What is iBio's operating income?

iBio's total operating income in 2026 was -$35.14 million, based on the following breakdown: Total Gross Profit: $100 thousand Total Operating Expenses: $35.24 million

iBio (IBIO) Financials

$1.28 +0.03 (+2.40%)

Closing price 09/18/2026 04:00 PM Eastern

Extended Trading

$1.28 0.00 (0.00%)

As of 09/18/2026 07:58 PM Eastern

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Annual Income Statements for iBio

This table shows iBio's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Costs & Expenses	-	-	-	-	-	-	-	-	-	19	35
Net Income / (Loss) Attributable to Common Shareholders	-9.76	-15	-16	-18	-55	-23	-50	-65	-25	-18	-33
Consolidated Net Income / (Loss)	-11	-16	-16	-18	-16	-23	-50	-65	-25	-18	-33
Net Income / (Loss) Continuing Operations	-11	-16	-16	-18	-16	-23	-30	-29	-15	-18	-33
Total Pre-Tax Income	-11	-16	-16	-18	-16	-23	-30	-29	-15	-18	-33
Total Operating Income	-9.89	-14	-14	-16	-14	-31	-30	-29	-17	-19	-35
Total Gross Profit	0.95	0.39	0.44	2.02	0.94	0.91	1.88	0.00	0.23	0.40	0.10
Total Revenue	0.95	0.39	0.44	2.02	1.64	2.37	1.88	0.00	0.23	0.40	0.10
Operating Revenue	0.95	0.39	0.44	2.02	1.64	2.37	1.88	0.00	0.23	0.40	0.10
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.70	1.46	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	11	15	15	18	15	32	32	29	17	19	35
Selling, General & Admin Expense	7.69	11	11	12	11	22	22	19	12	11	11
Research & Development Expense	3.16	4.12	3.99	5.47	3.57	9.99	9.83	10	5.19	8.31	20
Impairment Charge	-	-	-	-	-	-	-	-	-	0.00	5.00
Total Other Income / (Expense), net	-0.76	-1.87	-1.88	-1.81	-2.44	7.90	0.18	0.13	1.19	0.23	2.10
Interest Expense	0.81	1.93	1.92	1.90	2.47	2.45	0.00	0.08	0.17	0.21	0.05
Interest & Investment Income	0.04	0.06	0.03	0.09	0.03	0.15	0.18	0.21	0.36	0.44	2.15
Income Tax Expense	-	-	-	-	-	-	-	-	-	0.00	0.00
Basic Earnings per Share	($0.12)	($1.64)	($1.54)	($0.94)	($0.61)	($3.00)	($5.78)	($106.19)	($6.50)	($1.75)	($0.32)
Weighted Average Basic Shares Outstanding	80.97M	8.91M	10.63M	18.93M	62.80M	7.83M	8.72M	612K	3.83M	10.50M	104.06M
Diluted Earnings per Share	($0.12)	($1.64)	($1.54)	($0.94)	($0.61)	($3.00)	($5.78)	($106.19)	($6.50)	($1.75)	($0.32)
Weighted Average Diluted Shares Outstanding	80.97M	8.91M	10.63M	18.93M	62.80M	7.83M	8.72M	612K	3.83M	10.50M	104.06M
Weighted Average Basic & Diluted Shares Outstanding	80.97M	8.91M	10.63M	18.93M	62.80M	195.62M	-	27.59M	8.64M	19.65M	64.31M

This table shows iBio's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-8.21	-3.17	-7.78	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Consolidated Net Income / (Loss)	-8.21	-3.17	-7.78	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Net Income / (Loss) Continuing Operations	-4.49	-2.64	-3.25	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Total Pre-Tax Income	-4.49	-2.64	-3.25	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Total Operating Income	-4.50	-3.63	-3.41	-4.11	-4.42	-4.88	-5.20	-5.95	-9.45	-8.37	-11
Total Operating Expenses	4.50	3.63	3.58	4.11	4.62	4.88	5.40	6.05	9.45	8.37	11
Selling, General & Admin Expense	2.96	2.72	2.44	2.80	2.74	2.97	2.17	2.50	5.17	5.11	-2.18
Research & Development Expense	1.54	0.90	1.14	1.31	1.88	1.91	3.22	3.55	4.28	3.25	8.56
Total Other Income / (Expense), net	0.01	0.99	0.16	0.12	0.06	0.02	0.04	0.23	0.45	0.64	0.78
Interest Expense	0.03	0.05	0.06	0.06	0.06	0.05	0.04	0.04	0.04	0.02	-0.05
Interest & Investment Income	0.04	0.04	0.22	0.17	0.11	0.07	0.08	0.27	0.49	0.66	0.73
Basic Earnings per Share	($4.42)	($0.85)	($2.03)	($0.46)	($0.48)	($0.49)	($0.49)	($0.11)	($0.09)	($0.06)	($0.06)
Weighted Average Basic Shares Outstanding	1.86M	3.71M	3.83M	8.63M	9.13M	9.86M	10.50M	52.98M	99.13M	119.60M	104.06M
Diluted Earnings per Share	($4.42)	($0.85)	($2.03)	($0.46)	($0.48)	($0.49)	($0.49)	($0.11)	($0.09)	($0.06)	($0.06)
Weighted Average Diluted Shares Outstanding	1.86M	3.71M	3.83M	8.63M	9.13M	9.86M	10.50M	52.98M	99.13M	119.60M	104.06M
Weighted Average Basic & Diluted Shares Outstanding	3.48M	8.62M	8.64M	9.15M	9.87M	16.52M	19.65M	22.49M	34.54M	49.68M	64.31M

