IBio Reports Profit In Q4 - Quick Facts

(RTTNews) - iBio, Inc. (IBIO) said it recorded a profit in the fourth quarter because of the $10.2 million in settlement income, reflecting the value of settlement of litigation with Fraunhofer. The company reported year-on-year decline in revenue, and said significant quarter-to-quarter revenue variability is commonplace for early-stage pharma services companies. Based upon the current outlook, iBio expects a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022. The company said, irrespective of quarterly fluctuations, it anticipates continued year-on-year revenue growth.

Fourth quarter consolidated net gain was $0.1 million compared to a consolidated net loss of $3.5 million, a year ago. Revenue was $0.5 million, a decrease of $0.6 million from prior year.

iBio recorded $97.0 million in cash, marketable securities, and investments in debt securities as of June 30, 2021. The company believes the current cash position is sufficient to fund operations through the first calendar quarter of 2023.