HomeFinancial MarketsWhy iBio Inc. (IBIO) stock performed well on Tuesday?

Why iBio Inc. (IBIO) stock performed well on Tuesday?

iBio Inc. (IBIO) shares gained 4.15% in after-hours on Tuesday, December 21, 2021, and closed the daily trading at $0.68. Even in the regular trading session, IBIO’s stock gained 2.52%. Its shares have fallen 47.15% over the last 12 months, and they have moved down 0.00% in the past week. Over the past three months, the stock has lost 43.48%, while over the past six months, it has declined 58.33%.

Let’s briefly discuss its latest developments

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IBIO upcoming annual stockholders meeting

iBio, Inc. 2021 Annual Shareholders meeting will be held on December 22, 2021, at 9:00 AM EST and can be listened to virtually at www.virtualshareholdermeeting.com/IBIO2021.

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IBIO latest financial results

On November 15, 2021, iBio, Inc. reported its financial results for the fiscal quarter ended September 30, 2021.

Q1 2022 financial highlights

  • The total revenue was approximately $211,000 in Q1 2022 compared to approximately $410,000 in Q1 2021.
  • Total operating expenses were $9.14 million in Q1 2022 compared to $7.3 million in Q1 2021.
  • It suffered a net loss of approximately $8.9 million, or $0.04 per share in Q1 22022, compared to a net loss of approximately $7.5 million, or $0.05 per share, in the same period of 2020.
  • The company ended Q1 2022 with $82.3 million in cash and cash equivalents and investments in debt securities.

Collaboration with UT Southwestern

On November 15, 2021, iBio, Inc. announced a research collaboration with the University of Texas Southwestern Medical Center (UT Southwestern) to explore in solid tumors the anti-cancer potential of the molecule that is part of the IBIO-100 program.

The collaboration will evaluate the potential of the anti-fibrotic effects of iBio’s endostatin E4 molecule to improve the efficacy of concomitant treatments, such as chemotherapy and immunotherapy, in cancer models with a fibrotic component.

IBIO acquired FastPharming manufacturing facility

On November 03, 2021, iBio, Inc. purchased the manufacturing facility it previously operated under a lease from two affiliates of Eastern Capital Limited (the “Eastern Affiliates”). The Company also acquired the approximate 30% equity interest in CDMO, LLC. held by the Eastern Affiliates. As a result, the subsidiary and its intellectual property are now wholly-owned by iBio.

The cost of acquisition was $28,750,000. The company issued additional warrants to purchase 289,581 shares of common stock to pay for the final rent due.

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Well, we have no reason for its good performance on Tuesday, and let’s see how it performs on Wednesday after its shareholder’s meeting?

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