This table details how cash moves in and out of iBio's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Change in Cash & Equivalents	14	-15	7.85	-12	51	22	-49	-21	6.85	-5.63	48
Net Cash From Operating Activities	-8.07	-13	-13	-14	-13	-30	-37	-30	-19	-15	-23
Net Cash From Continuing Operating Activities	-8.07	-13	-13	-14	-13	-30	-37	-30	-19	-15	-23
Net Income / (Loss) Continuing Operations	-11	-16	-16	-18	-16	-23	-50	-65	-25	-18	-33
Consolidated Net Income / (Loss)	-11	-16	-16	-18	-16	-23	-50	-65	-25	-18	-33
Depreciation Expense	0.58	1.33	1.37	1.43	0.28	0.47	2.28	0.67	0.64	0.48	0.56
Amortization Expense	0.36	0.35	0.34	0.32	1.96	0.51	1.94	0.44	0.73	0.64	0.28
Non-Cash Adjustments To Reconcile Net Income	1.25	1.01	0.83	0.42	0.39	3.32	10	28	7.85	1.34	5.94
Changes in Operating Assets and Liabilities, net	0.40	0.29	0.09	1.45	0.47	-11	-1.84	5.92	-2.87	0.60	3.06
Net Cash From Investing Activities	-0.07	-1.59	-1.08	-0.99	-1.15	-26	-5.13	7.01	0.91	0.74	-32
Net Cash From Continuing Investing Activities	-0.07	-1.59	-1.08	-0.99	-1.15	-26	-5.13	7.01	0.91	0.74	-32
Purchase of Property, Plant & Equipment	-0.07	-1.32	-0.93	-0.92	-1.08	-4.92	-7.33	-5.74	-0.21	-0.02	-0.58
Purchase of Investments	-	-	-	-	0.00	-24	-5.36	-	-	0.00	-42
Sale and/or Maturity of Investments	-	-	-	-	0.00	4.00	14	11	-	0.00	11
Other Investing Activities, net	-	-	-	-	0.00	-1.50	-1.76	-	0.00	0.76	0.08
Net Cash From Financing Activities	22	-0.17	22	3.45	65	79	-6.13	2.30	24	8.93	103
Net Cash From Continuing Financing Activities	22	-0.17	22	3.45	65	79	-6.13	2.30	24	8.93	103
Repayment of Debt	-0.57	-0.17	-0.18	-0.20	-2.00	-	0.00	-9.44	-0.87	-0.40	-0.72
Repurchase of Common Equity	-	0.00	-1.18	-0.16	-2.17	-4.71	-	0.00	-	-0.29	-5.86
Issuance of Common Equity	21	0.00	23	1.35	62	78	0.00	11	26	3.54	92
Other Financing Activities, net	1.01	0.00	1.09	2.46	6.99	5.27	-6.08	-0.21	-0.37	6.08	18
Cash Interest Paid	0.49	1.93	1.92	1.90	2.37	2.45	1.05	0.69	0.75	0.21	0.07

This table details how cash moves in and out of iBio's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.70	2.37	7.99	-3.16	-4.02	-2.06	3.61	20	0.56	19	8.76
Net Cash From Operating Activities	-4.71	-3.65	-4.85	-3.72	-3.87	-3.11	-4.62	-5.67	-5.24	-6.08	-6.23
Net Cash From Continuing Operating Activities	-4.71	-3.65	-4.85	-3.72	-3.87	-3.11	-4.62	-5.67	-5.24	-6.08	-6.23
Net Income / (Loss) Continuing Operations	-8.21	-3.17	-7.78	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Consolidated Net Income / (Loss)	-8.21	-3.17	-7.78	-3.99	-4.36	-4.86	-5.16	-5.72	-8.99	-7.73	-11
Depreciation Expense	0.16	0.16	0.15	0.12	0.12	0.12	0.12	0.12	0.14	0.15	0.15
Amortization Expense	0.19	0.17	0.14	0.16	-0.15	0.47	0.16	-0.00	-0.07	0.29	0.07
Non-Cash Adjustments To Reconcile Net Income	3.20	-0.61	4.65	0.31	0.67	0.35	0.01	0.37	2.79	2.17	0.61
Changes in Operating Assets and Liabilities, net	-0.04	-0.20	-2.00	-0.32	-0.15	0.81	0.26	-0.43	0.89	-0.96	3.55
Net Cash From Investing Activities	-	1.00	-0.14	0.71	-0.00	-0.01	0.05	-21	-2.98	-3.11	-4.41
Net Cash From Continuing Investing Activities	-	1.00	-0.14	0.71	-0.00	-0.01	0.05	-21	-2.98	-3.11	-4.41
Purchase of Property, Plant & Equipment	-0.05	-	-0.21	0.00	-0.00	-0.01	-0.00	-0.03	-0.52	-0.01	-0.02
Purchase of Investments	-	-	-	0.00	-	-	-	-21	-2.47	-8.50	-9.87
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	-	-	5.40
Other Investing Activities, net	-	-	-	0.71	-0.00	-	0.05	0.00	-	-	0.08
Net Cash From Financing Activities	4.01	5.03	13	-0.16	-0.15	1.06	8.18	47	8.79	28	19
Net Cash From Continuing Financing Activities	4.02	5.03	13	-0.16	-0.15	1.06	8.18	47	8.79	28	19
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-2.05	-0.15
Issuance of Common Equity	4.12	4.28	14	0.00	-	1.13	2.41	0.22	56	34	1.48
Other Financing Activities, net	-0.07	-0.07	-0.17	-0.07	-0.06	0.04	-0.37	-3.52	7.22	-3.65	18

This table presents iBio's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Assets	52	36	43	31	94	147	99	41	29	23	99
Total Current Assets	24	8.57	16	4.81	62	105	45	26	16	9.72	92
Cash & Equivalents	23	8.09	16	4.42	55	77	23	4.30	14	8.58	56
Short-Term Investments	-	-	-	-	-	20	11	-	-	0.00	32
Note & Lease Receivable	-	-	-	-	-	-	-	0.00	0.71	0.00	1.10
Accounts Receivable	0.61	0.18	0.08	0.10	0.08	0.43	1.00	0.20	0.00	0.00	0.00
Prepaid Expenses	0.26	0.28	0.28	0.29	0.21	2.07	1.55	0.66	0.75	1.03	3.08
Other Current Assets	-	-	-	0.00	5.55	5.10	9.00	18	-	0.11	0.00
Plant, Property, & Equipment, net	26	26	25	24	3.66	8.63	1.37	4.22	3.63	3.16	3.09
Total Noncurrent Assets	2.12	1.85	1.65	1.40	29	34	53	11	9.43	10	3.80
Noncurrent Note & Lease Receivables	-	-	-	0.00	28	28	1.63	2.32	1.42	1.17	0.00
Intangible Assets	2.09	1.82	1.62	1.37	1.14	0.95	4.85	5.39	5.37	6.85	1.83
Other Noncurrent Operating Assets	0.03	0.03	0.03	0.02	0.02	5.12	9.17	3.03	2.64	2.29	1.98
Total Liabilities & Shareholders' Equity	52	36	43	31	94	147	99	41	29	23	99
Total Liabilities	28	27	27	28	38	38	36	26	7.41	8.31	13
Total Current Liabilities	2.29	2.01	2.04	3.46	5.24	6.65	30	22	3.84	6.11	12
Short-Term Debt	0.17	0.18	0.20	0.21	0.26	0.60	22	13	0.52	0.83	0.00
Accounts Payable	1.18	0.75	0.79	1.00	1.76	2.25	4.26	1.85	0.36	2.19	4.42
Accrued Expenses	0.92	0.92	1.05	0.97	1.11	3.00	3.76	4.56	2.03	1.35	5.63
Other Current Liabilities	-	-	0.00	1.28	0.30	0.37	0.09	2.60	0.74	1.74	1.70
Total Noncurrent Liabilities	25	25	25	25	32	32	5.49	3.72	3.57	2.20	1.65
Other Noncurrent Operating Liabilities	-	-	-	0.00	-	0.00	3.51	3.13	2.69	2.20	1.65
Total Equity & Noncontrolling Interests	24	8.92	16	2.46	57	109	63	15	21	15	86
Total Preferred & Common Equity	9.94	8.91	16	2.46	57	109	63	15	21	15	86
Preferred Stock	0.00	-	-	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Common Equity	9.94	8.91	16	2.46	57	109	63	15	21	15	86
Common Stock	68	81	104	108	207	282	288	304	335	347	451
Retained Earnings	-58	-72	-88	-106	-150	-174	-224	-289	-314	-332	-365
Accumulated Other Comprehensive Income / (Loss)	-0.03	-0.03	-0.03	-0.03	-0.03	-0.06	-0.21	-	-	0.00	-0.05

