BRYAN, Texas, Oct. 13, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, today announced its financial results for the fiscal year ended June 30, 2020, which included record revenues of over $1.1 million in the fiscal fourth quarter.
2020 Fiscal Year and Recent Business Developments:
CDMO Services
Research & Bioprocessing
Vaccines
Therapeutics
“Fiscal 2020 was a pivotal period for iBio, marked by the launch of our Glycaneering Development Service; new collaborations leveraging the FastPharming System; and most notably, our transition from a business model focused on CDMO services to one that also includes the development of our own, proprietary products,” said Tom Isett, Chairman & CEO of iBio. “We developed two SARS-CoV-2 vaccine candidates, in-licensed a COVID-19 therapeutic candidate, and reinvigorated our work on IBIO-100 for fibrotic diseases.”
2020 Fiscal Year Corporate Developments:
Financial Results:
For the fiscal year ended June 30, 2020, iBio reported revenues of approximately $1.6 million, a decrease of $380,000 from approximately $2.0 million for the fiscal year ended June 30, 2019. The decrease is primarily attributable to the timing of service revenues from CC-Pharming. Revenue earned from CC-Pharming totaled approximately $1.3 million in 2020, compared with approximately $1.8 million in 2019. Revenue earned from third-party customers in 2020 increased approximately 118% to $371,000 versus $170,000 in 2019. iBio recorded revenues of over $1.1 million in the fiscal fourth quarter.
Total operating expenses, consisting primarily of research and development (“R&D”) and general and administrative (“G&A”) expenses, for the fiscal year ended June 30, 2020 were approximately $15.6 million, compared with approximately $17.8 million in 2019.
R&D expenses for the 2020 fiscal year were approximately $3.2 million, compared with approximately $5.5 million in 2019. The decrease in R&D expense of approximately $1.6 million was primarily related to decreases in third-party R&D costs of approximately $1.4 million, R&D personnel and consulting costs of approximately $963,000 and grant income of $37,000; offset by an increase in R&D project related costs of $112,000.
G&A expenses for the 2020 fiscal year were approximately $12.4 million, compared with approximately $12.3 million in the 2019 fiscal year. The increase is primarily attributable to higher depreciation and amortization expense of $492,000, professional fees of $508,000, personnel costs of $380,000 and board of directors’ fees of $168,000; offset by decreases in repairs and maintenance costs of approximately $817,000, rent of $409,000, recruiting fees of $131,000, and travel of $212,000.
Other expense for the 2020 and 2019 fiscal years was approximately $2.4 million and $1.8 million, respectively. The increase resulted primarily from higher interest expense related to the adoption, effective July 1, 2019, of ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) (“ASC 842”) and other associated standards using the modified retrospective approach for all leases entered into before the effective date.
Net loss attributable to iBio stockholders for the 12 months ended June 30, 2020 was approximately $16.4 million, or $0.61 per share, compared with a net loss of approximately $17.6 million, or $0.94 per share, in the 2019 fiscal year.
iBio has continued to strengthen its balance sheet:
As of June 30, 2020, iBio had cash of approximately $55.1 million, compared with approximately $4.4 million as of June 30, 2019. Subsequent to fiscal year end, the Company completed additional ATM offerings, resulting in it having approximate cash and cash equivalents of $83.1 million on September 30, 2020.
About iBio, Inc.
iBio is a global leader in plant-based biologics manufacturing. Its FastPharming® System combines vertical farming, automated hydroponics, and glycan engineering technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. The Company’s subsidiary, iBio CDMO LLC, provides FastPharmingContract Development and Manufacturing Services. iBio’s Glycaneering Development Service™ includes an array of new glycosylation technologies for engineering high-performance recombinant proteins. Additionally, iBio is developing proprietary products, which include IBIO-100 for the treatment of fibrotic diseases, and vaccines for COVID-19 disease. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTSCertain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding leveraging the FastPharming® System, manufacturing research quantities of a plant-made rituximab for AzarGen using iBio’s proprietary FastPharming System and the Company commercializing cytokines and growth factors not designated as custom products for use in the Safi bioprocess as part of its new standard catalog offering of proteins for research and further manufacturing uses. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its intellectual property portfolio, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, competition, its ability to retain its key employees or maintain its NYSE American listing, and the other risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contacts:
Stephen KilmeriBio, Inc.Investor Relations(646) 274-3580 skilmer@ibioinc.com
iBio, Inc. | |||||||
Condensed Statement of Operations | |||||||
(amounts in thousands, except per share amounts) | |||||||
Twelve Months ended June 30, | |||||||
2020 | 2019 | ||||||
Revenues | $ | 1,638 | $ | 2,018 | |||
Operating Expenses | |||||||
R&D Expenses | 3,213 | 5,474 | |||||
SG&A Expenses | 12,428 | 12,332 | |||||
Total Operating Expenses | 15,641 | 17,806 | |||||
Operating Loss | (14,003 | ) | (15,788 | ) | |||
Total Other Income/(Expense) | (2,441 | ) | (1,809 | ) | |||
Consolidated Net Loss | (16,444 | ) | (17,597 | ) | |||
Net Loss Attributable to Noncontrolling Interest | 5 | 4 | |||||
Deemed Dividends - Series A Preferred and Series B Preferred | (21,560 | ) | - | ||||
Preferred Stock Dividends | (261 | ) | (260 | ) | |||
Net Loss Available to iBio, Inc. | (38,260 | ) | (17,853 | ) | |||
INCOME/(LOSS) PER COMMON SHARE | $ | (0.61 | ) | $ | (0.94 | ) | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 62,795 | 18,926 | |||||
iBio, Inc. | |||||
Condensed Balance Sheet Data | |||||
(amounts in thousands) | |||||
June 30, | June 30, | ||||
2020 | 2019 | ||||
Assets | |||||
Cash and Cash Equivalents | $ | 55,112 | $ | 4,421 | |
Other Current Assets | 6,636 | 387 | |||
Property, Plant and Equipment | 31,273 | 24,380 | |||
Other Noncurrent Assets | 1,168 | 1,398 | |||
Total Assets | $ | 94,189 | $ | 30,586 | |
Liabilities and Equity | |||||
Current Liabilities | $ | 5,236 | $ | 3,458 | |
Noncurrent Liabilities | 32,346 | 24,671 | |||
Total Stockholders' Equity | 56,607 | 2,457 | |||
Total Liabilities and Equity | $ | 94,189 | $ | 30,586 | |