iBio, Inc.
IBIOHealthcare|Biotechnology|US
$0.74
+0.01 (+1.16%)
DCF Value
$0.49
Tangible Book / Share
$0.81
Cash / Share
$0.85
Financials
Financial Snapshot
Market Cap
$47.5M
Enterprise Value
-$6.7M
Revenue (TTM)
$100.0K
Net Income (TTM)
-$33.0M
Cash & Investments
$88.0M
Net Cash
$85.8M
Free Cash Flow (TTM)
-$23.8M
Operating CF (TTM)
-$23.2M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$88.0M
Quarterly Burn
$5.8M
Monthly Burn
$1.9M
Est. Runway
~15.2 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.1M | $15.9M | $4.4M | $55.1M | $97.0M | $33.5M | $7.3M | $14.2M | $8.6M | $88.0M | $88.0M | |
| Operating Cash Flow | -$13.2M | -$13.5M | -$14.0M | -$13.3M | -$30.1M | -$37.8M | -$30.4M | -$18.6M | -$15.3M | -$23.2M | -$23.2M | |
| Free Cash Flow | -$14.8M | -$14.6M | -$15.0M | -$14.5M | -$35.2M | -$45.1M | -$36.2M | -$18.8M | -$15.3M | -$23.8M | -$23.8M | |
| Capital Expenditure | -$1.6M | -$1.1M | -$990.0K | -$1.2M | -$5.2M | -$7.3M | -$5.7M | -$210.0K | -$16.0K | -$578.0K | -$578.0K | |
| Financing Cash Flow | -$170.0K | $22.4M | $3.5M | $65.2M | $78.8M | -$5.8M | $2.3M | $24.5M | $8.9M | $103.0M | $103.0M |
R&D Spending
R&D (TTM)
$19.6M
R&D Intensity
19643.0%
R&D Growth vs Prior
+0.0%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $394.0K | $444.0K | $2.0M | $1.6M | $2.4M | $1.9M | $0.00 | $225.0K | $400.0K | $100.0K | $100.0K | |
| R&D Expense | $4.1M | $4.0M | $5.5M | $3.6M | $10.0M | $9.8M | $10.3M | $5.2M | $8.3M | $19.6M | $19.6M | |
| R&D % of Revenue | 1044.9% | 897.7% | 271.3% | 218.1% | 421.3% | 521.6% | — | 2304.4% | 2078.0% | 19643.0% | 19643.0% | |
| SG&A | $10.6M | $10.7M | $12.3M | $11.4M | $21.9M | $18.0M | $18.5M | $11.7M | $10.7M | $10.6M | $10.6M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $394.0K | $444.0K | $2.0M | $1.6M | $2.4M | $1.9M | $0.00 | $225.0K | $400.0K | $100.0K | $100.0K | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $703.0K | $1.5M | $3.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $394.0K | $444.0K | $2.0M | $935.0K | $909.0K | -$1.9M | $0.00 | $225.0K | $400.0K | $100.0K | $100.0K | |
| R&D | $4.1M | $4.0M | $5.5M | $3.6M | $10.0M | $9.8M | $10.3M | $5.2M | $8.3M | $19.6M | $19.6M | |
| SG&A | $10.6M | $10.7M | $12.3M | $11.4M | $21.9M | $18.0M | $18.5M | $11.7M | $10.7M | $10.6M | $10.6M | |
| Operating Income | -$14.3M | -$14.2M | -$15.8M | -$14.0M | -$31.1M | -$29.7M | -$29.3M | -$16.6M | -$18.6M | -$35.1M | -$35.1M | |
| Interest Expense | $1.9M | $1.9M | $1.9M | $2.5M | $2.5M | $1.4M | $83.0K | $172.0K | $212.0K | $53.0K | $53.0K | |
| Pretax Income | -$14.5M | -$16.1M | -$17.6M | -$16.4M | -$23.2M | -$29.5M | -$29.3M | -$15.4M | -$18.4M | -$33.0M | -$33.0M | |
| Net Income | -$14.5M | -$16.1M | -$17.6M | -$16.4M | -$23.2M | -$50.4M | -$65.0M | -$24.9M | -$18.4M | -$33.0M | -$33.0M | |
| EPS (Diluted) | -800.00 | -770.00 | -471.65 | -304.64 | -59.98 | -2889.06 | -106.18 | -6.50 | -1.75 | -0.32 | -0.33 | |
| EBITDA | -$12.5M | -$12.5M | -$13.9M | -$11.7M | -$28.6M | -$25.7M | -$27.8M | -$14.0M | -$17.0M | -$32.0M | -$32.0M | |
| Shares Out. (M) | 0.02 | 0.02 | 0.04 | 0.13 | 0.39 | 0.02 | 0.61 | 3.83 | 10.50 | 104.06 | 104.06 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $15.9M | $4.4M | $55.1M | $77.4M | $22.7M | $7.3M | $14.2M | $8.6M | $56.4M | $56.4M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $19.6M | $10.8M | $0.00 | $0.00 | $0.00 | $31.6M | $31.6M | |