This table presents iBio's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	38	34	50	25	22	19	64	64	86
Total Current Assets	23	20	36	12	8.29	6.06	51	53	77
Cash & Equivalents	1.46	2.79	5.30	11	7.02	4.96	28	29	48
Short-Term Investments	-	-	-	-	-	-	21	24	27
Accounts Receivable	-	-	-	-	0.01	-	0.07	0.00	0.00
Prepaid Expenses	0.45	0.89	0.86	0.67	1.26	1.10	1.14	0.67	2.45
Other Current Assets	18	15	29	-	-	-	0.00	0.00	0.00
Plant, Property, & Equipment, net	4.05	3.89	3.73	3.51	3.39	3.28	3.21	3.45	3.31
Total Noncurrent Assets	11	10	10	9.30	10	9.76	10	7.58	5.27
Noncurrent Note & Lease Receivables	2.27	2.23	2.18	1.37	1.32	1.27	1.12	1.14	1.16
Intangible Assets	5.38	5.38	5.37	5.36	6.11	6.10	6.84	4.34	1.83
Other Noncurrent Operating Assets	2.95	2.83	2.74	2.57	2.60	2.39	2.21	2.10	2.29
Total Liabilities & Shareholders' Equity	38	34	50	25	22	19	64	64	86
Total Liabilities	24	25	25	6.76	7.80	7.72	8.12	7.83	8.30
Total Current Liabilities	21	22	21	3.47	4.71	5.40	6.05	5.90	6.50
Short-Term Debt	13	13	13	0.41	0.99	1.39	0.72	0.00	0.00
Accounts Payable	1.91	1.86	1.23	0.86	0.61	1.48	2.82	2.65	3.04
Accrued Expenses	3.39	3.76	4.00	1.08	1.84	1.33	0.85	1.58	1.79
Other Current Liabilities	0.84	1.35	1.40	0.73	0.67	0.61	1.65	1.67	1.68
Total Noncurrent Liabilities	3.76	3.27	3.87	3.29	3.09	2.33	2.07	1.93	1.79
Other Noncurrent Operating Liabilities	0.46	0.16	0.93	2.57	2.45	2.33	2.07	1.93	1.79
Total Equity & Noncontrolling Interests	13	9.20	25	18	14	11	56	57	78
Total Preferred & Common Equity	13	9.20	25	18	14	11	56	57	78
Preferred Stock	0.00	0.00	0.00	-	-	-	-	0.00	0.00
Total Common Equity	13	9.20	25	18	14	11	56	57	78
Common Stock	308	312	331	336	336	338	394	403	432
Retained Earnings	-295	-303	-306	-318	-322	-327	-338	-347	-355
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-0.02	0.01	-0.02

