iBio (NASDAQ: IBIO) deepens Q2 loss but secures $26M PIPE to fund pipeline

Rhea-AI Filing Summary

iBio, Inc. reported a larger loss for its fiscal second quarter ended December 31, 2025 while strengthening its balance sheet and advancing its obesity-focused antibody pipeline. The company completed a $26 million private placement led by a biotech investor, receiving net proceeds of approximately $24.4 million in January 2026 and extending its cash runway into the third quarter of fiscal year 2028.

For the quarter, iBio recognized no revenue, compared with $0.2 million a year earlier. Research and development expenses rose to $4.3 million from $1.9 million, driven by higher spending on consultants, outside services, and personnel to progress IBIO-600, IBIO-610 and other preclinical assets. General and administrative expenses increased to approximately $5.2 million from $2.7 million, primarily due to an impairment of the IBIO-101 intangible asset, resulting in a net loss of $8,993 thousand versus $4,364 thousand.

iBio held $52.7 million in cash, cash equivalents and investments in debt securities as of December 31, 2025. Management highlighted initiation of CMC development and toxicology studies for IBIO-610 and IBIO-600 as key steps toward planned human clinical trials.

Positive

• Strengthened liquidity and extended runway: Cash, cash equivalents and investments in debt securities were $52.7 million as of December 31, 2025, and net proceeds of approximately $24.4 million from a $26 million PIPE financing are expected to extend the cash runway into the third quarter of fiscal year 2028.

Negative

• Widening losses and higher operating spend: Quarterly net loss increased to $8,993 thousand from $4,364 thousand, as operating expenses more than doubled to $9,445 thousand, reflecting higher R&D and an impairment-related increase in general and administrative costs.
• No current revenue: The company reported no revenue for the three months ended December 31, 2025, compared with $200 thousand in the prior-year period, reinforcing its dependence on external financing while advancing preclinical programs.

Insights

Biotech equity analyst

Larger losses but a $26 million PIPE extends iBio’s cash runway into fiscal 2028.

iBio is still pre-revenue, with quarterly revenue dropping to zero versus $200 thousand a year earlier. Operating expenses more than doubled to $9,445 thousand, reflecting heavier R&D investment in IBIO-600 and IBIO-610 and an impairment charge tied to IBIO-101.

The quarter’s net loss of $8,993 thousand, compared with $4,364 thousand, underscores the cost of advancing an early-stage pipeline. However, the balance sheet improved markedly: cash, cash equivalents and investments in debt securities reached $52.7 million as of December 31, 2025, and a subsequent $26 million PIPE delivered net proceeds of about $24.4 million, extending the cash runway into the third quarter of fiscal year 2028.

From an investment-thesis perspective, the financing and extended runway provide time to pursue milestones such as toxicology completion and planned first-in-human trials for IBIO-600 and IBIO-610, while the lack of current revenue and widening losses highlight ongoing funding and execution risks typical of early-stage biotech companies.

0001420720false00014207202026-02-102026-02-10

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 10, 2026

iBio, Inc.

(Exact name of registrant as specified in charter)

Delaware

(State or other jurisdiction of incorporation)

​	​
001-35023	26-2797813
(Commission File Number)	(IRS Employer Identification No.)

​

11750 Sorrento Valley Road, Suite 200

San Diego, California 92121

(Address of principal executive offices and zip code)

(979) 446-0027

(Registrant’s telephone number including area code)

N/A

(Former Name and Former Address)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

​	​	​
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	IBIO	The Nasdaq Stock Market LLC

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

​

​

​

​

Item 2.02. Results of Operations and Financial Condition.

​

On February 10, 2026, iBio, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

​

​

​

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished with this Current Report on Form 8-K.

Exhibit Number	​ ​ ​	Exhibit Description
99.1	​	Press Release, issued by iBio, Inc. dated February 10, 2026
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​	​	​	​
Date: February 10, 2026	IBIO, INC.
​	By:	/s/ Marc A. Banjak
		Name:	Marc A. Banjak
​	​	Title:	Chief Legal Officer

​

​

​

Exhibit 99.1

​

iBio Reports Q2 Fiscal Year 2026 Financial Results and Provides Corporate Update

​

Secured $26 Million in PIPE Financing Led by a Top-Tier Biotech Investor to Advance Preclinical Programs and Extend Cash Runway

​

Progressed Pipeline with New Preclinical Data and Scientific Presentations at Leading Industry Conferences

​

San Diego, California / February 10, 2026 / (GLOBE NEWSWIRE) / iBio, Inc. (NASDAQ:IBIO), an AI-driven innovator of precision antibody therapies, today reported financial results for the second quarter ended Dec. 31, 2025, and provided a corporate update on its progress.

