Executive Summary
iBio Inc. (IBIO) reported QQ3 2024 results with no revenue recognized for the quarter, a substantive net loss, and a cash burn that was largely offset by financing activity. The quarter’s metric highlights include a gross loss of $0.332 million on $0 revenue, operating loss of $3.626 million, and a net loss of $3.172 million, or $0.85 per share, on weighted average shares of 3.713 million. EBITDA declined to a negative $2.251 million as the company continued to fund R&D and G&A expenses while pursuing contract development and manufacturing opportunities in Bioprocessing and Biopharmaceuticals segments.
Cash flow remained negative from operations at $3.654 million, but iBio generated net cash inflows of $5.025 million from financing activities, primarily through common stock issuance, supporting a year-to-date cash balance ending at $6.216 million. The balance sheet shows total assets of $50.154 million and total liabilities of $25.291 million, leaving total stockholders’ equity of $24.863 million. Cumulatively, retained earnings sit at a sizeable deficit of $306.069 million, underscoring the ongoing dependence on external funding and the importance of near-term liquidity management and potential contract milestones or partnerships.
From a competitive and market perspective, iBio operates in a high-visibility, R&D-intensive segment with limited near-term revenue generation. The QQ3 results suggest execution focus remains on advancing the two Segments (Biopharmaceuticals and Bioprocessing) and exploring collaborations or license arrangements that could unlock revenue. The company’s immediate outlook depends on securing commercial or milestone-based contracts, additional financing, and cost-control measures to extend the liquidity runway as it scales its CDMO capabilities.
Key Performance Indicators
Key Insights
Revenue: Not yet recognized in QQ3 2024 (null). Gross Profit: -$0.332 million on $0 revenue; Gross Margin: 0% (as revenue is null). YoY Gross Profit: -17.73%; QoQ Gross Profit: 14.21%. Operating Income: -$3.626 million. YoY Operating Income: 41.22%; QoQ Operating Income: 19.35%. Net Income: -$3.172 million. YoY Net Income: 56.51%; QoQ Net Income: 61.37%. EBITDA: -$2.251 million. YoY/EPS: EPS -$0.85; YoY EPS: 92.32%; QoQ EPS: 80.77%....
Financial Highlights
Revenue: Not yet recognized in QQ3 2024 (null). Gross Profit: -$0.332 million on $0 revenue; Gross Margin: 0% (as revenue is null). YoY Gross Profit: -17.73%; QoQ Gross Profit: 14.21%. Operating Income: -$3.626 million. YoY Operating Income: 41.22%; QoQ Operating Income: 19.35%. Net Income: -$3.172 million. YoY Net Income: 56.51%; QoQ Net Income: 61.37%. EBITDA: -$2.251 million. YoY/EPS: EPS -$0.85; YoY EPS: 92.32%; QoQ EPS: 80.77%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-332.00K |
-17.73% |
14.21% |
| Operating Income |
-3.63M |
41.22% |
19.35% |
| Net Income |
-3.17M |
56.51% |
61.37% |
| EPS |
-0.85 |
92.32% |
80.77% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.98
freeCashFlowPerShare
$-0.98
Management Commentary
Note: No earnings call transcript data was provided in the input. Consequently, this section cannot extract management color, strategic commentary, or direct quotes from the QQ3 2024 call. If you can provide the transcript or an accessible link, I can enrich this section with theme-by-theme management insights and quotes.
Forward Guidance
There was no formal guidance disclosed in the QQ3 2024 filing. Given the revenue absence in the quarter and ongoing cash burn, management likely will focus on securing CDMO projects, advancing the IBIO100 development program (systemic sclerosis and IPF), and pursuing vaccine/candidate collaborations (IBIO200/IBIO201 preclinical; IBIO400 for classical swine fever) to generate revenue milestones. Industry dynamics for biotech CDMOs suggest a need for diversified contract wins and cost discipline. Near-term guidance to monitor would include: (1) any binding contract receipts or milestone-based revenues, (2) additional funding rounds or debt/equity facilities, (3) progress in lead or preclinical programs and any partnerships with universities or industry players, and (4) changes in gross margins as revenue traction begins. Feasibility is contingent on securing contracts that shift the quarterly revenue signal and extending the liquidity runway through timely financing.