This table displays calculated financial ratios and metrics derived from iBio's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
DEI Shares Outstanding	89,109,410.00	89,118,510.00	115,918,510.00	19,702,458.00	118,360,032.00	217,850,344.00	218,165,624.00	16,798,014.00	8,623,676.00	16,519,281.00	49,678,561.00
DEI Adjusted Shares Outstanding	17,822.00	17,824.00	23,184.00	39,405.00	236,720.00	435,701.00	436,331.00	839,901.00	8,623,676.00	16,519,281.00	49,678,561.00
DEI Earnings Per Adjusted Shares Outstanding	-547.86	-820.35	-705.87	-453.06	-231.07	-53.86	-115.49	-77.40	-2.89	-1.11	-0.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-48.78%	-58.44%	12.69%	354.50%	-18.83%	44.75%	-20.54%	-100.00%	0.00%	77.78%	-75.00%
EBITDA Growth	-42.04%	-40.71%	0.64%	-12.15%	16.22%	-69.46%	-27.87%	-10.78%	49.48%	-22.52%	-96.30%
EBIT Growth	-48.41%	-44.28%	0.33%	-10.97%	11.31%	-49.33%	-42.02%	1.19%	46.72%	-18.98%	-88.91%
NOPAT Growth	-48.41%	-44.28%	0.33%	-10.97%	11.31%	-122.17%	4.55%	1.19%	43.31%	-11.83%	-88.91%
Net Income Growth	-60.86%	-51.44%	0.19%	-9.24%	6.55%	-41.16%	-116.71%	-29.23%	61.69%	26.22%	-79.81%
EPS Growth	-33.33%	-51.44%	6.10%	38.96%	35.11%	-41.16%	-116.71%	-29.23%	93.88%	73.08%	81.71%
Operating Cash Flow Growth	-70.84%	-63.07%	-2.41%	-3.67%	4.51%	-125.28%	-24.67%	18.79%	39.04%	17.52%	-51.71%
Free Cash Flow Firm Growth	-712.83%	69.61%	4.58%	5.64%	-142.29%	-50.71%	119.99%	-502.43%	106.23%	-833.94%	-30.17%
Invested Capital Growth	1,423.60%	-1.41%	-2.99%	-9.45%	48.79%	28.88%	-61.69%	29.14%	-60.84%	-16.29%	-132.63%
Revenue Q/Q Growth	-4.15%	-24.52%	-11.20%	53.58%	24.75%	-20.97%	-20.67%	0.00%	350.00%	6.67%	-66.67%
EBITDA Q/Q Growth	-6.53%	-9.41%	-0.64%	-0.71%	9.58%	16.88%	-1.11%	13.11%	17.52%	-11.38%	-22.29%
EBIT Q/Q Growth	-9.50%	-8.39%	-0.62%	-0.68%	7.43%	17.09%	-3.54%	15.76%	14.05%	-10.64%	-21.35%
NOPAT Q/Q Growth	-9.50%	-8.39%	-0.62%	-0.68%	7.43%	-26.46%	-3.54%	15.76%	8.55%	-10.64%	-21.35%
Net Income Q/Q Growth	-14.33%	-7.38%	-0.55%	-0.49%	5.54%	13.60%	-51.81%	14.50%	-7.53%	12.46%	-19.70%
EPS Q/Q Growth	-9.09%	-7.38%	-9.22%	-2.17%	-24.49%	13.60%	-51.81%	14.50%	-4.17%	17.84%	-39.13%
Operating Cash Flow Q/Q Growth	-25.01%	-7.72%	2.81%	-7.85%	3.79%	-12.58%	-12.88%	17.67%	0.62%	1.54%	-7.47%
Free Cash Flow Firm Q/Q Growth	-3.07%	-12.43%	7.72%	22.38%	-203.05%	42.90%	116.66%	-22,084.92%	107.14%	-169.28%	0.37%
Invested Capital Q/Q Growth	-0.12%	0.99%	-2.21%	-12.06%	797.81%	32.09%	-67.09%	-19.15%	-76.59%	-8.74%	-184.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	57.08%	38.34%	100.00%	0.00%	100.00%	100.00%	100.00%
EBITDA Margin	-944.41%	-3,197.46%	-2,819.37%	-695.69%	-718.07%	-840.66%	-1,352.81%	0.00%	-6,339.56%	-4,369.00%	-34,305.00%
Operating Margin	-1,043.57%	-3,622.84%	-3,204.28%	-782.36%	-854.88%	-1,312.15%	-1,576.27%	0.00%	-7,392.89%	-4,650.50%	-35,141.00%
EBIT Margin	-1,043.57%	-3,622.84%	-3,204.28%	-782.36%	-854.88%	-881.95%	-1,576.27%	0.00%	-6,948.44%	-4,650.50%	-35,141.00%
Profit (Net Income) Margin	-1,124.16%	-4,096.19%	-3,627.93%	-872.00%	-1,003.91%	-979.04%	-2,670.06%	0.00%	-11,069.78%	-4,594.25%	-33,044.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	170.45%	222.54%	161.28%	100.00%	100.00%
Interest Burden Percent	107.72%	113.07%	113.22%	111.46%	117.43%	111.01%	99.38%	99.56%	98.78%	98.79%	94.03%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-49.11%	-38.02%	-38.75%	-45.83%	-34.38%	-55.80%	-68.40%	0.00%	-76.96%	-166.48%	-1,024.52%
ROIC Less NNEP Spread (ROIC-NNEP)	56.41%	-100.76%	-85.47%	-90.04%	616.15%	-52.51%	-15.34%	0.00%	334.56%	-114.39%	-1,006.89%
Return on Net Nonoperating Assets (RNNOA)	-11.31%	-59.91%	-89.71%	-143.17%	-21.30%	27.70%	9.92%	0.00%	-58.75%	64.96%	958.82%
Return on Equity (ROE)	-60.42%	-97.93%	-128.46%	-189.00%	-55.68%	-28.11%	-58.48%	-164.86%	-135.71%	-101.52%	-65.70%
Cash Return on Invested Capital (CROIC)	-224.47%	-36.60%	-35.71%	-35.91%	-73.60%	-81.04%	20.80%	-131.91%	10.48%	-148.75%	0.00%
Operating Return on Assets (OROA)	-30.87%	-32.59%	-35.98%	-42.86%	-22.45%	-17.34%	-24.11%	0.00%	-44.71%	-71.66%	-57.47%
Return on Assets (ROA)	-33.25%	-36.84%	-40.73%	-47.77%	-26.36%	-19.25%	-40.84%	0.00%	-71.22%	-70.79%	-54.04%
Return on Common Equity (ROCE)	-36.26%	-56.01%	-128.46%	-189.08%	-55.70%	-28.11%	-58.48%	-164.86%	-135.71%	-101.52%	-65.70%
Return on Equity Simple (ROE_SIMPLE)	-107.25%	-181.05%	-99.64%	-714.45%	-29.04%	-21.38%	-79.24%	-422.66%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.93	-9.99	-9.96	-11	-9.80	-22	-21	-21	-12	-13	-25
NOPAT Margin	-730.50%	-2,535.99%	-2,243.00%	-547.65%	-598.42%	-918.50%	-1,103.39%	0.00%	-5,175.02%	-3,255.35%	-24,598.70%
Net Nonoperating Expense Percent (NNEP)	-105.53%	62.73%	46.72%	44.21%	-650.53%	-3.29%	-53.06%	-220.78%	-411.52%	-52.09%	-17.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-51.24%	-82.89%	-28.70%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	42.92%	61.66%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	810.65%	2,677.92%	2,406.53%	611.10%	693.83%	929.19%	1,154.67%	0.00%	5,188.44%	2,672.50%	10,595.00%
R&D to Revenue	332.91%	1,044.92%	897.75%	271.26%	218.13%	421.30%	521.60%	0.00%	2,304.44%	2,078.00%	19,643.00%
Operating Expenses to Revenue	1,143.57%	3,722.84%	3,304.28%	882.36%	911.97%	1,350.49%	1,676.27%	0.00%	7,492.89%	4,750.50%	35,241.00%
Earnings before Interest and Taxes (EBIT)	-9.89	-14	-14	-16	-14	-21	-30	-29	-16	-19	-35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.95	-13	-13	-14	-12	-20	-25	-28	-14	-17	-34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.46	3.86	0.65	5.66	4.64	3.03	0.91	0.49	0.85	0.85	1.01
Price to Tangible Book Value (P/TBV)	8.18	4.85	0.72	12.81	4.74	3.06	0.98	0.76	1.14	1.57	1.04
Price to Revenue (P/Rev)	67.68	87.31	23.50	6.91	160.41	138.74	30.57	0.00	80.87	31.51	869.37
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.05	1.98	0.77	1.50	7.04	6.01	2.75	0.64	0.63	0.68	0.00
Enterprise Value to Revenue (EV/Rev)	85.11	130.91	44.09	17.05	146.67	111.48	24.54	0.00	23.94	12.13	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	7.31	0.00	3.40	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	2.83	1.55	10.13	0.58	0.30	0.35	0.89	0.07	0.06	0.00
Long-Term Debt to Equity	1.05	2.81	1.54	10.04	0.57	0.29	0.00	0.04	0.04	0.00	0.00
Financial Leverage	-0.20	0.59	1.05	1.59	-0.03	-0.53	-0.65	-0.51	-0.18	-0.57	-0.95
Leverage Ratio	1.82	2.66	3.15	3.96	2.11	1.46	1.43	1.78	1.91	1.43	1.22
