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II

iBio, Inc. (IBIO)·Q4 2025 Earnings Summary

Executive Summary

  • FY2025 ended June 30; Q4 2025 quarterly results show revenue of $0.20M and diluted EPS of -$0.32, both better than Wall Street consensus; revenue beat ($0.00M est.) and EPS beat (-$0.365 est.). The quarter continued disciplined OpEx while advancing the obesity/cardio-metabolic pipeline.*
  • Management highlighted a “transformative” year: Nasdaq uplisting, financing (warrant inducement, and later a $50M underwritten public offering with up to $100M potential upon full warrant exercise), and pipeline progress (IBIO-600 long-acting anti-myostatin; IBIO-610 first-in-class Activin E antibody; bispecific myostatin/activin A; amylin receptor agonist).*
  • Guidance/timeline: IBIO-600 regulatory submission targeted Q1 2026; IBIO-610 IND-equivalent filing in 2026 and Phase 1 initiation expected 1H 2027; Myostatin×Activin A bispecific IND-equivalent filing expected 1H 2027. Near-term NHP/tox readouts underpin development path.
  • Potential stock reaction catalysts: upcoming preclinical/NHP data readouts and IND-enabling milestones; enhanced visibility and liquidity from Nasdaq listing; strengthened balance sheet to fund pipeline progression.

What Went Well and What Went Wrong

What Went Well

  • Strong pipeline momentum: IBIO-610 showed 26% fat mass reduction with no lean mass loss in mice and synergistic 77% fat reduction with GLP-1; initiated NHP study to assess PK and body composition. “We remain committed to delivering transformative therapies...” — CEO Brenner.
  • IBIO-600 long-acting profile: NHP PK suggests 40–52-day NHP half-life and estimated 57–130 days in humans, enabling potential quarterly to semiannual dosing; dose-dependent lean mass increase observed in NHPs.
  • Corporate execution: Nasdaq listing, $6.2M warrant inducement financing, expanded board and BD leadership; CFO cites entering FY2026 “well-positioned” to execute.

What Went Wrong

  • Continued high net loss and increased R&D YoY: FY2025 net loss from continuing ops was $18.4M vs $15.4M in FY2024, driven by higher R&D spend to advance programs.
  • Minimal revenue base: FY2025 revenue ~$0.4M (services/collaboration), underscoring preclinical stage and financing dependence; quarterly revenue remains small.
  • Competitive/regulatory risks: Company highlights extensive competition from large-cap pharma/biotech and potential regulatory uncertainty, including acceptance of ex-U.S. clinical data.

Financial Results

Quarterly Comparison vs Prior Year, Prior Quarters, and Consensus

MetricQ4 2024Q2 2025Q3 2025Q4 2025
Revenue ($USD)$0.175M*$0.200M N/A$0.200M*
EPS (Diluted, Continuing Ops)-$0.738*-$0.480*-$0.490*-$0.320*
EPS Consensus Mean-$0.470*-$0.460*-$0.320*-$0.365*
Revenue Consensus Mean$0.000M*$0.000M*$0.100M*$0.000M*

Notes:

  • Bold beats/misses: Q4 2025 EPS beat (-$0.32 vs -$0.365); revenue beat ($0.20M vs $0.00M). Q2 2025 revenue beat ($0.20M vs $0.00M) but EPS slightly missed (-$0.48 vs -$0.46). Q3 2025 EPS missed (-$0.49 vs -$0.32); revenue actual not disclosed in press materials.
  • Values with asterisks retrieved from S&P Global.*

Sources: Q2 2025 revenue actual and context from press release and 8-K .

Quarterly Operating Metrics

MetricQ2 2025Q3 2025
R&D Expense ($USD)Included in total R&D+G&A $4.6M $1.9M
G&A Expense ($USD)Included in total R&D+G&A $4.6M $3.0M
Net Loss from Continuing Ops ($USD)$4.4M $4.9M
Cash, Cash Equivalents & Restricted Cash ($USD)$7.2M at 12/31/24 $5.2M at 3/31/25; ~$10.5M post-April financing as of 5/1/25

Q4 2025 Profitability (SPGI)

MetricQ4 2025
Net Income - (IS) ($USD)-$5.163M*
EBIT ($USD)-$5.198M*
EBIT Margin %N/A*

Values with asterisks retrieved from S&P Global.*

Annual FY Comparison (Context for Q4 Close)

Metric ($USD)FY 2024FY 2025
Revenue$0.225M $0.400M
R&D Expense$5.185M $8.312M
G&A Expense$11.674M $10.690M
Total OpEx$16.859M $19.002M
Net Loss (Continuing Ops)$15.443M $18.377M
Cash & Equivalents (6/30)$14.210M $8.582M; cash, cash equivalents and restricted cash $8.8M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
IBIO-600 regulatory submissionQ1 2026On track (April PR)On track Q1 2026Maintained
IBIO-610 IND-equivalent filing2026Not specified earlierIND-equivalent filing expected in 2026Initiated formal guidance
IBIO-610 Phase 1 start1H 2027Not specified earlierPhase 1 expected to initiate 1H 2027New timeline
Myostatin×Activin A bispecific IND-equivalent1H 2027Not specified earlierIND-equivalent expected 1H 2027New timeline
Capital positionFY2026 entryCash ~$5.2M at 3/31/25; ~$10.5M as of 5/1/25 post warrant inducement$6.2M warrant inducement completed; later $50M underwritten public offering with potential up to $100M upon full exercise of common warrantsStrengthened

Earnings Call Themes & Trends

Note: No Q4 2025 earnings call transcript was available in our document catalog for IBIO during this period.

