Home Equities Score Why iBio Inc (IBIO) stock surged in the after-hours on Thursday?

Why iBio Inc (IBIO) stock surged in the after-hours on Thursday?

iBio Inc. (IBIO) shares gained 41.30% to trade at $1.95 in after-market on Thursday, May 6, 2021. Earlier IBIO’s stock lost 6.76% to close Tuesday’s session at $1.38. IBIO shares have surged 28.97% over the last 12 months, and they have moved down by 2.13% in the past week. Over the past three months, the stock has sunk 42.26%, while over the past six months, it has shed 19.30%. Further, the company has a current market of $306.83 million and its outstanding shares stood at 216.01 million.

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Let’s see what’s going on with iBio Inc?

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iBio settlement with Fraunhofer USA

On May 04, 2021, iBio, Inc. successfully resolved its lawsuit with Fraunhofer USA, Inc. the settlement will provide ownership of certain intellectual property related to plant-based biopharmaceutical production to iBio.

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As part of the settlement, iBio granted Fraunhofer USA a fully paid-up license to use the recombinant protein manufacturing technologies that were the subject of litigation.

The lawsuit began in March 2015 in the Delaware Court of Chancery. Fraunhofer USA will make additional cash payments to iBio in March 2022 and March 2023, In addition to an initial payment at signing which will cover iBio’s significant legal fees and expenses.

Participation in the investor conference

iBio recently participated in the 33rd Annual Roth Conference, which held virtually on March 15-17, 2021.

Recent financial results

On February 16, 2021, iBio, Inc reported its financial results for the fiscal quarter ended December 31, 2020.

Q2 2021 financial highlights

  • iBio reported revenues of approximately $0.7 million for Q2 2021, compared to $0.3 million in Q2 2020.
  • Total operating expenses were approximately $8.3 million for Q2 2021 compared with approximately $3.5 million in the same period of 2019.
  • R&D expenses were approximately $2.4 million in Q2 2021, compared with approximately $0.9 million in Q2 2020.
  • G&A expenses for the fiscal quarter ended December 31, 2020, were approximately $5.8 million, compared with approximately $2.6 million in the same period of 2019.
  • iBio suffered a net loss of 8.2 million, or $0.04 per share in Q2 2021 compared to a net loss of approximately $25.4 million, or $0.69 per share in Q2 2020.
  • iBio had cash and cash equivalents plus investments in debt securities of approximately $107.6 million on December 31, 2020. 

New CFBO& CSO appointments

On February 16, 2021, iBio, Inc appointed Robert M. Lutz as chief Financial & business officer (CFBO), effective March 4, 2021.

Back on December 28, 2020, iBio, Inc. appointed Martin B. Brenner, DVM, Ph.D., as its Chief Scientific Officer (CSO), effective January 18, 2020.

Closing common stock public offering

On December 10, 2020, iBio, Inc. closed its underwritten public offering of approximately 29.7 million shares of its common stock for gross proceeds of $35.0 million.

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Conclusion

The dispute settlement with Fraunhofer USA could be the reason behind its surge in after-market sessions because iBio will get significant money after the settlement. At the moment there is no other recent development about iBio.

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