Detailed financial statements for iBio, Inc. (IBIO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
iBio, Inc., a United States-based biotechnology firm, delivers contract development and manufacturing (CDMO) services to its collaborators and external clients. Its operations are structured into two distinct segments: Biopharmaceuticals and Bioprocessing. The company's leading therapeutic candidate, IBIO-100, is currently progressing through investigational new drug (IND) development, aimed at addressing systemic scleroderma and idiopathic pulmonary fibrosis.
Analysis Summary
iBio, Inc. reported revenue of $100000 in the most recent fiscal year, growing at a 5-year CAGR of -46.9%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -351.4%, net margin -330.4%.
At the current price of $1.18, IBIO has negative trailing earnings (P/E not meaningful) and an ROE of -38.55%. Market capitalisation stands at $19M.
Balance sheet quality for IBIO: current ratio of 7.9, net cash position of $85.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $394000 | $444000 | $2.0M | $1.6M | $2.4M | $1.9M | 0 | $225000 | $400000 | $100000 |
| Cost of Revenue | 0 | 0 | 0 | $703000 | $1.5M | $3.8M | 0 | 0 | 0 | 0 |
| Gross Profit | $394000 | $444000 | $2.0M | $935000 | $909000 | -$1.9M | 0 | $225000 | $400000 | $100000 |
| Research & Development | $4.1M | $4.0M | $5.5M | $3.6M | $10.0M | $9.8M | $10.3M | $5.2M | $8.3M | $19.6M |
| Selling, General & Admin | $10.6M | $10.7M | $12.3M | $11.4M | $21.9M | $18.0M | $18.5M | $11.7M | $10.7M | $10.6M |
| Operating Expenses | $14.7M | $14.7M | $17.8M | $14.9M | $32.0M | $27.8M | $29.3M | $16.9M | $19.0M | $35.2M |
| Operating Income | -$14.3M | -$14.2M | -$15.8M | -$14.0M | -$31.1M | -$29.7M | -$29.3M | -$16.6M | -$18.6M | -$35.1M |
| EBITDA | -$12.5M | -$12.5M | -$13.9M | -$11.7M | -$28.6M | -$25.7M | -$27.8M | -$14.0M | -$17.0M | -$32.3M |
| Interest Expense | $1.9M | $1.9M | $1.9M | $2.5M | $2.5M | $1.4M | $83000 | $172000 | $212000 | $53000 |
| Pre-tax Income | -$14.5M | -$16.1M | -$17.6M | -$16.4M | -$23.2M | -$29.5M | -$29.3M | -$15.4M | -$18.4M | -$33.0M |
| Income Tax | $347000 | $34000 | -$4000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$14.5M | -$16.1M | -$17.6M | -$16.4M | -$23.2M | -$50.4M | -$65.0M | -$24.9M | -$18.4M | -$33.0M |
| EPS | $-800.00 | $-770.00 | $-471.65 | $-304.64 | $-59.98 | $-2889.06 | $-106.18 | $-6.50 | $-1.75 | $-0.32 |
| EPS (Diluted) | $-800.00 | $-770.00 | $-471.65 | $-304.64 | $-59.98 | $-2889.06 | $-106.18 | $-6.50 | $-1.75 | $-0.32 |
| Shares Outstanding (Diluted) | $17822 | $21262 | $37852 | $125590 | $391240 | $17442 | $612250 | $3.8M | $10.5M | $104.1M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $15.9M | $4.4M | $55.1M | $77.4M | $22.7M | $7.3M | $14.2M | $8.6M | $56.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | $19.6M | $10.8M | 0 | 0 | 0 | $31.6M |
| Receivables | $175000 | $75000 | $97000 | $5.6M | $5.5M | $6.1M | $204000 | $713000 | $105000 | $1.1M |
| Inventory | $26000 | 0 | 0 | $798000 | $27000 | $3.9M | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.6M | $16.3M | $4.8M | $61.7M | $104.6M | $45.1M | $26.3M | $15.7M | $9.7M | $92.2M |
| Property, Plant & Equipment | $25.6M | $25.2M | $24.4M | $31.3M | $34.7M | $41.8M | $7.6M | $6.4M | $5.3M | $4.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.8M | $1.6M | $1.4M | $1.1M | $952000 | $4.9M | $5.4M | $5.4M | $6.8M | $1.8M |
| Total Assets | $36.0M | $43.1M | $30.6M | $94.2M | $147.0M | $99.4M | $41.2M | $28.7M | $23.2M | $99.1M |
| Accounts Payable | $332000 | $790000 | $1.0M | $1.8M | $2.3M | $4.3M | $1.8M | $358000 | $2.2M | $4.4M |
| Short-term Debt | 0 | 0 | 0 | $261000 | $600000 | $22.2M | $13.6M | $218000 | $766000 | 0 |
| Total Current Liabilities | $2.0M | $2.0M | $3.5M | $5.2M | $6.6M | $30.4M | $21.6M | $3.8M | $6.1M | $11.7M |
| Long-term Debt | 0 | 0 | 0 | $339000 | 0 | 0 | 0 | $766000 | 0 | 0 |
| Total Liabilities | $27.1M | $26.9M | $28.1M | $37.6M | $38.4M | $35.9M | $25.8M | $7.4M | $8.3M | $13.4M |
