iBio’s QQ4 2024 results reflect a business equation typical of an early-stage biotech services company with limited commercial revenue. Reported revenue for Q4 2024 was $0.175 million, while gross profit stood at $0.919 million and operating losses persisted at $3.41 million, yielding a net loss of $7.78 million and an EPS of $(0.90). Despite the negative bottom-line, the company maintains a robust cash position (~$14.4 million at quarter-end) and a net cash balance of about $9.75 million, supported by financing activities that added roughly $13.0 million during the period. These dynamics suggest management is prioritizing liquidity to fund ongoing development programs and potential contract manufacturing opportunities while awaiting revenue-generating milestones from IBIO’s pipeline and collaborations.
Key drivers of the quarterly performance include high operating expenses (R&D of $1.14 million and G&A of $2.44 million) relative to a nominal revenue base, which together drove negative EBITDA of approximately $2.91 million and an operating loss of about $3.41 million. The balance sheet remains conservatively leveraged with total debt around $4.46 million and no material cash burn offset by outsized financing inflows. The major strategic implication for investors is the balance between near-term liquidity sufficiency and the ability to translate ongoing R&D and contract development/manufacturing capabilities into sustainable revenue over time. The company’s value proposition hinges on progress toward IND-enabling activities for IBIO100, the advancement of vaccine candidates IBIO200/IBIO201/IBIO400 in preclinical stages, and the potential for new collaborations or licensing arrangements that would convert R&D investment into revenue and earnings optionality.
Key Performance Indicators
Revenue
175.00K
QoQ: N/A | YoY:N/A
Gross Profit
919.00K
5.25% margin
QoQ: 376.81% | YoY:3 064.52%
Operating Income
-3.41M
QoQ: 5.98% | YoY:31.34%
Net Income
-7.78M
QoQ: -145.21% | YoY:-28.92%
EPS
-0.90
QoQ: -5.88% | YoY:84.85%
Revenue Trend
Margin Analysis
Key Insights
Q4 2024 revenue: $0.175 million; gross profit reported at $0.919 million, resulting in a gross margin of 5.25% (as reported). Note: The gross profit figure appears inconsistent with revenue at face value in the input data; the provided margin is used for analysis. EBITDA was negative at approximately $(2.905) million, and operating income was $(3.409) million, yielding an operating margin of about (19.48%).
Net income: $(7.778) million; net margin (44.45%). Earnings per share (EPS, basic/diluted): $(0.90).
YoY and QoQ metric comments: Revenue YoY and QoQ are not provided (N/A in the data). Gross profit margin shows a significant swing in the reported quarter; operating and net margins remained negative, underscoring ongoing fixed-cost absorption with minimal revenue.
Cash and cash equivalents: $14.21 million at period end; total cash and short-term investments reported as $14.21 million.
Net cash position: Given total debt of $4.46 million and cash balance, the company reports a net debt of approximately $(9.75) million, indicating a net cash position as of the quarter-end (negative net debt).
Financial Highlights
Revenue and profitability:
- Q4 2024 revenue: $0.175 million; gross profit reported at $0.919 million, resulting in a gross margin of 5.25% (as reported). Note: The gross profit figure appears inconsistent with revenue at face value in the input data; the provided margin is used for analysis. EBITDA was negative at approximately $(2.905) million, and operating income was $(3.409) million, yielding an operating margin of about (19.48%).
- Net income: $(7.778) million; net margin (44.45%). Earnings per share (EPS, basic/diluted): $(0.90).
- YoY and QoQ metric comments: Revenue YoY and QoQ are not provided (N/A in the data). Gross profit margin shows a significant swing in the reported quarter; operating and net margins remained negative, underscoring ongoing fixed-cost absorption with minimal revenue.
Liquidity and capital resources:
- Cash and cash equivalents: $14.21 million at period end; total cash and short-term investments reported as $14.21 million.
- Net cash position: Given total debt of $4.46 million and cash balance, the company reports a net debt of approximately $(9.75) million, indicating a net cash position as of the quarter-end (negative net debt).