| Total Current Assets | $8.6M | $16.3M | $4.8M | $61.7M | $104.6M | $45.1M | $26.3M | $15.7M | $9.7M | $92.2M | $92.2M | |
| Total Assets | $36.0M | $43.1M | $30.6M | $94.2M | $147.0M | $99.4M | $41.2M | $28.7M | $23.2M | $99.1M | $99.1M | |
| Total Current Liabilities | $2.0M | $2.0M | $3.5M | $5.2M | $6.6M | $30.4M | $21.6M | $3.8M | $6.1M | $11.7M | $11.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $339.0K | $0.00 | $0.00 | $0.00 | $766.0K | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $27.1M | $26.9M | $28.1M | $37.6M | $38.4M | $35.9M | $25.8M | $7.4M | $8.3M | $13.4M | $13.4M | |
| Stockholders' Equity | $8.9M | $16.2M | $2.5M | $56.6M | $108.6M | $63.5M | $15.4M | $21.3M | $14.9M | $85.7M | $85.7M | |
| Retained Earnings | -$72.1M | -$88.2M | -$105.8M | -$150.4M | -$173.6M | -$223.9M | -$288.9M | -$313.8M | -$332.2M | -$365.3M | -$365.3M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.2M | -$13.5M | -$14.0M | -$13.3M | -$30.1M | -$37.8M | -$30.4M | -$18.6M | -$15.3M | -$23.2M | -$23.2M | |
| Capital Expenditure | -$1.6M | -$1.1M | -$990.0K | -$1.2M | -$5.2M | -$7.3M | -$5.7M | -$210.0K | -$16.0K | -$578.0K | -$578.0K | |
| Free Cash Flow | -$14.8M | -$14.6M | -$15.0M | -$14.5M | -$35.2M | -$45.1M | -$36.2M | -$18.8M | -$15.3M | -$23.8M | -$23.8M | |
| Investing Cash Flow | -$1.6M | -$1.1M | -$990.0K | -$1.2M | -$26.5M | -$5.1M | $7.0M | $906.0K | $742.0K | -$32.0M | -$32.0M | |
| Financing Cash Flow | -$170.0K | $22.4M | $3.5M | $65.2M | $78.8M | -$5.8M | $2.3M | $24.5M | $8.9M | $103.0M | $103.0M | |
| Issuance of Stock | $0.00 | $22.6M | $3.6M | $0.00 | $73.6M | $77.0K | $11.5M | $25.5M | $9.7M | $109.6M | $115.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$39.0K | -$7.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$170.0K | -$183.0K | -$197.0K | -$1.5M | -$331.0K | -$5.8M | -$9.1M | -$1.1M | -$771.0K | -$6.6M | -$6.6M | |
| Stock Based Comp. | $1.0M | $770.0K | $241.0K | $388.0K | $1.6M | $4.4M | $4.4M | $2.0M | $1.5M | $1.4M | $1.4M | |
| Net Change in Cash | -$14.9M | $7.8M | -$11.5M | $50.7M | $22.3M | -$54.7M | -$21.1M | $6.8M | -$5.6M | $47.8M | $47.8M |
Dilution Tracker
Shares outstanding grew 26497.5% over 5 years — significant dilution
Shares Outstanding
64M
5-Year Share Growth
+26497.5%
Stock Issuance (TTM)
$115.1M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.02 | 0.02 | 0.04 | 0.13 | 0.39 | 0.02 | 0.61 | 3.83 | 10.50 | 104.06 | 104.06 | |
| Change vs Prior % | — | 19.3% | 78.0% | 231.8% | 211.5% | -95.5% | 3410.2% | 525.7% | 174.1% | 891.1% | 0.0% | |
| Stock Issuance | $0.00 | $22.6M | $3.6M | $0.00 | $73.6M | $77.0K | $11.5M | $25.5M | $9.7M | $109.6M | $115.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$39.0K | -$7.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.0M | $770.0K | $241.0K | $388.0K | $1.6M | $4.4M | $4.4M | $2.0M | $1.5M | $1.4M | $1.4M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 57.1% | 38.3% | -101.2% | — | 100.0% | 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% | -35141.0% | |
| Net Margin % | -3688.3% | -3627.3% | -871.8% | -1003.6% | -978.8% | -2674.7% | — | -11069.8% | -4594.3% | -33044.0% | -33044.0% | |
| EBITDA Margin % | -3181.2% | -2811.7% | -691.2% | -716.5% | -1204.3% | -1365.3% | — | -6231.6% | -4259.8% | -31961.0% | -31961.0% | |
| FCF Margin % | -3745.2% | -3279.1% | -741.6% | -885.2% | -1485.7% | -2395.5% | — | -8339.6% | -3830.0% | -23796.0% | -23796.0% | |