​

“We have significantly advanced our preclinical pipeline programs - IBIO-610, our activin E antibody, and IBIO-600, our myostatin antibody - towards the start of human clinical trials by initiating CMC development and toxicology studies,” said Martin Brenner, Ph.D., DVM, Chief Executive Officer and Chief Scientific Officer of iBio. “Additionally, we recently completed a $26 million private placement financing with a highly respected biotech investor, strengthening our resources for pipeline progress and taking us one step closer to fulfilling our mission of reaching patients in need of an accessible, transformative therapy for obesity. The positive news positions us well to execute on our planned milestones and corporate priorities throughout 2026 and 2027.”

​

Second Fiscal Quarter 2026 & Recent Corporate Updates:

· Closed a $26 million private placement financing led by Frazier Life Sciences, announced on January 9th. The net proceeds from the raise are intended for the advancement of key preclinical cardiometabolic programs, including IBIO-610, IBIO-600, and the myostatin and activin A bispecific programs, as well as general corporate purposes. With this funding the Company’s cash runway now extends into third quarter of fiscal year 2028.

· Presented new non-human primate (NHP) data on IBIO-610, a potentially first-in-class Activin E antibody candidate, showing it has a predicted human half-life of up to 100 days. Such data supports potential dosing as infrequently as twice per year.

· Advanced preclinical pipeline across multiple programs:

o IBIO-610 NHP, CMC, and toxicology studies are ongoing and remain on track to support the commencement of first human clinical trials in early calendar year 2027.

o IBIO-600 is completing toxicology studies and is on track to enter Phase 1a clinical trials in the first half of calendar year 2026.

o Preclinical development efforts also continued for the Company’s bispecific myostatin × activin A program and amylin candidates.

· Delivered an oral presentation at the 2nd Annual Innovation in Obesity Therapeutics Summit on December 4, 2025, titled “Next-Generation Obesity Therapeutics: Long-Acting Antibodies for Improved Quality of Weight Loss.”

· Delivered an oral presentation at PepTalk, The Protein Science and Production Week event, on January 21, 2026, titled “Membrane Protein Targets Reengineered for Soluble Expression.”

· Delivered an oral presentation at the Keystone Symposia on Obesity Therapeutics on January 29, 2026, titled “Neutralization of Activin E Promotes Fat-Selective Weight Loss and Prevents Weight Regain in Preclinical Models of Obesity.”

Financial Results:

No revenue was recognized for the three months ending December 31, 2025.  Revenue of $0.2 million was recognized for the three months ending December 31, 2024.

Research and Development (“R&D”) expenses for the three months ending December 31, 2025, and December 31, 2024, were $4.3 million and $1.9 million, respectively, an increase of approximately $2.4 million. The increase in R&D expenses is mainly due to increased spending on consultants and outside services supporting the Company’s R&D efforts, including conducting the NHP studies and CMC activities, and an increase in personnel costs as a result of advancing research activities for the Company’s IBIO-600 and IBIO-610 programs and other preclinical pipeline assets. The increase was partially offset by decreased spending on consumable supplies.

​

General and Administrative expenses for the three months ending December 31, 2025, and December 31, 2024, were approximately $5.2 million and $2.7 million, respectively, an increase of $2.5 million. The increase is primarily attributable to the impairment of the Company’s indefinite lived intangible asset IBIO-101.

iBio held cash, cash equivalents and investments in debt securities of $52.7 million as of December 31, 2025. In addition, in January 2026, the Company received net proceeds of approximately $24.4 million from the PIPE financing extending the Company’s cash runway into third quarter of fiscal year 2028.

​

About iBio, Inc.

iBio (Nasdaq: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. iBio’s mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. For more information, visit www.ibioinc.com or follow us on LinkedIn.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding fulfilling iBio’s mission of reaching patients in need of an accessible, transformative therapy for obesity; executing iBio’s planned milestones and corporate priorities throughout 2026 and into 2027; the net proceeds of the private placement being used for the advancement of key preclinical cardiometabolic programs, including IBIO-610, IBIO-600, and the myostatin and activin A bispecific programs, while extending the Company’s cash runway into third quarter of fiscal year 2028 and funding general corporate purposes; the potential of IBIO-610, a first-in-class Activin E antibody candidate, to have a human half-life of up to 100 days, supporting

