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
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.
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.
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?