| Retained Earnings | -$72.1M | -$88.2M | -$105.8M | -$150.4M | -$173.6M | -$223.9M | -$288.9M | -$313.8M | -$332.2M | -$365.3M |
| Total Equity | $8.9M | $16.2M | $2.5M | $56.6M | $108.6M | $63.5M | $15.4M | $21.3M | $14.9M | $85.7M |
| Total Debt | $25.3M | $25.1M | $24.9M | $32.9M | $32.7M | $25.8M | $17.1M | $4.5M | $3.5M | $2.2M |
| Net Debt | $17.2M | $9.1M | $20.5M | -$22.2M | -$64.3M | -$7.8M | $9.7M | -$9.8M | -$5.1M | -$85.8M |
| Working Capital | $6.6M | $14.2M | $1.4M | $56.5M | $98.0M | $14.6M | $4.7M | $11.8M | $3.6M | $80.5M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$16.1M | -$16.1M | -$17.6M | -$16.4M | -$23.2M | -$29.5M | -$65.0M | -$24.9M | -$18.4M | -$33.0M |
| Depreciation & Amortization | $1.7M | $1.7M | $1.7M | $2.2M | $2.4M | $3.8M | $1.4M | $1.2M | $291000 | $88000 |
| Stock-based Compensation | $1.0M | $770000 | $241000 | $388000 | $1.6M | $4.4M | $4.4M | $2.0M | $1.5M | $1.4M |
| Change in Working Capital | $290000 | $88000 | $1.5M | $470000 | -$11.2M | $3.2M | $5.9M | -$3.2M | $479000 | $2.5M |
| Operating Cash Flow | -$13.2M | -$13.5M | -$14.0M | -$13.3M | -$30.1M | -$37.8M | -$30.4M | -$18.6M | -$15.3M | -$23.2M |
| Capital Expenditure | -$1.6M | -$1.1M | -$990000 | -$1.2M | -$5.2M | -$7.3M | -$5.7M | -$210000 | -$16000 | -$578000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$692000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$39000 | -$7000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.8M | -$14.6M | -$15.0M | -$14.5M | -$35.2M | -$45.1M | -$36.2M | -$18.8M | -$15.3M | -$23.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.7% | +354.5% | -18.8% | +44.7% | -20.5% | -100.0% | +77.8% | -75.0% | ||
| Net Income Growth (YoY) | -10.8% | -9.2% | +6.6% | -41.2% | -117.1% | -29.0% | +61.7% | +26.2% | -79.8% | |
| EPS Growth (YoY) | +3.8% | +38.7% | +35.4% | +80.3% | -4716.7% | +96.3% | +93.9% | +73.1% | +81.7% | |
| Shares Change (YoY) | +19.3% | +78.0% | +231.8% | +211.5% | -95.5% | +3410.2% | +525.7% | +174.1% | +891.1% | |
| FCF Growth (YoY) | +1.3% | -2.8% | +3.1% | -143.0% | -28.1% | +19.8% | +48.1% | +18.4% | -55.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 57.1% | 38.3% | -101.2% | 100.0% | 100.0% | 100.0% | |
| Operating Margin | -3622.8% | -3204.3% | -782.4% | -854.9% | -1312.1% | -1576.3% | -7392.9% | -4650.5% | -35141.0% | |
| EBITDA Margin | -3181.2% | -2811.7% | -691.2% | -716.5% | -1204.3% | -1365.3% | -6231.6% | -4259.8% | -32345.0% | |
| Net Margin | -3688.3% | -3627.3% | -871.8% | -1003.6% | -978.8% | -2674.7% | -11069.8% | -4594.2% | -33044.0% | |
| FCF Margin | -3745.2% | -3279.1% | -741.6% | -885.2% | -1485.7% | -2395.5% | -8339.6% | -3830.0% | -23796.0% | |
| Effective Tax Rate | -2.4% | -0.2% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-827.97 | $-684.74 | $-395.36 | $-115.45 | $-90.04 | $-2587.55 | $-59.08 | $-4.90 | $-1.46 | $-0.23 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17822 | $21262 | $37852 | $125590 | $391240 | $17442 | $612250 | $3.8M | $10.5M | $104.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -38.55% |
| Return on Invested Capital | -39.97% |
| Return on Assets | -33.34% |
| Gross Margin | 100.00% |
| Operating Margin | -35141.00% |
| Net Margin | -33044.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 7.85 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -21.93 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.44 | -0.58 | -0.74 | -3.64 | -12.59 | -0.04 | -0.11 | -0.31 | -0.44 | -5.47 |
| P/B | 3.90 | 0.59 | 5.38 | 2.46 | 2.72 | 0.04 | 0.49 | 0.36 | 0.54 | 2.12 |
| P/S | 88.21 | 21.55 | 6.57 | 85.11 | 124.58 | 1.20 | 0.00 | 34.22 | 20.03 | 1821.05 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 57.1% | 38.3% | -101.2% | 0.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -3622.8% | -3204.3% | -782.4% | -854.9% | -1312.1% | -1576.3% | 0.0% | -7392.9% | -4650.5% | -35141.0% |
| Net Margin | -3688.3% | -3627.3% | -871.8% | -1003.6% | -978.8% | -2674.7% | 0.0% | -11069.8% | -4594.2% | -33044.0% |
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