- Working capital and liquidity metrics: Current ratio 4.08; quick ratio 4.08; cash ratio 3.70, signaling strong near-term liquidity cushion relative to current liabilities.
Cash flows:
- Net cash provided by (used in) operating activities: $(4.854) million (negative burn).
- Net cash used in investing activities: $(0.144) million (including capex of $(0.21) million).
- Net cash provided by financing activities: $12.992 million (financing inflows).
- Free cash flow: $(6.064) million (negative).
- Net change in cash: $7.994 million increase; cash at end of period: $14.425 million.
Balance sheet health:
- Total assets: $28.734 million; total liabilities: $7.410 million; total stockholders’ equity: $21.324 million.
- Debt profile: Short-term debt $0.953 million; long-term debt $3.507 million; total debt $4.46 million; cash and equivalents provide a net cash position.
- Intangibles and goodwills: Intangible assets $5.368 million; no goodwill reported.
- Leverage and liquidity indicators: Debt ratio 0.155; debt-to-equity 0.209; price-to-book around 0.813; enterprise value multiple negative due to net cash position.
Valuation and market context:
- Price-to-sales ratio ~99.05 and price-to-book ~0.813, illustrating a cash-rich balance sheet with a sparse revenue base, a common characteristic of early-stage biotechnology service companies.
- Industry benchmarks for biotech service players typically exhibit negative earnings with substantial R&D intensity; valuation is driven by pipeline potential, collaboration milestones, and eventual revenue generation rather than current profitability.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
175.00K
N/A
N/A
Gross Profit
919.00K
3 064.52%
376.81%
Operating Income
-3.41M
31.34%
5.98%
Net Income
-7.78M
-28.92%
-145.21%
EPS
-0.90
84.85%
-5.88%
Key Financial Ratios
currentRatio
4.08
grossProfitMargin
525%
operatingProfitMargin
-1948%
netProfitMargin
-4445%
returnOnAssets
-27.1%
returnOnEquity
-36.5%
debtEquityRatio
0.21
operatingCashFlowPerShare
$-0.56
freeCashFlowPerShare
$-0.59
priceToBookRatio
0.81
priceEarningsRatio
-0.56
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript Highlights:
- No earnings call transcript was provided in the data set for QQ4 2024, and no management quotes are available to extract thematic insights. As a result, there are no verbatim quotes to group by themes (strategy, operations, market conditions) within this report. If a transcript becomes available, the highlights should be organized by themes such as pipeline progress (IBIO100), contract development/manufacturing activities, and collaboration strategy, with direct quotes and their significance annotated.
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Forward Guidance
Forward guidance and formal 2025 targets are not provided in the QQ4 2024 data. Given the limited revenue base and ongoing operating losses, the company’s near-term guidance would likely be contingent on advancing IBIO100 toward IND submission, progressing IBIO200/IBIO201/IBIO400 in preclinical development, and securing new CDMO contracts or collaboration deals. Our qualitative assessment suggests the following considerations:
- achievability: Targets tied to IND-readiness and upcoming collaborations could be achievable if development milestones align with partner timing; however, clinical/regulatory timelines remain inherently uncertain and could extend; success in securing new development or manufacturing contracts would be a pivotal near-term catalyst.
- monitoring factors: (1) progress toward IND submission for IBIO100, (2) pipeline advancement milestones for preclinical vaccines (IBIO200/IBIO201/IBIO400), (3) new collaboration or licensing agreements, (4) changes in contract manufacturing demand, (5) any material changes to the balance sheet (equity financing or debt facilities).
