iBio — Fiscal Year 2026 Earnings Summary

Financial Performance

• Revenue for the fiscal year ended June 30, 2026, was approximately $0.1 million, a decrease of $0.3 million from $0.4 million in fiscal year 2025.
• Research and development (R&D) expenses increased to approximately $19.6 million from $8.3 million in the prior year, driven by an $8.4 million increase in consultant and outside service spending for NHP studies, CMC activities, and preclinical assets, plus a $2.5 million development milestone.
• General and administrative expenses decreased slightly to approximately $10.6 million from $10.7 million in the prior year.
• The company recorded a $5.0 million impairment of indefinite-lived intangible assets (IBIO-101) in fiscal 2026, with no such impairment in fiscal 2025.
• Net loss for fiscal 2026 was $33.0 million, compared to a net loss of $18.4 million in fiscal 2025.
• Cash and cash equivalents plus investments in debt securities totaled approximately $88.0 million as of June 30, 2026, compared to $8.6 million in cash and cash equivalents in the prior year.
• Weighted-average common shares outstanding increased to 104.1 million from 10.5 million in the prior year.
• Loss per common share was $0.32 for fiscal 2026, compared to $1.75 in fiscal 2025.

Guidance and Future Outlook

• Management stated that successful financings extended the company's cash runway into fiscal year 2028.
• The company plans to advance IBIO-600 into the multiple ascending dose escalation portion of its Phase 1 clinical trial.
• iBio intends to continue advancing its pipeline toward and into clinical development.

Business Segments and Product Lines

• IBIO-610 (Activin E antibody): Advanced into IND-enabling studies; demonstrated near-complete suppression of active Activin E for up to eight weeks in obese non-human primates; preclinical data in rodents showed fat-selective weight loss, additive weight loss with semaglutide, and prevention of weight regain following GLP-1 discontinuation.
• IBIO-600 (Anti-myostatin antibody): Advanced through the single ascending dose portion of its first-in-human Phase 1 trial, dosing 31 of 32 planned participants across four cohorts with no safety findings precluding dose escalation; developed to preserve muscle and improve body composition.
• IBIO-800 (Myostatin × Activin A bispecific antibody): Selected as a development candidate and advanced into IND-enabling development; preclinical data supports potential to preserve/increase muscle and address cardiopulmonary disease, specifically pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).
• AstralBio Program: In-licensed all rights to AstralBio's amylin receptor antibody program, including selective AMY1/AMY3 agonists and dual amylin/calcitonin receptor agonists, currently advancing through preclinical characterization.

Other Key Points

• Closed a public offering in August 2025 with total potential gross proceeds of up to $100 million (assuming full exercise of warrants), led by Balyasny Asset Management.
• Closed a $26 million private placement in January 2026 with healthcare-focused institutional investors led by Frazier Life Sciences.
• Entered into an Open Market Sale Agreement with Jefferies LLC for the sale of up to $100 million of common stock.
• Appointed Elizabeth Stoner, M.D., to the Board of Directors.
• Appointed Molly Carr, M.D., as Chief Medical Officer.
• Total assets increased to $99.1 million as of June 30, 2026, from $23.2 million in the prior year.
• Total stockholders' equity increased to $85.7 million as of June 30, 2026, from $14.9 million in the prior year.