EPS of $-0.46 increased by 90.4% from previous year
Net income of -3.99M
"N/A" - N/A
iBio Inc (IBIO) QQ1 2025 Financial Analysis: Cash Burn, Limited Visibility to Revenue, and Strategic Collaboration Levers
Executive Summary
iBio Inc (IBIO) reported QQ1 2025 with no reported revenue in the period and a continued operating loss framework. The quarter shows an operating loss of $4.106 million and a net loss of $3.989 million, translating to an earnings per share of −$0.46 on 8.633 million weighted average shares. While revenue recognition is not disclosed in the quarter, the expense structure highlights a sustained investment in R&D and general and administrative activities, underscored by a modest depreciation and amortization of $0.278 million and interest expense of $0.057 million. The company generated negative operating cash flow of $3.715 million and consumed $3.164 million of cash during the quarter, ending with roughly $11.04 million in cash and cash equivalents. Net debt stands at about $(6.81) million, reflecting a net cash position despite ongoing losses.
From a balance sheet perspective, iBio remains liquid with a current ratio of 3.37 and total current assets of approximately $11.75 million against current liabilities of roughly $3.47 million. Total assets approximate $24.52 million, while total liabilities run around $6.76 million and stockholders’ equity sits near $17.75 million. The company continues to carry significant accumulated losses (retained earnings around −$317.84 million), consistent with a company in early-stage development and collaboration-driven monetization mode. Strategic momentum centers on iBio’s two-segment model (Biopharmaceuticals and Bioprocessing), ongoing collaborations (e.g., Planet Biotechnology; Texas A&M University System; University of Natural Resources and Life Sciences Vienna; CCPharming), and a portfolio of preclinical and development-stage programs (IBIO100, IBIO200/IBIO201, IBIO400).
On the outlook, management guidance for near-term revenue was not disclosed in the data provided, which underscores the need for new partnerships or milestone-driven collaborations to transition toward profitability. Investors should monitor progress on in-house and partner-driven programs, potential contract development and manufacturing revenue, and any new licensing or collaboration announcements that could meaningfully impact the revenue trajectory and cash runway.
Net cash provided by/used in financing activities: −$0.162 million; investing activities: +$0.713 million.
Cash and cash equivalents: $11.038 million; Total current assets: $11.705 million.
Financial Highlights
Revenue: N/A for QQ1 2025; Gross Profit: N/A; Operating Income: −$4.106 million; Net Income: −$3.989 million; EPS: −$0.46; YoY and QoQ context are shown where available in the data: Operating Income YoY +19.5%, QoQ −20.45%; Net Income YoY +30.58%, QoQ +48.71%; EPS YoY +90.40%, QoQ +48.89%.
Liquidity and leverage:
- Cash and cash equivalents: $11.038 million; Total current assets: $11.705 million.
- Total assets: $24.517 million; Total liabilities: $6.763 million; Total stockholders’ equity: $17.754 million.
- Long-term debt: $3.278 million; Short-term debt: $0.955 million; Total debt: $4.233 million; Net debt: $(6.805) million (net cash position).
- Retained earnings: $(317.836) million; Intangible assets: $5.363 million; Goodwill: none.
Valuation and efficiency:
- Current ratio: 3.37; Quick ratio: 3.37; Cash ratio: 3.18.
- Price to book: 1.079x; Enterprise value multiple: −3.38x (negative EV driven by cash position).
- Return on assets: −16.3%; Return on equity: −22.5%; Earnings per share (diluted): −$0.46.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-4.11M
19.54%
-20.45%
Net Income
-3.99M
30.58%
48.71%
EPS
-0.46
90.40%
48.89%
Key Financial Ratios
currentRatio
3.37
returnOnAssets
-16.3%
returnOnEquity
-22.5%
debtEquityRatio
0.24
operatingCashFlowPerShare
$-0.43
freeCashFlowPerShare
$-0.43
priceToBookRatio
1.08
priceEarningsRatio
-1.2
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Management commentary was not captured in the provided transcript data. In the absence of an earnings-call transcript within the supplied material, the highlights below synthesize implications from the disclosed financials and the company’s stated strategic position:
- Strategy and partnerships: iBio emphasizes its contract development and manufacturing (CDMO) capabilities across Biopharmaceuticals and Bioprocessing, supported by collaborations with Planet Biotechnology, The Texas A&M University System, the University of Natural Resources and Life Sciences Vienna, and CCPharming. These relationships are central to near-term revenue generation via development services and licensing opportunities.
- Pipeline and programs: The company’s lead therapeutic IBIO100 is positioned for IND-enabling activities, with IBIO200/IBIO201 in preclinical development for infectious disease vaccines and IBIO400 for classical swine fever; progress milestones in these programs are potential catalysts for future collaboration or licensing revenue.
- Financial discipline and liquidity: The QQ1 2025 period shows ongoing operating losses, but a solid liquidity cushion with roughly $11.0 million in cash and current assets around $11.7 million, implying the runway can support continued development and partner negotiations absent a large, immediate fundraising requirement. The negative net debt (net cash) profile provides flexibility for strategic partnering and potential milestone-based payments.
- Revenue trajectory risk: With no reported QQ1 2025 revenue in the data, revenue growth remains uncertain and hinges on securing development contracts, manufacturing agreements, and milestone payments from collaboration deals. The emphasis remains on monetizing existing collaborations and expanding the CDMO revenue base.
