iBio Inc. (IBIO) shares gained 3.82% in after-hours on Thursday, July 15, 2021, and closed the trading at $1.36. Earlier in the normal trading session, IBIO’s stock lost 1.50% to close Thursday’s session at $1.31. IBIO shares have fallen 60.66% over the last 12 months, and they have moved down 5.76% in the past week. Over the past three months, the stock has gained 1.55%, while over the past six months, it has shed 9.03%.
Successful Preclinical results of IBIO-202 Covid vaccine
On July 15, 2021, iBio, Inc announced that preclinical studies of IBIO-202, its subunit vaccine candidate that targets the nucleocapsid protein (“N protein”) of SARS-CoV-2, demonstrated a robust, antigen-specific, memory T-cell response.
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All commercially available COVID-19 vaccines target to neutralize the spike of S-protein but are likely to wane over time. cellular immunity achieved by S protein-directed vaccines may not be sufficient to create a durable immune response, especially in the context of emerging variant strains of the virus.
The N protein gene is more conserved and stable than the spike, with 90% amino acid homology and fewer mutations over time in contrast.
Establishing Oncology Drug Discovery
On July 08, 2021, iBio, Inc added three anti-cancer targets to its pipeline of therapeutic candidates. This development establishes the Company’s new drug discovery capabilities announced just a few weeks ago.
New Board member
On June 09, 2021, iBio, Inc appointed Evert (Eef) Schimmelpennink to its Board of Directors, effective immediately.
Mr. Schimmelpennink has more than 20 years of executive experience and he recently served as CEO of Pfenex Inc. Previously, Mr. Schimmelpennink served as CEO of AlvotechEhf, a global biopharmaceutical company.
Recent financial results
On May 17, 2021, iBio, Inc reported its financial results for the fiscal quarter ended March 31, 2021.
Q3 2021 financial highlights
- iBio reported revenues of approximately $0.8 million in Q3 2021 compared to $0.1 million in the fiscal quarter ended March 31, 2020.
- The gross profit was $0.3 million in Q3 2021 compared to zero gross profit in Q3 2020.
- R&D expenses were approximately $2.2 million in Q3 2021, compared with approximately $1.1 million in Q3 2020.
- G&A expenses were approximately $5.3 million in Q3 2021, compared with approximately $3.0 million in Q3 2020.
- It suffered a net loss of approximately $7.7 million or $0.04 per share in Q3 2021 compared to a net loss of approximately $4.7 million, or $0.06 per share in Q3 2020.
- As of March 31, 2021, iBio had $103.9 million in cash, cash equivalents, and debt investments.
The IBIO stock surged after the company announced successful results of its covid-19 vaccine candidate. IBIO stock can continue to surge on Friday as well.