iBio — Q1 Fiscal Year 2027 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was approximately $1.1 million, an increase of $1.0 million from $0.1 million in the same period of the prior year.
• Research and development (R&D) expenses were approximately $6.7 million, up approximately $3.1 million (87%) from $3.6 million in the prior year period.
• General and administrative (G&A) expenses were approximately $2.8 million, an increase of approximately $0.3 million (10%) from $2.5 million in the prior year period.
• Total operating expenses were $9.4 million compared to $6.1 million in the prior year period.
• Operating loss was $8.3 million compared to $6.0 million in the prior year period.
• Net loss was $7.6 million, or $0.05 per share, compared to a net loss of $5.7 million, or $0.11 per share, in the prior year period.
• Cash and cash equivalents and investments in debt securities totaled approximately $76.7 million as of September 30, 2026.
• Cash and cash equivalents decreased from $56.4 million at June 30, 2026, to $45.4 million at September 30, 2026.
• Contract liabilities decreased from $1.2 million at June 30, 2026, to $0.2 million at September 30, 2026.

Guidance and Future Outlook:

• iBio expects to initiate first-in-human trials of IBIO-610 in the first half of 2027.
• The company anticipates an IND-equivalent filing for IBIO-610 by the end of 2026.
• Interim Phase 1 data for the single ascending dose (SAD) study of IBIO-600 is anticipated in the first quarter of 2027.
• The multiple ascending dose portion of the Phase 1 clinical trial for IBIO-600 is anticipated to start in the first quarter of 2027.
• Management plans to advance preclinical programs addressing the entire spectrum of cardiometabolic disease care.

Business Segments and Product Lines:

• Presented preclinical body composition data for IBIO-610 (long-acting Activin E antibody) in obese non-human primates at the EASD Annual Meeting.
• In NHP studies, fat accounted for 93% of weight lost by subjects receiving IBIO-610 combined with semaglutide, compared to 77% for semaglutide alone; lean mass accounted for 6% and 22%, respectively.
• Completed dosing in the single ascending dose (SAD) portion of the Phase 1 clinical trial for IBIO-600 (long-acting anti-myostatin antibody).
• R&D expense increases were driven by consultants and outside services supporting the IBIO-600 Phase 1 trial, NHP studies, and CMC activities.
• Personnel costs increased due to advancing research activities for IBIO-600, IBIO-610, IBIO-800, and other preclinical assets.

Market and Competitive Landscape:

• iBio is developing long-acting antibody therapeutics for obesity, cardiometabolic, and cardiopulmonary diseases, cancer, and other hard-to-treat diseases.
• The company utilizes advanced antibody engineering combined with AI-driven discovery.
• IBIO-610 is being evaluated for potential to improve body composition as a standalone therapy and in combination with GLP-1 receptor agonists.

Risks and Challenges:

• Forward-looking statements are subject to risks including the possibility that preclinical findings will not be replicated in humans.
• Risks include potential delays in meeting anticipated timelines for IND filings and clinical trial initiation.
• Risks include clinical trial enrollment and execution challenges, product development hurdles, and regulatory approval uncertainties.
• Actual results may differ materially from expectations due to risks described in filings with the Securities and Exchange Commission.

Management Commentary and Tone:

• CEO Martin Brenner described the quarter as a period of "focus and execution" advancing the portfolio of long-acting antibody therapeutics.
• Management expressed strengthened conviction in IBIO-610's potential to deliver high-quality weight loss based on preclinical validation.
• The company aims to help people living with obesity achieve high-quality weight loss and better long-term health.

Other Key Points:

• iBio plans to participate in upcoming scientific and investor conferences, including Guggenheim Healthcare Innovation Conference (Nov 9-11, 2026), ObesityWeek 2026 (Nov 14-17, 2026), Protein & Antibody Engineering (PEGS) Europe 2026 (Nov 16-19, 2026), Jefferies Global Healthcare Conference (Nov 16-19, 2026), Piper Sandler 38th Annual Healthcare Conference (Dec 1-3, 2026), and Amylin-Based Therapeutics Summit (Dec 1-3, 2026).
• Weighted-average common shares outstanding increased to 151.6 million in Q1 FY2027 from 53.0 million in the prior year period.
• Shares issued and outstanding increased to 64.3 million as of September 30, 2026, from 55.7 million as of June 30, 2026.
• Unrealized loss on debt securities contributed to a comprehensive loss of $7.6 million, compared to a comprehensive loss of $5.7 million in the prior year period.