| ROE % | -163.0% | -99.6% | -714.3% | -29.0% | -21.4% | -79.4% | -422.7% | -116.8% | -123.5% | -38.6% | -47.9% | |
| ROA % | -40.4% | -37.4% | -57.5% | -17.5% | -15.8% | -50.7% | -157.8% | -86.7% | -79.3% | -33.3% | -33.3% | |
| ROIC % | -41.8% | -34.5% | -57.7% | -15.6% | -22.0% | -32.6% | -88.3% | -64.4% | -101.2% | -40.0% | -40.0% | |
| R&D / Revenue % | 1044.9% | 897.7% | 271.3% | 218.1% | 421.3% | 521.6% | — | 2304.4% | 2078.0% | 19643.0% | 19643.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -58.4% | 12.7% | 354.5% | -18.8% | 44.7% | -20.5% | -100.0% | 0.0% | 77.8% | -75.0% | |
| Gross Profit | -58.4% | 12.7% | 354.5% | -53.7% | -2.8% | -309.8% | 100.0% | 0.0% | 77.8% | -75.0% | |
| Operating Income | -44.3% | 0.3% | -11.0% | 11.3% | -122.2% | 4.5% | 1.2% | 43.3% | -11.8% | -88.9% | |
| Net Income | -48.8% | -10.8% | -9.2% | 6.6% | -41.2% | -117.1% | -29.0% | 61.7% | 26.2% | -79.8% | |
| EPS (Diluted) | -33.3% | 3.8% | 38.7% | 35.4% | 80.3% | -4716.7% | 96.3% | 93.9% | 73.1% | 81.7% | |
| Operating Cash Flow | -63.1% | -2.4% | -3.7% | 4.5% | -125.3% | -25.7% | 19.5% | 39.0% | 17.5% | -51.7% | |
| Free Cash Flow | -81.3% | 1.3% | -2.8% | 3.1% | -143.0% | -28.1% | 19.8% | 48.1% | 18.4% | -55.3% | |
| R&D Expense | 30.4% | -3.2% | 37.3% | -34.7% | 179.6% | -1.6% | 5.1% | -49.8% | 60.3% | 136.3% | |
| SG&A Expense | 37.3% | 1.3% | 15.4% | -7.8% | 92.6% | -17.9% | 2.7% | -36.7% | -8.4% | -0.9% | |
| Total Assets | -30.2% | 19.6% | -29.0% | 207.9% | 56.0% | -32.4% | -58.5% | -30.3% | -19.3% | 327.5% | |
| Book Value / Share | -66.3% | 52.0% | -91.5% | 594.4% | -38.4% | 1211.6% | -99.3% | -77.8% | -74.5% | -41.9% | |
| Debt | -0.7% | -0.7% | -0.8% | 32.2% | -0.6% | -21.3% | -33.7% | -73.9% | -21.3% | -37.3% | |
| Diluted Shares | 10.1% | 19.3% | 78.0% | 231.8% | 211.5% | -95.5% | 3410.2% | 525.7% | 174.1% | 891.1% |
Valuation
P/E (TTM)At Loss
P/S474.97
10Y Low / Med / High1.20 / 34.22 / 1821.05
P/B0.90
10Y Low / Med / High0.04 / 2.12 / 5.38
EV/EBITDA0.21
EV/Revenue-67.00
10Y Low / Med / High2.84 / 71.55 / 1279.08
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.49
Tangible Book / Share
$0.81
Net Current Assets / Share
$1.23
Graham Net-Net
$0.73
Cash / Share
$0.85
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.44 | -0.58 | -0.74 | -3.64 | -12.59 | -0.04 | -0.11 | -0.31 | -0.44 | -5.47 | -2.27 | |
| P/S Ratio | 88.21 | 21.55 | 6.57 | 85.11 | 124.58 | 1.20 | 0.00 | 34.22 | 20.03 | 1821.05 | 474.97 | |
| P/B Ratio | 3.90 | 0.59 | 5.38 | 2.46 | 2.72 | 0.04 | 0.49 | 0.36 | 0.54 | 2.12 | 0.90 | |
| EV/EBITDA | -4.14 | -1.50 | -2.42 | -9.99 | -8.78 | -0.21 | -0.62 | 0.15 | -0.17 | -4.00 | 0.21 | |
| EV/Revenue | 131.80 | 42.15 | 16.71 | 71.55 | 105.74 | 2.84 | 0.00 | -9.11 | 7.34 | 1279.08 | -67.00 |
Analyst Estimates & Quality
Altman Z-Score
-3.16
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $16.7K | $20.0K | $33.3K |
| Net Income | -$54.2M | -$95.8M | -$137.4M |
| EPS | $-0.39 | $-0.59 | $-0.73 |
| # Analysts (EPS) | 6 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2017 | 2018 | 2019 | 2020 | 2021 | 2026 |
|---|---|---|---|---|---|---|
| Ibio Inc | $271.0K | — | $2.0M | $1.5M | $1.1M | — |
| iBio CDMO | $123.0K | — | — | — | — | — |
| Grant | — | $44.0K | — | — | — | — |
| Ibio Cdmo | — | — | — | $92.0K | $1.3M | — |
| Collaborative Revenues | — | — | — | — | — | $100.0K |