Overall, the lack of visible revenue milestones in the near term underscores the importance of external value drivers and balance-sheet durability for investors.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
IBIO Focus
5.25%
-19.48%
-36.50%
-55.70%
TNXP
-2.09%
-7.23%
-25.90%
-11.70%
TRAW
92.90%
-79.68%
-39.20%
-23.53%
JAGX
44.40%
-3.12%
-1.85%
-5.71%
VXRT
63.00%
-5.21%
-30.10%
-1.27%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given iBio’s current financial profile, investors are trading on optionality rather than current earnings. The QQ4 2024 results show a continued negative earnings trajectory amid minimal revenue, but the company maintains a meaningful liquidity cushion that can support ongoing pipeline development and potential collaboration-driven growth. The near-term catalysts hinge on (a) IND progression for IBIO100, (b) advancement of preclinical vaccine candidates (IBIO200/IBIO201/IBIO400), and (c) the pursuit or renewal of collaboration/ manufacturing agreements. Valuation remains heavily influenced by the prospect of converting pipeline milestones into revenue rather than current profitability, with a very high price-to-sales multiple reflecting the cash-rich balance sheet rather than operating cash generation. Investors should monitor progress toward IND readiness, data from preclinical programs, any new contract manufacturing engagements, and the company’s ability to monetize collaborations. If milestones or contracts materialize, the stock could re-rate; absent near-term revenue visibility, downside remains anchored by the current burn rate and funding needs.
Key Investment Factors
Growth Potential
iBio’s core growth potential rests on: (a) monetizing its Bioprocessing/CDMO capabilities through contracted manufacturing and development services, (b) advancing IBIO100 toward IND status with potential downstream clinical development income, and (c) leveraging preclinical vaccine programs (IBIO200/IBIO201/IBIO400) into licensing or collaboration revenue. The company also benefits from a diversified collaboration portfolio (Planet Biotechnology, Texas A&M, University of Natural Resources and Life Sciences Vienna) which could yield future revenue streams if partnerships translate into milestones or royalty arrangements.
Profitability Risk
Key risks include persistent negative profitability and cash burn, reliance on securing new collaborations and contracts, regulatory and clinical development risk for IBIO’s pipeline programs, potential financing dilutions to fund operations, and competition from larger established CDMOs. The sparse revenue base makes the business highly sensitive to milestone-based or back-end licensing income, which may be uneven and unpredictable.
Financial Position
The company maintains a solid liquidity position with approximately $14.2 million in cash and cash equivalents and a net cash position of about $9.75 million as of QQ4 2024, supported by financing inflows of nearly $13 million during the period. However, operating cash flow remains negative, and near-term profitability is not guaranteed. The balance sheet shows modest leverage (total debt ~$4.46 million) and ample stockholders’ equity (~$21.324 million), suggesting financial flexibility for a transitional phase of product and service expansion.
SWOT Analysis
Strengths
Healthy cash position (~$14.2M) and net cash balance (~$9.75M) provide liquidity runway to fund R&D and partnerships.
Two-segment platform (Biopharmaceuticals and Bioprocessing) with CDMO capabilities, enabling potential revenue from development and manufacturing services.
Diverse collaboration portfolio with universities and industry partners (e.g., Planet Biotechnology, Texas A&M, University of Natural Resources and Life Sciences Vienna) that could unlock future milestones.
Low current debt burden, with a supportive current ratio (4.08) indicating liquidity resilience.
Weaknesses
Materially limited revenue in QQ4 2024 ($0.175M) and ongoing operating losses, highlighting early-stage commercialization risk.
High fixed costs driven by R&D ($1.14M) and G&A ($2.444M) relative to revenue resulting in negative EBITDA and net income.
Reliance on collaboration-based and contract manufacturing revenue rather than recurring product sales; sparse near-term visibility into revenue milestones.
Valuation exposure to equity financing risk if additional capital is required; potential dilution.
Opportunities
IND-enabling progress for IBIO100 could unlock future clinical development milestones and potential collaboration/licensing income.
Preclinical vaccine programs (IBIO200/IBIO201/IBIO400) offer optionality for collaboration or licensing deals as preclinical data mature.
Stronger participation in the contract development/manufacturing market could improve utilization of Bioprocessing capabilities and generate steady revenue streams.
Strategic partnerships and academic collaborations may yield milestone-based payments and royalty opportunities.
Threats
Clinical and regulatory uncertainties could delay INDs or prevent milestone achievements, impacting revenue realization.
Competition from established CDMOs and biotech manufacturers could constrain pricing power and backlog growth.
Financing dependence and potential dilution risk if operating cash burn persists and alternative funding is needed.
Macro biotech market volatility and reliance on external collaborations could introduce revenue volatility.