Compound Leverage Factor	1.96	3.01	3.57	4.41	2.48	1.62	1.42	1.78	1.88	1.42	1.14
Debt to Total Capital	51.41%	73.92%	60.81%	91.01%	36.55%	22.96%	25.88%	47.09%	6.17%	5.28%	0.00%
Short-Term Debt to Total Capital	0.34%	0.54%	0.48%	0.78%	0.29%	0.43%	25.88%	45.05%	2.28%	5.28%	0.00%
Long-Term Debt to Total Capital	51.06%	73.38%	60.33%	90.23%	36.26%	22.53%	0.00%	2.04%	3.88%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	28.51%	0.00%	0.00%	-0.02%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	20.08%	26.08%	39.20%	9.01%	63.46%	77.05%	74.12%	52.91%	93.84%	94.72%	100.00%
Debt to EBITDA	-2.84	-2.01	-2.00	-1.77	-2.77	-1.62	-0.87	-0.48	-0.10	-0.05	0.00
Net Debt to EBITDA	-0.27	-1.36	-0.73	-1.46	1.91	3.24	0.45	-0.23	0.90	0.44	0.00
Long-Term Debt to EBITDA	-2.82	-1.99	-1.99	-1.76	-2.75	-1.59	0.00	-0.02	-0.06	0.00	0.00
Debt to NOPAT	-3.67	-2.53	-2.52	-2.25	-3.33	-1.49	-1.07	-0.67	-0.12	-0.06	0.00
Net Debt to NOPAT	-0.35	-1.72	-0.92	-1.85	2.30	2.97	0.55	-0.31	1.10	0.60	0.00
Long-Term Debt to NOPAT	-3.65	-2.51	-2.50	-2.23	-3.30	-1.46	0.00	-0.03	-0.08	0.00	0.00
Altman Z-Score	-0.28	-3.12	-3.32	-6.13	2.21	3.83	-2.98	-11.87	-15.11	-21.59	-1.46
Noncontrolling Interest Sharing Ratio	39.99%	42.80%	0.00%	-0.04%	-0.03%	-0.02%	-0.01%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.43	4.26	8.00	1.39	11.79	15.74	1.48	1.19	4.08	1.59	7.85
Quick Ratio	10.31	4.10	7.87	1.31	10.54	14.66	1.13	0.20	3.89	1.42	7.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-32	-9.62	-9.18	-8.66	-21	-32	6.32	-25	1.59	-12	-15
Operating Cash Flow to CapEx	-11,870.59%	-994.94%	-1,443.25%	-1,519.02%	-1,237.94%	-611.06%	-511.32%	-969.92%	-19,738.30%	-95,650.00%	-4,016.96%
Free Cash Flow to Firm to Interest Expense	-39.22	-4.99	-4.79	-4.56	-8.51	-12.89	0.00	-306.58	9.22	-54.88	-285.75
Operating Cash Flow to Interest Expense	-10.00	-6.82	-7.04	-7.36	-5.41	-12.25	0.00	-366.70	-107.87	-72.19	-438.08
Operating Cash Flow Less CapEx to Interest Expense	-10.09	-7.51	-7.53	-7.84	-5.85	-14.26	0.00	-404.51	-108.42	-72.26	-448.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.01	0.01	0.05	0.03	0.02	0.02	0.00	0.01	0.02	0.00
Accounts Receivable Turnover	1.80	1.01	3.55	23.47	19.05	9.47	2.64	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	3.54	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.07	0.02	0.02	0.08	0.12	0.39	0.38	0.00	0.06	0.12	0.03
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.51	0.73	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	202.33	361.76	102.76	15.56	19.16	38.56	138.13	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	102.98	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	716.50	500.94	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	202.33	361.76	102.76	15.56	-697.34	-359.39	138.13	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26	26	25	23	34	44	17	22	8.52	7.13	-2.33
Invested Capital Turnover	0.07	0.02	0.02	0.08	0.06	0.06	0.06	0.00	0.01	0.05	0.04
Increase / (Decrease) in Invested Capital	25	-0.37	-0.78	-2.39	11	9.85	-27	4.91	-13	-1.39	-9.45
Enterprise Value (EV)	81	52	20	34	240	264	46	14	5.39	4.85	-1.10
Market Capitalization	64	34	10	14	263	329	58	7.55	18	13	87
Book Value per Share	$0.11	$0.10	$0.14	$0.13	$0.48	$0.50	$0.29	$1.24	$2.47	$0.90	$1.73
Tangible Book Value per Share	$0.09	$0.08	$0.13	$0.06	$0.47	$0.49	$0.27	$0.81	$1.85	$0.49	$1.69
Total Capital	49	34	41	27	89	141	86	29	23	16	86
Total Debt	25	25	25	25	33	32	22	14	1.40	0.83	0.00
Total Long-Term Debt	25	25	25	25	32	32	0.00	0.59	0.88	0.00	0.00
Net Debt	2.42	17	9.15	20	-23	-65	-11	6.36	-13	-7.75	-88
Capital Expenditures (CapEx)	0.07	1.32	0.93	0.92	1.08	4.92	7.33	3.14	0.09	0.02	0.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.23	-1.35	-1.49	-2.86	1.66	1.58	3.27	9.92	-1.86	-4.14	-7.56
Debt-free Net Working Capital (DFNWC)	22	6.74	14	1.56	57	99	37	17	12	4.45	80
Net Working Capital (NWC)	22	6.56	14	1.35	57	98	15	4.15	12	3.62	80
Net Nonoperating Expense (NNE)	3.73	6.15	6.15	6.55	6.64	1.44	30	44	13	5.36	8.45
Net Nonoperating Obligations (NNO)	2.42	17	9.15	20	-23	-65	-47	6.36	-13	-7.75	-88
Total Depreciation and Amortization (D&A)	0.94	1.68	1.71	1.75	2.24	0.98	4.21	1.11	1.37	1.13	0.84
Debt-free, Cash-free Net Working Capital to Revenue	-129.64%	-341.62%	-334.91%	-141.63%	101.40%	66.55%	173.78%	0.00%	-826.22%	-1,034.25%	-7,563.00%
Debt-free Net Working Capital to Revenue	2,298.00%	1,711.17%	3,253.83%	77.45%	3,466.00%	4,156.56%	1,953.03%	0.00%	5,489.33%	1,111.25%	80,476.00%
Net Working Capital to Revenue	2,280.06%	1,664.72%	3,209.46%	66.90%	3,450.06%	4,131.25%	776.75%	0.00%	5,258.67%	903.75%	80,476.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($600.00)	($800.00)	($770.00)	($470.00)	($305.00)	($60.00)	($115.60)	($106.20)	$0.00	($1.75)	($0.32)
Adjusted Weighted Average Basic Shares Outstanding	16.20K	18.56K	36.67K	48.31K	125.59K	435.75K	436.05K	612.25K	0.00	10.50M	104.06M
Adjusted Diluted Earnings per Share	($600.00)	($800.00)	($770.00)	($470.00)	($305.00)	($60.00)	($115.60)	($106.20)	$0.00	($1.75)	($0.32)
Adjusted Weighted Average Diluted Shares Outstanding	16.20K	18.56K	36.67K	48.31K	125.59K	435.75K	436.05K	612.25K	0.00	10.50M	104.06M
Adjusted Basic & Diluted Earnings per Share	($600.00)	($800.00)	($770.00)	($470.00)	($305.00)	($60.00)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.20K	17.82K	21.26K	37.85K	125.59K	391.24K	0.00	1.38M	0.00	19.65M	64.31M
Normalized Net Operating Profit after Tax (NOPAT)	-6.93	-9.99	-9.96	-11	-9.80	-22	-21	-21	-12	-13	-21
Normalized NOPAT Margin	-730.50%	-2,535.99%	-2,243.00%	-547.65%	-598.42%	-918.50%	-1,103.39%	0.00%	-5,175.02%	-3,255.35%	-21,096.60%
Pre Tax Income Margin	-1,124.16%	-4,096.19%	-3,627.93%	-872.00%	-1,003.91%	-979.04%	-1,566.51%	0.00%	-6,863.56%	-4,594.25%	-33,044.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-12.26	-7.40	-7.43	-8.31	-5.68	-8.52	0.00	-353.53	-90.90	-87.75	-663.04
NOPAT to Interest Expense	-8.58	-5.18	-5.20	-5.82	-3.97	-8.87	0.00	-247.47	-67.70	-61.42	-464.13
EBIT Less CapEx to Interest Expense	-12.34	-8.09	-7.92	-8.79	-6.12	-10.53	0.00	-391.34	-91.44	-87.82	-673.94
NOPAT Less CapEx to Interest Expense	-8.67	-5.87	-5.69	-6.30	-4.41	-10.88	0.00	-285.28	-68.24	-61.50	-475.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.10%	-0.06%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-7.29%	-0.90%	-13.20%	-20.30%	-0.10%	-0.06%	0.00%	0.00%	-17.73%

