iBio, Inc. IBIO
iBio, Inc. (also referred to as "we", "us", "our", "iBio", or the "Company") is a clinical-stage biotechnology company leveraging the power of Artificial Intelligence ("AI") for the development of hard-to-drug precision antibodies for obesity, cardiometabolic and cardiopulmonary diseases. Our core mission is to harness the potential of AI and machine learning ("ML") to unveil novel biologics which other scientists have been unable to develop. Through our innovative AI Drug Discovery Platform, we have been able to identify differentiated molecules aimed at addressing unmet needs by current approved therapies.
We believe the future treatment for obesity lies not just in overall weight loss, but in the quality, durability, and tolerability of weight loss. Current interventional therapies, such as glucagon-like peptide-1 ("GLP-1") receptor agonists have ushered in a breakthrough era, yet challenges remain: muscle loss, fat regain after treatment cessation, and long-term tolerability. We are developing next-generation therapies designed with the goal of meeting these unmet needs, by leveraging AI-guided antibody design, advanced screening technologies and deep expertise in biologics development.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $100.0K | $400.0K | $225.0K | $0 | $1.9M | $2.4M | $1.6M | $37.0K | $44.0K | $394.0K |
| Cost of revenue | — | — | — | — | $216.0K | $1.5M | $703.0K | — | — | — |
| Gross profit | — | — | — | — | $2.2M | $909.0K | $935.0K | — | — | — |
| R&D | $19.6M | $8.3M | $5.2M | $10.3M | $9.8M | $10.0M | $3.6M | $5.5M | $4.0M | $4.1M |
| SG&A | $10.6M | $10.7M | $11.7M | $19.0M | $21.8M | $22.0M | $11.4M | $12.3M | $10.7M | $10.6M |
| Total operating expenses | $35.2M | $19.0M | $16.9M | $29.3M | $31.6M | $32.0M | $14.9M | $17.8M | $14.7M | $14.7M |
| Operating income | -$35.1M | -$18.6M | -$16.6M | -$29.3M | -$29.7M | -$31.1M | -$14.0M | -$15.8M | -$14.2M | -$14.3M |
| Interest expense | $53.0K | $212.0K | $172.0K | $83.0K | $1.4M | $2.5M | $2.5M | $1.9M | $1.9M | $1.9M |
| Pre-tax income | -$33.0M | -$18.4M | -$24.9M | -$65.0M | -$50.3M | -$23.2M | -$16.4M | -$17.6M | -$16.1M | -$14.5M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$32.8M | -$18.4M | -$24.9M | -$65.0M | -$50.3M | -$23.2M | -$16.4M | -$17.6M | -$16.1M | -$14.5M |
| EPS, basic | -0.32 | -1.75 | -6.50 | -106.19 | -5.78 | -3.00 | — | — | — | — |
| EPS, diluted | -0.32 | -1.75 | -6.50 | -106.19 | -5.78 | -3.00 | -0.61 | -0.94 | -1.54 | -1.64 |
| Shares, diluted (wtd. avg.) | $104.1M | $10.5M | $3.8M | $612.0K | $8.7M | $7.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $56.4M | $8.6M | $14.4M | $7.6M | $28.7M | $77.4M | $55.1M | $4.4M | $4.4M | $15.9M |
| Short-term investments | $31.6M | — | — | — | — | — | — | — | — | — |
| Receivables | — | — | $0 | $0 | $1.0M | $426.0K | $75.0K | $97.0K | $75.0K | $175.0K |
| Inventory | — | — | $0 | $0 | $3.9M | $27.0K | — | — | — | — |
| Total current assets | $92.2M | $9.7M | $15.7M | $26.3M | $45.1M | $104.6M | $61.7M | $4.8M | $16.3M | $8.6M |
| Property, plant and equipment | $3.1M | $3.2M | $3.6M | $4.2M | $1.4M | $8.6M | $3.7M | $24.4M | $25.2M | $25.6M |
| Other intangibles | $1.8M | $6.8M | $5.4M | $5.4M | $4.9M | $952.0K | $1.1M | $1.4M | $1.6M | $1.8M |
| Total assets | $99.1M | $23.2M | $28.7M | $41.2M | $99.4M | $147.0M | $94.2M | $30.6M | $43.1M | $36.0M |
| Accounts payable | $4.4M | $2.2M | $358.0K | $1.8M | $4.3M | $2.3M | $1.8M | $1.0M | $790.0K | $749.0K |
| Total current liabilities | $11.7M | $6.1M | $3.8M | $22.1M | $30.4M | $6.6M | $5.2M | $3.5M | $2.0M | $2.0M |
| Total liabilities | $13.4M | $8.3M | $7.4M | $25.8M | $35.9M | $38.4M | $37.6M | $28.1M | $26.9M | $27.1M |
| Retained earnings | -$365.3M | -$332.2M | -$313.8M | -$288.9M | -$223.9M | -$173.6M | -$150.4M | -$105.8M | -$88.2M | -$72.1M |
| Total equity | $85.7M | $14.9M | $21.3M | $15.4M | $63.5M | $108.6M | $56.6M | $2.5M | $16.2M | $8.9M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23.2M | -$15.3M | -$18.6M | -$30.4M | -$37.5M | -$30.1M | -$13.3M | -$14.0M | -$13.5M | -$13.2M |
| Depreciation and amortisation | $558.0K | $484.0K | $638.0K | $674.0K | $2.3M | $472.0K | $282.0K | $1.4M | $1.4M | $1.3M |
| Stock-based compensation | $1.4M | $1.5M | $2.0M | $4.4M | $4.4M | $1.6M | $388.0K | $241.0K | $770.0K | $1.0M |
| Capital expenditure | $578.0K | $16.0K | $210.0K | $5.7M | $7.3M | $4.9M | $1.1M | $920.0K | $934.0K | $1.3M |
| Investing cash flow | -$32.0M | $742.0K | $906.0K | $7.0M | -$5.1M | -$26.5M | -$1.2M | -$990.0K | -$1.1M | -$1.6M |
| Financing cash flow | $103.0M | $8.9M | $24.5M | $2.3M | -$6.1M | $78.8M | $65.2M | $3.5M | $22.4M | -$170.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001420720-26-000022.
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