iBio Inc reported a modest Q2 2025 revenue line of $0.20 million, with gross profit of $0.20 million and a full-year, quarterly operating loss of $4.42 million and net loss of $4.36 million. The quarter produced a clean gross margin of 100% (revenue equals gross profit), reflecting the absence of cost of revenue data in the print as provided, but a substantial operating burn driven by R&D and SG&A investments. Operating cash flow was negative at $3.87 million, contributing to a net decrease in cash of $4.02 million for the quarter and leaving cash and cash equivalents at $7.01 million at quarter-end. Balance sheet liquidity remains meaningful with a current ratio of 1.76 and a negative net debt position of approximately $3.02 million, underscoring a cash-rich but cash-burned profile typical of a development-stage biotech with CDMO aspirations.
The company continues to emphasize two strategic pillars: (1) contract development and manufacturing services (CDMO) as a near-term revenue backbone, and (2) advancement of its early-stage therapeutic and vaccine candidates (e.g., IBIO100, IBIO200/IBIO201, IBIO400) through preclinical and IND-enabling activities. While profitability remains elusive in QQ2 2025, the YoY improvements in gross profit and net income metrics suggest some stabilization against prior periods, even as the scale remains modest. The lack of explicit forward-looking guidance in the provided data requires readers to monitor quarterly cadence for contracted program wins and milestone receipts, as well as any announced funding or licensing arrangements that could materially alter the burn profile or provide non-dilutive capital.
Overall, the investment thesis for iBio remains highly contingent on pipeline progression and contract backlog development in its CDMO-focused Services division. The stock carries high execution risk given the small revenue base and ongoing losses, but potential upside exists if near-term development milestones convert into new collaborations, milestone payments, or a tangible increase in CDMO backlog. Investors should closely monitor liquidity runway, potential licensing or collaboration milestones, and the cadence of new CDMO contracts as catalysts for improvement in both cash flow and earnings trajectory.
Key Performance Indicators
Revenue
200.00K
QoQ: N/A | YoY:N/A
Gross Profit
200.00K
1.00% margin
QoQ: N/A | YoY:151.68%
Operating Income
-4.42M
QoQ: -7.62% | YoY:1.71%
Net Income
-4.36M
QoQ: -9.40% | YoY:46.85%
EPS
-0.48
QoQ: -4.35% | YoY:89.14%
Revenue Trend
Margin Analysis
Key Insights
Revenue: 0.20; YoY: N/A; QoQ: N/A. Note: The quarter produced a very small revenue base consistent with early-stage biotech and CDMO services activity.
Gross Profit: 0.20; Gross Margin 100.0%; YoY: +151.68%; QoQ: N/A. Interpretation: Revenue recognition largely aligns with cost of revenue, implying a minimal gross cost or timing benefit in the period; indicates early-stage product development/access fees rather than product-sold volumes.
Operating Income: -4.42; Operating Margin: -22.10%; YoY: +1.71%; QoQ: -7.62%. Interpretation: Small sequential improvement in operating loss but magnitude dominated by SG&A and R&D spend.
Net Income: -4.36; Net Margin: -21.82%; YoY: +46.85%; QoQ: -9.40%. Interpretation: Net loss remains substantial; improvement versus prior period on a percentage basis but absolute loss still material for a small-cap company.
EPS (diluted): -0.48; YoY: +89.14%; QoQ: -4.35%. Interpretation: Per-share loss narrowing YoY due to share count and profitability dynamics; QoQ erosion likely linked to higher spend and fixed costs in QQ2 2025.
Financial Highlights
Revenue and profitability metrics (USD millions) and working-capital/operating dynamics:
- Revenue: 0.20; YoY: N/A; QoQ: N/A. Note: The quarter produced a very small revenue base consistent with early-stage biotech and CDMO services activity.
- Gross Profit: 0.20; Gross Margin 100.0%; YoY: +151.68%; QoQ: N/A. Interpretation: Revenue recognition largely aligns with cost of revenue, implying a minimal gross cost or timing benefit in the period; indicates early-stage product development/access fees rather than product-sold volumes.
- Operating Income: -4.42; Operating Margin: -22.10%; YoY: +1.71%; QoQ: -7.62%. Interpretation: Small sequential improvement in operating loss but magnitude dominated by SG&A and R&D spend.
- Net Income: -4.36; Net Margin: -21.82%; YoY: +46.85%; QoQ: -9.40%. Interpretation: Net loss remains substantial; improvement versus prior period on a percentage basis but absolute loss still material for a small-cap company.
- EPS (diluted): -0.48; YoY: +89.14%; QoQ: -4.35%. Interpretation: Per-share loss narrowing YoY due to share count and profitability dynamics; QoQ erosion likely linked to higher spend and fixed costs in QQ2 2025.
Cash flow, liquidity, and balance sheet indicators:
- Net cash provided by operating activities: -4.0 million; Free cash flow: -3.87 million. Interpretation: Ongoing cash burn with modest near-term improvement in gross profitability, underscoring the need for external liquidity or non-dilutive funding if no meaningful revenue traction develops.
- Cash and cash equivalents at period end: 7.01 million; Beginning cash: 11.26 million; Net change in cash: -4.02 million. Interpretation: Finite liquidity runway under current operating trajectory; impending need for financing or revenue acceleration to extend liquidity.
