IBio, Inc. (IBIO) stock plummeted 8.48% in the after-hours trading session at the price of $0.85 despite no recent updates. The last published news was its financial results for the fourth quarter and fiscal year 2021. IBIO produces biopharmaceutics and pioneers plant-based biologics development.
IBio Fourth Quarter and Fiscal 2021 Financial Results
On 27th September 2021, IBIO published its earnings report for the fourth quarter and fiscal year that ended 30th June 2021.
Management Comments
Chief Executive Officer of IBIO, Tom Isett, remarked that their fiscal 2021 was a transformative season for them. They have entered oncology and emerged as a next-generation COVID-19 vaccine producer. They have built their new oncology drug exploration team in San Diego during the fourth quarter of fiscal 2021. Eventually, they have started a partnership with FairJourney Biologics. Later in August, they have announced a licensing deal with RubrYc Therapeutics for anti-CD25 antibody to treat solid tumors.
IBIO believes it is now well-positioned to achieve innovation and growth synergies across these proprietary programs. It will help them strengthen their pipeline of next-gen oncology therapeutics. There is a crucial need to invent new vaccines that can target areas of the coronavirus apart from the commonly mutating spike protein. IBIO-20 presents one such possibility by targeting the highly conserved nucleocapsid protein of SARS-CoV-2 and driving strong memory T-cell responses. They will keep updating investors about IBIO-202 after they get feedback on their pre-IND package, Mr. Tom concluded.
Fiscal Year 2021 Financial Summary
IBIO reported revenues of $2.4 million for the fiscal year ended on 30th June 2021. It represents a gain of 50% from the fiscal year ended 30th June 2020. Research and development expenses were high $6.4 million to $10.0 million in fiscal 2021. General and administrative expenses were up $10.6 million to $22.0 million in fiscal 2021. The company reported a net loss of $23.2 million for fiscal 2021, a gain of $6.8 million from fiscal 2020.
IBIO Fourth Quarter Earnings Report
In the fourth quarter ended on 30th June 2021, IBIO reported revenue of $0.5 million. It represents a drop of $0.6 million from the fourth quarter of fiscal 2021. R&D expenses increased from $2.5 million to $3.1 million in the fourth quarter of fiscal 2021. G&A grew from $3.5 million to $6.6 million in the fourth quarter ended 30th June 2021. The company reported a net gain of $0.1 million in the fourth of 2021 compared to a loss of $3.5 million in the previous year’s same period.