potentially dosing as infrequent as twice per year; the completion of NHP, CMC, and toxicology studies for IBIO-610; the commencement of first human clinical trials for IBIO-610 in early calendar year 2027; the completion of toxicology studies for IBIO-600; the entering Phase1a clinical trials for IBIO-600 by the first half of calendar year 2026; the continuation of development efforts for the Company’s bispecific myostatin × activin A program and amylin candidates; the Company’s ability to leverage AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases; iBio’s ability to combine its proprietary 3D modeling with its innovative drug discovery platforms to create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and iBio’s ability to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. While iBio believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the potential of IBIO-610, a first-in-class Activin E antibody candidate, to have a human half-life of up to 100 days, supporting potentially dosing as infrequent as twice per year; the ability of iBio to complete NHP, CMC, and toxicology studies for IBIO-610; the ability of iBio to commence first in human clinical trials for IBIO-610 by early calendar year 2027; the ability of iBio to complete toxicology studies for IBIO-600; the ability of iBio to enter Phase 1a clinical trials for IBIO-600 by the first half of calendar year 2026; iBio’s ability to obtain regulatory approvals for commercialization of its product candidates, or to comply with ongoing regulatory requirements; regulatory limitations relating to iBio’s ability to promote or commercialize its product candidates for specific indications; acceptance of iBio’s product candidates in the marketplace and the successful development, marketing or sale of products; and whether iBio will incur unforeseen expenses or liabilities or other market factors; and the other factors discussed in iBio’s filings with the SEC including its Annual Report on Form 10-K for the year ended June 30, 2025 and its subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and iBio undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

​

Contact:

​

iBio, Inc. Investor Relations ir@ibioinc.com

​

Ignacio Guerrero-Ros, Ph.D., or David Schull Russo Partners, LLC Ignacio.guerrero-ros@russopartnersllc.com David.schull@russopartnersllc.com (858) 717-2310 or (646) 942-5604

​

​

iBio, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

​

​

​	​	​	​	​	​	​
​	​	December 31,		​	June 30,
​	​	2025		​	2025
​	​ ​ ​	(Unaudited)		​ ​ ​	​
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	28,672	​	$	8,582
Accounts receivable - trade, net of allowance for credit losses of $65 and $0 as of December 31, 2025 and June 30, 2025, respectively	​		—	​		—
Investments in debt securities (adjusted cost $24,016 and $0, respectively - see Note 6)	​		24,026	​		—
Subscription receivable	​	​	—	​	​	105
Prepaid expenses and other current assets	​		670	​		1,034
Total Current Assets	​		53,368	​		9,721
​	​		​	​		​
Restricted cash	​	​	228	​	​	210
Promissory note receivable	​	​	1,138	​	​	1,098
Finance lease right-of-use assets, net of accumulated amortization	​		—	​		68
Operating lease right-of-use asset	​	​	1,864	​	​	2,051
Fixed assets, net of accumulated depreciation	​		3,447	​		3,163
Intangible assets, net of accumulated amortization	​	​	4,338	​	​	6,848
Security deposits	​	​	10	​	​	26
Total Assets	​	$	64,393	​	$	23,185
​	​		​	​		​
Liabilities and Stockholders' Equity	​		​	​		​
Current liabilities:	​		​	​		​
Accounts payable	​	$	2,654	​	$	2,188
Accrued expenses	​		1,579	​		1,345
Finance lease obligations	​	​	—	​	​	53
Operating lease obligation - current portion	​	​	518	​	​	490
Equipment financing payable - current portion	​	​	—	​	​	64
Term promissory note	​	​	—	​	​	766
Contract liabilities	​	​	1,150	​	​	1,200
Total Current Liabilities	​		5,901	​		6,106
​	​		​	​		​
Operating lease obligation - net of current portion	​	​	1,932	​	​	2,199
Total Liabilities	​		7,833	​		8,305
​	​		​	​		​
Stockholders' Equity	​		​	​		​
Series 2022 Convertible Preferred Stock - $0.001 par value; 1,000,000 shares authorized at December 31, 2025 and June 30, 2025; 0 shares issued and outstanding as of December 31, 2025 and June 30, 2025	​		—	​		—
Common Stock - $0.001 par value; 275,000,000 shares authorized at December 31, 2025 and June 30, 2025; 30,053,070 and 19,349,201 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively	​		30	​	​	19
Additional paid-in capital	​		403,457	​	​	347,085
Accumulated other comprehensive loss	​		10	​	​	—
Accumulated deficit	​	​	(346,937)	​	​	(332,224)
Total Stockholders’ Equity	​		56,560	​		14,880
Total Liabilities and Stockholders' Equity	​	$	64,393	​	$	23,185
​	​	​	​	​	​	​
​