This table displays calculated financial ratios and metrics derived from iBio's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	28,100,733.00	3,484,266.00	8,623,676.00	8,637,895.00	9,149,470.00	9,874,676.00	16,519,281.00	19,654,636.00	44,974,616.00	34,543,561.00	49,678,561.00
DEI Adjusted Shares Outstanding	1,405,037.00	3,484,266.00	8,623,676.00	8,637,895.00	9,149,470.00	9,874,676.00	16,519,281.00	19,654,636.00	44,974,616.00	34,543,561.00	49,678,561.00
DEI Earnings Per Adjusted Shares Outstanding	-5.84	-0.91	-0.90	-0.46	-0.48	-0.49	-0.31	-0.29	-0.20	-0.22	-0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	14.29%	0.00%	-100.00%	0.00%	0.00%
EBITDA Growth	59.20%	61.40%	39.36%	18.47%	-7.19%	-87.01%	-57.07%	-52.35%	-110.98%	-84.85%	-127.25%
EBIT Growth	57.48%	58.10%	31.34%	19.54%	1.71%	-85.80%	-52.48%	-44.93%	-113.74%	-71.45%	-118.93%
NOPAT Growth	57.48%	41.22%	31.34%	19.54%	1.71%	-34.56%	-52.48%	-44.93%	-113.74%	-71.45%	-118.93%
Net Income Growth	75.53%	56.51%	-28.92%	30.58%	46.85%	-53.25%	33.62%	-43.39%	-106.07%	-59.02%	-105.33%
EPS Growth	93.54%	92.32%	79.41%	90.42%	89.14%	42.35%	75.86%	76.09%	81.25%	87.76%	87.76%
Operating Cash Flow Growth	38.36%	5.63%	2.33%	30.43%	17.79%	15.02%	4.92%	-52.49%	-35.46%	-95.94%	-34.95%
Free Cash Flow Firm Growth	-54.89%	-160.25%	229.36%	-37.12%	140.42%	309.23%	-120.77%	-122.17%	-117.10%	-103.12%	166.09%
Invested Capital Growth	-25.54%	35.25%	-60.84%	-70.46%	-63.07%	-78.53%	-16.29%	-8.32%	-54.65%	-64.92%	-132.63%
Revenue Q/Q Growth	-100.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%	0.00%	-50.00%	-100.00%	0.00%	0.00%
EBITDA Q/Q Growth	11.67%	44.68%	-36.36%	-22.38%	-16.12%	3.49%	-6.87%	-18.71%	-60.80%	15.44%	-40.79%
EBIT Q/Q Growth	11.90%	41.59%	-29.82%	-20.45%	-7.62%	-10.41%	-6.54%	-14.49%	-58.71%	11.43%	-36.04%
NOPAT Q/Q Growth	11.90%	19.35%	5.98%	-20.45%	-7.62%	-10.41%	-6.54%	-14.49%	-58.71%	11.43%	-36.04%
Net Income Q/Q Growth	-42.90%	61.37%	-145.21%	48.71%	-9.40%	-11.39%	-6.21%	-10.79%	-57.22%	14.04%	-37.14%
EPS Q/Q Growth	7.92%	80.77%	-138.82%	77.34%	-4.35%	-2.08%	0.00%	77.55%	18.18%	33.33%	0.00%
Operating Cash Flow Q/Q Growth	11.87%	22.35%	-32.84%	23.47%	-4.15%	19.75%	-48.63%	-22.75%	7.48%	-16.08%	-2.37%
Free Cash Flow Firm Q/Q Growth	-81.10%	-352.36%	190.21%	46.12%	-27.73%	119.62%	-108.95%	-56.01%	44.27%	59.92%	289.68%
Invested Capital Q/Q Growth	-13.19%	57.74%	-76.59%	-7.85%	8.53%	-8.28%	-8.74%	0.93%	-46.32%	-29.05%	-184.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	0.00%	100.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	-1,787.43%	0.00%	-2,222.50%	0.00%	-2,456.50%	-5,832.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	-1,948.00%	0.00%	-2,209.50%	0.00%	-2,599.00%	-5,951.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	-1,948.00%	0.00%	-2,209.50%	0.00%	-2,599.00%	-5,951.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	-4,444.57%	0.00%	-2,182.00%	0.00%	-2,581.50%	-5,720.00%	0.00%	0.00%	0.00%
Tax Burden Percent	182.95%	120.38%	239.62%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	99.82%	100.34%	95.22%	97.15%	98.76%	99.63%	99.33%	96.12%	95.21%	92.41%	93.15%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-20.28%	0.00%	-36.74%	0.00%	-93.04%	-276.96%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	147.01%	0.00%	-66.69%	0.00%	-78.21%	-271.67%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-25.82%	0.00%	-24.50%	0.00%	44.42%	216.29%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.00%	-46.10%	0.00%	-61.24%	0.00%	-48.62%	-60.66%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-24.44%	-70.22%	10.48%	45.17%	23.13%	76.02%	-148.75%	-181.64%	-212.91%	-288.13%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	-12.53%	0.00%	-29.74%	0.00%	-40.05%	-67.11%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	-28.60%	0.00%	-29.37%	0.00%	-39.78%	-64.51%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	0.00%	-46.10%	0.00%	-61.24%	0.00%	-48.62%	-60.66%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-296.66%	-93.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.15	-2.54	-2.39	-2.87	-3.09	-3.42	-3.64	-4.17	-6.61	-5.86	-7.97
NOPAT Margin	0.00%	0.00%	-1,363.60%	0.00%	-1,546.65%	0.00%	-1,819.30%	-4,165.70%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	38.94%	6.03%	-167.29%	64.64%	29.96%	36.41%	-14.83%	-5.29%	-8.20%	-4.78%	-5.50%
Return On Investment Capital (ROIC_SIMPLE)	-12.60%	-6.24%	-10.50%	-15.22%	-19.92%	-26.74%	-23.16%	-7.34%	-11.69%	-7.55%	-9.29%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	1,396.57%	0.00%	1,371.00%	0.00%	1,087.00%	2,501.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	651.43%	0.00%	938.50%	0.00%	1,612.00%	3,550.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	2,048.00%	0.00%	2,309.50%	0.00%	2,699.00%	6,051.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-4.50	-2.63	-3.41	-4.11	-4.42	-4.88	-5.20	-5.95	-9.45	-8.37	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.15	-2.29	-3.13	-3.83	-4.45	-4.29	-4.91	-5.83	-9.38	-7.93	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.21	0.57	0.85	1.08	1.61	3.49	0.85	0.29	0.77	0.85	1.01
Price to Tangible Book Value (P/TBV)	0.50	0.73	1.14	1.55	2.88	7.52	1.57	0.33	0.83	0.87	1.04
Price to Revenue (P/Rev)	38.50	282.92	80.87	109.58	59.78	105.86	31.51	32.54	144.67	218.78	869.37
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.60	0.65	0.63	1.18	2.00	4.63	0.68	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	277.04	474.48	23.94	52.97	45.43	96.34	12.13	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.40	1.19	4.67	2.15	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.71	0.64	0.07	0.06	0.12	0.12	0.06	0.01	0.00	0.00	0.00