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit forward-looking revenue or growth targets were disclosed in the provided QQ1 2025 data. Given the lack of reported revenue in the quarter, the forward guidance from management, if any, would likely focus on:
- Advancing IBIO100 toward IND-enabling studies and defining regulatory milestones.
- Expanding CDMO engagements and capacity utilization through existing collaborations and new partnerships.
- Maintaining liquidity to fund development activities while seeking milestone-based or upfront payments from partners.
- Monitoring cost discipline to improve operating leverage as revenue starts to materialize.
Assessment: The absence of revenue guidance or near-term profitability targets implies a reliance on external collaborations and milestones for value creation. Investors should monitor any upcoming partnership announcements, contract wins, or milestone payments, and any updates on the commercialization potential of IBIO’s programs that could materially alter the revenue trajectory and cash runway.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
IBIO Focus
0.00%
0.00%
-22.50%
-1.20%
TNXP
61.20%
-6.61%
0.00%
0.00%
TRAW
92.90%
-93.07%
-82.80%
-26.39%
JAGX
76.30%
-4.34%
-12.61%
-7.13%
VXRT
0.00%
0.00%
-34.20%
-1.49%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Investment thesis: SPECULATIVE. iBio operates in a capital-intensive, late-stage development segment where near-term profitability is not yet evident. The QQ1 2025 results show meaningful operating losses and the absence of revenue, but the balance sheet remains liquidity-rich relative to the burn rate, providing a runway to pursue collaborations and milestone-based monetization. A constructive catalyst path exists if iBio secures new development or manufacturing contracts, or milestones from its existing collaborations, and if IBIO100 reaches a critical regulatory or partnering milestone. Investors should monitor: (1) any collaboration announcements and milestone receipts; (2) progress on IBIO100 IND-enabling activities and data readouts for IBIO200/IBIO201/IBIO400; (3) any capital-raising actions or strategic partnerships to extend the cash runway; (4) potential impairments or reassessments of intangible assets. Given the current metrics (net loss, no disclosed revenue, strong liquidity cushion, modest debt, and a market valuation implying a cash-backed position), the stock represents a high-risk, potentially high-reward proposition contingent on successful monetization of partnerships and timely advancement of the lead programs.
Key Investment Factors
Growth Potential
Growth is tied to: (1) expanding CDMO revenue through development and manufacturing contracts with biotech and pharma collaborators; (2) monetizing existing licenses (Planet Biotechnology, CCPharming, Texas A&M System, University of Natural Resources and Life Sciences Vienna) via upfront/ milestone payments and possible royalty structures; (3) advancing IBIO100 toward IND-enabling studies and potential larger collaborations if efficacy and safety signals emerge; (4) preclinical programs IBIO200/IBIO201/IBIO400 that could attract vaccine/antiviral/animal-health partnerships.
Profitability Risk
Key risks include: (1) no revenue in QQ1 2025, heightening near-term cash burn and reliance on partnerships or financing; (2) execution risk in advancing IBIO100 and preclinical programs; (3) dependence on collaboration milestones and licensing agreements; (4) competitive pressure in biotech CDMO space and potential pricing/cost inflation; (5) dilution risk or equity financing needs to fund ongoing operations; (6) regulatory hurdles and clinical timelines for lead programs.
Financial Position
Liquidity remains solid with ~$11.0M cash, current ratio 3.37, and net cash position (~$6.8M). The balance sheet features negative retained earnings (~$317.84M) and intangible assets (~$5.36M), reflecting historical operating losses and R&D capitalization. The small, debt-light balance sheet reduces interest burden but underscores the need for external capital or milestone-driven revenue to sustain growth. The company’s valuation metrics show a modest price-to-book (~1.08x) and a negative enterprise value, implying market sentiment reflects cash on hand and limited near-term profitability rather than traditional earnings metrics.
SWOT Analysis
Strengths
Fresh liquidity with around $11.0M in cash and a robust current ratio (3.37x) supports ongoing R&D and partnership discussions.
Diversified CDMO capabilities in Biopharmaceuticals and Bioprocessing provide flexible service lines to potential collaborators.
Strategic collaboration framework and preclinical/vaccine development programs (IBIO100, IBIO200/IBIO201, IBIO400) offer multiple monetization avenues through development contracts and licensing.
Weaknesses
NoQQ1 2025 revenue disclosed; continued net losses and negative retained earnings, signaling a long path to profitability.
High R&D and G&A burn relative to the absence of recognized revenue in the quarter.
Balance sheet relies on intangible assets and accumulated losses, introducing impairment risk and equity dilution needs if additional funding is required.
Opportunities
Growing demand for specialized CDMO services could translate into higher contract manufacturing throughput and revenue.
License and collaboration monetization with Planet Biotechnology, Texas A&M System, University of Natural Resources and Life Sciences Vienna, CCPharming may unlock upfront/milestone payments.
Advancement of IBIO100 toward IND-enabling studies may attract larger collaborations or partner-driven milestones; preclinical programs IBIO200/IBIO201/IBIO400 could broaden engagement prospects.
Threats
Biotech capital markets volatility and potential need for new financing could dilute existing shareholders.
Regulatory and clinical development timelines pose execution risk; failure to secure timely milestones could affect the revenue ramp.
Competitive CDMO landscape with established players could pressure pricing and contract wins.