IBIO · iBio, Inc.

iBio's Q3 FY2026 results reflect accelerated pipeline investment, with R&D expenses rising 73% to $3.3 million from $1.9 million year-over-year, driven by consultants, outside services for NHP studies and CMC activities, plus higher personnel costs for IBIO-600 and IBIO-610 programs. G&A expenses increased 72% to $5.1 million, primarily from a $2.5 million impairment of indefinite-lived intangible asset IBIO-101, partially offset by lower IT and franchise tax costs. This resulted in an operating loss of $8.4 million and net loss of $7.7 million, or $0.06 per share, compared to $4.9 million and $4.9 million or $0.49 per share last year, reflecting share count expansion to 119.6 million weighted average shares. No revenue was recorded, consistent with prior year quarter. Balance sheet strengthened with $74.8 million in cash, equivalents, and debt securities as of March 31, 2026, bolstered by $17 million gross proceeds from warrant exercises in Q4 FY2026, extending runway into Q4 FY2028. CEO Martin Brenner highlighted clinical clearance for IBIO-600 Phase 1 trial in Australia, targeting best-in-class lean mass preservation in obesity, with dosing imminent in Q2 calendar 2026. Preclinical IBIO-610 data showed targeted fat reduction in obese NHPs without major lean mass impact, positioning it as potential first-in-class Activin E antibody. Pipeline expansion into PH-HFpEF via bispecific antibody addresses high unmet need by blocking specific ligands to mitigate fibrosis and remodeling risks. These milestones underscore platform progress amid rising cash burn.