iBio, Inc. (IBIO) stock plummeted 10.00% in the pre-market trading session at the price of $0.40 despite no fundamental developments.
IBIO Fiscal Q2 2022 Earnings Report
On 14th February 2022, IBIO published its financial results for the fiscal second quarter ended 31st December 2021 and delivered business updates. Revenues totaled US$0.2M for Q2 of fiscal 2022, representing a drop of 76 percent from US$0.7M for the same quarter last year. Net loss for Q2 of 2021 was US$11.9M, or per share of US$0.05. The company has a net loss of US$8.2M, or per share of US$0.04, for Q2 of the previous year.
For Q2 of fiscal 2022, G&A costs increased 48 percent compared to Q2 of 2021. IBIO reported a growth of 40 percent in its R&D expenses for Q2 of fiscal 2022 over the comparable period the prior year. The stock calculated cash, cash equivalents, and debt securities of roughly US$57.4M on 31st December 2021. The company hopes it has sufficient cash to fund its operational activities till 30th September 2023.
IBIO stock develops next-gen biopharmaceuticals that pioneer plant-origin biologics manufacturing. The company produces proprietary and novel biopharmaceuticals to treat cancers and infectious diseases. Its FastPharming technology incorporates vertical farming and automatic hydroponics techniques to provide high-quality vaccines and antibodies.
Current Market Updates
The stock has successfully added six novel immuno-oncology assets to its pipeline within a few months following the announcement of its unique drug discovery technology. The company is also leveraging research and development on a new peptide with anti-fibrotic results by analyzing its potential usage against solid tumors.
IBIO is well-positioned to advance its second-gen Covid-19 vaccine to the clinic, which has addressed the possible unmet needs in the fight against the virus. The stock has dedicated to delivering more solutions to overpower structural constraints. The management is hopeful that iBio is in well-position to expand and grow.