iBio Announces Filing of 2023 Annual Report on SEC Form 10-K
27 Septiembre 2023 - 3:19PM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), an AI-driven
innovator of precision antibody immunotherapies, announced today
the filing of its annual report on Form 10-K with the United States
Securities and Exchange Commission ("SEC") for the fiscal year
ended June 30, 2023.
Revenues for the fiscal year ended June 30, 2023
were $nil, compared to $1.9 million in fiscal 2022. Total operating
expenses, not including the loss from discontinued operations, were
$29.3 million in fiscal 2023, a 7% decrease from $31.6 million in
fiscal 2022. iBio's consolidated net loss for the fiscal year ended
June 30, 2023 was $65.0 million, an increased loss of $14.6 million
compared to 2022, due primarily to increased loss from discontinued
operations. iBio held cash and cash equivalents of $4.3 million,
and restricted cash of $3.3 million, as of June 30, 2023.
Pursuant to the disclosure requirements of the
NYSE American Company Guidelines Sections 401(h) and 610(b), the
Company advises that its audited financial statements for the
fiscal year ended June 30, 2023, included in its annual report on
Form 10-K filed today with the SEC, contained an audit opinion from
its independent registered public accounting firm related to the
Company’s ability to continue as a going concern. This announcement
is made pursuant to NYSE American LLC Company Guide Section 610(b),
which requires public announcement of the receipt of an audit
opinion containing a going concern paragraph.
Subsequent to fiscal 2023 year end, iBio
announced an amendment to its credit agreement (the “Credit
Agreement”) with Woodforest National Bank (the “Agreement”),
extending the Agreement’s maturity date from November 1, 2023 to
the earlier of December 31, 2023 or the acceleration of maturity of
the term loan in accordance with the Credit Agreement. The
extension of the maturity date was intended to afford the Company
sufficient time to close the pending sale of its cGMP biologics
manufacturing facility (the “CDMO Facility”), which is anticipated
to occur before the end of calendar 2023. There can be no assurance
that the closing conditions for the sale of the CDMO Facility will
be satisfied.
“Once the pending sale of the CDMO Facility
closes, and the Woodforest loan is paid in full, for which there
can be no assurance, it will complete the divestiture of iBio’s
contract development and manufacturing business in Texas, and
extend our cash runway to help support continued advancement of our
AI drug discovery platform and immunotherapy pipeline out of our
research and development center in California,” said Martin
Brenner, DVM, Ph.D., iBio’s Chief Executive Officer and Chief
Scientific Officer.
About iBio, Inc.
iBio develops next-generation biopharmaceuticals
using computational biology and 3D-modeling of subdominant and
conformational epitopes, prospectively enabling the discovery of
new antibody treatments for hard-to-target cancers and other
diseases. iBio’s mission is to decrease drug failures, shorten drug
development timelines, and open up new frontiers against the most
promising targets. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding the closing of the
sale of the CDMO Facility before the end of calendar 2023, paying
the Woodforest loan in full, completing the divestiture of the
Company’s contract development and manufacturing business in Texas,
and extending the Company’s cash runway to help support continued
advancement of its AI drug discovery platform and immunotherapy
pipeline out of its research and development center in California.
While the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
Company’s ability to complete the sale of the CDMO Facility as
planned; the Company’s ability to continue to execute its growth
strategy; the Company’s ability to obtain regulatory approvals for
commercialization of its product candidates, or to comply with
ongoing regulatory requirements; regulatory limitations relating to
the Company’s ability to promote or commercialize its product
candidates for specific indications; acceptance of the Company’s
product candidates in the marketplace and the successful
development, marketing or sale of products; the Company’s ability
to maintain its license agreements; the continued maintenance and
growth of its patent estate; the Company’s ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities and whether the Company will incur
unforeseen expenses or liabilities or other market factors;
successful compliance with governmental regulations applicable to
its manufacturing facility; competition; the Company’s ability to
retain its key employees or maintain its NYSE American listing; and
the other factors discussed in the Company’s filings with the SEC
including the Company’s Annual Report on Form 10-K for the year
ended June 30, 2023 and the Company’s subsequent filings with the
SEC on Forms 10-Q and 8-K. The information in this release is
provided only as of the date of this release, and the Company
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
Contact:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
Susan ThomasiBio, Inc.Media Relations(619)
540-9195Sthomas@ibioinc.com
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