Long-Term Debt to Equity	0.34	0.12	0.04	0.04	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.93	0.50	-0.18	0.11	0.37	0.22	-0.57	-0.80	-0.82	-0.88	-0.95
Leverage Ratio	3.06	2.24	1.91	2.01	2.41	1.91	1.43	1.20	1.22	1.18	1.22
Compound Leverage Factor	3.06	2.25	1.81	1.95	2.38	1.90	1.42	1.16	1.16	1.09	1.13
Debt to Total Capital	63.17%	38.85%	6.17%	5.99%	10.53%	10.88%	5.28%	1.27%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	50.68%	31.64%	2.28%	2.17%	6.39%	10.88%	5.28%	1.27%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	12.48%	7.21%	3.88%	3.82%	4.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	36.83%	61.15%	93.84%	94.01%	89.47%	89.12%	94.72%	98.73%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.79	-0.91	-0.10	-0.08	-0.11	-0.09	-0.05	-0.04	0.00	0.00	0.00
Net Debt to EBITDA	-0.60	-0.55	0.90	0.69	0.37	0.23	0.44	2.51	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.16	-0.17	-0.06	-0.05	-0.04	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-1.09	-1.24	-0.12	-0.10	-0.15	-0.12	-0.06	-0.05	0.00	0.00	0.00
Net Debt to NOPAT	-0.82	-0.75	1.10	0.91	0.49	0.30	0.60	3.41	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.21	-0.23	-0.08	-0.07	-0.06	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-12.92	-8.03	-13.71	-16.59	-19.52	-21.67	-19.69	-5.63	-3.81	-0.37	-0.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.91	1.69	4.08	3.37	1.76	1.12	1.59	8.39	9.04	11.88	7.85
Quick Ratio	0.13	0.25	3.89	3.18	1.49	0.92	1.42	8.21	8.93	11.50	7.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4.76	-12	11	16	11	25	-2.25	-3.51	-1.96	-0.78	1.49
Operating Cash Flow to CapEx	-9,412.00%	0.00%	-3,370.83%	0.00%	-386,900.00%	-22,178.57%	-461,500.00%	-17,703.13%	-1,015.70%	-55,309.09%	-32,778.95%
Free Cash Flow to Firm to Interest Expense	140.08	-231.14	180.71	277.96	200.89	465.70	-51.17	-97.58	-47.74	-35.66	0.00
Operating Cash Flow to Interest Expense	-138.41	-70.27	-80.90	-65.18	-67.88	-57.50	-104.89	-157.36	-127.83	-276.55	0.00
Operating Cash Flow Less CapEx to Interest Expense	-139.88	-70.27	-83.30	-65.18	-67.89	-57.76	-104.91	-158.25	-140.41	-277.05	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.01	0.01	0.06	0.05	0.10	0.11	0.12	0.15	0.09	0.09	0.03
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23	36	8.52	7.85	8.52	7.81	7.13	7.19	3.86	2.74	-2.33
Invested Capital Turnover	0.00	0.00	0.01	0.01	0.02	0.02	0.05	0.07	0.05	0.06	0.04
Increase / (Decrease) in Invested Capital	-7.91	9.48	-13	-19	-15	-29	-1.39	-0.65	-4.65	-5.07	-9.45
Enterprise Value (EV)	14	24	5.39	9.27	17	36	4.85	-33	-9.30	-9.16	-1.10
Market Capitalization	1.92	14	18	19	22	40	13	16	43	66	87
Book Value per Share	$0.33	$7.14	$2.47	$2.06	$1.52	$1.15	$0.90	$2.85	$2.52	$2.24	$1.73
Tangible Book Value per Share	$0.14	$5.59	$1.85	$1.43	$0.85	$0.53	$0.49	$2.50	$2.32	$2.19	$1.69
Total Capital	25	41	23	19	16	13	16	57	57	78	86
Total Debt	16	16	1.40	1.13	1.64	1.39	0.83	0.72	0.00	0.00	0.00
Total Long-Term Debt	3.12	2.93	0.88	0.72	0.64	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	12	9.58	-13	-9.91	-5.38	-3.57	-7.75	-49	-53	-75	-88
Capital Expenditures (CapEx)	0.05	0.00	0.14	0.00	0.00	0.01	0.00	0.03	0.52	0.01	0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6.96	21	-1.86	-2.39	-2.45	-2.91	-4.14	-4.12	-5.23	-4.05	-7.56
Debt-free Net Working Capital (DFNWC)	11	28	12	8.65	4.57	2.05	4.45	45	47	71	80
Net Working Capital (NWC)	-1.85	15	12	8.24	3.58	0.66	3.62	45	47	71	80
Net Nonoperating Expense (NNE)	5.06	0.63	5.39	1.11	1.27	1.45	1.52	1.55	2.38	1.87	2.64
Net Nonoperating Obligations (NNO)	14	12	-13	-9.91	-5.38	-3.57	-7.75	-49	-53	-75	-88
Total Depreciation and Amortization (D&A)	0.35	0.33	0.28	0.28	-0.03	0.59	0.29	0.12	0.07	0.44	0.22
Debt-free, Cash-free Net Working Capital to Revenue	13,912.00%	42,720.00%	-826.22%	-1,367.43%	-652.27%	-775.20%	-1,034.25%	-824.20%	-1,743.67%	-1,350.00%	-7,563.00%
Debt-free Net Working Capital to Revenue	21,602.00%	55,152.00%	5,489.33%	4,940.00%	1,218.40%	547.20%	1,111.25%	9,089.20%	15,822.33%	23,582.33%	80,476.00%
Net Working Capital to Revenue	-3,708.00%	29,426.00%	5,258.67%	4,706.29%	953.60%	176.80%	903.75%	8,944.80%	15,822.33%	23,582.33%	80,476.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.42)	($0.85)	($2.03)	($0.46)	($0.48)	($0.49)	($0.49)	($0.11)	($0.09)	($0.06)	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	1.86M	3.71M	3.83M	8.63M	9.13M	9.86M	10.50M	52.98M	99.13M	119.60M	104.06M
Adjusted Diluted Earnings per Share	($4.42)	($0.85)	($2.03)	($0.46)	($0.48)	($0.49)	($0.49)	($0.11)	($0.09)	($0.06)	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	1.86M	3.71M	3.83M	8.63M	9.13M	9.86M	10.50M	52.98M	99.13M	119.60M	104.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($2.03)	$0.00	$0.00	$0.00	($0.49)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.48M	8.62M	8.64M	9.15M	9.87M	16.52M	19.65M	22.49M	34.54M	49.68M	64.31M
Normalized Net Operating Profit after Tax (NOPAT)	-3.15	-2.54	-2.39	-2.87	-3.09	-3.42	-3.64	-4.17	-6.61	-5.86	-7.97
Normalized NOPAT Margin	0.00%	0.00%	-1,363.60%	0.00%	-1,546.65%	0.00%	-1,819.30%	-4,165.70%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	-1,854.86%	0.00%	-2,182.00%	0.00%	-2,581.50%	-5,720.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-132.24	-50.50	-56.82	-72.04	-77.53	-90.35	-118.14	-165.31	-230.37	-380.23	0.00
NOPAT to Interest Expense	-92.56	-48.81	-39.77	-50.42	-54.27	-63.25	-82.70	-115.71	-161.26	-266.16	0.00
EBIT Less CapEx to Interest Expense	-133.71	-50.50	-59.22	-72.04	-77.54	-90.61	-118.16	-166.19	-242.95	-380.73	0.00
NOPAT Less CapEx to Interest Expense	-94.04	-48.81	-42.17	-50.42	-54.29	-63.51	-82.72	-116.60	-173.84	-266.66	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-17.73%

