Executive Summary
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.
Key Performance Indicators
QoQ: -10.41% | YoY:-34.56%
QoQ: -11.39% | YoY:-53.25%
Key Insights
Revenue: not reported for QQ3 2025; last four quarters show small, non-recurring revenue (Q4’24: $0.175M; Q2’25: $0.200M; others: $0). Gross profit: not reported (gross profit/margin effectively 0 given null revenue). Operating income: $(4.8789) million; YoY -34.56%, QoQ -10.41% in the metric table. Net income: $(4.861) million; YoY -53.25%, QoQ -11.39%. EPS: $(0.49); YoY +42.35%, QoQ -2.08%. R&D: $1.906 million; SG&A: $2.973 million; D&A: $0.841 million; Interest: $0.054 million...
Financial Highlights
Revenue: not reported for QQ3 2025; last four quarters show small, non-recurring revenue (Q4’24: $0.175M; Q2’25: $0.200M; others: $0). Gross profit: not reported (gross profit/margin effectively 0 given null revenue). Operating income: $(4.8789) million; YoY -34.56%, QoQ -10.41% in the metric table. Net income: $(4.861) million; YoY -53.25%, QoQ -11.39%. EPS: $(0.49); YoY +42.35%, QoQ -2.08%. R&D: $1.906 million; SG&A: $2.973 million; D&A: $0.841 million; Interest: $0.054 million. Operating cash flow: $(3.106) million; Free cash flow: $(3.119) million. Cash and equivalents: $4.959 million; Beginning cash: $7.238 million. Current ratio: 1.12; Net debt: $(2.03) million; Total debt: $2.93 million; Equity: $11.38 million. Valuation indicators show negative earnings multiple with price/book around 3.48, P/E not meaningful due to losses; enterprise value negative, and price-to-sales near 0.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-4.88M |
-34.56% |
-10.41% |
| Net Income |
-4.86M |
-53.25% |
-11.39% |
| EPS |
-0.49 |
42.35% |
-2.08% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.32
freeCashFlowPerShare
$-0.32
Management Commentary
Transcript data for QQ3 2025 is not provided in the supplied dataset. Consequently, no direct management quotes are available from an earnings call. The thematic implications, should management commentary be available, would typically cover: (i) cost discipline and operating leverage in R&D vs. commercial initiatives, (ii) progress updates on IBIO100 trials and IND-enabling activities, (iii) the trajectory and monetization of CDMO services and any new CSP (contract services) collaborations, and (iv) potential partnerships or milestone-based financing to extend the liquidity runway.
Forward Guidance
No explicit forward guidance was provided in the QQ3 2025 filing. Given the current cash burn and limited revenue, the near-term path will likely hinge on two catalysts: (1) strategic partnerships or licensing milestones tied to IBIO100 or other programs that can provide non-dilutive or milestone-based funding, and (2) utilization/expansion of CDMO capacity to attract fee-for-service backlog and collaboration revenue. Our qualitative assessment suggests a cautious runway; absent new funding or meaningful partner commitments, operating losses and cash burn could constrain optionality. Scenario-based considerations: baseline assumes continued low-single-digit quarterly revenue contributions from CDMO activities and ongoing R&D spend; upside if a partner secures a milestone or the company monetizes additional CDMO contracts; downside if financing is delayed or equity dilution becomes necessary to sustain operations.