on consumables and outside services.
General and administrative expenses decreased to $2.7 million from $3.0 million, primarily due to reduced consulting fees and outside services.
The company reported a net loss from continuing operations of $4.4 million for the quarter, compared to $4.5 million in the previous year.
iBio's cash, cash equivalents, and restricted cash totaled $7.2 million as of December 31, 2024. The company anticipates these funds will support operations into the first quarter of fiscal year 2026.
The filing highlights iBio's strategic focus on developing its AI-driven drug discovery platform and advancing its preclinical pipeline, particularly in the fields of obesity and cardiometabolic diseases.
iBio has entered into an exclusive license agreement with AstralBio for the development of an antibody targeting myostatin, now named IBIO-600, with potential applications in obesity and cardiometabolic disorders.
The company acknowledges significant losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern. Management is exploring various options to extend its cash runway.
iBio is actively seeking strategic partnerships and collaborations to leverage its AI technology and expand its therapeutic pipeline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iBio Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.