iBio, Inc., a preclinical stage biotechnology company focused on AI and machine learning for precision antibody development, reported significant financial changes in its quarterly filing for the period ending September 30, 2024. The company experienced a notable decline in total revenue, reporting $0 for the three months ended September 30, 2024, compared to $50,000 for the same period in 2023. This drop reflects the company's transition from a Contract Development and Manufacturing Organization (CDMO) to an AI-enabled biotech firm, which was completed in May 2024.

Total operating expenses decreased to approximately $4.1 million from $5.2 million year-over-year, driven by reductions in both research and development (R&D) expenses, which fell to $1.3 million from $1.6 million, and general and administrative (G&A) expenses, which decreased from approximately $3.5 million to $2.8 million. Despite these reductions, iBio reported a net loss of approximately $3.9 million for the quarter, an improvement from the $5.7 million loss recorded in the same quarter of the previous year. The loss per share attributable to iBio stockholders was $(0.46), a significant decrease from $(4.80) in the prior year.

As of September 30, 2024, iBio's total current assets were approximately $11.7 million, down from $15.7 million as of June 30, 2024. Total assets also decreased from $28.7 million to $24.5 million during the same period. However, total current liabilities decreased to $3.5 million from $3.8 million, contributing to a reduction in total liabilities from $7.4 million to $6.8 million. Total stockholders' equity fell to $17.8 million from $21.3 million, while the accumulated deficit increased to approximately $317.8 million.

Strategically, iBio has shifted its focus towards developing its preclinical pipeline, which includes collaborations with AstraBio to expand into obesity and cardiometabolic disease programs. The company is actively seeking partnerships to advance its preclinical programs towards clinical development. Additionally, iBio has implemented cost-cutting measures, including workforce reductions, to address its financial challenges and mitigate substantial doubt about its ability to continue as a going concern.

The company has also engaged in various financing activities, including a public offering that generated approximately $4 million in net proceeds and a private placement that raised about $14.1 million. As of September 30, 2024, iBio had cash, cash equivalents, and restricted cash totaling approximately $11.3 million, which is expected to support operations into the first quarter of fiscal year 2026.