IBio, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2023
May 15, 2023 at 02:28 pm
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iBio, Inc. reported earnings results for the third quarter and nine months ended March 31, 2023. For the third quarter, the company reported net loss was USD 7.29 million compared to USD 12.39 million a year ago. Basic loss per share from continuing operations was USD 9.4 compared to USD 15.4 a year ago. Diluted loss per share from continuing operations was USD 9.4 compared to USD 15.4 a year ago. Basic loss per share was USD 11 compared to USD 28.4 a year ago. Diluted loss per share was USD 11 compared to USD 28.4 a year ago.
For the nine months, net loss was USD 58.98 million compared to USD 33.25 million a year ago. Basic loss per share from continuing operations was USD 46 compared to USD 44 a year ago. Diluted loss per share from continuing operations was USD 46 compared to USD 44 a year ago. Basic loss per share was USD 111.4 compared to USD 76.4 a year ago. Diluted loss per share was USD 111.4 compared to USD 76.4 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.