- Current ratio: 1.76; Quick ratio: 1.76; Cash ratio: 1.49. Interpretation: Solid short-term liquidity metrics given the small scale, but burdened by recurring quarterly losses and a negative cash flow profile.
- Total assets: 21.70 million; Total liabilities: 7.80 million; Total stockholders’ equity: 13.895 million; Retained earnings: -322.2 million. Interpretation: Balance sheet shows substantial accumulated deficit; intangible assets (~6.11 million) reflect IP and development investments; equity base remains positive but modest in magnitude for a biotech with ongoing burn.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
200.00K
N/A
N/A
Gross Profit
200.00K
151.68%
N/A
Operating Income
-4.42M
1.71%
-7.62%
Net Income
-4.36M
46.85%
-9.40%
EPS
-0.48
89.14%
-4.35%
Key Financial Ratios
currentRatio
1.76
grossProfitMargin
100%
operatingProfitMargin
-2210%
netProfitMargin
-2182%
returnOnAssets
-20.1%
returnOnEquity
-31.4%
debtEquityRatio
0.29
operatingCashFlowPerShare
$-0.42
freeCashFlowPerShare
$-0.42
priceToBookRatio
1.61
priceEarningsRatio
-1.28
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Note on transcript data: No earnings call transcript was provided in the supplied material. Consequently, there are no management commentary quotes or thematic highlights to extract for QQ2 2025 within this dataset.
—
—
Forward Guidance
No explicit forward guidance appears in the provided data. Qualitatively, the near-term drivers for iBio would include: (1) progression of CDMO services backlog and contract wins, (2) milestones or licensing revenue related to IBIO100 and other preclinical programs, and (3) successful execution in the manufacturing and process development segments to convert R&D investments into billable activity. Given the current burn rate and liquidity, any near-term announcements of new contracts, strategic collaborations, or milestone-based funding would be meaningful catalysts. Investors should monitor quarterly backlog growth, collaboration milestones, and any non-dilutive financing or strategic partnerships that could improve liquidity and shorten the path to cash-flow break-even.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
IBIO Focus
1.00%
-22.10%
-31.40%
-1.28%
TNXP
-52.50%
-8.31%
-1.87%
-94.90%
TRAW
93.00%
-103.23%
1.17%
-55.40%
JAGX
84.30%
-2.64%
-49.00%
-7.18%
VXRT
-1.73%
-2.54%
-20.60%
-19.31%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given QQ2 2025 results, iBio presents a high-risk, high-uncertainty investment profile typical of development-stage biotechnology with a CDMO angle. The near-term thesis hinges on translating early pipeline investments into tangible revenue via CDMO contracts, new collaborations, or milestone-based income. The company benefits from a modest cash cushion and a negative net debt position, which mitigate near-term liquidity risk but do not offset the need for ongoing funding if revenue traction remains limited. Investors should adopt a scarcity-value lens: valuation should reflect upside optionality from contract wins and milestone receipts, while remaining cognizant of the downside risk from execution delays, competitive pressure, and potential dilution. Catalysts to watch include any announced CDMO backlog expansion, executed partnerships, milestone receipts from IBIO100 or related programs, and any strategic financing announcements that could extend the liquidity runway without excessive equity dilution.
Key Investment Factors
Growth Potential
Potential expansion of CDMO services backlog with new CRO/CDMO contracts; potential milestone payments and license revenue from IBIO100, IBIO200/IBIO201, and IBIO400 programs; opportunity to monetize preclinical assets via partnerships or acquisition at later stages.
Profitability Risk
Clinical and regulatory risk for pipeline products; dependence on a small revenue base; ongoing cash burn without visible near-term profitability; competitive CDMO landscape with well-capitalized peers; potential for capital-raising dilution if liquidity remains constrained.
Financial Position
Strong liquidity headroom for a biotech at this stage (cash ~$7.0m, net debt negative), but with a substantial accumulated deficit and dependence on external funding or contract revenue to sustain operations. Intangible assets and a limited revenue base imply value tied to future milestones and contract wins rather than current earnings.
SWOT Analysis
Strengths
Positive gross margin on the QQ2 2025 quarter due to revenue-matching costs (gross margin 100% in the period).
Net debt position is negative, evidencing cash on hand greater than outstanding debt, providing liquidity runway.
Strategic positioning as a CDMO with diversified collaboration potential and a pipeline of preclinical/early-stage programs.
Weaknesses
Material net losses and ongoing operating cash burn with a very small revenue base.
Reliance on contract development/manufacturing activity rather than commercial products for revenue stability.
Significant accumulated deficit and limited scale may constrain financing flexibility.
Opportunities
Growth of CDMO services backlog through new client wins and expansion of manufacturing capabilities.
Milestones and licensing opportunities from IBIO100 and related programs could unlock non-dilutive or milestone-based cash inflows.
Strategic partnerships with universities and industry players may accelerate pipeline progression and revenue diversification.
Threats
Competition from established and better-capitalized CDMOs (e.g., Catalent, WuXi Biologics, Thermo Fisher) could erode share or pricing power.
Biotech funding cycles and clinical/regulatory risk could delay or reduce milestone inflows.
Continued dependence on external financing to sustain operations if contract backlog does not materialize.