iBio, Inc. (IBIO), a biotechnology company, has declined 3.94% in aftermarket trading session. Consequently, IBIO is trading at $0.82 at the time of the writing. The decline could be attributed to the profit-taking factor after the stock closed Monday’s regular trading session at $0.85, surging 29.15% during the day. The surge came after the company announced an update regarding its lead COVID-19 vaccine program.
Why IBIO Surged?
On Monday, IBIO announced the update about IBIO-202, the lead COVID-19 vaccine program of the company. The update has come in light of the emergence of the new variant of COVID, namely Omicron (B.1.1.529). The company said that it believes the N-protein present in the vaccine could serve to help overcome the effects of COVID-19. The N-protein could represent an important target for the next generation of vaccines because it’s highly conserved than S-protein. Also, it appears to be significantly more effective than the S protein in stimulating antibody-dependent natural killer cell activation.
Q1 2022 Operational Results
On 15th November, IBIO released the operational and financial results for the first quarter of the fiscal year 2022. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $62.82 million on 30th September. The total revenue generated by the company during the period was $211,000 against $410,000 during the same period of fiscal 2021. The total operating expenses for the quarter were $9.14 million against $7.22 million for the same quarter of fiscal 2021. The consolidated net loss suffered by the company during the period was $8.94 million (or $0.04 per basic and diluted share) against $7.53 million (or $0.05 per basic and diluted share) for the same period of fiscal 2021.
Executive Commentary
Tom Isett, Chairman & CEO of IBIO, while commenting on the results said that the company is continuing to execute the growth strategy as it is starting the fiscal year 2022. He said that the company is confident its investment over the past year in talent, technology, and infrastructure will return value to patients and shareholders as it goes forward.
Future Outlook for IBIO
The last month has seen IBIO stock increase more than 7%. But as we start looking toward older stats, the picture looks bleaker for IBIO. This depicts that the performance of IBIO stock has markedly improved during the recent past, particularly due to the positive sentiments in form of developments related to IBIO-202. Going forward, investors should keep a close eye on the performance of IBIO stock.
