What are the investment strengths of iBio Inc (IBIO)?

Clean balance sheet with 0.06 debt/equity and 44.7M working capital provides flexibility for strategic pivots or partnerships without debt constraints Trading at 1.97x book value with 49.2M tangible book - downside partially protected by asset base if liquidation scenario

What are the investment risks for iBio Inc (IBIO)?

Revenue declined 40% over 3 years while burning 17.3M annually - business model not generating commercial traction despite R&D investment 194x P/S assumes massive revenue inflection that contradicts -40% 3Y revenue CAGR trajectory

iBio Inc

IBIO

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iBio Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-15

Snapshot

Cash burn of 17.3M TTM against 28.1M cash = ~19 months runway without additional financing[Free Cash Flow TTM]
Revenue of 500K TTM with 10.6M R&D spend - 21x R&D-to-revenue ratio signals pre-commercial stage[Research and Development TTM]
P/S ratio of 194x vs industry median 4.1x - valuation entirely dependent on pipeline success[P/S Ratio]

Watch Triggers

Cash and Equivalents: Falls below 15M — Would signal <12 months runway, forcing near-term dilutive financing
Total Revenue TTM: Exceeds 2M quarterly — First sign of commercial traction that could justify valuation
Issuance of Capital Stock: Exceeds 10M in any quarter — Large equity raise signals runway concerns and dilution risk

Bull Case

Clean balance sheet with 0.06 debt/equity and 44.7M working capital provides flexibility for strategic pivots or partnerships without debt constraints

Debt to EquityWorking Capital

Trading at 1.97x book value with 49.2M tangible book - downside partially protected by asset base if liquidation scenario

P/B RatioTangible Book Value

Bear Case

Revenue declined 40% over 3 years while burning 17.3M annually - business model not generating commercial traction despite R&D investment

Total Revenue 3Y Growth TTMFree Cash Flow TTM

194x P/S assumes massive revenue inflection that contradicts -40% 3Y revenue CAGR trajectory

P/S RatioTotal Revenue 3Y Growth TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Cash runway exhaustion within 18-24 months will force dilutive financing or partnership

1-3yhigh

FCF burn of -17.3M TTM with only 28.1M cash
Revenue 500K insufficient to fund 20.9M operating expenses
Historical pattern: 219K stock issuance already in period

Cash 28.1M vs FCF -17.3M = 1.6 years runwayOperating expense 20.9M TTM vs revenue 500K3Y revenue CAGR -39.9% shows declining commercial traction

Valuation Context

Caveats

Public Strategies Rankings

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IBIO Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$214.13M		—
Enterprise Value	$187.91M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$300,000	-20.0%	—
Earnings Per Share (diluted) - TTM	$-1.00		—
Operating Margin - TTM	-8,491%	-4341.7%	—
Net Margin - TTM	-8,246%	-3098.2%	—
Free Cash Flow - TTM	$-19.19M		—
Return on Common Equity - TTM	-70.2%	+97.0%	—
Beta 5Y (Monthly)	unknown		—

