IBio, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2022
February 14, 2023 at 05:27 pm EST
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iBio, Inc. reported earnings results for the second quarter and six months ended December 31, 2022. For the second quarter, the company reported net loss was USD 33.55 million compared to USD 11.92 million a year ago. Basic loss per share from continuing operations was USD 21.6 compared to USD 16.6 a year ago. Diluted loss per share from continuing operations was USD 21.6 compared to USD 16.6 a year ago. Basic loss per share was USD 68.4 compared to USD 27.4 a year ago. Diluted loss per share was USD 68.4 compared to USD 27.4 a year ago.
For the six months, net loss was USD 51.68 million compared to USD 20.86 million a year ago. Basic loss per share from continuing operations was USD 38.8 compared to USD 28.6 a year ago. Diluted loss per share from continuing operations was USD 38.8 compared to USD 28.6 a year ago. Basic loss per share was USD 110.8 compared to USD 48 a year ago. Diluted loss per share was USD 110.8 compared to USD 48 a year ago.
iBio, Inc. is a preclinical stage biotechnology company that leverages artificial intelligence (AI) for the development of precision antibodies. The Company develops biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. Its StableHu technology is an AI-based tool designed to predict a library of antibodies with fully human Complementarity-Determining Region (CDR) variants based on an input antibody. It is in the process of building its preclinical pipeline, which focuses primarily on immuno-oncology. Its pipeline includes IBIO-101, Endostatin E4, TROP-2 x CD3, MUC16, EGFRvIII, and CCR8. IBIO-101 is an anti-CD25 monoclonal antibody (mAb) that has demonstrated in preclinical models of disease the ability to bind and deplete immunosuppressive regulatory T (Treg) cells to inhibit the growth of solid tumors.