On February 14, iBio, Inc. (IBIO) declared its financial results for the fiscal second quarter of 2022, which ended December 31, 2021. Consequently, the stock took a hit in the after-hours and plunged down.
It seems investors were hoping for a better result as the stock added 4.75% on positive anticipation during the regular trading. The volume of the day remained slightly above the average at 4.14 million shares. At the close of the regular session, IBIO stock had a value of $0.39 per share. Following the announcement of the results, the stock plunged down to $0.36 per share in the after hours. Shattering investors’ hopes, IBIO lost 7.81% in the after-hours on Monday.
The biotechnology company, iBio, Inc. was founded in 1993 and is based in Bryan, TX. Currently, its 217.96 million outstanding shares trade at a market capitalization of $81.23 million. IBIO stock has declined by 28.89% year to date while it subtracted 83.87% last year.
IBIO’s Fiscal Q2 2022
In the fiscal Q2 2022, the company generated $0.2 million in revenues, against $0.7 million in the year-ago period. Thus, the company’s revenues declined by 76% YOY.
Moreover, the consolidated net loss for the fiscal Q2 2022 was $11.9 million, against $8.2 million in the same quarter of last the previous year. Therefore, the net loss per basic and diluted share was $0.05 and $0.04 in fiscal Q2 2022 and 2021, respectively.
IBIO ended the quarter with cash, cash equivalents, and debt securities of $57.4 million, which excludes restricted cash o $5.9 million.
The company expects that this would be enough for its cash runway through September 30, 2023.
Covid-19 Vaccine Program Updates
On January 26, the company provided updates on IBIO-202, its lead Covid-19 vaccine program. Recently, the company received FDA’s response to its pre-investigational new drug package for IBIO-202. As per the FDA’s feedback, the company plans to commence the IND-enabling challenge studies for the second-generation vaccine candidate. Furthermore, the company intends to file an IND application with the FDA before the end of 2022.
IBIO-202
IBIO-202 is a second-generation vaccines candidate that targets nucleocapsid (N) protein. Currently, the commercially available first-gen vaccines target the S protein and require repeated booster doses. According to WHO, such vaccines with continuous booster dose requirements are not a sustainable solution. Additionally, evidence has shown N reactive T cells to play a protective role rather than S.