Financials Breakdown Chart

Key Financial Trends

iBio’s financial statements show a company with substantially improved liquidity but no meaningful operating revenue and persistent cash losses. The balance sheet has strengthened primarily through equity and debt financing, while the income statement continues to reflect a development-stage business that has not yet established a sustainable revenue base.

Liquidity has improved significantly. As of March 31, 2026, iBio reported $47.6 million of cash and $27.2 million of short-term investments, or approximately $74.8 million in highly liquid assets. This compares with just $1.5 million of cash and $3.0 million of restricted cash at September 30, 2023.
Balance-sheet leverage is relatively modest at the latest reported date. Total liabilities were $8.3 million against $85.8 million of assets at March 31, 2026. The company reported no short-term debt and approximately $77.5 million of equity, providing a substantial liquidity cushion relative to its current obligations.
Investment income has become a meaningful offset to operating costs. Interest and investment income increased from $43,000 in the first quarter of fiscal 2024 to $733,000 in the fourth quarter of fiscal 2026. The growing cash and short-term investment balances are generating returns that partially reduce the company’s operating losses.
Operating cash use has been relatively stable in recent quarters. Cash flow from operations remained negative, but the quarterly outflow was $5.7 million in Q1 2026, $5.2 million in Q2 2026, $6.1 million in Q3 2026 and $6.2 million in Q4 2026. This suggests a current cash-burn rate of roughly $5 million to $6 million per quarter before additional financing or investment activity.
Financing has been the primary source of cash. iBio generated $46.7 million from financing in Q1 2026, $8.8 million in Q2, $28.2 million in Q3 and $19.4 million in Q4. These inflows supported the cash balance, but they came largely from debt and equity-related transactions rather than internally generated funds.
Investment activity has increased sharply. The company purchased $21.5 million of investments in Q1 2026, $2.5 million in Q2, $8.5 million in Q3 and $9.9 million in Q4. These purchases appear to represent the deployment of excess cash into short-term investments, although Q4 also included $5.4 million of investment sales or maturities.
Revenue remains negligible and has recently disappeared. Quarterly revenue was only $50,000 in Q1 2024, $175,000 in Q4 2024, $200,000 in Q2 and Q4 2025, and $100,000 in Q1 2026. Revenue was reported at zero in Q2 and Q3 2026, while the Q4 2026 income statement does not provide a revenue line. The company therefore has not demonstrated commercial-scale sales.
iBio has reported operating losses in every period provided. Quarterly net losses ranged from $3.2 million in Q3 2024 to $10.6 million in Q4 2026. The latest quarter included $11.4 million of operating expenses, including $8.6 million of research and development costs, with no reported operating revenue to offset those expenses.
Operating cash flow has remained negative throughout the period. Cash flow from operations was negative in every quarter provided, including a $4.9 million outflow in Q4 2024 and a $6.2 million outflow in Q4 2026. Continued negative operating cash flow means iBio will likely need successful commercialization, additional financing or both to sustain operations over the long term.
Shareholder dilution has been substantial. Weighted-average basic shares outstanding increased from 1.2 million in Q1 2024 to 104.1 million in Q4 2026. Although financing strengthened the balance sheet, the large increase in shares means existing shareholders own a smaller percentage of the company and may face further dilution if additional capital is required.

Overall, iBio’s financial position is stronger than it was in 2023 and early 2024, largely because of substantial capital raised and the accumulation of cash and investments. However, the core operating trend remains challenging: revenue is effectively absent, research and development spending is high, and operating cash flow is consistently negative. For investors, the key catalysts are evidence of commercial revenue and progress toward reducing cash burn; without those improvements, the company’s liquidity may primarily extend its runway rather than represent a path to profitability.

09/20/26 08:05 AM ETAI Generated. May Contain Errors.

iBio Financials - Frequently Asked Questions

According to the most recent income statement we have on file, iBio's fiscal year ends in June. Their fiscal year 2026 ended on June 30, 2026.

iBio's net income appears to be on an upward trend, with a most recent value of -$33.04 million in 2026, rising from -$10.66 million in 2016. The previous period was -$18.38 million in 2025. Find out what analysts predict for iBio in the coming months.

iBio's total operating income in 2026 was -$35.14 million, based on the following breakdown:

Total Gross Profit: $100 thousand
Total Operating Expenses: $35.24 million

Over the last 10 years, iBio's total revenue changed from $948 thousand in 2016 to $100 thousand in 2026, a change of -89.5%.

iBio's total liabilities were at $13.40 million at the end of 2026, a 61.3% increase from 2025, and a 51.4% decrease since 2016.

In the past 10 years, iBio's cash and equivalents has ranged from $4.30 million in 2023 to $77.40 million in 2021, and is currently $56.40 million as of their latest financial filing in 2026.

Over the last 10 years, iBio's book value per share changed from 0.11 in 2016 to 1.73 in 2026, a change of 1,447.4%.

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Financial statements for NASDAQ:IBIO last updated on 8/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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iBio (IBIO) Financials

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iBio (IBIO) Financials

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