TopicPrevious Mentions (Q-2)Previous Mentions (Q-1)Current Period (Q4 2025)Trend
Obesity pipeline: Activin E (IBIO-610)Discovery of novel Activin E antibody; pipeline expansion In-licensed first-in-class Activin E antibody; interim in vivo results; fat-selective weight loss NHP study initiated; 26% fat loss, no lean loss; ADA data; prevention of weight regain post-GLP-1 Accelerating preclinical to IND path
IBIO-600 anti-myostatinIn-licensed IBIO-600; designed for extended half-life NHP PK: extended half-life; dose-dependent lean mass gain; regulatory submission Q1’26 Corporate update re-affirming program; continued IND-enabling On track to submission
Combination with GLP-1Combination synergy narrative introduced Synergy: +9% total weight loss over GLP-1; 72% fat reduction over period 77% fat reduction with GLP-1; prevention of weight regain post-GLP-1 Strengthening combination thesis
AI platform and discovery enginePlatform highlighted; target discovery AI-enabled discovery enabling rapid progress Expanded platform description; epitope steering, StableHu, mammalian display Increasing depth of tech stack
Corporate financing & listingPrivate placement (Jan), board additions Nasdaq uplisting; $6.2M warrant inducement $50M underwritten offering; potential up to $100M upon warrant exercise Improved access/liquidity

Management Commentary

  • CEO: “This fiscal year has been transformative… building a differentiated preclinical portfolio in cardiometabolic diseases and obesity… IBIO-610… IBIO-600… bispecific antibody… amylin receptor antibody… successful transfer of listing to Nasdaq… positioned iBio for long-term growth.”
  • CFO: “We combined disciplined expense management with valuable funding initiatives… strengthened balance sheet… well-positioned to execute on our growth strategy and support development of clinical drug candidates IBIO-600 and IBIO-610.”
  • CEO (Q3 PR): “Promising non-human primate data for IBIO-600 and the in-licensing of a first-in-class Activin E antibody… bringing us closer to delivering transformative therapies.”
  • CEO (NHP PK PR): “IBIO-600 could possibly exhibit the longest half-life among anti-myostatin candidates… transformative candidate for high-quality weight loss… on track for a regulatory submission in Q1 2026.”

Q&A Highlights

  • No Q4 2025 earnings call transcript was found in our document set; therefore, Q&A details are not available. We note, however, the June 24 pipeline conference call focused on obesity programs (amylin agonist data and Activin E strategy).

Estimates Context

MetricQ4 2025 ConsensusQ4 2025 ActualResult
Revenue ($USD)$0.00M*$0.20M*Bold beat
EPS (Diluted)-$0.365*-$0.320*Bold beat
# of EPS Estimates2*—Context only

Additional context:

  • Q2 2025 revenue beat ($0.20M vs $0.00M est.), EPS slight miss (-$0.48 vs -$0.46 est.).*
  • Q3 2025 EPS missed (-$0.49 vs -$0.32 est.); revenue actual not disclosed in company PR.*

Values with asterisks retrieved from S&P Global.*

Key Takeaways for Investors

  • Q4 2025 delivered a clean beat on revenue and EPS versus consensus, despite minimal revenue base, reflecting disciplined OpEx and cost controls while advancing pipeline.*
  • IBIO-610 shows differentiated fat-selective weight loss (26% fat loss, muscle preserved) and synergy with GLP-1s (up to 77% fat reduction), plus weight-regain prevention post-GLP-1 cessation — a compelling clinical narrative for quality weight loss.
  • IBIO-600’s extended half-life and observed lean-mass gains support a potential best-in-class dosing profile; regulatory submission targeted in Q1 2026, a tangible near-term milestone.
  • Balance sheet strengthened via warrant inducement and underwritten offering (potential up to $100M upon full common warrant exercise); uplisting to Nasdaq should improve liquidity and investor access.
  • Near-term catalysts: NHP/tox readouts, IND-equivalent filings, and first-in-human timelines (IBIO-610 Phase 1 expected 1H 2027) — watch execution and regulatory interactions closely.
  • Risk lens: preclinical stage, modest revenue, competitive obesity landscape (GLP-1 leaders and multiple emerging mechanisms), and regulatory acceptance of ex-U.S. data. Monitor financing runway and partner interest.
  • Trading implications: stock likely sensitive to scientific data readouts and regulatory milestones; positive preclinical updates or IND progress can drive momentum, whereas delays or financing surprises may weigh.

Sources and citations:

  • FY2025 8-K and press release: annual financials, pipeline and corporate updates, consolidated statements and balance sheet .
  • Q3 FY2025 8-K and press release: quarterly R&D, G&A, net loss, cash position; Nasdaq listing; pipeline updates .
  • Q2 FY2025 8-K and press release: revenue, total R&D+G&A, net loss, cash; discovery updates .
  • April 7 PR (IBIO-600 NHP data; timeline): .
  • June 16 PR (IBIO-610 NHP study initiated; ADA poster; fat-specific weight loss; weight-regain prevention): .
  • May 5 PR (Activin E antibody fat reduction and synergy): .
  • April 29 PR (warrant inducement financing $6.2M): .
  • June 23–24 PRs (obesity pipeline conference call; amylin receptor agonist data): .
  • August 18 8-K corporate presentation, strategy, risks, timelines: .
  • S&P Global consensus and actuals for estimates: all marked with asterisks and retrieved from S&P Global.*