IBIO Dividend History

No dividends

IBIO Stock Splits

3 stock splits

11/29/2320:1 split

10/10/2225:1 split

06/11/1810:1 split

IBIO SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/10/26	12/31/25	10-Q	0001420720-26-000004
11/12/25	09/30/25	10-Q	0001420720-25-000041
09/05/25	06/30/25	10-K	0001558370-25-011888
05/02/25	03/31/25	10-Q	0001420720-25-000025
02/10/25	12/31/24	10-Q	0001420720-25-000012
11/12/24	09/30/24	10-Q	0001420720-24-000054
09/20/24	06/30/24	10-K	0001420720-24-000038
05/13/24	03/31/24	10-Q	0001420720-24-000020
02/09/24	12/31/23	10-Q	0001558370-24-000934
11/14/23	09/30/23	10-Q	0001558370-23-019043
09/27/23	06/30/23	10-K	0001420720-23-000045
05/15/23	03/31/23	10-Q	0001558370-23-009707
02/14/23	12/31/22	10-Q	0001420720-23-000009
11/14/22	09/30/22	10-Q	0001558370-22-017874
10/11/22	06/30/22	10-K	0001420720-22-000064
05/12/22	03/31/22	10-Q	0001420720-22-000024
02/14/22	12/31/21	10-Q	0001558370-22-001104
05/19/23	12/31/21	10-Q/A	0001558370-23-010257
11/15/21	09/30/21	10-Q	0001558370-21-015986
09/28/21	06/30/21	10-K	0001558370-21-012819
05/17/21	03/31/21	10-Q	0001558370-21-007415
02/16/21	12/31/20	10-Q	0001104659-21-023996
11/16/20	09/30/20	10-Q	0001104659-20-125818
10/13/20	06/30/20	10-K	0001104659-20-114567
05/15/20	03/31/20	10-Q	0001104659-20-062716
02/14/20	12/31/19	10-Q	0001104659-20-020473
11/14/19	09/30/19	10-Q	0001104659-19-064178
08/26/19	06/30/19	10-K	0001144204-19-041659
05/10/19	03/31/19	10-Q	0001144204-19-025332
02/13/19	12/31/18	10-Q	0001144204-19-007128
11/13/18	09/30/18	10-Q	0001144204-18-059349
09/18/18	06/30/18	10-K	0001144204-18-049866
05/11/18	03/31/18	10-Q	0001144204-18-027689
02/14/18	12/31/17	10-Q	0001144204-18-009023
11/09/17	09/30/17	10-Q	0001144204-17-057708
09/15/17	06/30/17	10-K	0001144204-17-048249
05/15/17	03/31/17	10-Q	0001144204-17-027544
02/21/17	12/31/16	10-Q	0001144204-17-010136
11/18/16	09/30/16	10-Q	0001144204-16-135413
10/13/16	06/30/16	10-K	0001144204-16-127993
05/23/16	03/31/16	10-Q	0001144204-16-104229
02/22/16	12/31/15	10-Q	0001144204-16-083497
11/13/15	09/30/15	10-Q	0001144204-15-065421
10/13/15	06/30/15	10-K	0001144204-15-059224
05/15/15	03/31/15	10-Q	0001144204-15-031588
02/23/15	12/31/14	10-Q	0001144204-15-011476
11/14/14	09/30/14	10-Q	0001144204-14-068743
09/29/14	06/30/14	10-K	0001144204-14-058454
05/15/14	03/31/14	10-Q	0001144204-14-030926
02/14/14	12/31/13	10-Q	0001144204-14-008930
11/14/13	09/30/13	10-Q	0001144204-13-061968
09/30/13	06/30/13	10-K	0001144204-13-053105
05/20/13	03/31/13	10-Q	0000930413-13-003036
02/19/13	12/31/12	10-Q	0000930413-13-000942
11/14/12	09/30/12	10-Q	0000930413-12-006126
10/12/12	06/30/12	10-K	0000930413-12-005714
05/15/12	03/31/12	10-Q	0000930413-12-003107
02/14/12	12/31/11	10-Q	0000930413-12-000910
11/14/11	09/30/11	10-Q	0000930413-11-007345
09/29/11	06/30/11	10-K	0000930413-11-006342
05/18/11	03/31/11	10-Q	0000930413-11-004045
02/14/11	12/31/10	10-Q	0000930413-11-001076
11/15/10	09/30/10	10-Q	0000930413-10-005655
10/13/10	06/30/10	10-K	0000930413-10-005065
05/19/10	03/31/10	10-Q	0000930413-10-002973
02/16/10	12/31/09	10-Q	0000930413-10-000839
11/16/09	09/30/09	10-Q	0000930413-09-005785
09/28/09	06/30/09	10-K	0001420720-09-000028
05/15/09	03/31/09	10-Q	0001420720-09-000013
02/11/09	12/31/08	10-Q	0001420720-09-000005
11/12/08	09/30/08	10-Q	0001420720-08-000029
09/29/08	06/30/08	10-K	0001420720-08-000025
05/15/09	03/31/08	10-Q	--
02/11/09	12/31/07	10-Q	--
11/12/08	09/30/07	10-Q	--