Summary by Moomoo AI
iBio Inc. reported financial results for fiscal year 2024, with revenue of $0.2 million compared to no revenue in FY2023. Net loss from continuing operations decreased to $15.4 million from $29.3 million in the prior year, while total net loss including discontinued operations was $24.9 million versus $65.0 million. Operating expenses declined 42% to $16.9 million due to reduced R&D and G&A costs.The company completed its transformation into an AI-driven antibody discovery company, divesting its CDMO facility in Texas for $8.5 million and settling related debt obligations. Strategic achievements included entering collaborations with AstralBio for cardiometabolic diseases, selling PD-1 assets to Otsuka, and raising approximately $15 million through a private placement.Looking ahead, iBio is advancing its preclinical pipeline leveraging its AI technology stack, with positive data for three immuno-oncology candidates. The company held $14.4 million in cash and equivalents as of June 30, 2024, expected to fund operations into Q1 FY2026. Management is evaluating options to extend cash runway through potential asset sales, licensing deals and additional capital raises.
