iBio’s QQ3 2025 results underscore a continued cash burn with a net loss of $4.86 million and an EBITDA of $(3.97) million, while the company holds a cash balance of $4.96 million as of March 31, 2025. Revenue remains minimal and non-recurring across the quarter, with R&D and G&A expenses totaling approximately $4.88 million, contributing to the operating loss of $4.88 million. Management commentary (where available) has historically emphasized progress in IBIO100 development and CDMO capabilities; however, no formal forward guidance was provided in the quarter and the company faces a tight liquidity runway absent new funding or meaningful partner milestones. On the balance sheet, iBio maintains a solid equity base ($11.38 million) and modest leverage (total debt $2.93 million; net debt approximately $(2.03) million), which supports potential liquidity inflections if strategic partnerships or milestone payments materialize. The 12-month perspective remains contingent on pipeline progression, partnership execution, and the ability to monetize IBIO’s contract development and manufacturing capacity.