iBio, Inc.

What they do

iBio operates a San Diego R&D laboratory where AI/ML scientists and biopharma researchers work together to design hard-to-drug precision antibodies. Its lead candidate, IBIO-600 (a long-acting anti-myostatin antibody), entered a Phase 1 trial in Australia in June 2026, dosing 31 of 32 planned participants in the single ascending dose portion. Other programs—IBIO-610 (Activin E antibody) and IBIO-800 (myostatin/Activin A bispecific)—are in preclinical or IND-enabling stages. The company has no approved products and has not completed human trials for any therapeutic protein candidate.

Revenue drivers

• No commercial products / collaboration revenue — iBio has no approved products; annual revenue was only $100,000 in fiscal 2026 and $400,000 in fiscal 2025, with no quarterly revenue in the quarters ended March 31, 2025 or December 31, 2025.
• Interest and other income — The company's minimal revenue appears to come from non-operating sources; it has no product sales and does not report segment revenue.
• Grant or licensing revenue (historical) — Prior-year revenue of $1.9M in 2022 and $225,000 in 2024 suggests sporadic non-product income, but the filings provided do not identify specific sources.

Recent performance

For fiscal year 2026 (ended June 30, 2026), iBio reported revenue of $100,000, down from $400,000 in fiscal 2025, and a net loss of $32.8 million, wider than the $18.4 million loss in fiscal 2025. Diluted EPS was -$0.32, improved from -$1.75 in fiscal 2025 likely due to a higher share count. Operating cash outflow was $23.2 million in fiscal 2026 versus $15.3 million in fiscal 2025. The most recent quarter (ended June 30, 2026) had no revenue, following $100,000 in the quarter ended March 31, 2026. As of June 30, 2026, iBio held $56.4 million in cash and equivalents, $99.1 million in total assets, $13.4 million in total liabilities, and $85.7 million in shareholder equity.

Strategy

iBio aims to develop next-generation antibody therapeutics that address limitations of current obesity treatments—muscle loss, fat regain after discontinuation, and tolerability—by preserving muscle, targeting fat selectively, and providing durable weight loss. The company prioritizes targets with strong human genetic and clinical validation and is evaluating adjacent indications such as pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF). It is advancing IBIO-600 into the multiple ascending dose portion of its Phase 1 trial, conducting IND-enabling studies for IBIO-610 (expects first-in-human trials in the first half of calendar 2027), and developing IBIO-800. iBio also in-licensed AstralBio's amylin receptor antibody program and intends to use its AI Drug Discovery Platform to rapidly generate development-ready biologics.

Risks

• No marketed products and minimal revenue — iBio has no approved products and reported only $100,000 in revenue for fiscal 2026, relying on external financing to fund operations.
• History of significant losses — The company has incurred net losses of $32.8 million in fiscal 2026 and $18.4 million in fiscal 2025, with no profitability expected.
• Need for additional capital — iBio's cash used in operations was $23.2 million in fiscal 2026, and it states it will need additional funding to complete development of its product candidates.
• Clinical and regulatory uncertainty — IBIO-600 is in early Phase 1 testing, and the company has not completed any human trials for its therapeutic protein candidates, with no guarantee of regulatory approval.

Outlook

Management expects to advance IBIO-600 into the multiple ascending dose portion of its Phase 1 trial and to begin first-in-human trials for IBIO-610 in the first half of calendar 2027. The company plans to continue IND-enabling development for IBIO-800 and to progress the in-licensed amylin receptor antibody program through preclinical characterization. No revenue guidance or profitability timeline is provided.