​

iBio, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited; in thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​ ​ ​

2025

​ ​ ​

2024

​ ​ ​

2025

​ ​ ​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

—

​

$

200

​

$

100

​

$

200

​

​

​

​

​

​

​

​

​

Operating expenses:

​

​

​

​

​

​

​

​

​

Research and development

​

4,280

​

​

1,877

​

7,830

​

3,182

General and administrative

​

5,165

​

​

2,742

​

7,666

​

5,543

Total operating expenses

​

9,445

​

4,619

​

15,496

​

8,725

​

​

​

​

​

​

​

​

​

Operating loss

​

(9,445)

​

(4,419)

​

(15,396)

​

(8,525)

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

Interest income

​

​

493

​

​

112

​

​

760

​

​

286

Interest expense

​

(41)

​

​

(57)

​

​

(77)

​

​

(114)

Total other income

​

452

​

55

​

​

683

​

172

​

​

​

​

​

​

​

​

​

Net loss

​

$

(8,993)

​

$

(4,364)

​

$

(14,713)

​

$

(8,353)

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive loss:

​

​

​

​

​

​

​

​

Net loss

​

$

(8,993)

​

$

(4,364)

​

$

(14,713)

​

$

(8,353)

Other comprehensive gain - unrealized gain on debt securities

​

25

​

—

​

10

​

—

​

​

​

​

​

​

​

​

​

Comprehensive loss

​

$

(8,968)

​

$

(4,364)

​

$

(14,703)

​

$

(8,353)

​

​

​

​

​

​

​

​

​

Loss per common share - basic and diluted

​

$

(0.09)

​

$

(0.48)

​

$

(0.19)

​

$

(0.94)

​

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding - basic and diluted - see Note 16

​

99,133

​

9,132

​

76,030

​

​

8,880

​

FAQ

What were iBio (IBIO) revenues in Q2 fiscal year 2026?

iBio reported no revenue for the three months ended December 31, 2025. This compares with $0.2 million in revenue for the same quarter in 2024, underscoring that the company currently depends on financing rather than product sales while advancing its preclinical pipeline.

How much did iBio (IBIO) spend on R&D in Q2 fiscal 2026?

Research and development expenses were $4.3 million for the quarter ended December 31, 2025, up from $1.9 million a year earlier. The increase mainly reflects higher consultant and outside service costs, as well as additional personnel to advance IBIO-600, IBIO-610 and other preclinical programs.

What was iBio’s (IBIO) net loss for Q2 fiscal year 2026?

iBio reported a net loss of $8,993 thousand for the quarter ended December 31, 2025. This compares with a net loss of $4,364 thousand in the prior-year quarter, driven by higher R&D spending and an impairment-related rise in general and administrative expenses.

How much cash and investments does iBio (IBIO) have after its PIPE financing?

As of December 31, 2025, iBio held $52.7 million in cash, cash equivalents and investments in debt securities. In January 2026, it received approximately $24.4 million in net proceeds from a $26 million PIPE financing, extending its projected cash runway into the third quarter of fiscal year 2028.

What is the size and purpose of iBio’s recent PIPE financing?

iBio completed a $26 million private placement financing led by a biotech investor and received net proceeds of about $24.4 million. The company expects to use these funds to advance key preclinical cardiometabolic programs, including IBIO-610 and IBIO-600, and to extend its cash runway into fiscal 2028.

How are iBio’s general and administrative expenses changing?

General and administrative expenses were approximately $5.2 million for the quarter ended December 31, 2025, compared with $2.7 million a year earlier. The increase is primarily attributable to an impairment of the company’s indefinite lived intangible asset, IBIO-101, impacting overall operating loss for the period.

What progress did iBio (IBIO) report on its IBIO-600 and IBIO-610 programs?

iBio reported significant advancement of its IBIO-610 activin E antibody and IBIO-600 myostatin antibody programs toward human trials. The company initiated CMC development and toxicology studies, positioning these obesity-focused candidates for future clinical testing as part of its precision antibody therapy strategy.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 203.6 KB

Other Documents

• EX-101 EX-101.SCH 3.4 KB
• EX-101 EX-101.DEF 2.8 KB
• EX-101 EX-101.LAB 16.8 KB
• EX-101 EX-101.PRE 11.1 KB